Company Interviews

Interview with Mark Selby, CEO of Canada Nickel

Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-historic-20m-first-nations-investment-6434

Recording date: 2nd March 2025

Canada Nickel Company has successfully completed Front-End Engineering Design (FEED) for its flagship Crawford Nickel Project, advancing engineering to approximately 30% completion. Despite a 5% increase in capital costs, the project has demonstrated improvements in Net Present Value (NPV) and Internal Rate of Return (IRR).

In a strategic optimization move, the company modified its mine plan to prioritize the East Zone over the Main Zone. This decision reduces stripping requirements and truck fleet needs, which helps offset capital cost increases. CEO Mark Selby highlighted the company's efficient development approach, noting they've progressed from "fifth drill hole to feasibility study in just over four years," significantly faster than industry averages of 7-10 years.

On the financing front, Canada Nickel has secured letters of intent for $500 million USD from Export Development Canada and $500 million CAD from another financial institution. The next step involves an independent engineering review to validate the company's work. Notably, Middle Eastern sovereign wealth funds are showing substantial interest in the project as they seek to diversify their economies beyond oil.

Beyond Crawford, the company aims to establish the Timmins area as a premier nickel district. Plans include publishing resources for six additional properties, bringing their total to nine resources in the district. Selby claims the total nickel resource is expected to exceed "the total endowment at Sudbury, which was the world's largest nickel sulfide district."

Community partnerships represent another significant advancement, with Canada Nickel announcing construction projects to be delivered by First Nations communities through a business vehicle called Wabun. This approach demonstrates local support and strengthens the company's social license as it progresses through permitting.

The company remains on track with its permitting timeline, currently in the final approval stage with the federal government. Approvals are expected by year-end, with provincial permits to follow. Canada Nickel is also exploring non-equity financing options, including royalties, to minimize shareholder dilution.

The Crawford project is positioned to become "the Western world's largest nickel sulfide operation" with the flexibility to serve both EV battery and stainless steel markets. This strategic positioning comes at a time when Western economies are actively seeking to reduce dependence on Chinese-dominated supply chains for critical minerals, potentially creating significant long-term value for the company and its investors.

View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickel

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Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-us-expansion-and-advancing-high-grade-uranium-assets-on-growing-global-demand-6263

Recording date: 2nd March 2025

IsoEnergy (ISO) is positioning itself as a diversified uranium company with operations spanning Canada, the United States, and Australia. Following its merger with Consolidated Uranium in December 2023, the company has implemented a portfolio approach that balances near-term production potential with long-term development and exploration upside.

CEO Philip Williams emphasizes geographical and asset-stage diversification as central to IsoEnergy's strategy: "In the uranium space, single asset, single jurisdiction companies are inherently more risky and very hard to navigate." This approach provides insulation against market volatility while positioning the company to capitalize on future uranium price spikes.

IsoEnergy recently closed a $26 million financing round, with $20 million earmarked specifically for Canadian exploration. NextGen Energy, which owns 32% of IsoEnergy, participated to maintain its interest, demonstrating continued support from a major player in the uranium sector.

The Hurricane deposit in Saskatchewan's Athabasca Basin remains IsoEnergy's flagship exploration asset, described by Williams as "the jewel in the company." Current drilling focuses on expanding the known resource, with the company taking a methodical approach to fully understand Hurricane's potential before conducting economic assessments.

In the United States, IsoEnergy's portfolio is anchored by the Tony M mine in Utah, a past-producing operation described as "ready to go." The company is updating the project economics to inform future production decisions based on uranium market conditions.

Perhaps the most intriguing asset is the Coles Hill project in Virginia, which Williams identified as "the largest resource in America at just over 160 million pounds of uranium." Development has been hindered by a decades-old moratorium on uranium mining in Virginia, but IsoEnergy is pursuing a dual approach of lobbying efforts and updated technical studies to advance the project.

IsoEnergy is also actively pursuing a New York Stock Exchange listing, which Williams confirmed is a top priority directed by the company's board.

Despite current uranium market weakness, Williams describes the situation as a "coiled spring," noting that "inventories are being drawn down" and "there is this deficit coming." He cautions about the rush to production among uranium companies, pointing out that historically, uranium mines rarely deliver on time, on budget, or at projected production levels.

With its diversified portfolio, strong financial backing, and experienced management team, IsoEnergy appears well-positioned to navigate current market challenges while advancing its key projects for future growth.

View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergy

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Interview with Colin Healey, CEO of Premier American Uranium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/growing-global-support-for-nuclear-energy-drives-uranium-demand-momentum-6080

Recording date: 2nd March 2025

The future looks incredibly bright for uranium as the world charges forward into a new era of clean energy. Nuclear power, fueled by uranium, is poised to play a starring role in the global fight against climate change. Countries everywhere are waking up to the immense potential of this powerful, low-carbon energy source to help meet skyrocketing electricity demand while slashing emissions.

For uranium, it's a story of surging demand and constrained supply - a recipe for explosive growth ahead. More and more countries are getting serious about expanding their nuclear power capacity. Energy powerhouses like China and India have ambitious plans to build scores of new reactors in the coming years. Even in the West, there's a major nuclear renaissance underway, with the U.S., UK, France and others extending the lives of existing plants while greenlighting new builds. It's clear the world is going to need a lot more uranium, and fast.

The uranium industry has been in a long slump ever since the Fukushima disaster in 2011. Years of low prices have led to chronic underinvestment in new mining capacity. Even with the major producers starting to ramp back up, there's a good chance supply just won't be able to keep pace with this tidal wave of demand. We could be looking at a major supply crunch in the not-too-distant future.

It's not just the fundamentals that are aligning in uranium's favor. There are powerful geopolitical tailwinds at play too, especially for U.S. uranium developers. Washington has finally woken up to the strategic importance of securing domestic supply. They're establishing a national uranium reserve, with buy American rules that are a huge boost for U.S. producers. Add in bipartisan support for nuclear energy and the green light for a new generation of advanced reactors, and the stars are definitely aligning for a U.S. uranium boom.

Premier American Uranium are making moves, consolidating a top-notch portfolio of advanced-stage U.S. uranium projects. Their flagship asset in New Mexico is a real gem - it's got a monster resource, a past-producing mine, and serious expansion potential. Plus it's on private land, which is a huge permitting advantage. They're charging ahead with an updated resource and economic study that could be a major catalyst.

Premier American is led by a veteran team that knows this industry inside and out. And get this - over half their shares are owned by deep-pocketed strategic investors with a long-term focus. It's a tight capital structure that's built for success.

Uranium is a space to watch closely in the years ahead. The supply/demand setup is incredibly compelling, and the macro forces at play are only getting stronger. Companies like Premier American Uranium offer a high-potential way for investors to ride this rising tide. There are always risks to consider in a complex, highly regulated sector like nuclear fuel, but the risk/reward equation definitely seems skewed to the upside. For investors who believe the future is nuclear, uranium looks like a glowing opportunity.

View Premier American Uranium's company profile: https://www.cruxinvestor.com/companies/premier-american-uranium

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Interview with Tim Moody, President & CEO of Pan Global Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-drilling-expands-after-high-grade-gold-discovery-6688

Recording date: 2nd March 2025

Pan Global Resources is an copper exploration company that is perfectly positioned to capitalize on the immense demand for copper driven by the global transition towards clean energy. With its strategic portfolio of highly prospective projects in the world-class mining jurisdiction of Spain, Pan Global is poised to emerge as a significant player in the copper industry.

The company's flagship Escacena Project, located in the renowned Iberian Pyrite Belt, is showing tremendous potential. Aggressive drilling is underway to expand the near-surface resource and test multiple new targets, with the goal of delineating an initial 50-100Mt resource that would rival the scale of other major mines in the region. The upcoming maiden resource estimate is expected to showcase the project's value and provide a solid foundation for future growth.

Pan Global's pipeline of earlier-stage projects adds even more upside potential. The Aguilas Project, recently consolidated under Pan Global's full ownership, boasts high-grade massive sulfide mineralization, gold-rich VMS, and extensive copper stockwork at surface. The company's systematic exploration efforts have already generated compelling drill targets that will be tested in the upcoming campaign. Meanwhile, the Escacena Project presents a unique opportunity, with its large, untested copper-in-soil anomaly associated with a massive breccia body, suggesting the presence of a previously unrecognized bulk tonnage porphyry copper system in the Iberian Pyrite Belt.

There is confidence in Pan Global's exceptional management team, which brings a wealth of experience and a proven track record of value creation in the exploration and mining sector. The company's strategic positioning is equally impressive, with 100% ownership of a dominant land package in a top-tier mining district. This, combined with its diversified asset base, makes Pan Global an especially attractive acquisition target for larger producers seeking high-quality growth projects.

With a strong balance sheet following a successful $7.2M financing in late 2024, Pan Global is well-funded to aggressively advance its projects and deliver a steady stream of catalysts. The ongoing 7,000m drill program across high-priority targets is expected to generate substantial news flow, while the anticipated maiden resource estimate and potential new discoveries could serve as significant re-rating events for the stock.

As the world rushes to combat climate change through rapid electrification, the demand for copper is set to soar. Industry experts warn of a looming supply deficit as copper demand outpaces supply due to grade declines, lack of new discoveries, and long development lead times. This structural imbalance is expected to usher in a new era of elevated copper prices, creating a highly favorable environment for copper miners and explorers like Pan Global Resources. By investing in Pan Global, shareholders gain direct exposure to the energy transition megatrend while also benefiting from the potential for significant share price appreciation as the company continues to create value through exploration success and resource growth. With its exceptional assets, strong management, and the backing of a robust copper market, Pan Global is a standout investment opportunity in the junior mining space.

View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resources

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Interview with Guy Goulet, CEO of Cerro de Pasco Resources Inc.

Recording date: 2nd March 2025

Cerro de Pasco Resources is on the cusp of an exciting new chapter as it advances its world-class silver-polymetallic project in central Peru.  With Excelsior Stockpile and Quiulacocha TSF, the company's flagship asset is a massive above-ground mineral stockpile the legacy of nearly 400 years of mining at one of Latin America's most prolific mineral camps. With over 430 million silver-equivalent ounces now confirmed, this remarkable resource is poised to vault CDPR into the ranks of major global silver producers.

The most thrilling aspect of the Cerro de Pasco story is how rapidly the company can begin monetizing this vast stockpile. With material already at surface and permitting in place, CDPR benefits from an accelerated timeline and greatly reduced capital intensity compared to a traditional mining project. Cash flow from toll-milling operations could begin as early as 2024, with the potential to self-fund a larger stand-alone plant that would dramatically increase production and profitability.

Cerro de Pasco also shines when it comes to cost structure. At an anticipated operating cost of just $10/tonne, the project is set to deliver robust margins through all phases of the commodity price cycle. Even with silver at multi-year lows, the stockpile would generate over $50/tonne of profit, translating to annual free cash flows well in excess of $100 million. And that's before factoring in the enormous upside potential from soaring gallium values.

The recent discovery of significant gallium grades throughout the Cerro de Pasco stockpiles was a game-changer that few could have predicted. With demand for this critical tech metal skyrocketing and supply becoming ever-more precarious, CDPR now finds itself with a second crown jewel in addition to its elite silver resource. As the company unlocks the value of the gallium endowment in parallel with silver production, it's not hard to envision profits multiplying several-fold.

It's difficult to overstate the positive impact that the Cerro de Pasco project will have on local communities and stakeholders. Reprocessing the stockpiles will create over 2000 desperately-needed jobs in an area of high unemployment, while generating sustainable revenues that can fund education and social development initiatives. Longer-term, the environmental remediation of the historic mine will leave a lasting legacy of a cleaner, safer, and more prosperous Cerro de Pasco for generations to come.

Ultimately, CDPR represents a uniquely compelling opportunity that combines the best aspects of a large-scale silver producer with the growth potential of an earlier-stage exploration company. It's rare to find a world-class resource base that is already fully permitted and construction-ready, let alone one with such exceptional profit margins and a clear path to value creation. As the CDPR story reaches a wider audience in the months ahead, the company appears destined for a significant re-rating to align with the immense value of its asset base and growth potential.

View Cerro de Pasco's company profile: https://www.cruxinvestor.com/companies/cerro-de-pasco-resources

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Interview with Mark Chalmers, President and CEO, Energy Fuels

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-fixing-the-us-critical-mineral-shortage-6650

Recording date: 2nd of March, 2025

Energy Fuels is positioning itself as "three companies in one" by developing operations across uranium production, rare earth elements processing, and heavy mineral sands. CEO Mark Chalmers is leading the company's strategy to create a comprehensive critical minerals hub in the United States, addressing domestic supply chain security concerns.

The company maintains its primary identity as a uranium producer, with Chalmers bringing 49 years of industry experience. Despite having production capability, Energy Fuels chose not to sell uranium in Q4 due to spot prices ($65/lb) being below replacement value. The company has secured four long-term contracts with capacity to sell up to 300,000 pounds in 2025, and is ramping up production at sites including the Pinyon Plain mine, described as "the richest uranium project in the history of the United States."

A significant achievement has been the agreement with the Navajo Nation regarding ore transportation, characterized as a "win-win" situation that creates opportunities for future collaboration on cleanup efforts.

On the rare earth front, Energy Fuels has demonstrated production capabilities at its White Mesa Mill, producing on-spec neodymium-praseodymium (NdPr) oxide in just one week. The company built its processing plant for $20 million, compared to industry standards that would typically cost "hundreds of millions of dollars."

Energy Fuels is advancing three major projects toward Final Investment Decision (FID): the Toliara heavy mineral sands project in Madagascar (early 2026), the Donald project in Victoria (mid-2025), and Phase 2 expansion at White Mesa Mill (end of 2025). These projects represent significant growth potential but require substantial financing, which the company is actively pursuing.

Despite posting a $48 million loss, with approximately $10 million attributed to transaction costs from the Base Resources acquisition, Chalmers defends the company's spending as necessary to unlock the value of world-class assets that "we believe is worth billions."

The market dynamics appear favorable, with uranium term prices at $82+ versus $65 spot, reflecting utility concerns about future supply. Chalmers expressed skepticism about the industry's ability to meet growing nuclear fuel demand, predicting that price increases would be triggered by production disappointments from projects that fail to deliver.

Energy Fuels is positioning itself as a key player in U.S. critical minerals security, with Chalmers planning to engage the Trump administration about how the company could help address "50% of the United States' critical elements" needs for rare earths with projects that are "world scale" and "low cost."

Learn more: https://www.cruxinvestor.com/companies/energy-fuels

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Interview with Paul Baay, President & CEO of Touchstone Exploration Inc.

Recording date: 28th February 2025

Trinidad and Tobago's natural gas sector presents a compelling investment case for companies with the right expertise and approach. Despite being a small nation, Trinidad punches above its weight in the global energy market due to its strategic location near the resource-rich Venezuelan Basin, well-developed infrastructure, and supportive regulatory environment.

The country's energy landscape is split between offshore operations led by international oil majors and onshore projects driven by smaller independent companies. This creates a niche opportunity for firms that can successfully navigate the local framework while leveraging modern technologies to unlock value in underexplored onshore assets.

Touchstone Exploration, a Canadian company focused solely on Trinidad, exemplifies the three-stage approach to natural gas development that can generate attractive returns: land acquisition to secure resources, infrastructure control for processing and market access advantages, and targeted drilling to convert reserves to production and cash flow.

Trinidad's natural gas wells are characterized by strong initial production rates followed by steep declines before stabilizing at lower long-term levels. This profile front-loads cash flows, enabling quick capital recovery. However, it requires technical expertise to manage reservoir characteristics and optimize recovery.

The investment case is enhanced by Trinidad's domestic natural gas supply deficit, which ensures producers have a guaranteed market for their output. Recent changes allowing access to LNG export markets at prices several times higher than domestic rates further amplifies the upside. Producers also benefit from sales in US dollars and relatively low royalty rates.

Maintaining discipline in capital allocation is critical, balancing self-funded development with exploration upside. Near-term value comes from efficiently developing proven reserves, while the untapped deeper Cretaceous formations provide longer-term potential that could be transformational.

Touchstone's acquisition of Shell's onshore infrastructure, 229 drilling locations, rapid payback model, and clear growth trajectory to 7,000 boe/d makes it a leading investment opportunity in Trinidad's natural gas sector. As global gas demand expands, Trinidad's unique mix of low-risk development and step-change upside could offer compelling risk-adjusted returns for energy investors.

Learn more: https://cruxinvestor.com

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Interview with Paul Barrett, CEO, Rome Resources

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-tin-explorer-targets-resource-estimate-in-q2-2025-6587

Recording date: 28th of February, 2025

Rome Resources, a junior mining company, is making significant progress in its tin exploration program in the Democratic Republic of Congo. The company is currently operating four drill rigs across its two main prospects: Kalayi, a pure tin deposit, and Mont Agoma, a polymetallic site containing copper, tin, and zinc.

Recent drilling at Kalayi has revealed consistent tin grades that increase with depth, confirming the company's geological model. The mineralization is characterized by three steeply dipping tin intercepts with a relatively simple geometry. Drilling has reached depths of approximately 350 meters, with the potential for further exploration in the future.

A significant milestone for Rome Resources is the planned release of maiden resource estimates for both prospects. The company expects to publish the Kalayi resource estimate by the end of March 2025, followed by the Mont Agoma resource estimate by the end of April. These estimates will be based on drilling that covers only a portion of the 2,000-meter soil anomaly identified at the properties, indicating substantial exploration upside.

At Mont Agoma, CEO Paul Barrett described a layered deposit model where copper is found at shallow depths, tin is deeper, and zinc is distributed throughout the system. The company has accelerated drilling here with multiple rigs now operating simultaneously, substantially improving the pace of exploration compared to previous operations.

Despite regional security concerns related to M23 rebel activity, Rome Resources has adapted its operations by relocating its logistical hub to Kenani. The company maintains a helicopter on site to transport supplies and has established safety protocols in coordination with neighboring operations.

Financially, Rome Resources is in a stable position with approximately £3 million in the bank. Barrett projects that after completing the current drilling program, the company will still have about £2 million in reserves, providing flexibility for future activities.

Barrett remains optimistic about the long-term prospects for tin, which is currently trading around $33-34 per kilogram. He highlighted the metal's role in electronics, particularly with increasing demand driven by AI development and electrification:

"The key really is demand... a lot of the countries that want to go forward in terms of the AI revolution, electrification, etc., will be driving demand going forward because tin glues all the electronics together and there is no substitute."

This outlook, combined with constraints on global supply, creates a favorable environment for new tin projects, with Barrett noting that even a relatively small resource could be commercially viable due to tin's high price.

Learn more: https://www.cruxinvestor.com/companies/rome-resources

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Interview with Lon Shaver, President of Silvercorp Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/silvercorp-metals-tsxsvm-expanding-to-gold-copper-horizons-with-strategic-ecuador-acquisition-5973

Recording date: 27th of February, 2025

Silvercorp Metals, a profitable silver producer with established operations in China, is strategically diversifying into Ecuador to create a multi-jurisdictional mining platform. The company's President, Lon Shaver, recently outlined this growth strategy aimed at reducing the valuation discount typically applied to single-jurisdiction companies.

Central to this expansion is the development of the EL DOMO mine in Ecuador, a fully permitted project with production targeted for the second half of 2026. With a capex of approximately $250 million, EL DOMO will be funded through a $175 million stream from Wheaton Precious Metals and Silvercorp's existing cash reserves of around $200 million. The project boasts a 10-year mine life with projected annual production of 11,000 tons of copper, 26,000 ounces of gold, 12,000 tons of zinc, and 490,000 ounces of silver, with an all-in sustaining cost of $1.26 per pound on a copper equivalent basis.

Silvercorp sees significant operational synergies between EL DOMO and its Chinese operations, despite geological differences. "The tonnage and the throughput through the mill is very similar to the tonnage expansion that we just completed at Ying," notes Shaver, highlighting that both operations use similar flotation mill technologies to produce concentrates.

The company is also reimagining the Condor project in Ecuador, shifting from the previous owners' concept of a large open-pit operation requiring $600 million in capital to a more discrete, high-grade underground operation. This approach aligns with Silvercorp's successful development strategy in China, focusing on incremental growth funded by operational cash flow.

While expanding internationally, Silvercorp continues to strengthen its Chinese operations, recently increasing production capacity at its Ying mine from 2,500 to 4,000 tons per day. The company has also accumulated substantial ore stockpiles (145,000 tons), positioning it for continued strong performance even during traditionally slower periods.

Shaver expressed optimism about metals markets, noting, "Our view for commodity prices is positive whether that be silver or others, just because of the fact that we see the economies continuing to grow, and there's not a lot of supply that we see coming on of the market."

Near-term catalysts include completing the remaining two bid packages for EL DOMO construction, which will provide more concrete guidance on budget and timing for the project as Silvercorp works to build a diversified precious metals portfolio with a disciplined approach to growth and shareholder value.

Learn more: https://www.cruxinvestor.com/companies/silvercorp-metals

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Interview with Andrew Penkethman, MD & CEO of Ardea Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/ardea-resources-asx-arl-bigger-than-the-picture-they-framed-us-to-see-238

Recording date: 24th February 2025

Ardea Resources (ASX: ARL) is making significant progress on its Goongarrie Hub, part of the Kalgoorlie Nickel Project, which contains 4.1 million tons of nickel and represents Australia's largest nickel-cobalt resource.

The company has secured a strategic partnership with Japanese industrial giants Sumitomo Metal Mining and Mitsubishi Corporation, who will collectively invest $98.5 million to earn a 35% stake in the project. The final 15% will be issued upon a successful final investment decision, expected in Q1 2027.

According to CEO Andrew Penkethman, the Goongarrie Hub is projected to produce approximately 30,000 tons of nickel and 2,000 tons of cobalt annually as a mixed hydroxide precipitate (MHP), with an estimated 40-year mine life. The project's Definitive Feasibility Study (DFS) is currently about 50% complete and expected to be finalized by late 2025, with production targeted to begin in 2029.

The initial capital expenditure was estimated at AU$3.1 billion (approximately US$2 billion) in the 2023 Pre-Feasibility Study. Despite current low nickel prices of around $15,000 per ton, Penkethman emphasized that the project remains economically viable due to its scale, grade, and strategic location with existing infrastructure access.

The partnership with Sumitomo and Mitsubishi brings more than just capital. It secures offtake agreements, with 75% of production allocated to the consortium partners, significantly enhancing bankability for future project financing. The company is also exploring financing tools including export credit agencies from both Australia and Japan, offtake prepayments, and potential government grants.

Ardea's timing for production aligns with independent forecasts predicting a return to market deficit for nickel around 2029-2030. The company positions itself as an alternative to Indonesian production, which is dominated by Chinese-funded operations. Penkethman noted that major economies including Japan, the United States, South Korea, India, and the European Union are actively seeking diversity of supply and supply chain security.

Despite the substantial strategic investment, Ardea's market capitalization remains around AU$100 million. The company maintains a concentrated shareholder base, with approximately 60% of shares held by about 40 shareholders, including Golden Energy and Resources, which holds more than 5%.

Beyond the six deposits included in the current DFS, Ardea retains growth potential with three additional deposits within the Goongarrie Hub and 100% ownership of other projects containing approximately 2 million tons of nickel within the broader Kalgoorlie Nickel Project portfolio.

View Ardea Resources' company profile: https://www.cruxinvestor.com/companies/ardea-resources-limited

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