Company Interviews

Interview with Sam Hartmann, VP Exploration of F3 Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-hitting-50-u3o8-at-flagship-jr-zone-at-athabasca-and-drilling-for-more-6335

Recording date: 13th February 2025

F3 Uranium (TSXV: FUU) is advancing its Patterson Lake North (PLN) uranium project in Saskatchewan's Athabasca Basin, building on its significant 2022 JR Zone discovery. The project gained further momentum in 2024 when drilling intersected 4.5 meters grading 50% U3O8 in hole PLN24-176, marking one of the sector's best drill results for the year.

The JR Zone, a shallow, high-grade uranium deposit, currently extends along a strike length of 150-165 meters. VP Exploration Sam Hartmann highlights that the deposit features an "ultra high-grade core" of approximately 20% U3O8, which typically contains about half of the deposit's pounds - a pattern common in Athabasca Basin deposits.

The company has outlined a comprehensive exploration strategy backed by a $5 million budget for 2025. The program focuses on three main priorities: expanding the JR Zone through step-out and infill drilling, exploring the A1B1 Trend northeast of the JR Zone, and testing new targets along the PW Trend in the southwestern portion of the property.

F3 sees significant exploration potential beyond the JR Zone. According to Hartmann, uranium deposits in the region typically occur in multiple pods: "Whatever geological circumstance caused this mineralization in the shear zone, those similar circumstances would have existed elsewhere in these long structures."

Particular attention is focused on the PW Trend, where the company is conducting ground geophysical surveys to refine drill targets. This area has seen limited historical drilling, with only four holes completed, none of which tested the main conductor target.

The company's strategy aligns with broader uranium market dynamics. Current spot prices around $70/lb U3O8 remain below mine development incentive levels, and several major Athabasca Basin mines are approaching depletion, suggesting potential supply deficits in coming years.

F3 Uranium is positioning the JR Zone as a potential satellite deposit to feed a central mill, rather than a standalone operation. This approach could make it an attractive acquisition target for larger uranium producers active in the region, such as Cameco or Orano.

Looking ahead, F3 plans to maintain steady news flow through 2025 as it advances toward a maiden resource estimate at the JR Zone while simultaneously exploring additional targets across the property. The Athabasca Basin is known for hosting large uranium deposits exceeding 100 million pounds U3O8, and with continued exploration success, the JR Zone and surrounding targets could contribute significantly to the region's resource base.

View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corp

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Interview with Steve Norregaard, MD & CEO of Win Metals Ltd.

Recording date: 13th February 2025

ASX-listed Win Metals has strategically pivoted from nickel to gold, acquiring the promising Butchers Creek gold project in Western Australia. The company, which listed in 2021 as a pure-play nickel company, made this transition in 2024 in response to declining nickel prices and shifting market sentiment.

The Butchers Creek acquisition, completed in November 2024, brought a substantial 357,000-ounce gold resource to Win Metals at an attractive entry price of under A$10 per resource ounce. The company has already completed a 75,000-meter drill program, yielding positive results that suggest significant resource growth potential. Notably, extensional drilling has confirmed mineralization extending 250 meters beyond the current one-kilometer-long resource.

Win Metals is pursuing a two-pronged development strategy. In the near term, the company is evaluating toll milling opportunities to enable rapid gold production with minimal capital expenditure. This approach would allow Win to generate cash flow without the need for substantial upfront investment in processing infrastructure. Additionally, the company is exploring alluvial mining potential, which could provide another avenue for low-cost gold production.

The project benefits from existing infrastructure, including a tailings storage facility, water supply, and proximity to the regional center of Halls Creek. According to Managing Director Steve Norregaard, the mineralization at Butchers Creek is characterized by broad zones amenable to efficient bulk mining methods, which could translate to competitive operating costs.

Looking ahead, Win Metals plans to update the resource estimate and initiate a scoping study to evaluate development options. The company aims to potentially commence gold production through toll milling within 18 months, using the resulting cash flow to fund further exploration and development activities.

While focusing on gold, Win Metals maintains its nickel assets, which previously supported a market capitalization exceeding $160 million. The company sees these assets as providing additional value potential when nickel prices recover above US$20,000 per tonne.

With a current market capitalization of just $10 million, Win Metals appears positioned to capitalize on record-high gold prices through its Butchers Creek development. The project combines near-term production potential through toll milling with longer-term standalone development opportunities, while the company's retained nickel assets provide additional upside exposure to future nickel price recovery.

The company's strategy aligns with the current strong gold market, driven by global economic uncertainty, inflation concerns, and geopolitical tensions that have pushed gold prices to historic highs above US$2,800 per ounce.

View Win Metals' company profile: https://www.cruxinvestor.com/companies/win-metals

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

Our previous interview: https://www.cruxinvestor.com/posts/tin-market-faces-supply-challenges-amid-growing-energy-transition-demand-6534

Recording date: 13th February 2025

Pan Global Resources is advancing its exploration efforts in Spain, with significant developments at both its northern and southern projects. The company's recent focus has been on its northern Spain project, where historic mining in the 1930s produced high-grade copper, nickel, and cobalt from breccia bodies. Recent underground sampling at the Providencia and Profunda targets has yielded impressive results, averaging 2.5% copper plus nearly 1% nickel and cobalt.

The company's systematic modern exploration program, which covered less than 5% of the large land package, has revealed extensive mineralization potential. At Providencia, infill soil sampling discovered significant gold presence, with samples reaching up to 20 g/t Au in an area with no previous gold exploration history. Underground channel sampling further confirmed these findings, with one sample returning 37m at 3.1 g/t Au.

Pan Global has now initiated its first-ever drilling program at Providencia, with an initial 1,200m program designed to test extensions of the high-grade mineralization exposed underground. The company is already planning to expand this program based on encouraging channel sampling and trenching results.

In southern Spain, Pan Global continues to advance its flagship La Romana project in the Iberian Pyrite Belt. An aggressive 2025 drill campaign is underway with two drills currently operating, focusing on expanding the higher-grade western part of the deposit while testing new regional targets. The company expects to release a maiden resource estimate for La Romana later this year.

CEO Tim Moody emphasized the strategic advantage of operating in Europe: "Having a copper project in Europe, something that can potentially be brought to production within this decade, in a favorable and stable mining area, really gives us a big advantage."

The investment thesis for Pan Global is strengthened by the growing demand for copper driven by the clean energy transition and electrification. Industry forecasts suggest an annual copper supply deficit approaching 10 million tons by 2030, making new discoveries in stable jurisdictions increasingly valuable.

The company's presence in Spain's mining-friendly jurisdiction, combined with its experienced management team and active exploration programs, positions it well for future growth. With ongoing drilling at both its northern and southern projects, investors can expect consistent news flow and multiple potential catalysts throughout 2025.

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

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Interview with Victor Cantore, President & CEO of Amex Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxv-amx-133m-in-annual-free-cash-flow-within-reach-at-quebec-gold-project-6378

Recording date: 11th February 2025

Amex Exploration is advancing its Perron gold project in Quebec's Abitibi region, pursuing a dual strategy of resource expansion and development validation. The project currently hosts 1.6 million ounces of gold across multiple high-grade zones, with only 20-25% of the 4,518-hectare property explored to date.

The company's 2024 preliminary economic assessment (PEA) outlines robust project economics. The study projects average annual production of 101,000 ounces of gold over a 10-year mine life, with higher production of 124,000 ounces in the first five years. All-in sustaining costs are estimated at US$807/oz life-of-mine, dropping to US$739/oz in the first five years. At a US$2,000/oz gold price, the project demonstrates an after-tax NPV(5%) of $525 million and an IRR of 40.2%, with projected cumulative after-tax free cash flow of $767 million.

Amex has two drill rigs currently operating on the property and is planning a balanced approach to its 2025 exploration program. The company will split its remaining funds equally between infill drilling to upgrade existing resources and exploration drilling to expand known zones and make new discoveries. The technical team is utilizing artificial intelligence and machine learning to identify the most promising targets in the unexplored 75-80% of the property.

On the development front, Amex is evaluating several initiatives including a potential preliminary feasibility study and a bulk sample program similar to Osisko Mining's approach at their Windfall project. The company has also begun early-stage permitting work.

Mid-tier producer Eldorado Gold holds a 9.9% strategic stake in Amex and provides quarterly technical guidance through regular meetings. While Amex is focused on advancing Perron independently, CEO Victor Cantore acknowledges the possibility of eventual acquisition interest from major miners given the project's high-grade nature and location in the mining-friendly Quebec jurisdiction.

The investment thesis for Amex centers on its high-grade resource base, strong PEA economics, significant exploration upside, and strategic backing from Eldorado Gold. The company is operating in Quebec's Abitibi Greenstone Belt, a prolific gold region that has historically produced over 200 million ounces. With gold prices at multi-year highs and growing investor interest in development-stage companies, Amex appears well-positioned to deliver value through both resource growth and project advancement.

Learn more: https://cruxinvestor.com/companies/amex-exploration

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Interview with David Cataford, CEO of Champion Iron Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/champion-iron-tsxcia-targets-even-much-higher-grade-iron-ore-in-a-decarbonizing-steel-industry-5913

Recording date: 11th February 2025

Champion Iron, operating from Quebec, Canada, is advancing its position as a leading producer of premium iron ore with its flagship Bloom Lake Mine currently producing 15 million tons annually. The company is undertaking a significant strategic initiative, investing C$470 million in a new flotation plant to upgrade half of its production to 69% purity iron ore by late 2025, targeting the growing direct reduction (DR) steel market.

The company has navigated recent challenges, particularly in rail transportation, which led to a stockpile of 2.7 million tons at the mine in late 2024. However, these logistical issues are being resolved with new locomotives and trained personnel, setting the stage for increased sales volumes in 2025. The ability to clear this inventory is expected to drive margin expansion without raising costs.

Since 2018, Champion has invested C$1.7 billion in expanding mining operations, upgrading products, and improving transportation infrastructure. Significantly, 2026 will mark the first year without major growth capital expenditure, allowing the company to demonstrate its full earnings potential and focus on shareholder returns.

Market diversification is a key strategic priority. Currently, over 50% of production goes to China, but the company is actively expanding its customer base in Europe, the Middle East, and North Africa. The new 69% purity product will facilitate this diversification while offering improved margins and reduced shipping costs to these markets.

Beyond Bloom Lake, Champion is developing the Kami project in partnership with Nippon Steel (the world's fourth-largest steelmaker) and Sojitz. This partnership includes a commitment from the partners to fund the first $500 million of investment, minimizing Champion's near-term capital requirements. Over the next two years, the company will advance feasibility studies and permitting activities for Kami.

The company's growth strategy aligns with the global steel industry's decarbonization trends. DR plants paired with electric arc furnaces produce significantly lower carbon emissions than traditional blast furnaces, driving increasing demand for high-purity iron ore. As steel producers worldwide face pressure to reduce carbon emissions, Champion's high-grade products position it to benefit from this structural shift in the market.

With its conservative balance sheet, Champion Iron appears well-positioned to capitalize on these opportunities while maintaining financial flexibility. The combination of resolving logistical challenges, completing major capital investments, and increasing production of premium products sets the stage for potentially significant cash flow generation from 2026 onward.

View Champion Iron's company profile: https://www.cruxinvestor.com/companies/champion-iron-limited

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Interview with John Cash, CEO of Ur-Energy Inc.

Our previous interview: https://www.cruxinvestor.com/posts/ur-energy-amexurg-ramping-up-uranium-production-and-poised-for-us-uranium-market-growth-6233

Recording date: 10th February 2025

Ur Energy (NYSE: URG), currently the largest uranium producer in the United States, is positioning itself for significant growth in an increasingly tight uranium market. The company operates the Lost Creek facility in Wyoming, which has been the country's largest uranium mine over the past four quarters according to EIA data.

The company is pursuing a two-pronged growth strategy. At Lost Creek, which is licensed to produce 1.2 million pounds of uranium annually, Ur-Energy is ramping up production with 21 drill rigs currently operating on site. Simultaneously, the company is constructing its second project, Shirley Basin, also in Wyoming. Expected to commence production in late 2025 or early 2026, Shirley Basin is initially licensed for 1 million pounds per year, with potential to expand to 2 million pounds.

From a cost perspective, Ur-Energy has historically maintained competitive margins. The company expects Lost Creek's all-in costs to range between $45-50 per pound, while Shirley Basin's costs are projected to be slightly above $50 per pound. With current spot uranium prices around $70 per pound and term prices in the $80s, these operations are positioned to generate healthy margins.

The company has secured its revenue stream through several long-term contracts with U.S. and European utilities, with prices ranging from the $60s to $80s per pound. These agreements cover approximately half of the company's production capacity for the coming years, providing stable cash flow while maintaining exposure to potentially higher spot prices.

Ur Energy's management team, which has worked together for 18 years, brings extensive industry experience, with many executives having 30-35 years in the uranium sector. This expertise has helped the company navigate industry challenges, including recent supply chain issues and labor market constraints.

The company maintains a strong financial position with $110 million in unrestricted cash as of September 2024, providing flexibility for growth initiatives and operational needs.
Looking ahead, Ur-Energy is well-positioned to benefit from expected growth in uranium demand, driven by new nuclear reactor construction and the restart of idled capacity globally. Additionally, geopolitical shifts, particularly Kazakhstan's increasing orientation toward supplying Russia and China, could create opportunities for Western uranium producers like Ur-Energy.

While uranium prices remain volatile, the company's combination of established production, growth projects, experienced management, and strong balance sheet offers investors exposure to the uranium sector's potential upside while maintaining operational stability.

View Ur--Energy's company profile: https://www.cruxinvestor.com/companies/ur-energy-inc

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Interview with Todd Williams, MD of Unico Silver

Recording date: 6th February 2025

Unico Silver (ASX:USL) is rapidly emerging as a significant player in Argentina's silver sector, having assembled a substantial resource base in the Santa Cruz mineral province. The company has built a 160-million-ounce silver equivalent (AgEq) resource through strategic acquisitions and exploration, positioning itself as the third-largest holder of silver resources in the region behind Newmont and AngloGold Ashanti.

Starting as a A$3 million junior explorer in 2019, Unico Silver executed a focused consolidation strategy, acquiring two key adjacent projects - Cerro Leon and Joaquin - at a remarkably low cost of A$0.10 per silver equivalent ounce. The acquisitions followed two years of complex negotiations to consolidate the district from five separate owners.

The company's flagship Cerro Leon project holds over 90 million ounces of silver equivalent resources, while the adjacent Joaquin project contains over 65 million ounces. Management sees significant exploration upside in the unexplored depth extensions of high-grade polymetallic vein systems across both projects.

To capitalize on this potential, Unico Silver has launched a major 50,000-meter drill program, currently 5% complete, aimed at expanding the resource base to 250-300 million ounces. The company is developing a conceptual mine plan centered on a processing facility at Cerro Leon, which could potentially produce 8-12 million ounces of silver annually.

The proposed development strategy involves a two-phase approach: initial processing of oxide material from both projects in the first five years, followed by the addition of a flotation plant to treat deeper polymetallic mineralization. This staged approach aims to optimize the project's economics while building towards a long-life mining operation.

The investment case for Unico Silver is strengthened by broader market dynamics in the silver sector. Demand for silver is experiencing significant growth, particularly from the photovoltaic industry, which now consumes over 300 million ounces annually - up from minimal levels a decade ago. This increasing demand, coupled with flat to declining mine supply and limited new projects in development, creates a favorable environment for new silver producers.

Managing Director Todd Williams summarizes the opportunity: "I think tomorrow will not be like the past, you know, I think we're moving into a new paradigm and we're preparing ourselves for that paradigm." With strong institutional backing and a clear development strategy, Unico Silver aims to establish itself as a major player in the global silver market by meeting the growing demand for silver in the renewable energy sector.

View Unico Silver's company profile: https://www.cruxinvestor.com/companies/unico-silver

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Interview with Christian Easterday, Managing Director & CEO of Hot Chili Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/hot-chili-asxhch-advancing-low-cost-large-scale-copper-gold-project-in-chile-6048

Recording date: 10th February, 2025

Hot Chili Limited (ASX:HCH) is an emerging copper-gold developer that has consolidated a major land position along the Chilean coastal range. After years of diligent exploration and strategic acquisitions, the company is on the cusp of a transformational re-rating as it rapidly advances its Costa Fuego project towards development.

At the heart of the Hot Chili story is Costa Fuego - a cluster of large-scale copper-gold deposits that the company has systematically pieced together over the last decade. Costa Fuego already boasts a resource base of 724Mt grading 0.48% CuEq for 2.9Mt Cu, 2.7Moz Au, 9.9Moz Ag and 64kt Mo, putting it among the largest copper development projects globally. But recent exploration success suggests this is just the beginning.

The game-changer is the new La Verde discovery, situated just 30km from Costa Fuego's planned processing hub. Wide drill intersections like 320m @ 0.3% Cu, 0.1g/t Au and 202m @ 0.6% Cu, 0.3g/t Au confirm La Verde as a large-scale, bulk tonnage porphyry system in its own right. Importantly, mineralization begins from surface, making it ideal for open pit extraction. Eight of the first twelve holes drilled ended in mineralization, hinting at the depth potential yet to be unlocked.

La Verde looks to be a carbon copy of the company's Cortadera discovery, a neighboring porphyry that extends beyond 1.2km vertical depth. Cortadera underpins 70% of Costa Fuego's current resource base, so it's no wonder that the market is sitting up and taking notice of La Verde's early drill results. Hot Chili has already expanded the La Verde footprint to 550m by 400m and is now stepping-out to test a potentially much larger porphyry system masked by shallow gravel cover.

Aside from outstanding growth potential, Costa Fuego boasts many of the key attributes majors look for in a copper development project: scale, grade, by-product credits, access to infrastructure and a Tier-1 jurisdiction. The company is on-track to complete Pre-Feasibility Studies on both the copper-gold project and a related water asset this year, paving the way for an accelerated path to production.

One factor that sets Hot Chili apart is its partnership with Glencore. The commodities giant owns a 7.8% stake in Hot Chili and has offtake rights to 60% of Costa Fuego's first eight years of production. This is a strong endorsement of the project's technical and economic merits. As the La Verde discovery firms up, expect to see heightened M&A interest from other big names in the copper space.

With the copper market facing a multi-million tonne supply deficit by the end of the decade, Costa Fuego's importance as a strategic asset is only set to increase. Hot Chili offers a unique combination of near-term development potential, long-term resource upside and experienced management - all the ingredients to become a key supplier into a structurally tight copper market. If the drills continue to deliver, this is a story that could heat up very quickly.

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Learn more: https://cruxinvestor.com/companies/hot-chili-limited

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Interview with Tara Christie, President & CEO of Banyan Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-16000-meters-drilled-and-funded-through-2025-pea-on-7moz-gold-resource-5945

Recording date: 4th February 2025

Banyan Gold Corp. (TSXV:BYN) is advancing its AurMac gold project in the Yukon, which currently hosts 7 million ounces of gold. The company's recent drilling program has successfully identified higher-grade zones within the proposed starter pits, highlighted by intercepts including 1.6 g/t gold over 32 meters between the Powerline and Airstrip zones.

The company is working to earn 100% ownership of AurMac and must complete an updated mineral resource estimate and preliminary economic assessment (PEA) in 2025 to satisfy the final earn-in requirements. While some recent high-grade drill results won't be included in this update due to timing constraints, CEO Tara Christie views the upcoming resource update and PEA as an interim snapshot, with significant potential for continued growth.

Christie believes the deposit could expand to 10 million ounces with additional drilling. The company's technical team is currently evaluating drill targets to identify areas with the highest probability of adding high-grade ounces and expanding the mineralized footprint.

Banyan is well-funded for its 2025 activities, having deliberately conserved cash in 2024 during challenging market conditions. The company plans to continue aggressive drilling while advancing engineering studies beyond the upcoming resource update and PEA.

Currently trading at a market valuation of approximately C$63 million, Banyan's valuation of $5 per ounce of gold in the ground represents a substantial discount to its peers, who trade at US$30-50 per ounce. The company's share price suffered a 50% decline in June 2024 due to external market factors, but with gold prices reaching C$4,100 and improving market sentiment, Banyan appears well-positioned for a recovery.

The macro environment remains supportive of gold equities, with factors including rising geopolitical tensions, elevated inflation, and increasing central bank gold purchases. The mining industry's improved capital discipline and the scarcity of large, developable gold deposits in stable jurisdictions further strengthen the investment case for companies like Banyan.

With existing infrastructure including power lines and roads on the property, a substantial resource base in a mining-friendly jurisdiction, and multiple near-term catalysts, Banyan offers investors exposure to a rapidly advancing gold project with significant upside potential. The company's upcoming resource update and PEA in 2025 could serve as key catalysts for a market revaluation.

View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-inc

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Interview with Dan Wilton, CEO of First Mining Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-ceo-believes-they-are-a-standout-in-a-dwindling-field-of-advanced-assets-6314

Recording date: 4th February 2025

First Mining Gold (TSX: FF) is strategically positioned with two of Canada's largest undeveloped gold projects - Springpole in Ontario and Duparquet in Quebec. Each project boasts over 5 million ounces of gold resources, placing them in the coveted "world-class" category at a time when such large-scale development projects are becoming increasingly scarce in Canada.

The company's flagship Springpole project is advancing through the final stages of the federal Environmental Assessment process, with approval anticipated by the end of 2025. The Duparquet project, located in Quebec's prolific Abitibi gold belt, is also progressing with an environmental impact study underway.

The timing appears favorable for First Mining, as the gold mining industry faces a significant challenge in replenishing reserves. Recent years have seen six major gold mines built in Canada, with Osisko's Windfall project becoming the seventh to enter construction. This development surge has left few large-scale projects in the pipeline, creating a potential supply gap that major producers will need to address.

The scarcity of advanced gold projects, particularly those exceeding 5 million ounces, has driven up valuations in recent transactions. Projects of this scale in Canada have consistently commanded prices of $500 million or more, even before securing final permits. Notable examples include Newcrest Mining's $2.8 billion acquisition of Brucejack and Kirkland Lake Gold's $4.9 billion purchase of Detour Lake.

Despite these comparable transactions, First Mining's market capitalization stands at just C$150 million, suggesting potential upside as the company progresses through key permitting milestones. The company has demonstrated capital efficiency by raising over $60 million through non-dilutive means over the past five years, including asset sales, royalty creation, and strategic partnerships.

CEO Dan Wilton believes the industry is approaching a critical juncture, noting that only three projects are likely to secure approvals and permits for construction before 2030, with Springpole among them. This scarcity, combined with depleting reserves at major producers and a strong gold price environment, creates a compelling opportunity for First Mining.

The current market dynamics, characterized by rising gold prices amid economic uncertainty and major producers' urgent need to replenish reserves, provide a supportive backdrop for advanced gold developers. With two large-scale projects advancing through permitting in tier-one jurisdictions, First Mining offers investors exposure to this emerging opportunity in the gold sector.

View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-gold

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