Company Interviews

Interview with Sean Wade, CEO of Power Metal Resources

Recording date: 27th of November, 2024

Power Metal Resources (AIM:POW) is an AIM-listed mining incubator and project generator offering investors an attractive opportunity to gain exposure to the raw materials powering the global energy transition and ongoing industrialization. With a market cap of just £17 million, the company has assembled a portfolio of high-potential exploration assets across critical metals such as tungsten, uranium, gold, copper and nickel.

One of Power Metal's key assets is a 45% stake in Pilot Mountain, owner of the largest undeveloped tungsten resource in the US. This interest alone is worth around £17 million, underpinning the current valuation. The company also has an extensive uranium portfolio in Canada's Athabasca Basin, with $10 million in funding secured for high-impact drilling to begin in early 2025.

In addition, Power Metal is on the cusp of spinning out its Australian gold assets into a new vehicle called FDR, with drill-ready targets in the same region as Greatland Gold's Havieron discovery. The company is also making early moves into the underexplored Arabian Shield, with several partnerships already signed.

Investors can look forward to a range of potential catalysts in the near-term, including the start of drilling in Canada and Australia, the completion of the FDR spin-out, and exploration results from ongoing work in Saudi Arabia. With a tight share structure and experienced management team, Power Metal offers significant upside potential on discovery success.

Macro forces including decarbonization, electrification and geopolitical tensions are conspiring to drive a potential supercycle in critical metals. With a diverse asset base and aggressive exploration plans, Power Metal appears well-positioned to capitalize on this powerful theme. As such, the company may be an attractive consideration for risk-tolerant investors seeking exposure to the building blocks of a more sustainable future.

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

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Interview with Andrew Dornan, Executive Director of James Bay Minerals

Our previous interview: https://www.cruxinvestor.com/posts/james-bay-minerals-asxjby-exploring-in-quebecs-lithium-hot-spot-4478

Recording date: 27th of November, 2024

James Bay Minerals has transformed into a gold investment opportunity through its acquisition of the advanced-stage Independence Gold Project in Nevada's prolific Battle Mountain Region. The project boasts a substantial resource of 1.18 million ounces of gold, including a high-grade portion of nearly 800,000 ounces at 6.53 g/t Au.

The project's strategic location, adjacent to the major Phoenix mine operated by Nevada Gold Mines (Newmont/Barrick JV), provides key advantages. These include a streamlined 8-12 month permitting process and excellent infrastructure.

James Bay Minerals sees strong potential to grow the resource through near-surface expansion drilling and delineation of the deeper high-grade skarn zone. The skarn has been defined on only 25% of the prospective area to date, highlighting the potential for significant resource growth.

The Company is pursuing a two-pronged approach to advance the project and build value. Near-surface resources provide a pathway to near-term production via a low-cost heap leach operation. In parallel, drilling will target the high-grade skarn, aiming to delineate an underground resource to support a standalone operation or significantly enhance open pit economics.

James Bay Minerals is led by an experienced management team and board with a strong track record of value creation in the mining sector. The Company also maintains its James Bay lithium assets, providing long-term optionality on the battery metals story.

Near-term catalysts for James Bay Minerals include drill results, resource updates, economic studies and permitting milestones. At a market capitalization of just A$24.5 million, the stock has ample room for movement as the Independence Gold story gains traction.

Learn more: https://www.cruxinvestor.com/companies/james-bay-minerals

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Interview with Marcel Robillard, President & CEO of Puma Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/puma-exploration-tsxvpuma-the-next-major-high-grade-gold-discovery-in-new-brunswick-5142

Recording date: 26th November 2024

Puma Exploration, a junior gold explorer, has made significant progress at its Williams Brook project in New Brunswick, Canada by securing major gold producer Kinross Gold as a partner. In October 2024, Puma signed an option agreement allowing Kinross to earn up to a 65% stake in Williams Brook by spending $16.5 million on exploration over 5 years, with a firm $2 million commitment in year 1 including 5,000 meters of drilling.

Puma CEO Marcel Robillard sees Kinross' involvement as a strong validation of the project's potential, stating, "They are really believers of Williams Brook holding some nice decent ounces." With $12 million spent by Puma to date and encouraging drill results, Robillard believes they've just "hit the tip of the iceberg."

Under the deal terms, Puma remains project operator, directing the exploration work while leveraging Kinross' funding and expertise. Puma receives a 10-15% management fee on the exploration spending, helping to minimize dilution for shareholders.

Puma has also acquired the nearby McKenzie gold project, covering 30,000 hectares of prospective ground, to explore in parallel with Williams Brook. Field work at McKenzie will begin in spring 2025, alongside a Kinross-funded 5,000m drill program at Williams Brook, with drilling at McKenzie slated for the fall.

The investment thesis for Puma includes the significant discovery potential in the underexplored jurisdiction, a de-risked flagship project with a major partner, a fully funded drill program with potential catalysts, a second 100%-owned project for additional upside, and an experienced management team with a track record of success.

With a strong gold price environment supporting exploration and discovery, Puma is well positioned for growth with good working capital and $2 million of committed spending from Kinross in 2025. At a market capitalization of just over C$12 million, Puma offers significant upside potential as it advances both Williams Brook and McKenzie in the coming year.
 
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Interview with Troy Boisjoli, CEO of Atha Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-north-americas-largest-uranium-exploration-portfolio-6037

Recording date: 25th November 2024

ATHA Energy, a uranium exploration company with an extensive land portfolio, is making strategic advancements in a market poised for significant growth. With over 8.5 million acres across Canada’s premier uranium jurisdictions, including the Athabasca and Thelon Basins, ATHA’s flagship Angilak project in Nunavut is at the forefront of its development strategy. The project has a historical resource of 43 million pounds (Mlbs) of uranium at an average grade of 0.69% U₃O₈, with exploration indicating the potential to expand that resource to an upper target of 98 Mlbs.

The Angilak project is a standout asset, offering both scalability and development advantages. Located in Nunavut, a mining-friendly jurisdiction where 47% of GDP is mining-related, the project benefits from existing supply chains and infrastructure established by neighboring operators like Agnico Eagle. Unlike many deeper uranium deposits, Angilak’s mineralization begins at or near the surface, reducing development complexity and costs. “At Angilak, [the resource] comes right to surface—it’s sub-cropping,” noted ATHA CEO Troy Boisjoli, highlighting this key advantage.

ATHA’s leadership team brings extensive uranium experience, including expertise from Cameco and NexGen. Boisjoli, who served as Chief Geologist at Cameco’s Eagle Point Mine, sees parallels between Angilak and his previous operations. He emphasized, “Eagle Point had a very similar profile to Angilak—70 million pounds remaining at 0.7%.” The team’s capability spans early-stage exploration through to operational development, positioning ATHA to efficiently de-risk and scale its assets.

The company employs a disciplined capital allocation strategy, directing 70% of its resources toward Angilak while investing the remaining 30% in discovery-stage projects like the Gemini property in Saskatchewan and other generative opportunities. This approach ensures near-term growth and a robust pipeline of future prospects, mitigating risks associated with reliance on a single project. Assay results from Gemini are expected in Q1 2025, adding another layer of potential upside.

ATHA’s timing aligns with a favorable uranium market. The industry is experiencing a resurgence, driven by long-term contracting cycles, growing nuclear energy adoption, and limited supply. As Boisjoli observed, “We’re entering a long-term contracting cycle similar to 2006, when demand significantly outpaced supply and created upward pressure on uranium prices.” Recent production challenges from competitors like Paladin and Peninsula highlight the market’s tightness and underscore the need for scalable, high-quality assets like Angilak.

Angilak’s exploration results further enhance its appeal. A 10,000-meter drill program conducted in 2023 demonstrated mineralization across all 25 holes, validating the resource’s growth potential. Boisjoli emphasized ATHA’s rigorous approach, which relies on hard data rather than speculative geophysical targets, ensuring confidence in the project’s scalability.

For investors, ATHA Energy presents a compelling case. With a flagship asset primed for resource expansion, a seasoned leadership team, and a disciplined approach to exploration and development, ATHA is well-positioned to capitalize on the growing uranium market. The combination of timing, expertise, and a diversified asset base offers a unique opportunity for those seeking exposure to this generational uranium opportunity.

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Learn more: https://cruxinvestor.com/companies/atha-energy

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Interview with David Rhodes, Executive Chairman of Empress Royalty Corp.

Our previous interview: https://www.cruxinvestor.com/posts/empress-royalty-tsxvempr-rapid-revenue-growth-on-gold-and-silver-stream-scaling-to-larger-deals-5970

Recording date: 23rd November 2024

Empress Royalty Corp (TSXV:EMPR) is an emerging precious metals royalty and streaming company. The Chairman believes that despite strong revenue growth and a solid portfolio of cash-flowing assets, Empress trades at a significant discount to its peers, with a market cap of just US$35 million.

The company's business model involves creating bespoke royalties and streams by investing in near-production assets where it can add value. This approach has proven successful, with Empress reporting revenue of US$5.4 million in Q3 2024 and expecting to exceed US$6 million for the full year. The company projects revenue to surpass US$10 million in 2025 based on its existing assets, which include producing mines in Mexico, Mozambique, Peru and South Africa.

Empress' cornerstone asset is the Tahuehueto silver project in Mexico, which is expected to reach commercial production in Q4 2024. The company also holds a gold stream on the Galaxy mine in South Africa, which is undergoing an expansion to reduce costs and increase revenue. With cash flow from operations and available credit, Empress is well-positioned to make additional accretive investments and further grow its revenue base.

According to David Rhodes, Executive Chair, Empress trades at a significant discount to peers, with comparable royalty and streaming companies trading at an average of 25x operating cash flow. Even at a conservative multiple of 10x cash flow, Empress' projected 2025 revenue implies a fair market cap several times higher than its current valuation. This valuation disconnect provides investors with an attractive entry point and significant upside potential as the company executes its growth strategy.

Empress benefits from an experienced management team and strategic partnerships, including a relationship with Endeavour Financial, which provides a strong pipeline of potential investment opportunities. If the revenue growth story plays out and the market takes notice as all predicted by Rhodes, Empress shares have strong re-rating potential to trade more in line with peer valuations.

In the current macroeconomic environment of high inflation, geopolitical tensions, and economic uncertainty, precious metals are attracting significant investor interest as safe-haven assets. Royalty and streaming companies like Empress provide an attractive way to gain exposure to rising gold and silver prices with a lower risk profile than mining operators. As investors increasingly turn to precious metals as portfolio hedges, companies with growth prospects, like Empress, present an interesting investment opportunity.

View Empress Royalty's company profile: https://www.cruxinvestor.com/companies/empress-royalty

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Interview with Thomas Lamb, CEO of Myriad Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-leveraging-historical-data-for-high-grade-discovery-5873

Recording date: 21st November 2024

Myriad Uranium Corp (TSXV:M) presents a unique investment opportunity in the uranium exploration space, focusing on the historic Copper Mountain project in Wyoming. With a significant historic resource, recent validation of high-grade mineralization, and an experienced management team, Myriad is well-positioned to create value for investors as they advance the project amid a favorable uranium market environment.

The Copper Mountain project boasts an extensive drilling history from the 1970s, with Union Pacific's uranium subsidiary investing over C$117 million (in today's dollars) and completing 2,000 drill holes. Union Pacific estimated uranium resources ranging from 15 to 30 million pounds, with the potential to exceed 65 million pounds. Myriad's primary objective is to validate this historic data and expand upon the findings, and recent drilling results have been highly encouraging.

A 34-hole drill program completed by Myriad confirmed the presence of high-grade uranium mineralization, with some areas yielding grades up to 8,000 ppm, significantly higher than the expected 2,500-3,000 ppm range. CEO Thomas Lamb noted, "We've gone beyond what Union Pacific found, too, which is very cool."

Myriad is taking a strategic approach to exploration, prioritizing high-grade zones and areas with significant expansion potential. The company has identified priority targets that Union Pacific was unable to fully advance, as well as new prospects within their expanding project area. This targeted approach allows for efficient resource allocation and minimizes the risk of dilution for investors.

Wyoming, where the Copper Mountain project is located, is widely regarded as one of the best jurisdictions for mining, particularly for uranium. Myriad has found the permitting process to be straightforward and efficient, with no unexpected delays. The company is currently applying for a comprehensive plan of operations, which will permit a significant number of drill holes for the upcoming spring, summer, and fall seasons.

Myriad's success is underpinned by an experienced management team and a strong roster of technical advisors. CEO Thomas Lamb brings extensive experience in advancing exploration projects worldwide, while the company's geologist, George van der Walt is praised for his exceptional planning and organizational skills. Advisors Jim Davis and Doug Christofferson contribute vast industry experience, with Davis having worked at Copper Mountain previously.

The uranium market is experiencing a period of heightened interest, driven by supply constraints, geopolitical factors, and growing demand for clean energy. Myriad is well-positioned to capitalize on these market dynamics, with a substantial historic resource and promising exploration results in a top-tier jurisdiction.

In conclusion, Myriad Uranium represents a compelling opportunity for investors seeking exposure to the uranium exploration sector. With a significant historic resource, validation of high-grade mineralization, an experienced team, and a strategic approach to exploration in a top-tier jurisdiction, Myriad is poised to create value for shareholders as they advance the Copper Mountain project.

View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uranium

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Interview with Paul Barrett, CEO of Pathfinder Minerals/Rome Resources

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-aimrmr-tin-copper-exploration-shows-early-promise-6088

Recording date: 21st November 2024

Rome Resources is making rapid progress at its high-grade tin project in the Democratic Republic of Congo. Initial assay results from the Kalayi prospect returned grades as high as 3-4% tin, on par with the 4% grades from neighboring $1B market cap producer Alphamin.

With 10 more tin-mineralized holes from Kalayi at the lab and two holes from the large polymetallic discovery at Mont Agoma also awaiting assays, a steady stream of potentially market-moving results is expected in the coming weeks. Strategic investors have taken notice, approaching Rome and seeing similarities to Alphamin, albeit at an earlier stage.

Rome is fully funded to complete the current 3,000m drill program. Well-timed to the rising tin price and growing supply deficit, Rome offers significant upside potential for investors if it can continue to deliver Alphamin-like drill results.

The company is led by CEO Paul Barrett, who brings a wealth of experience advancing African tin projects. While early-stage, the combination of high-grade tin, a major new polymetallic discovery, a proven mining jurisdiction, and clear development analogue make Rome a compelling speculation for risk-tolerant investors at its current $30M market cap.

Key investment highlights:
High-grade results up to 3-4% tin at Kalayi prospect
Numerous assays pending from Kalayi and polymetallic Mont Agoma discovery
Fully funded to complete initial 3,000m drill program
Strategic investors circling; Alphamin provides $1B blueprint to follow
Exposure to record high tin prices and forecast supply deficit

View Rome Resources' company profile: https://www.cruxinvestor.com/companies/rome-resources

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Interview with Richard Osmond, President & CEO of Element 29 Resources Inc.

Recording date: 20th November 2024

Element 29 Resources (TSXV:ECU) is a copper exploration company that offers investors an attractive opportunity to gain exposure to a major new discovery in a top mining jurisdiction. The company's flagship Elida project in Central Peru has all the key ingredients for success: scale, grade, infrastructure, and exploration upside.

Elida is a significant grassroots copper discovery with a current inferred resource of 321.7 million tonnes grading 0.32% copper, 0.029% molybdenum and 2.6 g/t silver. Discovered by Lundin Mining, which completed nearly 10,000 meters of drilling, Elida was acquired by Element 29 in 2019. The company has since expanded the resource with an additional 5,000 meters of drilling and sees potential to grow it substantially larger.

The project benefits from excellent infrastructure, with power, water, and transport facilities nearby. Elida is located just 200 km from Lima at low elevation and is easily accessible by highway. It is close to the operating Antamina mine and it's concentrate pipeline and port facilities. This should enable the project to be developed at low capital and operating costs.

Importantly, Elida is expected to produce a very clean, high-quality copper concentrate with negligible arsenic levels. This is a key differentiating factor that could command a premium price from smelters. Metallurgical testing is underway and will provide greater insight into the process flowsheet and recoveries.

Peru is one of the world's top copper producers, with a mature mining industry and strong government support. Several major new copper mines have been successfully permitted and developed in the country in recent years. Element 29 has strong community relations and is actively engaging with local stakeholders to ensure the project provides sustainable economic benefits.

The Elida project is large enough to be developed as a standalone operation or could be an attractive acquisition target. CEO Richard Osmond sees potential for Elida to grow to over 500 million tonnes, noting that the current resource covers just a small portion of the 2.5 x 2.5 km alteration footprint. Element 29 is targeting a preliminary economic assessment on the project within the next 2-3 years to demonstrate its economic potential.

Despite its attractive fundamentals, Element 29 is currently trading at just C$0.45 per pound of copper-equivalent, well below the valuations of more advanced development projects. This reflects the earlier stage nature of the asset but provides considerable potential for re-rating as the company executes its business plan.

With a major copper discovery, strong management team, and strategic location in a mining-friendly jurisdiction, Element 29 Resources offers a compelling investment opportunity. As the world faces a looming shortage of copper supply, the company is well-positioned to create substantial shareholder value through exploration success and project advancement. The Elida project provides exposure to a potential Tier 1 copper asset at an attractive valuation with multiple near-term catalysts on the horizon.

View Element 29's company profile: https://www.cruxinvestor.com/companies/element-29-resources

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Interview with Graham Crew, CEO of Rupert Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/rupert-resources-tsxvrup-ikkari-shaping-up-as-tier-one-gold-asset-4674

Recording date: 20th November 2024

Rupert Resources, advancing its 4-million-ounce Ikkari gold deposit in Finland, is entering a transformative phase under new CEO Graham Crew, who brings significant mine-building experience to guide the project through development.

The Ikkari deposit, discovered in 2020, stands out for its exceptional characteristics. With 96% of the resource in the indicated category and approximately 10,000 ounces per vertical meter in the first few hundred meters, the project offers robust fundamentals. Metallurgical recoveries exceeding 95% further enhance the project's technical merit.

"The deposit itself is very robust in terms of the endowment, the ounces, the grade close to the surface... it's going to be a relatively low-cost deposit on a world scale because of the quality of the deposit," notes Crew, highlighting the project's economic potential.

The company has outlined a clear development timeline. A Preliminary Feasibility Study is due to complete in 2024, followed by Environmental Impact Assessment submission in 2025. Finland's transparent permitting process typically takes 12 months, suggesting potential project permits by end-2026. A recent $35 million financing ensures funding through these near-term milestones.

Notably, management plans to develop the project independently rather than position for sale. Base case economics using $1,700 gold provide significant margin potential at current prices while maintaining conservative planning parameters. The development strategy emphasizes quality over speed, particularly important given recent sector challenges with capital cost overruns.

The project benefits from its Finnish location, offering a stable mining jurisdiction with skilled workforce and established infrastructure. The permitting process, while thorough, follows predictable timelines with extensive stakeholder consultation throughout.

Additional upside exists through several satellite targets within 10km of Ikkari. Management views this regional potential as complementary to development activities, potentially providing resource growth without compromising core project advancement.

Key risks to monitor include gold price volatility, capital cost environment, permitting progress, and future construction funding requirements. However, the company's conservative approach to development planning and focus on technical excellence aims to mitigate execution risks.

With few advanced gold projects progressing toward production in premium jurisdictions, Rupert Resources gives investors exposure to a high-quality development story with clear catalysts through 2024-26. The combination of asset quality, jurisdictional advantage, and experienced leadership positions the company to potentially capture significant value as it advances toward production.

View Rupert Resources' company profile: https://www.cruxinvestor.com/companies/rupert-resources

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Interview with CEO Claudia Tornquist & Chairman Christopher Taylor of Kodiak Copper

Our previous interview: https://www.cruxinvestor.com/posts/mining-ma-heats-up-key-trends-opportunities-in-the-gold-copper-sector-6106

Recording date: 20th November 2024

Kodiak Copper Corp. (TSX-V: KDK) is advancing its MPD copper-gold porphyry project in southern British Columbia's Quesnel Trough, strategically positioning itself to meet the growing global copper demand driven by clean energy transitions. The company has successfully identified 10 mineralized zones across the property, with recent drilling programs yielding impressive results.

Under the leadership of CEO Claudia Tornquist, a former Rio Tinto executive, and Chairman Christopher Taylor, a geologist with over 20 years of industry experience, Kodiak's strategy focuses on defining substantial high-grade, near-surface zones that could potentially form a future starter pit. This approach has proven successful with recent discoveries at the Adit Zone, which returned 0.43% copper equivalent over 357 meters and remains open for expansion.

The company maintains a strong financial position with a tight share structure of only 75 million shares outstanding and backing from major mining company Teck Resources. Their development roadmap includes completing a resource estimate and preliminary economic assessment (PEA), with plans for a resource-focused drill program in 2025. The company has demonstrated success in raising necessary funds while minimizing shareholder dilution.

The MPD project benefits from its location in mining-friendly British Columbia, offering significant advantages including political stability, clear permitting processes, and excellent infrastructure. The management team's expertise, including Taylor's track record of discovering the 5-million-ounce Hardrock gold deposit in Ontario, adds credibility to their exploration strategy.

The investment thesis for Kodiak Copper is particularly compelling given the macro environment for copper. The International Energy Agency projects a monumental increase in global copper demand over the next two decades, with estimates reaching 39 million metric tons by 2040, up from 23.4 million tons in 2020. This surge is driven by the metal's critical role in electric vehicles, renewable energy infrastructure, and power grid modernization.

With the current pipeline of new copper projects at an all-time low and new discoveries becoming increasingly rare, Kodiak's high-grade copper project in a stable jurisdiction presents an attractive opportunity for investors. The company's combination of strong management, promising drill results, strategic location, and exposure to favorable copper market fundamentals positions it well to capitalize on the growing demand for copper in the clean energy transition.

View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corp

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