Proactive - Interviews for investors

Lumina Gold CEO Marshall Koval joined Steve Darling from Proactive to provide an insightful update on the progress of the Feasibility Study (FS) for its Cangrejos gold-copper project in southwest Ecuador, in collaboration with Ausenco Engineering Canada and other key stakeholders.

According to Koval, the consulting team has been diligently conducting field operations at Cangrejos, meeting the necessary milestones to finalize the FS by Q2 2025. Notably, the plan entails increasing the initial processing plant throughput to 40,000 tonnes per day, compared to the previously planned 30,000 tonnes per day outlined in the 2023 Pre-feasibility Study. This adjustment aims to streamline construction efforts, facilitate future expansions, and expedite gold and copper production.

Furthermore, the project strategy includes resequencing the mine plan to prioritize the extraction of the higher-grade Cangrejos deposit before commencing mining operations at Gran Bestia. Additionally, over 300 million tonnes of waste rock will be strategically placed into the Cangrejos pit post-mining, significantly reducing the required land area for waste rock storage and minimizing haul distances.

Presently, field crews are actively engaged in digging test pits, with plans for two drill rigs to arrive on-site in late May to commence drilling geotechnical boreholes. These activities are crucial in supporting facility siting and optimizing project execution.

With these strategic developments underway, Lumina Gold is poised to advance the Cangrejos project towards commercial viability and establish a strong foothold in Ecuador's burgeoning mining sector.

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Fathom Nickel CEO Ian Fraser joined Steve Darling from Proactive to provide insight into the company's progress and future plans. Established in 2015 with a focus on battery metals like nickel, copper, and cobalt, Fathom Nickel aims to secure critical North American metal supplies essential for electric vehicle (EV) batteries and decarbonization efforts.

Operating two properties in northern Saskatchewan, namely Albert Lake and Gochager Lake, Fathom Nickel has been actively exploring these sites to uncover valuable mineral deposits. While Albert Lake served as the company's flagship project at its IPO, the acquisition of the Gochager Lake property in late 2022 marked a significant expansion of its portfolio.

Extensive drilling efforts at both sites have yielded promising results, particularly at Gochager Lake, attracting attention from the market. Despite challenges in funding simultaneous projects, Fraser highlighted successful winter drilling programs and outlined plans for further exploration, including field mobilization in June and drone surveys to gather crucial data.

Fraser underscored the importance of the U.S. market, citing productive engagements at recent conferences in New York. Fathom Nickel's listings on the Canadian Securities Exchange (CSE) and the OTC Markets Group have facilitated strong support from U.S. investors. Leveraging governmental incentives for critical metals, the company aims to secure funding for the exploration stage and advance its strategic goals in North America's burgeoning battery metals

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Reyna Silver Corp Head of Investor Relations Lauren Megaw Head joined Steve Darling from Proactive to provide insights into the company's projects and strategic direction. Reyna Silver Corp, a silver exploration company, is dedicated to high-grade, large-scale projects, with a particular emphasis on its Gryphon project in Nevada.

Gryphon stands out as the company's flagship project for 2024, characterized by its stacked Carlin-type gold system, carbonate replacement deposit, and critical metals. This multi-metal deposit includes gold, silver, and other metals, offering significant exploration potential. Historically, 23 core holes have been drilled at Gryphon, providing a solid foundation for further exploration efforts.

Reyna Silver Corp is leveraging this historical data by re-logging core holes to deepen their understanding of the geological framework. Situated between the Carlin and Battle Mountain-Eureka trends, renowned for their gold deposits, Gryphon presents a strategic opportunity for both gold and silver mineralization.

Looking ahead, Reyna Silver Corp has ambitious plans for extensive drilling and mapping to refine targets and assess the project's full potential. The company's presence at the OTC studios in New York underscores its commitment to the U.S. market and investor engagement, particularly given the strategic importance of the Gryphon project's location. With a focus on high-grade silver projects and strategic positioning, Reyna Silver Corp is poised for continued growth and exploration success.

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Bit Digital CEO Sam Tabar joined Steve Darling from Proactive to unveil the company's unaudited financial results for the First Quarter ended March 31, 2024. Bit Digital saw total revenue of $30.3 million for the quarter, marking a remarkable 266% increase compared to the First Quarter of 2023. This surge in revenue was primarily fueled by the commencement of its Bit Digital AI business and a higher realized bitcoin price.

Tabar explained that revenue from bitcoin mining reached $21.9 million for the First Quarter of 2024, representing a substantial 166% increase compared to the prior year's quarter. Additionally, Bit Digital AI, the company's High-Performance Computing services, began generating revenue in January 2024 and recognized $8.1 million during the quarter.

During the First Quarter of 2024, Bit Digital earned 410.7 bitcoins, marking a 13% increase from the prior year. This growth was driven by a higher active hash rate, partially offset by an increase in network difficulty.

Tabar highlighted Bit Digital's strong balance sheet, boasting over $160 million in total liquidity as of March 31, 2024, with zero debt. Moreover, the company's growing revenue stream is not solely reliant on the economics of bitcoin mining.

In addition to its financial performance, Bit Digital is finalizing an agreement to double the size of the GPU fleet for its anchor client. Negotiations with prospective clients are progressing well, with the company targeting a $100 million annualized revenue run-rate for this segment by year-end.

Overall, Bit Digital's impressive revenue growth and strategic initiatives underscore its position as a leader in the cryptocurrency mining and AI sectors.

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Midnight Sun Mining Director of Marketing and Communications Adrian O’Brien joined Steve Darling from Proactive to to announce the successful closure of a $10 million financing round, surpassing their initial target of $3.3 million due to high demand. This financing round follows their recent partnership with First Quantum and underscores their commitment to advancing two major projects.

The first project centers on a significant copper oxide target, with the potential for near-term cash flow. Their partnership with First Quantum aims to leverage resources and expertise to advance this project efficiently. Additionally, Midnight Sun is collaborating with KoBold Metals on the Dumbwa project, targeting significant sulfide targets in the southeast region of their property.

KoBold Metals will fund approximately 10,000 meters of drilling within the next 4 to 6 weeks, focusing on two primary areas: Kazhiba in the northwest and Me Too in the southwest. These areas require extensive drilling, particularly Kazhiba, which necessitates around 150 shallow holes. The objective is to advance the oxide copper target with First Quantum's support and concentrate the material for further development.

Midnight Sun's success in securing significant financing and expanding partnerships underscores the quality of their projects in Zambia's highly prospective copper regions. With large deposits and favorable conditions, Midnight Sun is well-positioned to meet the growing global demand for copper, driving their projects forward with momentum and purpose.

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Aftermath Silver CEO Ralph Rushton joined Steve Darling from Proactive to provide insight into recent developments and the company's strategic direction. Rushton, who joined the company 4-5 years ago, highlighted Aftermath Silver's focus on silver assets in Chile and Peru, with the Berenguela project in southern Peru serving as the flagship venture.

The Berenguela project, renowned since the early 20th century, boasts a rich history of mining activity and recent exploration efforts. Approximately 500,000 tons of high-grade silver-copper ore have been extracted to date. Aftermath Silver has significantly expanded upon this legacy, conducting an additional 63 drill holes, bringing the total to 380. The company's immediate goal is to advance the project through a preliminary economic assessment (PEA).

Recent developments include the acquisition of a drill permit for potentially 200 more holes, though fewer are expected to be necessary. Present efforts are focused on metallurgical studies aimed at unlocking the value of silver, copper, and manganese within the deposit. Aftermath Silver anticipates completing the preliminary economic assessment within 9 to 12 months.

Rushton underscored the importance of marketing, particularly targeting the U.S. market, where 40-45% of trading volumes occur on the OTC market. Daily trading volumes have recently averaged between 400,000 and 450,000 shares, highlighting growing investor interest in Aftermath Silver's promising projects and strategic vision.

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Lomiko Metals CEO Belinda Labatte joined Steve Darling from Proactive to announce a significant milestone: the company has been awarded a Department of Defense Technology Investment Agreement (TIA) grant of $8.35 million. Under this agreement, Lomiko will match the funding over a period of five years, resulting in a total agreement value of $16.7 million with the DoD.

Labatte explained that the grant falls under Title III of the Defense Production Act and is funded through the Inflation Reduction Act, aimed at ensuring energy security in North America. The funding is specifically designated to strengthen and expand the industrial base for natural flake graphite in the region.

This marks one of the first instances where the Department of Defense has granted TIA funding to a Canadian management team and asset at this stage of development. Additionally, Lomiko has been approved for a non-repayable contribution agreement of CA$4.9 million from the Critical Mineral Research, Development, and Demonstration program administered by Natural Resources Canada, bringing the total project funding to CA$6.6 million.

The primary objective of the program is to pilot the proposed graphite upgrading process and convert La Loutre natural flake graphite into battery-grade anode material. With this funding secured, Lomiko will focus on completing a Pre-Feasibility Study, metallurgical studies and bulk sample, and a Definitive Feasibility Study.

This grant represents a significant boost for Lomiko Metals and underscores its commitment to advancing graphite production and contributing to North America's energy security.

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Kefi Gold and Copper Executive Chairman Harry Anagnostaras-Adams joined Steve Darling from Proactive to announce a significant milestone: the formal launch of the Tulu Kapi Gold Mines Project in the Federal Democratic Republic of Ethiopia.

According to Anagnostaras-Adams, the TKGM Board, comprising representatives from both KEFI and the Ethiopian Federal and Oromia Regional Governments, has been established to oversee the project's development. This decision to launch Tulu Kapi follows the deployment of dedicated site policing and the swift confirmation of conditions by all members of the Project's finance syndicate.

Several key milestones are expected to be achieved before September, including the completion of preparation for community resettlement, detailed engineering for procurement, and community consultations on social development plans. Additionally, recruitment and other organizational development initiatives are underway.

From an economic perspective, the project is projected to yield significant benefits. At the current gold price of approximately US$2,350/oz, the Tulu Kapi Gold Mines Project is anticipated to generate hard currency exports averaging US$377 million per annum. Furthermore, royalties and taxes are expected to amount to US$69 million on average annually, while operating expenditures are projected to reach US$119 million per annum, with a focus on preferential procurement locally, subject to quality and price considerations.

The launch of the Tulu Kapi Gold Mines Project marks a significant step forward in Kefi Gold and Copper's strategic objectives and underscores its commitment to sustainable development and economic growth in Ethiopia.

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EuroPacific Metals CEO Karim Rayani joined Steve Darling from Proactive to to reveal the initial assay findings from the ongoing 2024 exploration program at the Miguel Vacas mine area in Portugal's Alentejo region.

Rayani shared that the assay results from the first drill hole exceeded expectations, validating previous core observations. The hole yielded impressive results, with a continuous intercept of 22.8 meters grading 2.76% copper, including a highly promising section of 9.0 meters grading 7.49% copper. Notably, the drill hole was strategically placed near the southern boundary of the former open pit and aimed to corroborate findings from a previous hole drilled by Colt in 2015.

Moreover, the recent drill hole intercepted a broad mineralized interval characterized by copper secondary minerals within a wide polyphase breccia/shear zone. The assay results indicate significantly improved outcomes compared to previous findings at a similar depth, indicating the potential for substantial mineralization in the area.

EuroPacific Metals' 2024 drill program, currently midway through its 1,500-meter campaign, is primarily focused on defining a shallow open pit resource of oxide copper mineralization suitable for recovery through hydrometallurgical methods. Future plans include step-out drilling to assess the sulphide-rich portion of the deposit below the oxidized blanket. Sulphides in this region predominantly comprise chalcopyrite and pyrite, representing the primary ore minerals.

With these promising assay results and ongoing exploration efforts, EuroPacific Metals is positioned to unlock the full potential of the Miguel Vacas mine area and advance its strategic objectives in the Alentejo region.

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European Green Transition co-founder and non-executive director Cathal Friel joined Proactive's Stephen Gunnion with details of an exclusive option agreement to investigate the potential to develop a peatland carbon sink programme at the Altan farm in Donegal, Ireland.

European Green Transitioin has taken an option on roughly 1,370 acres of peatland at Altan aimed at generating carbon credits by rewetting the land, which will allow it to monetise these credits. Friel emphasised that this method is less capital-intensive and has significant growth potential.

The company's approach involves front-loading work and sharing revenue with landowners rather than purchasing land outright. This scalable model is expected to produce revenue in the first year and EBITDA by the second year. Friel highlighted the environmental benefits and the potential for substantial revenue generation through carbon trading.

Following EGT's IPO in April, Friel noted the company's aim to double its share price within the first year and triple it within 18 months. Currently, the share price has already increased by 68% since the IPO.

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