Company Interviews

Interview with Jean-Paul Tsotsos, Interim CEO of Chesapeake Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-tsxvckg-breakthrough-tech-new-gold-discovery-4534

Recording date: 29th February 2024

Chesapeake Gold is advancing two major precious metals assets that position the company with significant leverage to rising gold and silver markets.

The flagship Metates project in Durango, Mexico contains a world-class resource of over 19 million ounces of gold and 500 million ounces of silver. A 2021 preliminary economic assessment outlined plans for a large-scale, low-cost open pit operation producing 350,000 ounces of gold and 16 million ounces of silver per year over a 27-year mine life.

Meanwhile, the high-grade Lucy gold project in British Columbia provides near-term exploration upside and potential cash flow. Recent drilling returned intercepts up to 6.19 g/t gold over 24 meters starting from surface. Metallurgical tests achieved excellent 95% cyanide leach recoveries, indicating amenability to simple heap leach processing.

In January 2024, Chesapeake was added to the NASDAQ Global Silver Miners Index, reflecting Metates’ status as one of the largest undeveloped silver deposits globally. Index inclusion significantly expands Chesapeake’s investor base.

With inflation persisting and central banks adopting a less hawkish policy tilt, conditions appear increasingly positive for precious metals following a muted 2022 performance. Chesapeake offers exceptional leverage with two advanced-stage projects in top mining jurisdictions.

View Chesapeake Gold's company profile: https://www.cruxinvestor.com/companies/chesapeake-gold

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Interview with Jeffrey R. Wilson, President & CEO of Precipitate Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-prg-jv-with-barrick-advances-newfoundland-assays-soon-2919

Recording date: 3rd March 2024

Precipitate Gold Corp (TSX:PRG) is a compelling speculative gold exploration company offering investors multiple shots on goal in the mining-friendly Dominican Republic. The company's flagship Pueblo Grande project is located adjacent to Barrick Gold's world-class Pueblo Viejo mine. Precipitate Gold holds an agreement with Barrick with a right to earn a 70% interest by spending US$10 million on exploration and delivering a pre-feasibility study by 2026. To date, Barrick has spent US$5 million and is seeing encouraging signs of the targeted high sulphidation epithermal gold systems.

PRG monetized non-core Pueblo Grande claims to Barrick in 2020 for US$5 million, providing a cash cushion to weather the current challenging market. This non-dilutive capital also allows PRG to fund explorations on new projects.

PRG is actively seeking a new gold or copper acquisition, leveraging an extensive network to source off-market opportunities. The company is nimble enough to explore a new project itself, while maintaining discipline around deal terms to minimize dilution. Although a new deal has proven elusive, PRG's cash and Pueblo Grande upside provide a foundation to patiently await the right opportunity.

The Dominican Republic remains one of the most prospective jurisdictions for gold exploration. The government recognizes mining's importance to the economy and is supporting the industry's growth. Pueblo Viejo alone accounts for 20% of national exports, with Barrick seeing significant resource upside.

Overall, PRG offers a unique combination of a strategic joint venture with a major producer, a cash war chest to fund exploration, and exposure to a mining-friendly jurisdiction seeing increasing activity. Near-term catalysts include exploration results from Barrick, the potential acquisition of a new project, and the resolution of permitting challenges in the Dominican Republic that could reignite interest in the region.

Precipitate Gold provides a compelling speculative investment opportunity with multiple avenues to a re-rating. The company's strong financial position, strategic partnerships, and asset base in a sought-after jurisdiction make it an intriguing pick for risk-tolerant investors.

View Precipitate Gold's company profile: https://www.cruxinvestor.com/companies/precipitate-gold-corp

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Interview with Maura Kolb, President, and Anna Hicken, VP Exploration of Dryden Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-high-grade-gold-results-unlocking-district-4917

Recording date: 4th March 2024

Dryden Gold (TSXV:DRY) is a gold exploration company focused on discovering a significant high-grade gold deposit in the historic Dryden mining district of northwestern Ontario, Canada. The company has consolidated a strategic 600 sq km land position along the Manitou-Dinorwic deformation zone.

Dryden's experienced management and technical team unlock the potential of the underexplored gold district. Their geological model targets high-grade gold mineralization in plunging ore shoots at the intersection of the main shear zone with cross-cutting secondary structures.

The company recently completed a winter drill campaign, which successfully extended the mineralized footprint along strike and down-plunge. Assay results are pending and will be released in the coming weeks. In addition, Dryden is actively exploring and generating new targets across its wider land package. Systematic geophysics, geochemistry and prospecting are being employed to define and prioritize drill targets for first-pass testing.

Dryden benefits from excellent infrastructure, with direct highway access and nearby mining services. This translates into low-cost, year-round exploration with a minimal environmental footprint. The project is located near the town of Dryden, Ontario, which has a long history of natural resource development. The company maintains strong community relations and is actively engaging with local stakeholders.

Dryden is well-funded to advance its exploration plans, having raised $6 million in the last six months through private placements and a go-public transaction. Insiders and institutional investors own over 30% of the company, ensuring strong alignment with shareholders.

The market opportunity for new gold discoveries in safe, mining-friendly jurisdictions like Canada is robust. Strong gold prices are driving increased investor interest and capital inflows into the junior gold sector. This is particularly true for companies like Dryden that can demonstrate exploration success and a path to defining a significant gold resource.

Dryden Gold represents a compelling investment opportunity in an emerging high-grade gold camp. The company has assembled a district-scale land position, validated a robust geological model, and delivered encouraging drill results. With ongoing drilling and a pipeline of priority targets, Dryden is well-positioned for discovery success and value creation. The company's strong management team, tight share structure, and quality institutional shareholders provide a solid foundation for growth in a rising gold market.

View Dryden Gold's company profile: https://www.cruxinvestor.com/companies/dryden-gold

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Interview with Ari Sussman, Executive Chairman of Collective Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/collective-mining-tsxvcnl-hitting-high-grade-gold-copper-4482

Recording date: 5th March 2024

Collective Mining (TSXV:CNL) presents a compelling opportunity for investors to gain exposure to the discovery and development of a potentially major new gold-copper camp in Colombia. The company is advancing the Guayabales project where grassroots discoveries named Apollo and Olympus are evolving, and drilling new targets Trap, X & Tower, and Plutus.

Drill results to date have been promising, with long intercepts of high-grade mineralization being returned from the discoveries over a 4.5 km trend that remains largely untested. At Olympus, the scale and grade of the mineralization point to the potential for a multi-million-ounce deposit in the making.

Collective Mining is well-funded to aggressively unlock this potential after recently closing an upsized $18.9M financing with a strategic investor. These funds will be deployed into a 40,000-metre drill program in 2024, designed to demonstrate the scale of the porphyry system and identify the best locations for future infrastructure. The company is taking a district-scale approach before honing in on delineating a maiden resource estimate.

The company also places a strong emphasis on sustainability and working proactively with local communities. Through partnerships with government agencies, Collective Mining has helped to train and graduate 280 women in various industries to foster a more diversified local economy. This approach not only de-risks the project from an ESG perspective but helps to lay the groundwork for obtaining the social license for future development.

The company is now at an inflection point with the closing of the recent financing and commencement of the large-scale drill program. Investors can look forward to a steady flow of news and catalysts as drilling advances the three known discoveries and tests new high-priority targets. The strong treasury and backing of key shareholders allows Collective Mining to deliver on its plans without needing to return to market in the near-term.

In conclusion, Collective Mining offers investors a unique opportunity to participate in the creation of value through exploration success. The combination of a well-funded aggressive drill program, prospective land package, experienced and aligned management team, and sustainability focus all point to the potential for the company to delineate a significant gold-copper deposit. 

Despite the challenging market conditions for junior explorers, Collective Mining has been able to attract capital and deliver results, which bodes well for the company's ability to execute its plans and create value for shareholders. With a modest market capitalization relative to the potential scale of the discovery at hand, Collective Mining is an attractive speculative investment for investors looking for exposure to the next big discovery.

View Collective Mining's company profile: https://www.cruxinvestor.com/companies/collective-mining

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Interview with Dan Noone, CEO of G2 Goldfields Inc.

Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-gold-developer-path-to-production-within-2-3-years-4868

Recording date: 5th March 2024

G2 Goldfields (TSXV:GTWO) is an emerging gold exploration and development company focused on the highly prospective Guiana Shield in South America. The company's flagship asset is the OKO project in Guyana, which hosts a substantial high-grade gold resource with significant upside potential.

In 2022, G2 Goldfields released a maiden resource estimate at OKO, delineating an indicated resource of 220,000 oz. Au within 793,000 tonnes @ 8.63 g/t Au, and more inferred resource of 974,000 oz within 3.2 Mt at 9.25 g/t gold. The company has since completed two years of additional drilling which is expected to expand the resource and upgrade a significant portion to the indicated category. This updated estimate is on track for release by the end of Q1 2024.

Exploration success continued in 2023 with the discovery of the OKO Northwest zone, which returned 15m at 6 g/t gold in initial drilling. This new zone lies on trend with the main OKO deposit and demonstrates the potential for further discoveries along the 20km long property package.

G2 Goldfields recently strengthened its balance sheet via a $22 million strategic investment from gold major AngloGold Ashanti, giving sufficient funds for exploration in the next two years. AngloGold's backing represents a significant vote of confidence in the OKO project and G2's management team.

The company is taking a systematic approach to exploration at OKO, focusing on shallow drilling to expand the near-surface resource potential along the strike. The goal is to delineate the full scope of the project before advancing to economic studies. This strategy is expected to maximize value for shareholders by demonstrating the multi-million-ounce potential of the district.

To support this work, G2 has refined its geological model of the OKO deposits, with a focus on targeting high-grade mineralization. The upcoming resource update should better reflect the distribution and continuity of these high-grade zones.

Investors can expect strong news flow from G2 Goldfields in the coming months, with ongoing exploration results, the updated resource estimate, and potential new discoveries. The company is also advancing project development initiatives to streamline the permitting process.

Overall, G2 Goldfields offers a compelling opportunity for exposure to a high-grade gold discovery in a top mining jurisdiction. With a substantial resource base, major backing, and multiple avenues for growth, the company is well-positioned to create value for shareholders. As the gold market gains momentum, G2 Goldfields stands out as an attractive investment proposition.

View G2 Goldfileds' company profile: https://www.cruxinvestor.com/companies/g2-goldfields

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Interview with Brendan Yurik, CEO of Electric Royalties Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/electric-royalties-tsxvelec-acquisition-of-1-million-acre-lithium-portfolio-4446

Recording date: 5th March 2024

Electric Royalties is a unique royalty company offering investors a diversified way to gain exposure to the clean energy transition. With a focus on metals critical to the electrification megatrend like lithium, manganese, tin, zinc, and graphite, Electric Royalties aims to build a portfolio of royalties on high-quality deposits in top-tier mining jurisdictions.

The company already holds 22 royalties and is in the process of acquiring 22 more, which would double its portfolio to 44 royalties. The additional royalties are part of a broader package of hardrock lithium properties in Ontario that Electric Royalties is restructuring to reduce near-term cash outlay while preserving long-term optionality. CEO Brendan Yurik believes this region has significant potential. "We love hard rock lithium in eastern Canada and it was a great way to increase exposure."

In the near term, several of Electric Royalties' assets are close to reaching production and could begin generating cash flow. The Penouta Tin-Tantalum Mine in Spain and the Middle Tennessee Mine Zinc property in the US, which both temporarily suspended operations, are expected to resume production once permitting and pricing issues are resolved. The Authier Lithium project in Quebec is in the final permitting stage, while the Seymour Lake lithium project in Ontario is undergoing a definitive feasibility study.

Longer-term, Electric Royalties holds royalties on large, scalable assets like the Bissett Creek graphite project in Ontario, which has a mine life of over 70 years and could generate $5 million per year in royalties once production starts in 2025. The company also has royalties on the Battery Hill manganese project and Mont Sorcier vanadium project, both of which have the potential for decades of production.

To fund further growth, Electric Royalties has a $10 million convertible debt facility from its largest shareholder, of which only $4.5 million has been drawn so far. This gives the company ample dry powder to continue acquiring royalties opportunistically. Management is taking a disciplined approach, targeting assets at an inflection point in their development where a capital injection can help bring them into production and generate near-term cash flow for Electric Royalties.

The investment case for Electric Royalties is compelling. Demand for clean energy metals is projected to soar in the coming decades as the world electrifies and decarbonizes. However, supply is constrained and new projects face challenges ranging from funding to permitting to geopolitical risks. Electric Royalties offers a way to sidestep these challenges and gain exposure to a diversified basket of metals critical to the energy transition. If management can deliver on its growth objectives, the stock could have significant royalty potential.

View Electric Royalties' company profile: https://www.cruxinvestor.com/companies/electric-royalties

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Interview with Chris Doornbos, President & CEO of E3 Lithium Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/e3-lithium-tsxvetmc-scaling-up-modular-direct-lithium-extraction-in-canada-pfs-results-q1-2024-4220

Recording date: 5th March 2024

E3 Lithium (TSXV:ETL) is on a mission to become a major supplier of lithium, a critical component in the rapidly growing electric vehicle (EV) battery market. With its flagship Clearwater Project in Alberta, Canada, E3 is developing one of the largest lithium resources in the world, strategically located in the heart of Canada's energy industry.

The company's Alberta lithium resource stands at an impressive 16 million tonnes of lithium carbonate equivalent (LCE) in the measured and indicated category - more than 5 times larger than the rest of Canada's lithium resources combined. E3 plans to extract the lithium using its proprietary Direct Lithium Extraction (DLE) technology, which has been successfully demonstrated in pilot studies. By leveraging existing oil and gas infrastructure and expertise in Alberta, E3 believes it can fast-track development and be in construction and production by 2026.

One of E3's key advantages is its location in a jurisdiction with a streamlined permitting process. Alberta has a well-established framework for regulating resource extraction, and E3 expects to be able to secure necessary permits for its wells in a matter of months - a significant advantage over other lithium projects facing multi-year permitting timelines. This positions the company to be one of the first new lithium producers to market in North America.

E3 is led by an experienced management team with deep roots in Alberta's energy sector. CEO Chris Doornbos and his team have a track record of successfully developing and operating complex resource projects in the province. The company also recently added former Alberta Energy Minister Sonya Savage to its board, bringing valuable policy expertise and government relationships.

With its resource de-risked and a clear path to production, E3 is now focused on securing financing to construct its facilities. The company is pursuing multiple avenues, including government grants, strategic partnerships, and offtake agreements with EV manufacturers and battery producers. E3 expects to finance a significant portion of the project with debt once its pre-feasibility study is complete, expected in Q2 2024.

While the lithium market has been volatile recently, E3 believes the long-term demand outlook remains robust as the EV revolution accelerates. The company aims to insulate itself from short-term price swings by signing off-take agreements with fixed pricing, providing certainty on the revenue side. As one of the most advanced lithium projects in North America, E3 is well-positioned to capitalize on the growing need for domestically sourced battery metals.

For investors, E3 Lithium represents a unique opportunity to gain exposure to the energy transition story through a company with a large, proven resource in a favorable jurisdiction. With a clear path to production, a strong management team, and multiple financing options, E3 is an emerging player in the North American lithium space that is worth keeping on the radar. As the race to secure lithium supplies heats up, E3 Lithium is charging ahead with its ambitious plans to become a major supplier to the EV battery supply chain.

View E3 Lithium's company profile: https://www.cruxinvestor.com/companies/e3-lithium

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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-advancing-62moz-yukon-gold-project-to-production-4752

Recording date: 6th March 2024

Banyan Gold Corp. (TSXV:BYN) presents a compelling opportunity for investors seeking exposure to a substantially de-risked gold development story in a top mining jurisdiction. The company's flagship asset is the 100%-owned AurMac Gold Project located in the prolific Yukon Territory of Canada. With a recently updated resource totaling 7 million ounces of gold beginning right at surface, AurMac boasts exceptional scale for an advanced-stage project.

Importantly, AurMac benefits from significant existing infrastructure including roads, power lines, and proximity to two operating mines - Keno Hill's silver operation and Victoria Gold's Eagle gold mine. This advantageous location has the potential to materially reduce initial capital costs in development.

Preliminary metallurgical test work has delivered encouraging results at AurMac. Heap leach recoveries ranged from 60% to 72%, while tank-based leaching returned 84% recoveries. Notably, gravity recoverable gold content was very high at 53%, suggesting the potential for low processing costs. Banyan will look to further optimize these results and evaluate the economic trade-offs of various processing options as it advance the asset.

From a financial perspective, Banyan is well-funded to continue advancing AurMac in a prudent, disciplined manner. The company has approximately $7 million in working capital which will support ongoing environmental baseline work, metallurgical testing, and a potential 6,000-meter drill campaign. Banyan has the operational flexibility to ramp up activities as warranted by market conditions, with ample existing infrastructure already in place.

Underpinning the AurMac story is a highly favorable macro environment for gold. Persistent inflation concerns, recessionary fears, and broader economic uncertainty have driven a flight to safe haven assets, propelling gold to record highs in 2023. This backdrop has the potential to expand margins for gold producers and drive investment capital into the space, particularly among generalist investors making their first forays into the mining sector. AurMac's impressive scale, robust grades and substantial exploration upside position Banyan to disproportionately benefit from this rising tide.

With a multi-million-ounce resource, strong infrastructure, and a clear path to value creation, Banyan Gold offers a compelling risk/reward proposition at current valuations. Leadership is acutely focused on delivering key de-risking milestones while maintaining a healthy treasury to navigate any market environment. 

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

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Interview with Jason Jessup, CEO of Magna Mining Inc.

Our previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-past-producer-unearthing-high-grade-nickel-4919

Recording date: 6th March 2024

Magna Mining, a Sudbury-focused exploration and development company, is making significant strides in advancing its high-grade copper-nickel assets towards production. CEO Jason Jessup provided an insightful update on the company's progress and shared his perspective on the nickel market outlook.

A key milestone was achieved this week as Magna received approval for its final closure plan at the Crean Hill project. This approval enables the company to transition from closure to production, starting with a surface bulk sample from the high-grade footwall zone, which contains impressive grades and reported resource of over 227,000 tonnes of nickel, 204,000 tonnes of copper, and 1.7 million ounces of platinum, palladium, and gold.

Following the bulk sample, Magna plans to develop an underground ramp to access the deeper portions of the deposit. The amended closure plan outlines a 400,000-ton program, providing at least 2.5 years of production and ample opportunity to optimize the life-of-mine plan.

Investors can anticipate a significant announcement by the end of March, as Magna is on track to secure an ore-selling agreement. This agreement will establish the framework for the project's economics and is expected to be a catalyst for the company's valuation.

To fund the development of Crean Hill, estimated at $48 million based on a previous Preliminary Economic Assessment (PEA), Magna is pursuing a prudent financing strategy. The company is actively seeking government grants and considering the sale of royalties or streams on the precious metal byproducts. This approach has the potential to fully fund the project's development without the need for equity dilution.

Magna is currently updating the resource estimate for Crean Hill, incorporating the results of the 19,000 meters of drilling completed last year. The drilling yielded some spectacular grades, particularly in the footwall areas, and is expected to improve the overall resource. The updated estimate is anticipated by the end of June and will form the basis for a revised mine plan targeting higher grades and margins.

Jessup emphasized the simplicity of Magna's projects, describing them as past-producing nickel mines that are near-surface and high-grade. The company's focus is on thoughtful de-risking and moving efficiently into production. With the addition of Jeff Huffman as Chief Operating Officer, Magna has strengthened its operational expertise and is well-positioned to execute on its plans.

Addressing the recent concerns about Indonesian nickel supply, Jessup offered a balanced perspective. While acknowledging the short-term impact on nickel prices, he believes the predictions about the magnitude and timing of Indonesian nickel entering the market may be overstated. Jessup expects nickel prices to stabilize in a range between $8 and $10 per pound over the next couple of years, which is highly favorable for Magna's economics.

In conclusion, Magna Mining presents a compelling investment opportunity for those seeking exposure to high-quality copper-nickel assets in a world-class mining jurisdiction. With key approvals in place, ore selling agreements and permits on track, and a prudent financing strategy, the company is well-positioned to efficiently transition into production and generate significant value for shareholders. The upcoming updated resource estimate and revised mine plan are expected to showcase the project's improved grades and margins, further enhancing its attractiveness. As the global demand for critical minerals continues to grow, Magna Mining is poised to play a significant role in supplying the metals necessary for the low-carbon economy.

View Magna Mining's company profile: https://www.cruxinvestor.com/companies/magna-mining

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Interview with Neil Pettigrew, VP Exploration of GT Resources Inc.

Recording date: 6th March 2024

GT Resources (TSXV:GT) is a junior mining company that is strategically positioned to benefit from the growing demand for key metals used in green transportation. With a focus on copper, nickel, platinum, and palladium, GT is aligning itself with the global shift towards electrification and cleaner emissions.

One of GT's key strengths is its strong financial position. With close to $10 million in cash, the company has the flexibility to pursue opportunistic acquisitions in the current market downturn. This disciplined approach to capital allocation prioritizes adding advanced-stage projects in proven mining jurisdictions over drilling existing properties. By acquiring assets at attractive valuations, GT aims to create significant shareholder value in the long-term.

GT's existing portfolio includes the Tyko copper-nickel project and the drill-ready CanAlask high-grade nickel-copper project. While these assets provide optionality, the company's primary focus is on acquiring new projects that fit its green transportation metals theme. Management is actively evaluating potential deals and is well-positioned to execute its strategy given its strong cash position and the increasingly favorable market conditions for buyers.

Importantly, GT is taking a long-term view and positioning itself to benefit from the macro trends driving demand for its key metals. The electrification of transportation is expected to accelerate in the coming years, driven by supportive government policies, falling costs, and improving technology. This will require significant amounts of copper and nickel to build out charging infrastructure and manufacture batteries. At the same time, platinum and palladium are likely to see continued demand for their use in catalytic converters as emissions standards tighten.

By focusing on this suite of metals, GT is providing investors with exposure to the green transportation revolution. The company's strategy is underpinned by a disciplined approach to acquisitions, a focus on proven mining jurisdictions, and a strong balance sheet. As the market recognizes the value of GT's assets and the strength of its management team, the company is well-positioned to re-rate higher.

For investors seeking a compelling opportunity in the junior mining space, GT Resources offers a unique combination of strategic positioning, financial strength, and significant upside potential. As the world transitions to a greener future, GT is poised to play a key role in supplying the metals needed to make it happen. With a clear plan for value creation and a disciplined approach to execution, GT Resources is a company to watch in the years ahead.

Learn more: https://cruxinvestor.com

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Interview with Lon Shaver, Vice President of Silvercorp Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/silvercorp-tsxsvm-transformational-acquisition-of-permitted-gold-project-3947

Recording date: 6th March 2024

Silvercorp Metals, a well-established silver producer with a strong track record of profitability and shareholder returns, is embarking on an ambitious growth strategy to take the company to the next level. With a solid financial position, a producing asset base in China, and a disciplined approach to acquisitions, Silvercorp offers investors a compelling mix of downside protection and upside potential in a strengthening precious metals market.

At the core of Silvercorp's growth strategy is the optimization of its flagship Ying mine in China. Despite Ying's impressive performance since commencing production in 2006, the company has identified several opportunities to enhance the mine's productivity and extend its lifetime. Key initiatives include the adoption of more mechanized mining methods to overcome labor availability challenges, the implementation of advanced ore sorting technology to upgrade mill feed, and a low-cost expansion of milling capacity. These improvements, to be implemented gradually across Ying's seven individual mines, are expected to unlock significant value and position the asset for continued success.

Alongside its organic growth plans, Silvercorp is also pursuing external growth through disciplined M&A. The company's ongoing pursuit of Tanzanian gold developer Orcorp and its Nyanzaga project showcases Silvercorp's ability to identify and act on attractive acquisition opportunities. Despite the emergence of a competing bid, Silvercorp remains confident in the merits of the transaction and its ability to create value for shareholders. Importantly, however, the company's growth strategy does not hinge on any single deal, with a robust project pipeline and active business development efforts ensuring multiple avenues for value creation.

Underpinning Silvercorp's growth strategy is its strong financial position and track record of successful operations in jurisdictions perceived as higher-risk. With a history of profitable production and dividend payments, Silvercorp offers investors a relatively safe haven in a volatile mining sector. At the same time, the company's experience operating in China for nearly two decades positions it to capture value in jurisdictions where other miners may face challenges. As Vice President Lon Shaver notes, the jurisdictional risk is often more perception than reality, with permitting hurdles in western countries frequently posing greater obstacles to mine development than operating in countries like China.

With a compelling mix of downside protection and growth potential, a strong balance sheet, and a disciplined approach to value creation, Silvercorp Metals is well-positioned to deliver outsize returns for shareholders in the years ahead. As the precious metals bull market gathers momentum, Silvercorp's unique combination of assets, experience, and strategy make it a mining stock to watch.

View Silvercorp Metals' company profile: https://www.cruxinvestor.com/companies/silvercorp-metals

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Interview with Peter Akerley, President & CEO of Erdene Resource Development Corp.

Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxverd-targeting-2025-gold-production-4703

Recording date: 5th March 2024

Erdene Resource Development Corp (TSX:ERD) is transforming from a gold explorer to a producer with its high-grade, open-pit Bayan Khundii project fully funded and now in construction. Erdene offers investors near-term gold production and cash flow, substantial exploration and expansion upside, and a strategic partnership with Asia's leading mining firm.

After over 20 years of exploring in Mongolia, Erdene is developing its flagship Bayan Khundii gold project in a 50/50 joint venture with Mongolia Mining Corp (MMC). MMC has invested US$40 million for its stake, de-risking the project and bringing significant mining and operational expertise. The mine is expected to produce an average of 87,000 ounces of gold per year over an initial 6-year mine life, at an all-in sustaining cost of around $900/oz, generating $80 million in annual after-tax cash flow (at $2000 gold) to be split with MMC. Erdene retains a 5% NSR royalty on all production from the 700 sq km area around Bayan Khundii.

Beyond this first mine, Erdene sees potential to extend the mine life and expand production by developing nearby satellite deposits. The company has delineated 700,000 oz of additional gold resources at its Dark Horse, Ulaan and Altan Arrow deposits, which could provide feed for an expanded plant. Longer-term, management believes there is potential for additional gold and copper discoveries in this underexplored mineral belt to develop a multi-mine, multi-commodity district.

Erdene intends to use its share of future cash flows to pay down debt, invest in exploration and development, and potentially pay dividends. The company's partnership with MMC, which is investing in district-scale infrastructure, provides a strong foundation to build a mining district and generate long-term value for shareholders.

As the company transitions to producer status over the next 12 months, it appears poised for a significant re-rating. For investors, Erdene offers a compelling opportunity to gain exposure to a new high-grade gold producer in a highly prospective region, with a strong partner, near-term cash flow, and district-scale growth potential.

View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-development

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Interview with Brett Heath, President & CEO of Metalla Royalty & Streaming Ltd.

Recording date: 5th March 2024

Metalla Royalty (TSXV:MTA) presents an attractive opportunity for investors to gain exposure to rising precious metals and copper prices. As a royalty and streaming company, Metalla offers key benefits compared to mining equities including diversification, lower risk, and the ability to participate in exploration upside at no additional cost.

The company has assembled a portfolio of over 100 royalties and streams focused on gold, silver, and copper projects throughout the Americas. This provides broad exposure to some of the most prolific mining jurisdictions globally.

Five assets are currently in production, delivering around 3,500 gold equivalent ounces to Metalla annually. Investors can look forward to a major growth inflection over the next five years as several development projects commence operations. By 2028, Metalla forecasts annual production of approximately 15,000 gold equivalent ounces, a more than 4x increase from today's levels.

Beyond precious metals, Metalla offers significant copper exposure through royalties on large, advanced-stage projects in the Americas. Although these assets will take years to be built, they provide long-term optionality on a metal that stands to benefit immensely from the global energy transition.

To fund its growth, Metalla has taken a prudent approach by transacting opportunistically and minimizing shareholder dilution. The company's largest shareholder is Beedie, a well-regarded Canadian investment firm, underscoring the merits of Metalla's strategy.

Importantly, investors can look forward to direct returns as early as late 2025 when Metalla plans to initiate a capital returns program. Based on the expected cash flow growth, the company aims to pay a regular dividend that can increase annually for at least a decade. Opportunistic share buybacks are also on the table.

As the company's production and cash flow expand over the next few years, there is ample room for this valuation gap to close. Investors are essentially able to buy a rapidly growing royalty company at a beaten-down price. For investors constructive on precious metals and copper prices, Metalla offers a compelling way to play these commodities through a proven business model and attractive valuation.

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

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Interview with James Sykes, President & CEO of Baselode Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/baselode-energy-tsx-vfind-unlocking-uranium-potential-in-canadas-prolific-athabasca-basin-4887

Recording date: 5th March 2024

Baselode Energy Corp (TSXV:FIND) is taking an unconventional approach in the hunt for the next big uranium discovery in Saskatchewan's Athabasca Basin. While most explorers focus on deep targets in the Basin center, Baselode is betting on shallower deposits along the Basin margins with their "Athabasca 2.0" strategy.

CEO James Sykes believes this gives Baselode a key advantage. Shallow targets are cheaper and faster to drill, allowing the company to test more areas with the same exploration budget. "We're looking for things shallower than 200m," Sy explained. "We want to maintain that shallow focus because we know those types of deposits go into production much quicker."

Baselode recently raised $6 million to fund an expanded 4,000-meter drill program across 6-8 target areas. Early results are encouraging, with the first three holes confirming key alteration and fluid movement systems needed to host uranium mineralization.

The company also plans to expand on the existing ACKIO zone discovery at their flagship Hook project. A summer drill program will test for extensions to the promising uranium mineralization intersected in previous drilling. While exploration is high risk, Baselode's technical approach of using geophysics and other methods to refine drill targets improves their odds of success.

The uranium market is experiencing a resurgence, driven by recognition of nuclear power's importance in decarbonizing global energy systems. Demand growth is expected to outpace current production, creating opportunities for new discoveries in proven jurisdictions like the Athabasca Basin.

Baselode's "Athabasca 2.0" strategy offers investors a compelling exploration story with the potential for a shallower, easier-to-develop uranium discovery. When Baselode does manage to delineate a significant shallow uranium deposit, it could be very lucrative for shareholders given the current market enthusiasm for new discoveries.

With an aggressive drill program planned and a team highly motivated to deliver results, Baselode Energy is a uranium explorer to watch in 2024. The next drill hole could be the one that delivers a company-making discovery.

View Baselode Energy's company profile: https://www.cruxinvestor.com/companies/baselode-energy

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Interview with Max Porterfield, President & CEO of Callinex Mines Inc.

Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-unlocking-the-code-in-flin-flon-copper-vms-district-4742

Recording date: 4th March 2024

Callinex Mines (TSXV:CNX) presents a compelling investment opportunity for those seeking exposure to high-grade copper discoveries in a top-tier mining jurisdiction. The company's flagship Pine Bay project in Manitoba, Canada has yielded multiple discoveries in recent years, including the Rainbow, Alchemist, and Descendant zones. These discoveries showcase the potential for a significant mineralized system in an area with a rich mining history but limited exploration at depth.

Callinex has taken an innovative approach to exploration at Pine Bay, employing cutting-edge geophysical techniques such as magnetotellurics (MT) to target deeper mineralization. This strategy has already paid off with the discovery of the Rainbow deposit in 2020, which boasts an average thickness of 8 meters and remains open at depth. Subsequent drilling has led to the discoveries of Alchemist and Descendant, with the latter exhibiting an alteration footprint ten times the size of Rainbow.

By focusing on a well-established mining district with access to infrastructure and a skilled labor force, Callinex has been able to significantly reduce exploration costs and timelines compared to more remote projects. This has allowed the company to make multiple discoveries while maintaining a tight share structure and a healthy balance sheet, with approximately six months of working capital and no debt.

The company's recent success has not gone unnoticed, with Callinex attracting interest from both institutional investors and major mining companies. Despite the challenging market conditions faced by many junior miners over the past year, Callinex remains optimistic about the potential for a significant re-rating of Callinex's stock as the company continues to deliver positive exploration results and the broader mining market recovers.

For copper, the long-term demand outlook remains robust, driven by the global energy transition and infrastructure spending, while supply remains constrained due to a lack of new discoveries and long development timelines.

With multiple near-term catalysts on the horizon, including expanded drilling at Pine Bay and the potential for additional discoveries, Callinex presents a compelling risk-reward proposition for investors. As Porterfield concludes, "2024 is the year that Pine Bay grows into a tier-one asset," highlighting the significant upside potential for shareholders as the company continues to advance its exciting portfolio of projects.

View Callinex Mines' company profile: https://www.cruxinvestor.com/companies/callinex-mines

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Interview with Bruce Lane, Executive Director of GTI Energy

Our previous interview: https://www.cruxinvestor.com/posts/gti-energy-asxgtr-revitalizing-americas-nuclear-fuel-supply-4888

Recording date: 4th March 2024

GTI Energy (ASX:GTR) is an emerging uranium developer focused on advancing the Lo Herma In-Situ Recovery (ISR) project in Wyoming's Powder River Basin. With a current resource of 5.7 million pounds and significant expansion potential, GTI is positioning Lo Herma as an attractive future production opportunity in a strengthening uranium market.

Lo Herma is located in a major U.S. uranium-producing region in Wyoming, surrounded by operating ISR mines and development projects owned by established players. GTI believes the project has strong geologic similarities to several successful nearby deposits.

The company's near-term focus is on growing the  Lo Herma resource through additional drilling to enhance the project's economic profile. GTI plans to drill 70-80 holes this year to upgrade and expand upon the existing 5.7 million pound resource to 10+ million pounds.

To support the technical work required to advance Lo Herma, GTI recently strengthened its team with the addition of Matt Hartman, an experienced ISR geologist and engineer. Hartman's expertise spans all facets of ISR project assessment and development, including economic studies. His knowledge and connections are expected to be valuable as GTI pursues further drilling and economic studies at Lo Herma over the next 12-24 months.

The company is preparing to raise additional capital to accelerate drilling and development activities at Lo Herma. The outlook for the uranium market continues to improve as more governments and utilities turn to nuclear energy to support clean energy goals. Prices have already rebounded to 11-year highs above $60/lb as major producers have cut supply and accelerated purchasing. Many analysts expect further price appreciation to incentivize the new production required to meet rising demand.

As the company expands and upgrades the resource and demonstrates the potential for an economically robust operation, the project should become increasingly attractive to investors looking for long-term uranium exposure. With a large, scalable resource in a prime location, an experienced technical team, and several potential catalysts on the horizon, GTI Energy appears to be an undervalued opportunity in the resurgent uranium space. 

Ongoing drilling success and a maiden economic study at Lo Herma could help the company re-rate towards its more advanced peers as the sector continues to gain momentum. GTI offers investors leveraged exposure to rising uranium prices through a relatively de-risked ISR project in a top U.S. jurisdiction.

View GTI Energy's company profile: https://www.cruxinvestor.com/companies/gti-energy

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Interview with Chris Frostad, President & CEO of Purepoint Uranium

Our previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-developing-high-grade-projects-with-cameco-and-orano-4891

Recording date: 4th March 2024

Purepoint Uranium Group (TSXV:PTU) is an exploration company focused on making the next big uranium discovery in the Athabasca Basin of Saskatchewan, Canada. With a portfolio of high-potential projects, strategic partnerships with industry leaders, and a proven management team, Purepoint offers investors leveraged exposure to the unfolding bull market in uranium.

The uranium market is heating up, driven by growing global demand for clean, reliable baseload power. As utilities scramble to secure long-term supply contracts and the uranium price continues to rise, Purepoint is well-positioned to capitalize on the upswing.

The company's flagship projects, Hook Lake and Smart Lake, are held in joint ventures with uranium heavyweights Cameco and Orano. These properties are situated on trend with recent high-grade discoveries where Purepoint is the operator while Cameco and Orano provide funding and technical expertise.

Purepoint President & CEO Chris Frostad emphasizes the importance of these partnerships. While Cameco and Orano are funding the bulk of the work at Hook Lake and Smart Lake, their long-term timelines insulate Purepoint from any short-term pressure to deliver an immediate discovery. This allows the company to take a methodical, science-driven approach to exploration, deploying cutting-edge geophysical and geochemical techniques to identify high-priority drill targets.

Beyond its joint venture projects, Purepoint has a deep pipeline of 100%-owned properties that are being advanced up the exploration ladder. These include the Red Willow, Henday Lake, and Carson Lake projects, as well as the Tabbernor Project which consists of 34 claims that total over 79,000 hectares.

For investors looking to gain exposure to the uranium exploration space, Purepoint Uranium offers a compelling mix of upside potential and downside protection. With a robust project portfolio, strategic partnerships, and a disciplined approach to capital allocation, the company is well-positioned to create long-term value for shareholders. While exploration is never without risk, Purepoint's experienced team and focus on the fundamentals make it a standout pick in the junior uranium sector.

View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-inc

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Interview with Cal Everett, CEO, and Jon Gilligan, President & COO, of Liberty Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/liberty-gold-tsxlgd-advancing-flagship-black-pine-project-towards-production-4902

Recording date: 5th March 2024

Liberty Gold Corp. (TSX:LGD) is an advanced-stage gold exploration and development company focused on advancing its two flagship arlin-style, sedimentary rock-hosted oxide gold projects towards production in the Great Basin region of the United States.

Liberty's primary focus is the Black Pine project in southern Idaho, which hosts a 3.5 million ounce gold resource across two deposits with significant expansion potential. The company is rapidly advancing Black Pine, with a pre-feasibility study (PFS) expected in Q3 2024 followed by submission of a mine plan to initiate the three-year NEPA permitting process in Q4 2024.

Liberty's secondary asset is the earlier-stage Goldstrike oxide gold project in southwest Utah, which provides additional development pipeline optionality and value.

From a macro perspective, the outlook for gold remains favorable, supported by elevated inflation, a weakening U.S. dollar, and geopolitical uncertainties. Everett sees gold continuing to "step up" to progressively higher levels, providing a strong backdrop for developers.

For investors, Liberty represents a unique opportunity to gain exposure to an advanced-stage gold developer in a stable jurisdiction. The company's strong management, substantial resource base, and positive gold market outlook are key attractive attributes. While permitting and financing risks remain, these are partially mitigated by Blackpine's favorable location and the team's experience.

Potential upcoming catalysts for Liberty include PFS results and permitting initiation at Black Pine, drill results from expansion targets, and project financing. As the company continues to systematically advance its projects and deliver on key milestones, the stock appears poised to re-rate higher.

With a compelling investment thesis, several near-term catalysts, and an attractive valuation for an advanced-stage developer, Liberty Gold warrants serious consideration for investors looking to gain exposure to a high-quality gold story in a constructive macro environment for precious metals.

View Liberty Gold's company profile: https://www.cruxinvestor.com/companies/liberty-gold

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

Our previous interview: https://www.cruxinvestor.com/posts/ur-energy-incamexurg-securing-high-value-contracts-and-uranium-production-ramp-up-3863

Recording date: 4th March 2024

UR-Energy (AMEX:URG), a Wyoming-focused in-situ recovery (ISR) uranium producer, presents a compelling opportunity for investors looking to capitalize on the improving uranium market fundamentals. The company has been producing from its flagship Lost Creek mine since 2013, demonstrating its technical capabilities and low-cost structure. With Lost Creek production ramping up and the fully permitted Shirley Basin project waiting in the wings, Ur-Energy offers visible production growth potential in a rising uranium price environment.

A key differentiator for Ur-Energy is its status as a proven producer. Lost Creek has operated continuously for over a decade, showcasing the company's ISR expertise. The mine is licensed for 1.2 million pounds per year, while the processing plant is permitted for 2.2 million pounds per year. This excess capacity provides important flexibility, allowing Ur-Energy to process uranium from its other projects or even toll process material for other producers in the area.

Beyond Lost Creek, Ur-Energy is advancing Shirley Basin as its next production source. Shirley Basin is fully permitted and ready for construction, with the company waiting to layer in additional sales contracts before proceeding with development. This disciplined approach ensures Ur-Energy will have a clear economic case for the project before committing the capital.

Underpinning the Ur-Energy story is a uranium market in the early innings of a bull cycle. Demand is rising, driven by new reactor buildouts, while supply remains constrained. This has created a growing gap between supply and demand that should support higher uranium prices in the years ahead. Ur-Energy is well-positioned to benefit from rising prices through a combination of uncontracted production and long-term contracts.

Ur-Energy offers investors a compelling mix of low-cost production, visible growth potential, and exposure to an improving uranium market. With a proven management team, strong project pipeline, and disciplined focus on economics, the company is well-positioned to create value for shareholders in the coming years. As the uranium bull market continues to unfold, Ur-Energy should be on the radar of investors looking for exposure to this growing opportunity.

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

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Interview with David Kelley, President & CEO of Chakana Copper Corp.

Our previous interview: https://www.cruxinvestor.com/posts/chakana-copper-tsxvperu-major-copper-discovery-potential-seen-in-peru-4863

Recording date: 4th March 2024

Chakana Copper (TSX-V: PERU) is a junior exploration company that offers a compelling opportunity for exploration upside in 2024. The company's flagship Soledad project in Peru has already yielded a significant high-grade copper-gold-silver discovery, with a maiden resource boasting over 600,000 gold equivalent ounces starting at surface.

Chakana has systematically advanced Soledad with 62,000 meters of drilling to date funded by $52 million in raises from strategic investors including mining heavyweights Goldfields and Rick Rule. Their involvement provides strong validation of the project's potential.

Now, Chakana is poised to kick off a pivotal 3,000-meter drill program in April to test two exciting new targets: a potential copper-gold porphyry system underlying the known high-grade breccia pipes, and a high-sulphidation epithermal target that could represent the top of a large mineralized system.

While this initial program is modest in scale, it will provide valuable information about the potential for these targets to host tier-one scale deposits. Goldfields has indicated that intercepting a large mineralized system, even without economic grades on the first pass, would be considered a success that warrants follow-up drilling.

Positive drill results could drive a significant re-rating of Chakana's stock. Investors should monitor upcoming drill results closely and be prepared to act quickly to capitalize on any exploration success.

The current market environment for copper is highly favorable, with growing structural supply deficits expected as the world transitions to a low-carbon economy. This backdrop is likely to drive strong interest in and premium valuations for new, scalable copper discoveries.

For investors with a high-risk tolerance and a penchant for exploration upside, Chakana Copper presents a timely opportunity. With drilling now underway, the company appears poised for a potential re-rating on exploration success in the coming months. Positive drill results could quickly put Chakana on the map for investors, driving substantial returns. Investors should size any position appropriately and be prepared to adapt their thesis as the company's story evolves.

View Chakana Copper's company profile: https://www.cruxinvestor.com/companies/chakana-copper

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