Company Interviews

Interview with Jason Jessup, CEO, Magna MiningOur previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-delivers-strong-first-month-operation-with-790000-lbs-cueq-production-7237Recording date: 8th September 2025Magna Mining has positioned itself as a standout opportunity in the junior mining sector following a successful $45 million financing and exceptional drilling results at its Levack mine in Ontario's Sudbury district. The company's recent exploration success has uncovered grades of 29% copper and 53 grams per tonne of precious metals, mirroring characteristics of the historic Morrison deposit that previously drove FNX Mining's share price from $3.50 to $39 per share.CEO Jason Jessup brings unique credibility to the opportunity, having previously operated these exact assets at FNX Mining where he managed successful development of the Morrison deposit. His intimate knowledge of the geology and proven operational track record provides investors with management expertise rarely found in junior mining companies.The company's competitive advantage lies in existing infrastructure that dramatically compresses typical development timelines. Unlike grassroots discoveries requiring years of permitting and infrastructure development, Magna inherited fully operational underground access extending to 5,000 feet depth, active permits, and established processing agreements with Vale. This infrastructure eliminates the need for feasibility studies and major capital loans while enabling potential production within 12-24 months of resource definition.The polymetallic nature of the deposits provides diversified commodity exposure across copper, gold, platinum, palladium, nickel, cobalt, and silver. Historical operations at Morrison demonstrated exceptional economics, with mining costs of approximately $140 per tonne generating net smelter returns of $1,200 per tonne.Current drilling programs utilize three simultaneous rigs targeting "trunk veins" that historically provided the most economic mineralization. Management expects continuous news flow through 2025-26, with resource estimates anticipated by next year-end. The combination of proven management, exceptional grades, existing infrastructure, and strong financing positions Magna for significant value creation in the current favorable commodity environment.Learn more: https://www.cruxinvestor.com/companies/magna-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Nic Earner, Managing Director & CEO, Alkane ResourcesOur previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-mid-tier-producer-born-from-strategic-mandalay-resources-merger-7637Recording date: 8th September 2025Alkane Resources has successfully completed its merger with Mandalay Resources, creating a debt-free gold producer targeting 160-175,000 ounces annually across three strategic mining jurisdictions. The combined entity operates mines in Australia (Tomingley & Costerfield), and Sweden (Björkdal), providing investors with geographic diversification and operational risk mitigation in an increasingly volatile global environment.The company has eliminated its Macquarie debt facility while allocating over $80 million toward growth capital and exploration programs. Managing Director Nic Earner emphasizes the integration challenges, noting the need to harmonize "distributed management structures and styles" while adapting to dual ASX and TSX reporting requirements for both Australian and North American investor bases.Alkane's three-asset portfolio offers compelling diversification benefits. Tomingley receives $50 million in growth capital for open-cut development, while Costerfield, the highest-grade operation producing 45-50,000 ounces annually, benefits from a $25 million exploration program targeting resource expansion. The Swedish Björkdal operation operates a substantial 1.4 million ton mill capacity, currently underutilized but positioned for expansion.The elevated gold price environment has fundamentally transformed mine economics, enabling access to previously uneconomical mineralization. As Earner notes, "there may be mineralization at a different price you would not have bothered with, whereas now you're getting it."Looking ahead, Alkane maintains disciplined acquisition criteria, requiring any new development to achieve production by 2027. The company targets three M&A categories: merger-of-equals transactions, developers requiring capital for near-production assets, and distressed producers facing capital constraints. With proven operational excellence—missing guidance only once in 14 years—and a clear path to exceeding 180,000 annual ounces through organic growth, Alkane positions itself as a consolidation leader in the sector's ongoing transformation.Learn more: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Roshan Pujari, Founder & CEO, Stardust PowerRecording date: 8th September 2025Stardust Power is developing what could become one of America's largest lithium refineries, targeting a massive supply chain gap that represents both national security vulnerability and generational investment opportunity. The Oklahoma-based facility aims to produce 50,000 metric tons of battery-grade lithium carbonate annually when the entire United States currently produces only 20,000 tons.Founded by seasoned entrepreneur Roshan Pujari, who previously established boutique investment firm Vikasa Capital, Stardust identified processing as the critical bottleneck in lithium supply chains. "We really saw that the critical gap in the supply chain for lithium is processing capacity and that's when we founded Stardust Power to address that particular need," Pujari explained.The company's strategic advantage lies in its aggregation model, sourcing feedstock from Argentina, America's Smackover formation, and Canadian lithium fields. This approach aligns with broader industry trends as oil giants Exxon and Chevron enter lithium production. "We also see the economic model moving more towards the oil and gas market where you have local production with central refining," Pujari noted.Stardust has achieved critical development milestones that separate it from typical early-stage projects. The company secured major construction permits through a zero liquid discharge system and completed its FEL-3 engineering study with premier firm Primero USA. "We are already permitted to start major construction," Pujari stated.The project's financial structure leverages proven technology to enable 75-80% debt financing, potentially reducing the $500 million Phase 1 construction to just $100-125 million in equity requirements. Oklahoma has analyzed up to $257 million in state incentives, while major trading houses have expressed interest in purchasing 80-100% of production capacity.With minimal domestic competition and explosive demand growth, Stardust Power represents a rare opportunity to capture processing monopoly returns in America's critical mineral independence strategy.Sign up for Crux Investor: https://cruxinvestor.com

Interview with David Cates, President & CEO of Denison MinesOur previous interview: https://www.cruxinvestor.com/posts/denison-mines-tsxdml-first-in-situ-uranium-mine-in-canada-on-track-for-2028-production-6825Recording date: 4th September 2025Denison Mines Corporation (TSX:DML) represents a compelling uranium investment opportunity positioned at the intersection of accelerating nuclear demand and persistent supply constraints. The company stands out as one of the few developers with clear visibility to near-term production through its advanced Wheeler River Phoenix project in Saskatchewan's prolific Athabasca Basin.Phoenix has reached critical development milestones with regulatory panel hearings scheduled for October-December 2025 and expected decisions within 90 days. The project benefits from 75% completed engineering, ongoing procurement since 2023, and in-situ recovery (ISR) technology that reduces operational complexity compared to conventional mining. First production is targeted for mid-2028, representing a 20-year development timeline from discovery that CEO David Cates characterizes as exceptional persistence through market downturns.The company's recent $345 million convertible bond offering demonstrates sophisticated financial engineering that addresses traditional mining sector dilution concerns. The instrument features cap-call protection limiting dilution to 4% even with 200% share price appreciation, effectively functioning like traditional debt until shares exceed $4.32. This structure provides construction funding while preserving upside for existing shareholders and offers significant cost savings compared to conventional project financing.Denison enters production during what appears to be the most favorable uranium market dynamics in over a decade. Microsoft's decision to join the World Nuclear Association signals broader corporate recognition of nuclear power's role in supporting data centers and AI infrastructure. Simultaneously, established producers including Kazatomprom and Cameco struggle with production guidance, creating supply shortages precisely as demand accelerates. Utilities actively seek Western uranium supply sources to diversify away from concentrated suppliers.Unlike pure development companies, Denison generates immediate cash flow through its 22.5% interest in McLean North mine production and maintains 2 million pounds of physical uranium inventory. This diversified revenue profile provides operational flexibility and reduces dependence on equity financing during construction. The company's commercial strategy emphasizes contract diversification rather than betting entirely on spot prices or long-term agreements.Phoenix represents the foundation for broader growth initiatives. The Wheeler River property includes the Griffin deposit positioned for development using Phoenix cash flows. The company maintains annual exploration spending of C$10-15 million while pursuing strategic partnerships and potential acquisitions enabled by future cash generation. This approach creates organic growth opportunities without additional equity dilution.Denison's investment appeal centers on execution certainty, financial flexibility, and market timing. The combination of approaching regulatory approval, advanced engineering completion, innovative financing structure, and favorable uranium fundamentals creates multiple value drivers. The company's positioning as a new large-scale Western uranium producer entering a supply-constrained market during accelerating demand provides both near-term catalysts and long-term growth potential.With regulatory clarity approaching and construction readiness achieved, Denison appears well-positioned to capitalize on uranium market dynamics that many industry participants view as the most favorable in decades.View Denison Mines' company profile: https://www.cruxinvestor.com/companies/denison-mines-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Healey, CEO of Premier American Uranium Inc.Our previous interview: https://www.cruxinvestor.com/posts/why-does-premier-american-uranium-nuclear-fuels-merger-make-sense-7518Recording date: 3rd September 2025Premier American Uranium (TSXV: PUR) presents a compelling investment opportunity as the uranium sector experiences unprecedented institutional adoption driven by artificial intelligence energy demands and climate commitments. The company is executing a transformational acquisition of Nuclear Fuels that will establish Premier as one of Wyoming's most active uranium drilling operations while expanding its portfolio to 12 projects across five historic uranium-producing states.The Nuclear Fuels acquisition, which received 95% shareholder approval, centers on the Kaycee project featuring 400 miles of mapped roll fronts and up to 30 million pound resource exploration target. The strategic value extends beyond the asset quality to its location within Wyoming's established uranium corridor, positioned approximately 20 miles from existing production facilities including UEC's Christensen Ranch and Energy Fuels' Nichols Ranch. This proximity provides potential processing options that could significantly reduce capital requirements and accelerate development timelines.Premier operates a sophisticated dual development strategy combining Wyoming exploration assets with an advanced New Mexico project. The company's Cebolleta asset contains a defined resource of 23.5 million pounds and is approaching completion of its preliminary economic assessment. The project demonstrates Premier's execution capabilities, having been acquired through the American Future Fuel purchase and advanced to a 43-101 compliant resource within 16 months.Cebolleta offers a unique processing solution that addresses capital intensity challenges facing new uranium projects. The innovative approach produces pregnant resin that can be processed at existing facilities across multiple jurisdictions, potentially reducing both capital requirements and technical risks compared to traditional development models.Premier's development approach directly addresses current market dynamics where different asset stages command varying valuation multiples. Management recognizes that proximity to cash flow generation commands premium multiples and is positioned to benefit from what CEO Colin Healey describes as the next phase of uranium equity performance where development-stage companies may outperform following the recent rally in producers."The company's recent operational success includes its best drilling result in the Cyclone project's history: 15.5 feet at 0.09% U3O8. Combined with the project's location within 15 miles of Ur-Energy's Lost Creek production facility, this exemplifies Premier's strategy of developing assets near existing infrastructure.The uranium sector is experiencing fundamental demand growth driven by technology companies seeking reliable clean energy solutions. Microsoft's investment in restarting Three Mile Island Unit 2 and membership in the World Nuclear Association represents a significant inflection point, bringing substantial capital resources to uranium demand creation. This institutional adoption occurs against supply constraints in what Healey describes as an undersupplied market where the deepest pockets on earth are looking to increase the demand for commodity.Premier offers multiple near-term catalysts including the imminent Nuclear Fuels acquisition closure and Cebolleta PEA completion. The increased scale enhances financial flexibility for additional strategic acquisitions while maintaining disciplined capital allocation standards overseen by experienced board governance.The convergence of institutional uranium adoption, supply constraints, and Premier's strategic positioning across multiple development stages creates a compelling investment thesis for investors seeking exposure to the evolving uranium market dynamics.View Premier American Uranium's company profile: https://www.cruxinvestor.com/companies/premier-american-uraniumSign up for Crux Investor: https://cruxinvestor.com

 Interview with Gavin Chamberlain, CEO & Olga Skorlyakova, VP (Market Strategy) of Bannerman EnergyOur previous interview: https://www.cruxinvestor.com/posts/bottoms-in-uranium-inflection-point-signals-decade-of-growth-ahead-7039Recording date: 5th Septemper 2025Bannerman Energy has emerged as a leading greenfield uranium developer, demonstrating disciplined execution at its Namibian project while securing crucial commercial validation through recent offtake agreements. The company's systematic approach positions it advantageously in a uranium sector experiencing persistent supply constraints and execution challenges among producers.Since March 2025, Bannerman has achieved significant construction milestones, completing critical infrastructure including water systems, roads, and on-site power connections to the regional grid. The company has successfully scaled its workforce from 14 permanent staff to 140 construction workers, with plans to reach 400 by year-end while maintaining a perfect safety record exceeding one million man-hours without lost-time injuries.The company's recent A$85 million oversubscribed capital raise provides financial flexibility through mid-2026, following a similar fundraising success one year prior. Management has implemented disciplined capital allocation, placing contracts that maintain critical path timing while including termination clauses for downside protection.A major commercial breakthrough came with the announcement of two offtake agreements totaling one million pounds of uranium concentrate, representing validation from utilities after a patient three-year negotiation process. VP Market Strategy Olga emphasized the strategic approach: "We are not in a rush right now so we started this work talking with the utilities from 2023."Bannerman's competitive advantages include shallow mining with a 2.1 strip ratio, proximity to established infrastructure, and exclusive use of local Namibian contractors delivering on time and budget. These factors result in infrastructure costs below 10% of capital expenditure, compared to 40-50% for typical African mining projects.The company's stage-gate development approach allows continued construction progress without requiring a Final Investment Decision, while pursuing multiple funding pathways including debt financing and strategic partnerships. With clear targeting for 2028 commissioning and 2029 production, Bannerman offers compelling exposure to uranium market recovery through demonstrated execution capability and competitive positioning in Namibia's established mining jurisdiction.Learn more: https://www.cruxinvestor.com/companies/bannerman-energySign up for Crux Investor: https://cruxinvestor.com 

Interview with Jesus Velador, VP Exploration of Vizsla SilverOur previous interview: https://www.cruxinvestor.com/posts/silver-markets-industrial-demand-monetary-drivers-7530Recording date: 5th September 2025Vizsla Silver Corporation presents a compelling investment opportunity combining immediate production potential with exceptional exploration upside within Mexico's premier silver district. The company has achieved critical milestones that position it advantageously within the silver sector's favorable macroeconomic backdrop.The $220 million project financing package eliminates execution risk while providing sufficient capital to advance the Panuco project into production. This institutional backing validates both project economics and management capabilities, with test mining operations already underway at the high-grade Copala deposit. Vice President of Exploration Jesus Velador confirmed this progress, stating the company has "started already with a test mine and developing of the decline to access the high-grade mineralization in Kopala."Resource confidence has improved significantly through systematic drilling programs. Since acquiring Panuco in late 2019, Vizsla has completed nearly 400,000 meters of drilling across over 1,000 holes, resulting in a remarkable 43% increase in measured and indicated resources at Copala. This enhancement provides greater certainty for early production years while establishing the first measured resource in the deposit's high-grade central core.The exploration opportunity extends far beyond current resources. Within the consolidated 40,000-hectare land package, Vizsla has identified over 150 vein targets but has drilled only approximately 30, representing less than 20% penetration. Surface sampling consistently shows anomalous mineralization exceeding 200-500 grams silver equivalent across numerous targets, indicating district-wide potential for additional resource centers.Recent discoveries validate this potential. The La Pipa zone discovery in the central district demonstrates the effectiveness of Vizsla's systematic exploration approach using advanced technologies including LiDAR mapping, multispectral satellite imagery, and electromagnetic surveys. These techniques have identified additional anomalies requiring testing, providing multiple near-term discovery catalysts.The Animas vein system exemplifies the district's untapped potential. This 7-kilometer-long structure hosted extensive historical mining but only to shallow depths of 100-200 meters. Recent drilling approximately 200 meters below historical workings has encountered mineralization, suggesting telescoping high-grade shoots at depth within this impressive vein system.Recognizing these opportunities, Vizsla has doubled its drilling capacity to four rigs with plans to complete over 20,000 meters of discovery-oriented drilling in 2025. This acceleration enables simultaneous testing of multiple targets while providing frequent newsflow and potential share price catalysts.The company's dual-track strategy maximizes both immediate returns and long-term growth. Development focus on proven Copala-Napoleon deposits ensures near-term cash flow generation, while systematic exploration targets additional resource centers. This approach reduces execution risk while maintaining significant discovery upside.Silver's macroeconomic fundamentals support this investment thesis. Industrial demand from solar panels, electric vehicles, and electronics consumes approximately 60% of annual production, creating inelastic demand. Simultaneously, renewed monetary demand provides additional support as investors seek inflation hedges and precious metals exposure. Mexico's position as the world's largest silver producer provides jurisdictional advantages including established infrastructure, skilled labor, and stable regulatory environment. Combined with proximity to North American markets, these factors enhance project economics while reducing geopolitical risk.Vizsla Silver offers investors rare exposure to both immediate production potential and exceptional discovery leverage within a premier silver district, supported by proven management, advanced exploration methodology, and favorable commodity fundamentals.View Vizsla Silver's company profile: https://www.cruxinvestor.com/companies/vizsla-silver-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Matthew Gili, President of Ur-Energy LtdOur previous interview: https://www.cruxinvestor.com/posts/slow-supply-fast-demand-uraniums-new-investment-reality-7136Recording date: 5th September 2025Ur-Energy has emerged as a standout performer in the uranium sector under new leadership, positioning itself as one of the few active US producers during a critical market recovery period. The company recently appointed Matthew Gili as president, bringing over three decades of large-scale mining operations experience from industry leaders including Rio Tinto and Barrick Gold.Gili's appointment represents a strategic inflection point for the Wyoming-based producer. Despite lacking uranium-specific experience, his proven track record in operational turnarounds across silver, gold, and copper operations provides exactly what Ur Energy needs. "I don't come from the uranium background. I come from the gold and copper background primarily," Gili explained, emphasizing his focus on "business improvement cycles regarding project management cycles regarding just good old management operating systems."The company's Lost Creek facility currently produces over 110,000 pounds of uranium quarterly, with management targeting 800,000 to 1.2 million pounds annually. Demonstrating cost competitiveness, Ur-Energy achieved $42 cash costs per pound in Q2, providing healthy margins at current uranium prices while targeting further reductions through operational optimization.Near-term growth prospects center on Shirley Basin, scheduled for commissioning in Q1 2026. The project's strategic design maximizes existing infrastructure utilization, with resin capture processing at Shirley Basin and loaded resin trucked to Lost Creek for precipitation processing.Ur-Energy's three-property portfolio operates within a 10-mile radius of Casper, Wyoming, creating significant operational synergies. "We can share people. We can share warehouses and we can truck material from one site to the other," Gili noted, highlighting cost advantages over multi-jurisdictional competitors.The company's strategic positioning as an active producer during uranium supply shortages provides immediate price leverage advantages. As Gili emphasized, "The entities that make the real money are the entities that are operating when the price goes up," distinguishing Ur-Energy from development-stage competitors facing construction risk and capital requirements.Learn more: https://www.cruxinvestor.com/companies/ur-energy-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Kiran Morzaria, CEO, Cadence MineralsRecording date: 5th September, 2025Cadence Minerals presents one of the mining sector's most compelling valuation disconnects, trading at a £10 million market capitalization while holding 35% ownership in Brazil's Amapá iron ore project valued at $1.97 billion NPV. The AIM-listed diversified investment company operates what may be one of the most undervalued mining assets in the current market.The Amapá project stands apart through its fully integrated infrastructure, encompassing mine, railway concession, and port facilities under single ownership. This rare configuration enables the company to target production of 5.5 million tons annually of premium 67.5% Fe grade direct reduction pellets with exceptionally low operating costs of $27 per ton FOB. The integrated supply chain provides both cost leadership and potential third-party revenue streams, with the railway historically carrying 700,000 tons of external material.CEO Kiran Morzaria emphasizes the infrastructure advantage: "One of the reasons that we can keep this low is because we own our own port. We have effectively a renewable concession on the railway, which will renew every 23 years." This positioning allows competitive delivery to China at $55-60 CFR, maintaining profitability even under pessimistic pricing scenarios.The investment thesis centers on two key catalysts. The immediate opportunity involves restarting the Azteca plant with just $3.5 million investment to generate 330,000-390,000 tons annually within nine months, providing cash flow and operational validation. Longer-term value creation requires securing strategic partnerships to access the $370 million capital needed for full-scale development.The company's brownfield advantage, premium product quality, and defensive cost structure position it favorably against market volatility. However, execution depends critically on partnership arrangements, making this a high-leverage play on management's ability to attract suitable joint venture partners while demonstrating operational capability through near-term production.Learn more: https://www.cruxinvestor.com/companies/cadence-minerals-plcSign up for Crux Investor: https://cruxinvestor.com

Interview with Segun Lawson, CEO of Thor Explorations Ltd.Our previous interview: https://www.cruxinvestor.com/posts/thor-explorations-lsethx-surging-cash-flow-debt-paydown-and-exploration-upside-for-2024-5141Recording date: 5th September 2025Thor Exploration (LSE:THX) has emerged as a compelling West African gold story, operating Nigeria's first large-scale commercial gold mine while building a multi-jurisdictional portfolio across the region. The company's Segilola mine produces approximately 85,000 ounces annually with industry-leading 93% recovery rates, positioning it among the lowest-cost producers globally.The Nigerian operation currently faces a strategic inflection point as management evaluates the optimal transition from open-pit to underground mining. Recent drilling has revealed continued mineralization below the current pit design, with CEO Segun Lawson noting that rising gold prices favor extracting additional open-pit material before transitioning underground. Technical studies through year-end will determine the final approach, balancing strip ratio economics against favorable commodity pricing.Thor's growth strategy centers on the advanced Douta project in Senegal, which holds 1.78 million ounces of global resources and is progressing toward a Q4 2025 preliminary feasibility study. The project targets 100-120,000 ounces of annual production using conventional processing methods, benefiting from Senegal's established mining infrastructure and regulatory framework.Early-stage exploration in Côte d'Ivoire adds further portfolio diversification, with the Guitri project showing high-grade intersections across an 8km by 5km anomalous area. The company has committed to delivering a maiden resource by year-end, while the Marahui project presents additional upside with impressive rock chip results across a 5-kilometer anomaly.Thor's capital allocation strategy reflects management confidence in both current operations and future growth prospects. The company has initiated quarterly dividend payments while simultaneously increasing exploration budgets across all jurisdictions. This balanced approach addresses immediate shareholder returns while maintaining aggressive investment in resource expansion, supported by strong cash generation and an improved balance sheet that provides access to development capital for future projects.View Thor Exploration's company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltdSign up for Crux Investor: https://cruxinvestor.com