Company Interviews

Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-colossal-titanium-discovery-set-to-revolutionise-global-supply-6918Recording date: 21st August 2025Empire Metals (LON:EEE) is rapidly developing its Pitfield Titanium project in Western Australia, positioning itself as a potential disruptor in the global titanium industry. The company has achieved a significant technical breakthrough by producing titanium dioxide at 99.25% purity with minimal contaminants, demonstrating the exceptional quality of its ore body without even having a mineral resource estimate in place.Managing Director Shaun Bunn recently outlined the company's strategic progress, highlighting how Pitfield's unique anatase-rich ore offers superior processing economics compared to traditional ilmenite operations. "The anatase doesn't need as much acid to digest as ilmenite. There's no iron to break down and no disposal issues relating to the disposal of that iron," Bunn explained, emphasizing the environmental and cost advantages.Following completion of their largest drilling program to date—180 drill holes totaling 10,000 meters at the Thomas Prospect—Empire Metals expects to release its maiden mineral resource estimate by early Q4 2025. The focused drilling approach prioritized high-confidence resource blocks that can support immediate mine planning, with recent results delivering grades of seven to eight percent.The project's strategic advantages extend beyond ore quality. Located in Western Australia's tier-one mining jurisdiction, Pitfield benefits from proximity to infrastructure, renewable energy access, and world-class technical expertise. The company has raised £4 million from strategic investors to fund development through critical phases including metallurgical testing and early piloting operations planned for 2026.Empire Metals' product optionality represents a key differentiator, enabling production of various titanium products from traditional pigments to high-value metal precursors for aerospace and defense applications. "The optionality that we can get from this ore body is amazing," Bunn noted, positioning the company to serve multiple high-value market segments while benefiting from government support for critical minerals development in Australia.View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Penkethman, MD & CEO of Ardea Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/ardea-resources-asxarl-japanese-back-australias-largest-nickel-project-6747Recording date: 21st August 2025Ardea Resources (ASX: ARL) is advancing Australia's largest nickel-cobalt project during a period of significant industry consolidation, positioning itself as one of the few nickel developers globally making meaningful progress outside Indonesia. The company's Goongarrie project represents not only Australia's largest nickel-cobalt resource but ranks among the world's most significant deposits, with a 40-year reserve life covering only six of nine identified mineral deposits.The cornerstone of Ardea's strategy lies in its partnership with Japanese industrial giants Sumitomo Metal Mining and Mitsubishi Corporation. Following several years of detailed due diligence, these partners are funding the entire $98.5 million definitive feasibility study scheduled for completion by late 2025. Under the joint venture structure, the Japanese consortium will earn up to 50% ownership upon final investment decision, while bringing proven high-pressure acid leach expertise from successful Philippine operations that achieved over 100% nameplate capacity in under 12 months.Managing Director Andrew Penkethman emphasizes the strategic timing, noting that while "the energy transition's currently going over a speed hump," the company's 2029 production target aligns with forecast nickel market recovery and expected return to deficit conditions. The project benefits from operational advantages including low acid consumption and on-site neutralizer sourcing, while securing 75% offtake with tier-one Japanese partners for the mine's life.Ardea maintains disciplined capital management with only 210 million shares outstanding since 2017, $14 million cash, and no debt. The Japanese partnership provides access to competitive export credit agency financing, potentially offering some of the world's cheapest project development debt. With many nickel operations in care and maintenance, Ardea leverages current market conditions to access skilled personnel and service providers while positioning for the anticipated recovery.View Ardea Resources' company profile: https://www.cruxinvestor.com/companies/ardea-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-unveiling-new-ionic-rare-earth-mineral-discoveries-at-boland-prospect-3851Recording date: 27th August 2025Cobra Resources PLC (LSE:COBR) is positioning itself at the forefront of the critical minerals supply chain through its innovative dual-asset strategy targeting both heavy rare earth elements and copper. The South Australian-focused explorer has secured two complementary projects that address key supply security concerns in the global energy transition.The company's flagship Boland project represents a potentially transformative approach to rare earth extraction, targeting dysprosium and terbium through proprietary in-situ recovery (ISR) technology. Managing Director Robert Verco explains the breakthrough: "We are planning on defining a bottom quartile cost source of dysprosium and terbium through a mining process called in-situ recovery. We have fantastic metallurgy - we're getting high recoveries at a pH of five which is the equivalent of a black coffee."This innovative approach has already demonstrated exceptional results at bench scale, producing mixed rare earth carbonate containing 63% total rare earth oxides with minimal acid consumption. The company's unique ionic mineralization enables ISR processing typically associated with uranium extraction, offering significant environmental and economic advantages over conventional rare earth mining methods.Complementing its rare earth strategy, Cobra recently secured an option over the Manilla copper project, featuring historic high-grade intersections of 48 meters at 2.2% copper and 78g/t gold from just 8 meters depth. The porphyry-style system offers potential to extend existing 1.6km mineralization by over five times, with geological characteristics analogous to Australia's most profitable mine, Cadia.The company's strategic positioning addresses growing institutional demand for supply diversification from Chinese-dominated markets. With China controlling 90% of global heavy rare earth supply, Western governments and corporations are actively seeking alternative sources. Cobra's ISR technology for rare earths and near-surface copper-gold mineralization in Australia's stable regulatory environment provides exactly this opportunity.Financial strength underpins the company's development strategy, with recent gold asset divestment generating up to AUD $15 million in non-dilutive funding. This positions Cobra to advance both projects simultaneously while maintaining disciplined capital allocation through structured option agreements that reward discovery success.View Cobra Resources' company profile: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

 Interview with Paul Mulder, Managing Director of Pacific Lime & Cement Ltd.Recording date: 26th August 2025Pacific Lime & Cement is developing Papua New Guinea's first integrated lime and cement production facility, targeting a market opportunity worth over $50 million annually in import replacement. Led by Managing Director Paul Mulder, a 30-year resources veteran with experience at BHP and managing Gina Rinehart's energy assets, the company is capitalizing on PNG's complete dependence on imported lime and cement.The project's competitive advantage stems from exceptional resource quality and strategic positioning. Located just 24 kilometers from Port Moresby, the facility controls 400 million tons of high-grade limestone that sits directly at surface level, eliminating costly stripping operations. With the quarry situated merely 800 meters from wharf facilities adjacent to PNG's $18 billion LNG infrastructure, the company enjoys a 75% freight distance advantage over Southeast Asian competitors.PNG's annual lime demand of 250-300,000 tons represents 70-75% of Pacific Lime & Cement's planned phase one capacity, with major mining companies committed to supporting competitive local suppliers. The country's cement consumption of just 33 kilograms per capita—compared to 250-700 kilograms in comparable developing nations—indicates substantial growth potential as PNG pursues $55 billion in planned infrastructure projects.Government support has been comprehensive, with Pacific Lime & Cement securing PNG's first industrial Special Economic Zone status, providing 10-15 years of corporate tax relief. Community Development Agreements ensure local participation through infrastructure investment, employment, and equity participation.Construction of the $80 million phase one is underway with an 18-month timeline, funded entirely through equity to maintain operational flexibility. Management projects $150-200 million EBITDA at full development, with export potential to Australia where the company maintains significant shipping time advantages over traditional suppliers.The integrated approach positions Pacific Lime & Cement to serve PNG's entire construction value chain while establishing a platform for regional expansion.Sign up for Crux Investor: https://cruxinvestor.com 

Interview with Anthony Margarit, President & CEO of K2 GoldOur previous interview: https://www.cruxinvestor.com/posts/k2-gold-kto-ma-in-nevada-is-focus-1479Recording date: 28th August 2025K2 Gold Corporation (TSXV: KTO) stands on the verge of a significant milestone as its flagship Mojave project in California approaches final Environmental Impact Statement (EIS) permitting approval. The company's 6,000-hectare polymetallic project has delivered exceptional drill results, including a standout intersection of 86.9 meters at 4 grams per ton gold, positioning it as one of the more promising exploration stories in North American mining.Under CEO Anthony Margarit, a geologist with a proven track record including early involvement in Rio Tinto's Diavik diamond mine discovery, K2 has strategically navigated the complex EIS permitting process—the highest level of environmental permitting in the United States. The company recently received encouraging news when the Bureau of Land Management identified K2's plan of operations as their preferred alternative in the draft EIS, representing a crucial pre-decision milestone.The upcoming drilling program spans 30,000 meters across 120 holes on 30 pads, designed to test mineralization continuity along a 5-kilometer gold trend. Recent surface sampling has yielded spectacular results, with samples reaching 374 grams per ton gold on the same structural system. The project's polymetallic nature extends beyond gold to include four copper targets, one spanning nearly 5 kilometers, plus four silver-lead-zinc targets.Financially, K2 has positioned itself strategically with approximately $13 million in outstanding warrants, many expiring October 1st. Management expresses high confidence that warrant exercises will fully fund the drilling program without dilutive equity raises. The project benefits from its location adjacent to the historic Cerro Gordo mine, California's largest 19th-century silver producer, validating the district's mineral potential.With EIS approval expected imminently, K2 Gold represents a compelling exploration opportunity combining exceptional grades, strategic permitting progress, and built-in financing within a proven mining district.View K2 Gold's company profile: https://www.cruxinvestor.com/companies/k2-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Hillacre, President & VP Exploration, and Jon Bey, CEO of Standard Uranium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-dual-model-explorer-eyes-high-grade-discovery-at-davidson-river-7231Recording date: 27th August 2025Standard Uranium Corporation (TSXV: STND) has announced a CAD $3.5 million non-brokered private placement to fund its return to the Davidson River uranium project in Saskatchewan's Athabasca Basin for the first time since 2022. The financing marks a strategic pivot for the exploration company as it deploys cutting-edge technology to unlock one of Canada's most prospective uranium regions.The Davidson River project sits in a geological sweet spot approximately 25 kilometers from NextGen Energy's Arrow deposit, positioned within a region containing nearly 500 million pounds of uranium between the Arrow and Paladin's Triple R projects. This proximity provides both geological validation and logistical advantages, particularly as NextGen's Arrow deposit enters mine construction in early 2026.President Sean Hillacre brings unique expertise to the project, having spent seven years at NextGen and authored his master's thesis on the Arrow deposit. The geological continuity between projects suggests similar mineralizing processes, with Davidson River's rock formations representing "folded over" versions of the Arrow geology.Standard Uranium's exploration approach centers on ExoSphere multiphysics surveying technology provided through a strategic partnership with Fleet Space Technologies. This integrated methodology combines passive seismic technology and gravity measurements across three main conductor zones, creating what Hillacre describes as "X-ray vision" into basement rocks.The company has pioneered AI-enhanced targeting through collaboration with ALS Goldspot, becoming the first uranium explorer to apply machine learning in the Athabasca Basin. The system analyzes data from established deposits like Arrow and Triple R, generating probability-weighted heat maps that identify geological signatures matching known uranium occurrences.The current financing comprises both hard dollars at 8 cents and flow-through shares at 10 cents, structured as units with 24-month half-warrants. Standard Uranium operates a project generator model, earning revenue through joint venture partnerships while retaining 25% ownership and 2.5% net smelter royalty in advanced projects.The company has developed a systematic target prioritization system incorporating geological, geophysical, and AI-generated parameters, identifying approximately 100 potential drill targets across the 31,000-hectare project. The immediate drilling campaign represents phase one of a multi-year program targeting 10,000-20,000 meters over two years, focusing on basement-hosted uranium deposits in the 250-450 meter depth range similar to the Arrow discovery.This strategic positioning captures multiple industry trends: proximity to proven discoveries, technological advancement in exploration methods, and capital-efficient project development through partnerships in one of the world's premier uranium jurisdictions.View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Joseph Ovsenek, President & CEO, and Ken McNaughton, CExpO of P2 Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-pgld-goldcopper-explorer-racing-to-production-3124Recording date: 27th August 2025P2 Gold Corp (TSXV:PGLD) is positioning itself as Nevada's next significant precious metals producer through its flagship Gabbs gold-copper project, led by veteran mining executives Joseph Ovsenek and Ken McNaughton who previously built Silver Standard from $10 million to $2.8 billion market capitalization.The company's updated Preliminary Economic Assessment demonstrates compelling project economics with a 21.6% internal rate of return and $300 million NPV at base case metal prices. At current spot prices, these metrics surge dramatically to 55-56% IRR and over $600 million NPV, highlighting the project's leverage to the current precious metals environment.The Gabbs project contains 3.5 million ounces of gold equivalent resources across four mineralization zones, comprising approximately 2 million ounces of gold and 1.5 million copper equivalent. This positions Gabbs to become the third or fourth largest gold deposit in Nevada, providing natural price hedging through its balanced precious-base metals profile.P2 Gold has achieved a critical metallurgical breakthrough through SART technology (Sulfidization, Acidification, Recovery, Recycling and Thickening), overcoming historical processing challenges that made the project uneconomic in the 1990s. The technology delivers 88% gold recovery and 67% copper recovery while dramatically improving leach kinetics from over 145 days to under 60 days.This technological advancement addresses the primary obstacle that previously prevented development - the interference between copper and gold in cyanide leaching. The SART process allows simultaneous recovery of both metals while regenerating cyanide, substantially reducing operating costs.Gabbs benefits from superior infrastructure including highway access, power lines crossing the property, and proximity to Hawthorne, an established mining town just 45 minutes away. These advantages eliminate typical remote mining challenges, reducing both capital expenditure and operational complexity while providing access to skilled workforce and services.The development plan envisions a 14.2-year mine life processing 9 million tons annually, beginning with oxide heap leaching to generate cash flow before constructing a conventional mill. With $365 million in pre-production capital and strong project economics, P2 Gold is advancing toward production in Nevada's mining-friendly jurisdiction with no anticipated permitting obstacles.View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Riggall, Managing Director & CEO of Sunrise Energy MetalsOur previous interview: https://www.cruxinvestor.com/posts/sunrise-energy-metals-srl-400m-for-nickel-cobalt-developer-1954Recording date: 26th August 2025Sunrise Energy Metals (ASX:SRL) is developing what would become the world's first primary scandium mine in New South Wales, Australia, as global supply chains face unprecedented disruption from China's strategic export controls. The company's Syerston project aims to address Western nations' urgent need for secure access to this critical technology metal.In April 2025, China imposed sweeping export restrictions on scandium, classifying it as a dual-use material with both civilian and military applications. This decisive move has effectively severed Western access to 85% of global refined scandium supply and 100% of metallized scandium required by the semiconductor industry. CEO Sam Riggall describes the situation as creating "inherent limitations that Chinese supply will never be able to service in western markets going forward."The supply crisis comes at a critical juncture for scandium demand across three strategic sectors. In semiconductors, scandium enables the radio frequency filtering that made 5G technology possible, with military applications operating up to 13 GHz and next-generation technology proven to work beyond 20 GHz. The aerospace industry values scandium-aluminum alloys for their exceptional strength-to-weight ratios, while the fuel cell sector relies on scandium for enhanced performance and longevity in solid oxide systems.Sunrise's geological advantage positions it uniquely to capitalize on this supply vacuum. While Chinese producers extract scandium at concentrations of 10-20 parts per million from waste streams, Sunrise's deposit contains 600-700 ppm grades - a 70-fold concentration advantage. "When you look at primary mine supply, particularly high concentration, you cannot find a lower cost point than what you will get out of the ground in central New South Wales," Riggall emphasizes.The project's strategic importance extends beyond economics. At planned capacity of 40-50 tons annually, Sunrise could theoretically replace 100% of China's current production, addressing critical national security concerns for Western defense contractors. The company expects to complete its feasibility study by September 2025, with estimated capital requirements around $100 million and an 18-month construction timeline, positioning it to meet urgent Western supply security needs in this pivotal technological battleground.View Sunrise Energy Metals' company profile: https://www.cruxinvestor.com/companies/sunrise-energy-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Ivan Fairhall, Managing Director of Pivotal Metals Ltd.Recording date: 26th August 2025Pivotal Metals Limited operates two complementary mining projects in Quebec that highlight the current disconnect between asset quality and market valuation in the junior mining sector. The company's flagship Horden Lake copper project contains 400,000 tons of copper equivalent resources, positioning it well above the scale threshold for strategic interest, yet trades at a $7 million market capitalization that management believes significantly undervalues the underlying assets.Managing Director Ivan Fairhall has spent two years consolidating technical work at Horden Lake, completing metallurgical testing and resource definition to create what he describes as a cohesive development narrative. Despite this progress, the market has not reflected the enhanced technical profile in the company's share price, creating what appears to be a substantial value gap.Rather than pursuing traditional drill-intensive expansion programs, Pivotal has adopted a disciplined capital allocation approach focused on high-return activities. The company is emphasizing metallurgical optimization and strategic partnership discussions for Horden Lake while shifting exploration capital toward its Belleterre projects in Quebec's infrastructure-rich Abitibi region.The Belleterre portfolio encompasses 160 kilometers of greenstone belt geology with multiple untested geophysical anomalies and historical high-grade discoveries dating to the 1960s. Using modern fixed-loop electromagnetic surveys, the company has identified several drill-ready targets that could provide near-term discovery catalysts. The projects benefit from proximity to operating mines and available processing facilities, reducing development risk.Pivotal operates alongside well-funded competitors, including Vior Inc., which raised $40 million for extensive drilling programs on contiguous properties. This regional activity validates the district's prospectivity while creating potential strategic opportunities as major operators like Agnico Eagle seek projects to fill underutilized mills. The combination of advanced development assets and high-grade exploration potential positions Pivotal as a potential beneficiary of improved market sentiment toward quality junior mining companies.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/the-next-uranium-supercycle-energy-fuels-isoenergy-on-geopolitics-mills-and-market-gaps-7209Recording date: 4th September 2025IsoEnergy presents a compelling investment opportunity in the uranium sector through its strategically diversified portfolio approach at a time when supply-demand fundamentals are increasingly favorable. The company operates across three premier uranium jurisdictions—Canada, the United States, and Australia—with assets spanning the development spectrum from early-stage exploration to near-term production capability.The Hurricane deposit in Saskatchewan's Athabasca Basin represents IsoEnergy's crown jewel asset, featuring some of the highest uranium grades globally in the world's premier uranium jurisdiction. CEO Philip Williams characterizes Hurricane as a generational asset that will become increasingly valuable as existing mines approach depletion. Cigar Lake, a major producing mine, faces ore exhaustion by 2035, creating what Williams describes as an appreciating asset scenario where every day that goes by, it increases in value.The company's financial strength distinguishes it from capital-constrained competitors. With $85 million in cash and strategic backing from NextGen Energy, which owns 31% of IsoEnergy and contributed $12 million to a recent $50 million financing, the company can optimize development timing rather than rushing to production. This financial flexibility has become increasingly important as the industry faces execution challenges, with multiple uranium companies issuing negative production guidance throughout 2025.Williams observes a fundamental shift in uranium demand dynamics, noting the presence of technology companies like Microsoft at the 2025 World Nuclear Association Symposium actively seeking nuclear power for data centers. This demand evolution coincides with artificial intelligence and cloud computing infrastructure expansion requiring reliable baseload power generation, representing a paradigm shift beyond traditional utility demand.The supply side presents compelling fundamentals despite execution challenges across the industry. Williams argues that the actual real price of getting that marginal pound of production out of the ground is much higher than anyone thinks, suggesting current uranium prices fail to reflect true production economics. Cameco's recent guidance reduction for its McArthur asset exemplifies broader industry production disappointments that have yet to drive appropriate price discovery.IsoEnergy's near-term production optionality comes through the Tony M project in Utah, where the company plans bulk sampling to extract 10,000 to 20,000 pounds of uranium—the first mining activity in nearly 15 years.The company's strategic partnership model multiplies uranium exposure beyond direct asset ownership. IsoEnergy maintains equity positions worth approximately $40 million across six to seven uranium juniors, creating what Williams describes as "lots of shots on goal." The Pure Point joint venture exemplifies this strategy, with the partnership's summer discovery of over 5% uranium grades validating the approach.IsoEnergy's portfolio construction addresses multiple investor preferences across the uranium value chain. Williams notes the company can offer near-term cash flow, high value exploration in the best place in the world, and call optionality with large or high-grade projects. This diversification provides multiple pathways to value creation while mitigating the single-asset risks that have challenged other uranium developers.The combination of world-class assets, strong financial positioning, strategic partnerships, and experienced management positions IsoEnergy to capitalize on the emerging uranium supply-demand imbalance while avoiding the execution risks that have affected competitors.View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com