Company Interviews

Interview with Duncan Craib, MD & CEO of Boss Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/boss-energy-asxboe-first-mover-advantage-to-large-scale-production-6643Recording date: 19th March 2025Boss Energy (ASX: BOE) is positioning itself as a significant uranium producer amid market uncertainty, with CEO Duncan Craib outlining the company's expansion strategy through both production ramp-up and strategic acquisitions.The company's portfolio includes 100% ownership of the Honeymoon mine in South Australia, a 30% stake in Alta Mesa project in South Texas, and an 18.4% stake in Laramide Resources. This diversification provides exposure to multiple uranium jurisdictions with varying timelines for development.Honeymoon, Boss Energy's flagship asset, is steadily increasing production with targets of 850,000 pounds by June 2025, 1.6 million pounds by June 2026, and 2.45 million pounds at full capacity. Recent production has been promising, with February 2025 output exceeding the entire December 2024 quarter. The company reports competitive C1 costs of $23-25 per pound, providing substantial margins at current spot prices around $65 per pound.The Alta Mesa project is also ramping up, with the second ion exchange circuit recently brought online and a third scheduled by the end of 2025. At full capacity, Boss Energy will receive approximately 450,000 pounds annually from this operation, with potential to expand beyond the nameplate capacity of 1.5 million pounds.The recent acquisition of an 18.4% stake in Laramide Resources represents a longer-term strategic position, particularly targeting the Westmoreland deposit in Queensland (containing approximately 70 million pounds of resources) despite the current moratorium on uranium mining in the region. Craib believes this policy could change with the right approach, noting that the current premier previously lifted a similar moratorium when previously in power.Financially, Boss Energy maintains a strong position with approximately $250 million AUD in liquid assets and no debt. The company expects to achieve positive cash flow by the end of Q2 2025 as production continues to ramp up.The combined output from Honeymoon and Alta Mesa positions Boss Energy to become a 2 million pound-plus producer in the near future. This established production base, coupled with strategic investments and financial strength, gives the company flexibility to pursue additional opportunities, particularly if market conditions create value in the sector.Craib supports industry consolidation to reduce corporate overhead and create operational synergies, suggesting well-funded producers like Boss Energy may be positioned to pursue acquisitions if other developers struggle to advance projects in the current price environment.View Boss Energy's company profile: https://www.cruxinvestor.com/companies/boss-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Gavin Chamberlain, CEO, and Matt Horgan, VP Corporate Development, of Bannerman Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-asxbmn-strategically-positioned-for-uranium-resurgence-5875Recording date: 18th March 2025Bannerman Energy is making steady progress on its Etango uranium project in Namibia, having completed essential infrastructure including access roads and water facilities. The company has now moved into internal roadworks, construction power implementation, and bulk earthworks, with all blast work completed without incidents.CEO Gavin Chamberlain highlighted their effective water management strategy: "We built a storage dam on site with 10 days storage and since we built that dam, we've had two notified stoppages of the desalination plant, but because we had 10-day storage on site we haven't actually had to stop construction once."The company maintains a conservative financial approach with $81 million AUD in the bank as of the end of 2024, providing runway into 2026. Bannerman currently has no debt, and all running contracts have been committed within their cash flow projections. Despite careful capital deployment, the company maintains its target to bring uranium to market by 2028.Risk mitigation remains a priority, with contracts being broken into smaller packages to reduce financial exposure and enable participation by Namibian contractors. For mechanical contracts, Bannerman has implemented a two-phase approach with secured escalation formulas during competitive bidding.All primary approvals necessary for the project are in place, including environmental licenses, mining licenses, and Heritage Council approvals. Chamberlain characterized Namibia as "Africa light," noting the country's stable business environment and established 46-year history in uranium production.Recently appointed VP Business Development and Investor Relations Matt Horgan brings 15 years of mining sector experience to the company. He emphasized Bannerman's funding approach: "One of the worst things we could do at the moment is pull the trigger preemptively on a highly dilutive equity raise."The company is pursuing multiple funding work streams, including equity investors, debt financing, and potential strategic stakeholders, while navigating a volatile uranium market that has seen prices drop from $107 to the low $60s.Horgan highlighted Namibia's political independence as a strategic advantage, allowing the company to "sell to many places and secure funding channels that other projects may not be able to tap into." The project's multigenerational nature also attracts potential strategic investors looking for long-term supply security.Looking ahead to 2025, Bannerman anticipates completing roadworks and construction power infrastructure while continuing bulk earthworks. Chamberlain expressed cautious optimism that "before the end of this year we will see some form of movement on final financing solutions."View Bannerman Energy's company profile: https://www.cruxinvestor.com/companies/bannerman-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Anthony Hamilton, CEO/MD of Georgina Energy PLCOur previous interview: https://www.cruxinvestor.com/posts/georgina-energy-lsegex-helium-hydrogen-play-nears-critical-drilling-milestone-6081Recording date: 17th March 2025Georgina Energy PLC, a London Stock Exchange-listed helium, hydrogen, and natural gas company, is experiencing significant operational delays at its Hussar project due to extreme weather conditions and expanded regulatory requirements. According to CEO Anthony Hamilton, a "once in 80-year weather event" with 274mm of rainfall in 24 hours followed by a tropical cyclone turned low-pressure system has rendered roads impassable and flooded the airstrip, postponing the company's original December drilling timeline.Adding to these challenges, the company's recent resource profile expansion of 50 square kilometers requires a new environmental impact study (EIS2) to be submitted to regulators. The previous 144-page environmental study (EIS1) covered 300 square kilometers, but the additional area now necessitates comprehensive cultural, heritage, and sacred site surveys across what Hamilton describes as "over 12,500 acres."Despite these setbacks, Georgina Energy recently deployed a survey team to the site on March 11, 2025, including traditional owners, environmental surveyors, and anthropologists. The challenging conditions turned what should have been an 1,800 km journey into a 5,100 km trek for some team members returning to Alice Springs.On the financial front, a February 25, 2025 scoping study by Duncan Seddon & Associates confirmed potential annual revenue for the Hussar project between $7.3 million and $208 million USD, depending on production rates. Hamilton emphasized that while "the weather's been a pain in the backside," the fundamental resource potential remains unchanged.The company plans to sell resources at the wellhead rather than developing costly processing infrastructure, with Hamilton noting it would be "completely stupid" for Georgina to attempt raising $250+ million for processing plants when specialized companies like Air Liquide and Linde have mobile helium separator technology. Once flow rates and resource composition are established, the company plans to conduct a "good old-fashioned Dutch auction" for offtakers.Georgina Energy expects to submit its environmental study by May 2025, coinciding with the end of the wet season. According to Hamilton, the regulatory approval should follow within "10 to 15 days" after submission. The company has already incorporated a 20% contingency in their original cost estimates to cover infrastructure repairs and emphasizes that drilling will only proceed when conditions are appropriate and access roads are in perfect condition.While waiting for regulatory approval, engineering teams, equipment specifications, and drilling plans are already in place, allowing for rapid mobilization once approvals are secured and seasonal challenges subside.View Georgina Energy's company profile: https://www.cruxinvestor.com/companies/georgina-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alderan-resources-asxal8-drilling-imminent-at-frisco-copper-project-in-utah-5347Recording date: 17th March 2025Hawk Resources is making significant progress at its Cactus copper project in Utah, where the company is taking a fresh approach to exploration by targeting medium-tonnage, high-grade copper deposits instead of traditional large-scale, low-grade porphyry systems.Under the direction of Managing Director Scott Caithness, Hawk Resources is leveraging historical data from the Cactus mine, which previously produced 1.3 million tons of ore at 2% copper with gold and silver credits. The company believes substantial mineralization remains untapped, as evidenced by post-mining drilling that included a 42-meter intercept at 1.9% copper.Recent drilling at the nearby New Years prospect has yielded promising results, with intercepts of 26 meters at 1.3% copper and 30 meters at 0.8% copper in oxide mineralization near the surface. These results validate the company's exploration model and suggest potential for heap leach processing, which could provide a cost-effective path to production.Hawk Resources has identified 12 magnetic anomalies with signatures similar to the Cactus deposit. The company is employing multiple exploration techniques, including magnetic surveys, induced polarization, structural analysis, soil geochemistry, and an ongoing electromagnetic survey to prioritize drilling targets effectively."What we believe is that there's opportunity for medium tonnage, higher grade copper deposits," Caithness explained. "We're looking at something that's got a much higher grade, and that's where we believe that the economics will come in because obviously grade is particularly fundamental."The company has established a clear timeline for advancing the project, planning to complete electromagnetic surveys and soil sampling by March 2025, finalize target selection by mid-May, and commence drilling in mid-2025. Caithness indicated a preference for diamond drilling and angled holes to properly test the suspected breccia pipe deposits, which are likely subvertical in orientation.If successful, Hawk Resources believes these discrete targets could be delineated within 6-12 months, significantly faster than traditional porphyry exploration. The company estimates individual deposits could contain between 5-10 million tons at grades of 1.5-2% copper, far exceeding the 0.3-0.4% grades typically targeted by major mining companies.With copper demand projected to increase substantially due to electrification and renewable energy expansion, Hawk Resources aims to position itself advantageously by developing high-grade, medium-tonnage deposits that can be brought into production efficiently and with relatively modest capital requirements.View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin Reid, President & CEO of Troilus GoldOur previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-binding-lois-change-everything-6626Recording date: 14th March 2025 Troilus Gold stands at an inflection point as it advances its flagship copper-gold project in Northern Quebec toward production. With a recently secured $700 million debt financing package and gold prices reaching $3,000 per ounce, the company represents a compelling investment opportunity in the precious metals sector. The Troilus project boasts impressive scale and economics, including a 22+ year mine life producing over 350,000 gold equivalent ounces annually, an after-tax NPV of $3 billion, and potential for $350 million in annual free cash flow.Troilus has systematically addressed key developmental risks, creating a clear pathway to production. With $700 million in debt secured with favorable terms, permitting in final review stages, and an experienced development team assembled, the company has positioned itself for success. Pre-construction activities include detailed engineering with BBA (engineers behind Detour and Malartic) and active site preparation including pit dewatering.Management has crafted a sophisticated financing approach that minimizes dilution while ensuring adequate funding. Using a 70-30 debt-to-equity structure on the $1 billion capital requirement, finalizing offtake agreements for concentrate sales, and strategically positioning to monetize a new royalty or stream for up to $400 million, Troilus has created multiple funding options beyond traditional equity raises.With a current market capitalization of approximately $165 million against an after-tax NPV of $3 billion, Troilus presents a compelling valuation opportunity. CEO Justin Reid draws comparisons to similar-stage peers that have seen significant revaluation upon financing completion. Several macroeconomic factors further enhance the investment case, including rising gold prices, global copper concentrate shortages, the expanding margins created by Canadian dollar weakness, and increasing focus on secure critical minerals supply chains.The next 12 months present several potential catalysts that could drive revaluation, including finalization of offtake agreements, completion of royalty/stream financing, financial close on the debt package, final permitting approvals, and ultimately a construction decision. As Troilus Gold transitions from developer to producer, investors have a rare opportunity to participate in a gold-copper project that combines scale, economics, jurisdictional advantages, and strategic relevance in today's commodity environment.—Learn more: https://cruxinvestor.com/companies/troilus-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Luke Alexander, President & CEO of Newcore Gold Ltd.Our previous interview: https://www.cruxinvestor.com/posts/newcore-gold-tsxvnew-advancing-enchi-a-gold-developer-to-watch-4714Recording date: 11th March 2025Newcore Gold is rapidly developing its flagship Enchi gold project in Ghana, establishing itself as one of the country's most advanced greenfield gold projects. The company recently strengthened its financial position through an oversubscribed financing round that raised $15 million—exceeding the initial $12 million target—with 90% backed by institutional investors. This funding, combined with existing cash reserves and in-the-money warrants, gives Newcore over $20 million to advance its ambitious plans.The Enchi project demonstrates compelling economics per its 2024 Preliminary Economic Assessment (PEA), showing an after-tax NPV of $630 million, a remarkable 92% IRR, and a swift 1.1-year payback period at a $2,350 gold price. Currently trading at approximately 0.1 times its NPV, the company presents significant upside potential as it progresses toward a Pre-Feasibility Study (PFS) expected in the first half of 2026.Newcore has expanded its drilling program from 10,000 to 35,000 meters, focusing on multiple objectives: converting inferred resources to indicated, expanding along strike, testing parallel structures, and exploring high-grade feeder zones at depth. The company aims to increase its indicated resources from 740,000 ounces to approximately 1.3 million ounces to support the upcoming PFS.The company's development strategy involves a phased approach to production, beginning with an open-pit heap leach operation processing oxide and transitional material, projected to produce approximately 122,000 ounces annually over a 9-year mine life. As the sulfide resource grows, Newcore plans to add a CIL plant around year five or six, potentially increasing production to 200,000-250,000 ounces annually.Ghana's status as Africa's largest gold producer and the sixth-largest globally provides Newcore with a stable operating environment. The country hosts operations from major miners including Newmont, Goldfields, and AngloGold Ashanti, underscoring its attractiveness as a mining jurisdiction.With management and the board owning approximately 15% of the company, interests are strongly aligned with shareholders. Newcore maintains strategic flexibility to either develop the project independently with its manageable $106 million capital requirement or position for acquisition as the resource and production profile grows.Through its aggressive drilling campaign, strong treasury position, and clear development pathway, Newcore Gold is well-positioned to create substantial value for shareholders while advancing one of Ghana's most promising gold projects.View Newcore Gold's company proflle: https://www.cruxinvestor.com/companies/newcore-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO of Metals Exploration PLCOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-philippines-producer-doubles-down-with-nicaragua-gold-project-6571Recording date: 11th March 2025Metals Exploration (LSE:MTL), a gold producer with operations in the Philippines, is leveraging its strong financial position to fund ambitious growth plans. The company is currently debt-free and generating approximately $10 million in monthly free cash flow from its Runruno operation, with all-in sustaining costs of around $1,000 per ounce.CEO Darren Bowden has outlined a clear growth strategy centered on using existing cash flow rather than taking on new debt. The company reported $96 million in free cash flow last year, providing a solid foundation for its expansion plans.A key focus is the development of the recently acquired Condor Gold project in Nicaragua. The company has purchased a second-hand processing plant for $10 million, representing significant savings compared to new construction. Metals Exploration is targeting a processing capacity of 1.4 million tonnes annually, substantially higher than the 850,000 tonnes envisioned in the original feasibility study.Groundbreaking for the Nicaragua project is scheduled for May, with concrete contractors arriving in June and plant equipment expected in August. Management anticipates the project will be 50-60% complete by year-end, with full commercial production targeted for Q4 2026. When operational, the Nicaragua project is expected to produce approximately 145,000 gold ounces annually.Meanwhile, the company is actively exploring the Dupax deposit, a VMS (volcanogenic massive sulfide) deposit near its existing Runruno operation in the Philippines. Initial ground mapping has been completed, with geophysics and drilling scheduled to begin soon. The company aims to establish a maiden resource of 8-10 million tonnes by year-end.Metals Exploration has articulated a clear timeline for growth, with Nicaragua as its two-year plan, Dupax as its 3-5 year plan, and additional opportunities in the Philippines as its 5-10 year plan. By 2028, the goal is to have two producing mines that together could generate between $400-500 million in annual free cash flow.The company also indicated that by 2028, once both operations are cash flowing, it will likely be in a position to start paying dividends. Management believes Metals Exploration has the potential to become a billion-dollar business based solely on the successful development of Nicaragua and Dupax, with additional upside from other opportunities within their existing tenements.View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plcSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO of G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-guyana-gold-explorer-preps-strategic-split-asset-sale-6550Recording date: 10th March 2025G2 Goldfields has announced a significant achievement with its latest mineral resource estimation showing over 3 million ounces of gold at its Oko-Aremu project in Guyana. This marks the company's third resource update, steadily growing from just over 1 million ounces in its first estimation to now exceeding 3 million ounces.The company completed 59,000 meters of drilling last year, primarily at the Ghanie deposit, successfully connecting previously separate zones into a continuous 2.5-kilometer mineralized shear zone. The project features two distinct mineralization styles: the high-grade OKO Main Zone, where shears 3, 4, and 5 contain approximately 960,000 ounces averaging 9 g/t gold, and the Ghanie deposit with both high-grade footwall zones (7 g/t) and disseminated hanging wall mineralization (1 g/t).CEO Dan Noone highlighted the project's robust nature regardless of cut-off grade parameters, stating, "The deposit isn't sensitive to cut-off grade... The ounces always seem to be there; it doesn't really matter what parameters we put in."The project demonstrates excellent metallurgical performance with gold recoveries averaging 98.5% at OKO Main Zone and 94.2% at Ghanie, with no problematic elements present in the mineralization. This clean metallurgical profile makes the deposit well-suited for gravity recovery methods, potentially reducing both capital and operating expenses.G2 Goldfields is currently operating two drill rigs targeting higher-grade zones at depth and along strike. Recent drilling has shown promising results, with visible gold observed in step-out holes. The company is also exploring additional targets including OKO North and an area called Birdcage.With approximately $37 million in cash, G2 is well-funded for continued exploration without requiring additional financing. AngloGold Ashanti holds nearly 15% ownership in the company, and multiple mining companies have reviewed their data room under active non-disclosure agreements, suggesting potential acquisition interest.The proximity to G Mining's neighboring project creates potential synergies that could be attractive to acquirers. Noone noted, "It's obvious to anybody that this is really one big 5-kilometer long deposit... not much different to the Kalgoorlie Super Pit which had three mines on it, or Red Lake, or Kirkland Lake. And so there's obvious synergies here."Looking ahead to 2025, Noone hopes to see gold prices remain strong above $3,000 per ounce and make additional discoveries along the main shear trend comparable to OKO Main Zone or Ghanie.View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com

Interview with Rhylin Bailie, VP of Investor Relations, Equinox GoldRecording date: 3rd of March, 2025Equinox Gold and Calibre Mining have announced a transformative merger expected to close by the end of May 2025, creating one of the top 15 gold producers globally. The combined entity will produce approximately 950,000 ounces of gold in 2025, with potential to exceed one million ounces as additional operations come online.The transaction originated from casual discussions between Equinox's chairman Ross Beaty and Calibre's leadership, who recognized the strategic benefits of combining their complementary assets. The merger will create the second-largest gold producer from Canada, with the Greenstone and Valentine mines together delivering 600,000 ounces annually—a significant advantage as Canadian producers typically trade at premium valuations.Structured as a "merger of equals," the deal brings together complementary teams, with Calibre's President and CEO Darren Hall joining Equinox as President and Chief Operating Officer alongside CEO Greg Smith. This dual leadership approach aims to distribute responsibilities effectively across the expanded organization.The transaction delivers immediate production benefits to both companies' shareholders while providing exceptional cash flow generation in the current high gold price environment. Consensus estimates suggest EBITDA could more than quadruple over the next 12 months, accelerating debt reduction plans. The company aims to pay down at least $200 million in 2025 and reach a debt-to-EBITDA ratio of 1x by early 2026, enabling dividend payments and share buybacks.Despite its increased scale, the combined company maintains substantial growth opportunities, including the Castle Mountain expansion in California (+200,000 oz/year) and Los Filos expansion in Mexico (+150,000 oz/year). These projects contribute to an expected 60% production growth over the next few years, distinguishing Equinox from larger producers that struggle to meaningfully increase output.Post-merger integration will include evaluating the combined portfolio of 11 mines, with potential rationalization to focus on larger operations producing 150,000-200,000 ounces annually at competitive costs. Equinox has previously demonstrated willingness to optimize its portfolio, having sold smaller mines and spun out non-core assets.The transaction elevates the company from the crowded mid-tier space to the elite senior producer category, potentially attracting increased investment from generalist investors and index funds that require larger market capitalization. With strong leadership, premium assets, exceptional cash flow, and substantial growth opportunities, the combined Equinox-Calibre entity is well-positioned to create significant long-term shareholder value in the gold mining sector.Learn more: https://www.cruxinvestor.com/companies/equinox-goldSign 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-tsxvdml-bullish-fundamentals-set-stage-for-denison-to-thrive-4876Recording date: 6th March 2025Denison Mines (TSX: DML, NYSE American: DNN) is making significant progress on its Wheeler River Project, positioning the Phoenix deposit to become Canada's first in-situ recovery uranium mine with production targeted for the first half of 2028.The company has completed substantial technical de-risking work and is now in the final regulatory stages. Canadian Nuclear Safety Commission hearings are scheduled for October and December 2025, with potential approval expected in early 2026, which would allow construction to begin shortly thereafter.According to CEO David Cates, the Phoenix deposit is projected to produce 7-9 million pounds of uranium annually during its first five years of operation, decreasing to 3-5 million pounds in the latter five years of its 10-year mine life. Beyond Phoenix, Denison's Gryphon deposit at Wheeler River could extend the combined mine life to approximately 15 years, maintaining an average annual production of 7-9 million pounds.Denison distinguishes itself from competitors through its debt-free status and strong balance sheet. Cates indicated the financing strategy would focus on "credit-related instruments" rather than equity raises, aiming for "minimal to no equity dilution" for shareholders.The CEO expressed skepticism about many announced uranium projects in the sector, emphasizing the challenges in assembling qualified teams and securing necessary permits. Having worked on Phoenix since 2019, Cates believes many competitor timelines are unrealistic: "I'm not sure how you go from being a staff of two people or three people in a company to all of a sudden having the team that can engineer and build and then execute one of these projects and do it in the next two years."While the uranium spot price has experienced recent volatility, Cates emphasized that most uranium volumes are traded in the long-term market, which has maintained strength. He views the current market conditions as creating potential buying opportunities, with equity valuations showing a "massive disconnect" from the fundamental supply-demand imbalance.Beyond Phoenix, Denison is advancing other projects, including a partnership with Orano on the Midwest project and work with Korea Hydro & Nuclear Power on the Waterbury Lake THT deposit. The company aims to position itself as a "high-margin intermediate producer" in the 5-10 million pound annual production range, focusing on quality projects in the Athabasca Basin rather than pursuing market share through lower-margin assets.View Denison Mines' company profile: https://www.cruxinvestor.com/companies/denison-mines-corpSign up for Crux Investor: https://cruxinvestor.com