Company Interviews

Interview with James Sykes, President & CEO of Baselode Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/baselode-energy-tsxvfind-pioneering-near-surface-uranium-exploration-in-athabasca-basin-5896Recording date: 20th February 2025Baselode Energy CEO James Sykes recently discussed the company's uranium exploration strategy and market outlook, highlighting both challenges and opportunities in the current market environment. The company is pursuing a dual-track approach, advancing its flagship ACKIO uranium deposit while seeking new discoveries at its Hook project.With $10 million in treasury, including $5 million allocated for exploration, Baselode is well-positioned to execute its plans through 2025. This strong financial position enables the company to weather market volatility and potentially capitalize on distressed uranium assets.The ACKIO deposit shows promise as an economically viable open-pit mine, though Sykes notes the market has not fully recognized its value. The company is pursuing a hub-and-spoke development model, aiming to make additional discoveries within 5-6 kilometers of ACKIO to enhance project economics. Baselode is actively seeking strategic partners to help advance ACKIO through economic studies and permitting stages.Looking at the broader uranium market, Sykes emphasizes growing demand coupled with supply challenges. "The demand out there continues to grow and the supply somehow seemingly continues to diminish. Global projects are finding it harder to come online, which is really diminishing the supply side outlook," he states.The company's exploration focus has shifted to the Hook project, where two high-priority targets could potentially deliver a new high-grade discovery. Drilling at these targets is planned for 2025, representing a significant catalyst for the company.Sykes points to structural changes in uranium supply since the Fukushima incident, noting that new discoveries have altered the outlook for both the Athabasca Basin and global projects. However, years of underinvestment in uranium exploration and development, combined with mine closures and production cuts, have created a persistent supply deficit.The investment thesis for Baselode centers on its strong cash position, potential for new discoveries, and the strategic value of the ACKIO deposit. The company believes its current market valuation doesn't reflect the long-term potential of its assets or the improving fundamentals of the uranium market.As governments worldwide increasingly recognize nuclear power's role in achieving climate goals and ensuring energy security, Baselode appears well-positioned to benefit from this transition. The company's focus on making new discoveries while advancing existing assets provides multiple pathways for value creation in an improving uranium market.View Baselode Energy's company profile: https://www.cruxinvestor.com/companies/baselode-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Greg Bittar, CEO of Lotus Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/lotus-resources-asxlot-the-funded-fast-tracked-path-towards-2025-uranium-production-6191-200a9Recording date: 19th February 2025Lotus Resources (ASX:LOT) is positioning itself as one of the next uranium producers globally, with its Kayelekera project in Malawi targeting first production in Q3 2025. The company has secured robust funding, with US$135 million in available liquidity and a US$45 million buffer to support operations through initial production ramp-up.The project's economics appear compelling, with projected all-in sustaining costs of $45/lb against current long-term contract prices of around $80/lb. At planned production rates of 2.4 million pounds per annum, this could generate annual operating cash flows of $70-80 million. The company has made significant progress on the contracting front, working toward securing term sheets for approximately 35% of production from 2026-2029 with fixed-price escalating contracts.Project development is advancing well, with over 250 workers on site daily. Key infrastructure improvements include rebuilding the acid plant, upgrading power systems, and preparing for eventual grid connection to reduce operating costs. The company plans to initially operate using imported sulfuric acid before transitioning to on-site acid production by year-end.Beyond Kayelekera, Lotus is advancing its Livingstonia project in Botswana, which offers significant resource upside potential. The company is conducting optimization studies to address mining approaches for the deep resource and improve acid consumption metrics.CEO Greg Bittar emphasizes the disconnect between current spot market volatility and the more stable long-term contract market, where prices have remained steady around $81/lb. The company is strategically focusing on securing long-term contracts with utilities rather than exposure to the thinly traded spot market.The project's advancement comes amid growing global interest in nuclear power as countries seek reliable, emissions-free baseload power to complement renewable energy sources. With major producers like Cameco and Kazatomprom having implemented supply cuts, and increasing demand from new reactor builds particularly in China and other growth markets, the uranium market fundamentals appear supportive of new production.Lotus expects to be cash flow positive by early 2026, positioning it as one of the few new uranium producers entering the market during this cycle. With full funding in place, advancing contract discussions, and potential exploration upside, the company appears well-positioned to capitalize on the growing uranium market as nuclear power plays an increasingly important role in global decarbonization efforts.View Lotus Resources' company profile: https://www.cruxinvestor.com/companies/lotus-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Neil Young, MD & CEO of Elixir Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/elixir-energy-asxexr-drilling-down-unconventional-gas-prize-in-bullish-australian-market-6251Recording date: 18th February 2025Elixir Energy (ASX:EXR) is advancing a significant gas project in Queensland, Australia, following a strategic pivot from its Mongolian operations. The company recently strengthened its position through a deal with Santos, Australia's second-largest oil and gas company, securing a 50% stake in two permits adjacent to its existing acreage.The company plans to drill a key well in Q3 2025 to a depth of over 3,000 meters on the Santos acreage. This well, costing less than $10 million with approximately half potentially funded through R&D tax credits, aims to prove commercial viability by testing productivity and liquids content in an up-dip location expected to be more liquids-rich.Elixir's acreage sits within the Taroom Trough, described as a large, homogeneous unconventional gas play. The company estimates its acreage contains over 30 TCF of gas-in-place in deep coals, though current recovery factors are less than 1%. Shell's presence in adjacent blocks provides validation of the play's potential, with the major having invested approximately $500 million in the region through its own activities and its acquisition of BG Group.The project benefits from strong market fundamentals, with current gas prices around $14/GJ at the Wallumbilla Hub. The market is expected to tighten further, with LNG imports into Southern Australia potentially driving prices above $20/GJ. Queensland's supportive regulatory environment and the growing recognition of gas's role in energy security and transition add to the project's appeal.Beyond the Santos acreage well, Elixir plans to drill the Diona-1 conventional well in mid-2025 and is seeking a farm-in partner for its 100% owned acreage. The company's management team, led by CEO Neil Young, brings significant industry experience and relationships, particularly with Santos.Young emphasizes the project's advantages: "This is an unconventional play located immediately proximate to infrastructure, it doesn't need a single FID with a big signing ceremony and billions in spending. Here you can incrementally spend tens of millions, feed markets that are small to start, then build up your infrastructure."The company sees significant potential for value creation through its ongoing drilling program, potential farm-out deals, and the continued de-risking of the play through both its own activities and those of nearby operators. With a strong acreage position, supportive market conditions, and clear development pathway, Elixir appears well-positioned to capitalize on Queensland's growing gas opportunity.View Elixir Energy's company profile: https://www.cruxinvestor.com/companies/elixir-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Nic Earner, Managing Director of Alkane Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-fully-funded-growth-plan-exploration-upside-for-potential-re-rating-6182Recording date: 18th February 2025Alkane Resources, an ASX-listed gold producer operating in New South Wales, is capitalizing on record-high Australian gold prices of around A$4,600 per ounce. The company has positioned itself for strong performance with recent operational improvements and a strategic hedging approach.For FY2025, Alkane expects production to be in the lower range of its 70-80,000 ounce guidance, with all-in sustaining costs (AISC) between A$2,400-2,600 per ounce. Production is projected to be closer to 80,000 ounces in FY2026, with AISC expected to decrease to around A$2,000 per ounce after completion of development work in the new mining area.The company has recently completed significant infrastructure investments, including a flotation and fine grinding circuit that has increased gold recoveries by 7%, along with a new pace carbon-in-leach plant. While these investments have resulted in higher near-term costs, they are expected to improve long-term operational efficiency.Alkane's hedging strategy leaves two-thirds of its production exposed to current high gold prices, with only one-third hedged at A$2,850 per ounce through June 2027. At current spot prices, this results in an average realized gold price of approximately A$4,000 per ounce.The company's flagship Tomingley Gold Operations, including its underground mine and satellite deposits of Roswell and San Antonio, demonstrate significant exploration potential. Since 2013, the operation has exceeded initial expectations, having mined about 650,000 ounces from an initial 370,000-ounce mine plan, with substantial reserves still remaining.Financially, Alkane maintains a strong position with A$40 million in cash and bullion as of December 2024, expected to increase in the current quarter. The company's debt structure includes A$45 million in bank debt, with A$5 million scheduled for repayment by June 2025.Looking ahead, Alkane is developing a new open pit mine alongside its underground operations, which should provide additional operational flexibility. The company's growth strategy is supported by extensive exploration upside, with its underground operations and satellite deposits remaining open at depth.The broader market environment appears favorable for Alkane, with gold prices at record highs in Australian dollar terms, driven by global economic factors including monetary stimulus, inflation concerns, and geopolitical tensions. As an Australian producer, Alkane benefits from both the high gold prices and the stability of operating in Australia's established mining jurisdiction.View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Nico Cookson, Head of Corporate Development & Strategy of Marimaca CopperOur previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-high-grade-discovery-for-mine-builder-6499Recording date: 18th February 2025Marimaca Copper Corp (TSX: MARI) announced a significant step forward in permitting its flagship Marimaca Copper Project in Chile. The company has received the Consolidated Request for Clarifications, Rectifications and/or Extensions (ICSARA) from environmental regulators, marking the first milestone in the evaluation of its submitted Environmental Impact Statement (DIA).This progress keeps Marimaca on track to potentially receive its Environmental Qualification Resolution (RCA) and full project approval in late 2025. Permitting is one of the most critical risk factors for any mining project, so successful navigation of this process is essential for Marimaca to transition from an explorer to a copper producer.The ICSARA provides the initial feedback and additional information requests from the multi-agency regulatory review of Marimaca's comprehensive 4,000+ page DIA submission. The DIA, which the company filed in December 2024, was the culmination of several years of baseline data collection, analysis and project design work.Marimaca will now respond to the ICSARA, addressing any outstanding regulatory queries. The company noted that sustainability and social considerations have been core to the project design from the outset, which it believes aligns with Chile's goal to grow critical minerals supply in a responsible manner.In parallel with permitting, Marimaca is also advancing a Definitive Feasibility Study (DFS) on the oxide project and continuing exploration on the nearby Pampamadena targets. The company sees the potential to develop a scalable mining district anchored by the Marimaca deposit.The global copper market is widely forecast to enter a period of structural supply deficits and higher prices later this decade, as demand growth from electrification outpaces supply. With the permitting process advancing as expected, Marimaca appears well-positioned to capitalize on this window of opportunity.As one of the more advanced oxide copper projects in Chile, Marimaca offers investors exposure to a relatively low-risk, quick-to-production asset with meaningful upside potential in a premier mining jurisdiction. Successful completion of permitting is the key to unlocking this value.—View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Marc Henderson, President & CEO of Laramide Resources Ltd.Our Previous Interview: https://www.cruxinvestor.com/posts/laramide-resources-tsxlam-secures-prime-uranium-exploration-rights-in-kazakhstan-5895Recording date: 14th February 2025Laramide Resources (TSX:LAM) is strategically positioning itself in the uranium sector with three key assets across the United States, Australia, and Kazakhstan. The company's portfolio comes at a crucial time as nuclear power gains prominence in the global push for clean energy.The company's flagship Church Rock ISR project in New Mexico holds 50 million pounds of uranium resources and is approaching the final stages of development. With most permits secured, including a U.S. Nuclear Regulatory Commission license, the project awaits one remaining state permit related to groundwater restoration. Church Rock is projected to be shovel-ready by 2026-2027, with initial production capacity of 1 million pounds annually, scalable to 3 million pounds. The ISR mining method offers advantages of lower capital costs and faster path to production.In Australia, Laramide's Westmoreland project in Queensland represents another significant opportunity with over 50 million pounds of uranium resources. The conventional mining project targets production of 5 million pounds annually and could be operational by 2028-2029, pending the state's approval of uranium mining.The company recently expanded its portfolio with a greenfield exploration project in Kazakhstan, the world's leading uranium producer. This venture, viewed as an "asymmetric upside opportunity," provides Laramide with exploration potential in a highly prospective region.CEO Marc Henderson sees strong fundamentals in the uranium market, noting that utilities are comfortable with $80/lb uranium prices, with potential to reach $100/lb. He emphasizes that success in the current market requires projects that are viable at these price levels.The company's development strategy aligns with growing uranium demand driven by nuclear power's role in clean energy transitions. Years of underinvestment in new supply, combined with existing mine depletion, has created a structural deficit in the uranium market. Henderson notes, "We need a lot more uranium, but we don't need it all to start in 2030," highlighting the strategic timing of Laramide's project pipeline.The investment thesis centers on Laramide's exposure to rising uranium prices through low-cost, late-stage development assets. Near-term catalysts include the final permit for Church Rock and Queensland's potential approval of uranium mining for Westmoreland. This positions the company to potentially become a significant supplier to Western utilities as the market faces growing supply deficits.Learn more: https://www.cruxinvestor.com/companies/laramide-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Nicholas Bridgen, CEO of Ferro-Alloy Resources Ltd.Recording date: 14th February 2025Ferro Alloy Resources is developing a significant vanadium project in Kazakhstan, positioning itself as a potential leader in both the vanadium market and sustainable carbon black production. Under CEO Nick Bridgen's leadership, the company is advancing toward a feasibility study, expected by June 2025.The vanadium market, currently at 125,000 tons annually, is characterized by significant price volatility, with prices ranging from $30 to $5 per pound in recent years. While steel production remains the primary demand driver, accounting for 85-90% of consumption, the emerging vanadium redox flow battery (VRFB) sector presents substantial growth potential. China's announced VRFB projects alone could require an additional 100,000 tons of vanadium.A unique aspect of Ferro Alloy's project is its carbon black substitute (CBS) co-product. The company's vanadium-rich ore contains 8-14% naturally occurring carbon, which can be concentrated to 40% purity through a low-energy process. This CBS offers a sustainable alternative to traditional carbon black, a $20-30 billion global market where conventional production emits approximately two tons of CO₂ per ton of product.The company's CBS innovation provides three key advantages: cost efficiency (priced at $500/ton, half the cost of traditional carbon black), minimal CO₂ emissions, and performance capabilities. Testing shows CBS can replace up to 10% of traditional carbon black in tire sidewalls without performance loss. The Phase 1 project aims to produce 220,000 tons of CBS annually, potentially generating $110 million in revenue.Ferro Alloy's strategic location in Kazakhstan positions it well for diversifying vanadium supply away from China and Russia, key considerations given current geopolitical dynamics. The company's project stands out for its potential to be the largest and lowest-cost vanadium producer globally, with significant expansion potential across seven ore bodies.The investment thesis centers on dual exposure to vanadium's growth potential in steel and energy storage markets, coupled with the innovative CBS opportunity. The CBS revenue stream could provide a hedge against vanadium price volatility, while the project's low-cost profile and strategic importance enhance its financing prospects.Looking ahead, the completion of the feasibility study will be a crucial milestone, providing detailed economics for Phase 1 and insights into the broader resource potential. The company's approach to both vanadium production and sustainable CBS manufacturing aligns with global trends toward renewable energy and reduced emissions, particularly in steel production and energy storage.Learn more: https://www.cruxinvestor.com/companies/ferro-alloy-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Hartmann, VP Exploration of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-hitting-50-u3o8-at-flagship-jr-zone-at-athabasca-and-drilling-for-more-6335Recording date: 13th February 2025F3 Uranium (TSXV: FUU) is advancing its Patterson Lake North (PLN) uranium project in Saskatchewan's Athabasca Basin, building on its significant 2022 JR Zone discovery. The project gained further momentum in 2024 when drilling intersected 4.5 meters grading 50% U3O8 in hole PLN24-176, marking one of the sector's best drill results for the year.The JR Zone, a shallow, high-grade uranium deposit, currently extends along a strike length of 150-165 meters. VP Exploration Sam Hartmann highlights that the deposit features an "ultra high-grade core" of approximately 20% U3O8, which typically contains about half of the deposit's pounds - a pattern common in Athabasca Basin deposits.The company has outlined a comprehensive exploration strategy backed by a $5 million budget for 2025. The program focuses on three main priorities: expanding the JR Zone through step-out and infill drilling, exploring the A1B1 Trend northeast of the JR Zone, and testing new targets along the PW Trend in the southwestern portion of the property.F3 sees significant exploration potential beyond the JR Zone. According to Hartmann, uranium deposits in the region typically occur in multiple pods: "Whatever geological circumstance caused this mineralization in the shear zone, those similar circumstances would have existed elsewhere in these long structures."Particular attention is focused on the PW Trend, where the company is conducting ground geophysical surveys to refine drill targets. This area has seen limited historical drilling, with only four holes completed, none of which tested the main conductor target.The company's strategy aligns with broader uranium market dynamics. Current spot prices around $70/lb U3O8 remain below mine development incentive levels, and several major Athabasca Basin mines are approaching depletion, suggesting potential supply deficits in coming years.F3 Uranium is positioning the JR Zone as a potential satellite deposit to feed a central mill, rather than a standalone operation. This approach could make it an attractive acquisition target for larger uranium producers active in the region, such as Cameco or Orano.Looking ahead, F3 plans to maintain steady news flow through 2025 as it advances toward a maiden resource estimate at the JR Zone while simultaneously exploring additional targets across the property. The Athabasca Basin is known for hosting large uranium deposits exceeding 100 million pounds U3O8, and with continued exploration success, the JR Zone and surrounding targets could contribute significantly to the region's resource base.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Steve Norregaard, MD & CEO of Win Metals Ltd.Recording date: 13th February 2025ASX-listed Win Metals has strategically pivoted from nickel to gold, acquiring the promising Butchers Creek gold project in Western Australia. The company, which listed in 2021 as a pure-play nickel company, made this transition in 2024 in response to declining nickel prices and shifting market sentiment.The Butchers Creek acquisition, completed in November 2024, brought a substantial 357,000-ounce gold resource to Win Metals at an attractive entry price of under A$10 per resource ounce. The company has already completed a 75,000-meter drill program, yielding positive results that suggest significant resource growth potential. Notably, extensional drilling has confirmed mineralization extending 250 meters beyond the current one-kilometer-long resource.Win Metals is pursuing a two-pronged development strategy. In the near term, the company is evaluating toll milling opportunities to enable rapid gold production with minimal capital expenditure. This approach would allow Win to generate cash flow without the need for substantial upfront investment in processing infrastructure. Additionally, the company is exploring alluvial mining potential, which could provide another avenue for low-cost gold production.The project benefits from existing infrastructure, including a tailings storage facility, water supply, and proximity to the regional center of Halls Creek. According to Managing Director Steve Norregaard, the mineralization at Butchers Creek is characterized by broad zones amenable to efficient bulk mining methods, which could translate to competitive operating costs.Looking ahead, Win Metals plans to update the resource estimate and initiate a scoping study to evaluate development options. The company aims to potentially commence gold production through toll milling within 18 months, using the resulting cash flow to fund further exploration and development activities.While focusing on gold, Win Metals maintains its nickel assets, which previously supported a market capitalization exceeding $160 million. The company sees these assets as providing additional value potential when nickel prices recover above US$20,000 per tonne.With a current market capitalization of just $10 million, Win Metals appears positioned to capitalize on record-high gold prices through its Butchers Creek development. The project combines near-term production potential through toll milling with longer-term standalone development opportunities, while the company's retained nickel assets provide additional upside exposure to future nickel price recovery.The company's strategy aligns with the current strong gold market, driven by global economic uncertainty, inflation concerns, and geopolitical tensions that have pushed gold prices to historic highs above US$2,800 per ounce.View Win Metals' company profile: https://www.cruxinvestor.com/companies/win-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Moody, President & CEO of Pan Global Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/tin-market-faces-supply-challenges-amid-growing-energy-transition-demand-6534Recording date: 13th February 2025Pan Global Resources is advancing its exploration efforts in Spain, with significant developments at both its northern and southern projects. The company's recent focus has been on its northern Spain project, where historic mining in the 1930s produced high-grade copper, nickel, and cobalt from breccia bodies. Recent underground sampling at the Providencia and Profunda targets has yielded impressive results, averaging 2.5% copper plus nearly 1% nickel and cobalt.The company's systematic modern exploration program, which covered less than 5% of the large land package, has revealed extensive mineralization potential. At Providencia, infill soil sampling discovered significant gold presence, with samples reaching up to 20 g/t Au in an area with no previous gold exploration history. Underground channel sampling further confirmed these findings, with one sample returning 37m at 3.1 g/t Au.Pan Global has now initiated its first-ever drilling program at Providencia, with an initial 1,200m program designed to test extensions of the high-grade mineralization exposed underground. The company is already planning to expand this program based on encouraging channel sampling and trenching results.In southern Spain, Pan Global continues to advance its flagship La Romana project in the Iberian Pyrite Belt. An aggressive 2025 drill campaign is underway with two drills currently operating, focusing on expanding the higher-grade western part of the deposit while testing new regional targets. The company expects to release a maiden resource estimate for La Romana later this year.CEO Tim Moody emphasized the strategic advantage of operating in Europe: "Having a copper project in Europe, something that can potentially be brought to production within this decade, in a favorable and stable mining area, really gives us a big advantage."The investment thesis for Pan Global is strengthened by the growing demand for copper driven by the clean energy transition and electrification. Industry forecasts suggest an annual copper supply deficit approaching 10 million tons by 2030, making new discoveries in stable jurisdictions increasingly valuable.The company's presence in Spain's mining-friendly jurisdiction, combined with its experienced management team and active exploration programs, positions it well for future growth. With ongoing drilling at both its northern and southern projects, investors can expect consistent news flow and multiple potential catalysts throughout 2025.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com