Company Interviews

Interview with Judy Baker, Director & CEO of Argo Gold Inc.Recording date: 9th January 2025Argo Gold, a Canadian junior oil producer, has successfully transformed from a gold exploration company into a profitable oil producer in Alberta's Lloydminster region. The company currently generates $2.8M in revenue and $1.8M in net operating cash flow from its oil operations, which produce approximately 120 barrels of oil per day.Originally founded in 2016 as a gold exploration company in Ontario, Argo Gold pivoted to the oil sector in 2023, recognizing significant opportunities in the Canadian oil patch due to lack of capital investment. The company deployed $1.8 million to participate in three successful heavy oil development wells in the Lloydminster area, where major producers like CNRL and Baytex also operate.The economics of Argo's heavy oil business are particularly attractive, with all-in costs averaging $25 per barrel while realizing sale prices of $71 per barrel over the past two years. The company maintains low corporate overhead at $400,000 annually and leverages expert consultants rather than maintaining a full-time technical team, allowing for operational flexibility and cost efficiency.Looking ahead, Argo Gold plans to pay down its $1 million debt in 2025 and aims to initiate a dividend of approximately one cent per share in 2026. The company maintains a dual focus, continuing its oil development drilling while also holding strategic mineral claims, including a 200 square kilometer land position near the Rottenstone discovery in Saskatchewan and uranium claims in the Athabasca Basin.CEO Judy Baker emphasizes the company's advantageous position in the Canadian heavy oil market, noting strong demand from US refineries and reliable export infrastructure via pipelines and rail. Despite federal government policies creating headwinds for the Canadian oil industry, Argo benefits from supportive provincial regulations in Alberta.With a market capitalization of approximately C$6M, Argo Gold represents a unique investment opportunity in the Canadian resource sector. The company combines current cash flow from oil production with potential upside from its mineral claims, which it hopes to develop through exploration partnerships. Its strategy focuses on maintaining low costs and high margins in its core oil business while providing investors with exposure to strategic minerals through a prospect generator model.The company's evolution showcases an opportunistic approach to resource development, adapting to market conditions while maintaining a focus on generating shareholder value through both operational cash flow and strategic asset development.View Argo Gold's company profile: https://www.cruxinvestor.com/companies/argo-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Alfred Stewart, Chairman, Director & VP Corporate Development of Searchlight ResourcesRecording date: 8th January 2025Searchlight Resources (TSX-V:SCLT), a Canadian exploration company, is advancing a diverse portfolio of rare earth, uranium, and gold projects in Saskatchewan's premier mining districts.The company's Kulyk Lake rare earth project in the Athabasca Basin has emerged as a significant discovery, with a 12-kilometer radiometric anomaly yielding surface samples grading up to 50% total rare earth oxides (TREO). According to Chairman Alfred Stewart, "Northern Saskatchewan is blessed with a large number of rare earth pegmatites and we have established a regional play in the Athabasca Basin area. All of these pegmatites are undrilled."The project's strategic value is enhanced by its proximity to the Saskatchewan Research Council's rare earth processing facility in Saskatoon, specifically designed to process monazite, the primary rare earth mineral found at Kulyk Lake. Recent exploration has identified a mineralized zone measuring 450 by 600 meters, with rock values exceeding $1,000 per tonne.Beyond rare earths, Searchlight controls the Bootleg Lake Gold project, which hosts four past-producing mines that historically produced around 10,000 ounces per year. The project, located just 5 kilometers from Flin Flon, benefits from existing infrastructure including a mill and tailings facility currently on care and maintenance. Historic work from 1989 outlined a resource of approximately 150,000 ounces.The company's uranium portfolio is anchored by the Duddridge Lake deposit, Saskatchewan's most southerly uranium deposit, acquired during the post-Fukushima uranium bear market. The project hosts a modest resource that remains open for expansion.Operating as a prospect generator, Searchlight aims to minimize shareholder dilution while advancing multiple projects simultaneously. The company maintains a low burn rate with just two key personnel, who are also major shareholders. Currently, Searchlight is in discussions with three different groups regarding their gold and uranium properties.The prospect generator model allows Searchlight to leverage its technical expertise in acquiring prospective ground, then seek larger partners to fund development in exchange for project interest. This approach provides investors with exposure to multiple commodities and discovery opportunities while managing exploration risk.With properties secured in one of the world's top mining jurisdictions, existing infrastructure advantages, and multiple pathways to value creation, Searchlight offers investors a unique opportunity to participate in Saskatchewan's resource sector resurgence.View Searchlight Resources' company profile: https://www.cruxinvestor.com/companies/searchlight-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Rajesh Sharma, President & CEO of Fancamp Exloration Ltd.Recording date: 8th January 2025Fancamp Exploration, a Canadian mineral exploration company, stands out in the junior mining sector with its robust financial position and diverse asset portfolio. The company currently maintains over $20 million in cash and marketable securities against a market capitalization of $17-18 million, effectively trading at a discount to its liquid assets.A cornerstone of Fancamp's portfolio is its 2.7 million share position in Champion Iron, valued at $15-17 million. The company has also secured a strategic position in the Ring of Fire region through a convertible debt instrument with KWG Resources, which earns 6% interest and can convert into a 10% equity stake, along with a 2% NSR royalty.In the critical metals space, Fancamp holds a 96% stake in The Magpie Mines Inc., which hosts what the U.S. Geological Survey recognizes as one of the world's largest undeveloped hard rock titanium deposits. This position aligns well with growing demand for titanium in aerospace, defense, and electronics applications.The company's recent focus has turned to copper-gold exploration in New Brunswick, where it has established a joint venture with Lode Gold Resources. This project is strategically located near Puma Exploration's property, where Kinross Gold has committed to invest $15-20 million in exploration. Fancamp has already raised $4 million in early 2024 to advance this initiative.Under CEO Rajesh Sharma's leadership, Fancamp has adopted a long-term value creation strategy, differentiating itself from peers who focus on short-term market movements. The management team and directors demonstrate their commitment through significant insider ownership, holding 24% of the company's shares.Fancamp's business model combines direct project ownership with equity investments and royalty interests, creating multiple potential value drivers. The company has structured its portfolio to maintain exposure to both precious and critical metals, positioning itself to benefit from growing demand in these sectors.With its strong balance sheet, diverse asset base, and experienced management team, Fancamp offers investors exposure to both established mining operations through its investments and exploration upside through its project portfolio. The company's focus on methodical development and strategic partnerships suggests a measured approach to creating shareholder value in the junior mining sector.View Fancamp Exploration's company profile: https://www.cruxinvestor.com/companies/fancamp-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Blondal, CEO at Nano One Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/nano-one-materials-tsxnano-disrupting-global-cathode-production-with-modular-plant-strategy-6413Recording date: 9th January 2025Nano One Materials Corp (TSX: NANO) is a Canadian clean technology company that is revolutionizing the production of cathode active materials for lithium-ion batteries. Their patented "one-pot" process offers significant reductions in cost, energy usage, and environmental impact compared to existing production methods. With applications in electric vehicles, energy storage systems, and consumer electronics, Nano One is positioned to play a critical role in the rapidly growing battery market.China currently dominates the lithium iron phosphate (LFP) battery material market, producing around 99% of global supply. However, recent Chinese export restrictions on LFP processing technology have highlighted the risks of over-reliance on Chinese supply chains. This policy shift has created an urgent need for alternative LFP production methods and supply chains outside of China.Nano One's technology and licensing strategy is ideally suited to address this need. The company's one-pot process is decoupled from China's supply chains and provides a cleaner, more cost-effective production solution. With 48 global patents and a waste-free process, Nano One's technology is immune to China's trade and technology controls. This positions the company to enable localized LFP production and help battery manufacturers de-risk their supply chains.The company has already proven the scalability of its technology with a pilot demonstration facility in Quebec - the only one of its kind outside Asia. Nano One has garnered support from the governments of Canada, the U.S., British Columbia, and Quebec, along with strategic investments and collaborations with major players such as Rio Tinto, Sumitomo Metal Mining, and engineering firm Worley.As CEO Dan Blondal explains, "We were already doing everything to decouple from China anyways. But what [China's policy] does do is it changes really the appetite, the impetus and the speed at which our potential customers want to move." The current geopolitical tensions are expected to accelerate the adoption of Nano One's technology, as battery and car makers seek secure, domestic supply chains for critical battery materials.Nano One's value proposition is not only geopolitically relevant but also economically compelling. The company's one-pot process provides an estimated 30% reduction in capital and operating costs and uses 80% less energy than traditional methods. While near-term margins may be higher due to supply chain disruptions, the long-term competitiveness of Nano One's technology lies in its ability to enable high-volume, low-cost LFP production.Investors have a timely opportunity to gain exposure to the burgeoning LFP battery market through Nano One Materials. The company's innovative technology, strategic partnerships, and strong government support position it as a key player in the global transition towards localized, sustainable battery production. As the world seeks to reduce its dependence on Chinese supply chains, Nano One is poised to play a pivotal role in shaping the future of the lithium-ion battery industry.—View Nano One Materials' company profile: https://www.cruxinvestor.com/companies/nano-one-materialsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jay Chmelauskas, President & CEO of Camino Minerals Corp.Recording date: 8th January 2025Camino Minerals is advancing its copper portfolio through a strategic acquisition in Chile while pursuing exploration success in Peru. The company has announced the acquisition of the fully permitted Puquios copper project in Chile through a 50/50 partnership with Nittetsu Mining, where Nittetsu will contribute cash for their half while Camino will pay in shares.The Puquios project is positioned for near-term production, with a timeline of 2-3 years from purchase to first copper output. The project will require 6-12 months for debt financing followed by a 24-30 month construction period. Based on historical definitive feasibility study work, Puquios is expected to produce 9,000 tonnes of copper per annum over a 10-14 year mine life, utilizing SX-EW processing to mine an enriched chalcocite-oxide resource.The project's development is significantly de-risked through the partnership with Nittetsu Mining, who will take over as operator once a production decision is made. Nittetsu brings valuable operational synergies, as they are currently building their own $400M copper mine just 50 kilometers from Puquios.In parallel, Camino is advancing its Los Chapitos copper project in Peru, where Nittetsu has already invested $7 million to earn a 35% stake. The company plans to resume drilling in January, targeting 11 high-priority targets. The property shows significant exploration potential, with two major deep-seated structures identified across its 12-kilometer length. The project's prospects have been further validated by mining giant Rio Tinto's recent staking of ground along the same structural extensions.CEO Jay Chmelauskas, who is personally taking a 10% stake in the company's current financing round, sees significant opportunity in the copper market. The company is positioning itself to capitalize on projected copper supply deficits driven by increasing demand from electric vehicles and renewable energy infrastructure.Puquios offers expansion potential beyond its initial mine plan, with a substantial sulphide deposit beneath the oxide resource that could be exploited through new leaching technologies. The company is also exploring opportunities to incorporate mineralization from local Chilean miners to extend the mine life.The project benefits from its location in Chile's copper-rich Antofagasta region, with excellent access to power, water, and transport infrastructure. With DFS updates expected by January 2025, Camino is on track to potentially begin construction in 2026, targeting first production by late 2027 or early 2028.View Camino Minerals' company profile: https://www.cruxinvestor.com/companies/camino-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Shane Williams, President & CEO of West Red Lake Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsvxwrlg-nears-2025-production-at-flagship-madsen-gold-project-6485Recording date: 7th January 2025West Red Lake Gold Mines (WRLG) offers a rare and attractive investment opportunity as a near-term gold producer with a clear path to low-cost, high-margin production. The company's flagship Madsen Mine in the world-class Red Lake district of Ontario, Canada is on track to pour first gold in mid-2025 based on a recently completed pre-feasibility study (PFS). At a conservative gold price of US$2200 per ounce, the PFS demonstrates exceptional economics including an after-tax NPV5% of $315 million, average annual free cash flow of $70 million, and a rapid payback driven by a robust 255% IRR.One of the key differentiators for the Madsen project is the substantial infrastructure already in place. Previous operators invested over $450 million in underground development, a 600 tonne per day mill, and surface facilities prior to West Red Lake Gold's acquisition. As a result, the remaining capital to first production is estimated at only $95 million, a fraction of what comparable stand-alone development projects require. This unique aspect significantly de-risks the project from a financing standpoint and translates to a much quicker path to positive cash flow for investors.West Red Lake Gold Mines' management team has taken a disciplined and pragmatic approach to advancing the asset. Over the past 18 months, the company has effectively been operating in a pre-production environment, putting all the necessary systems and processes in place to ensure a smooth transition to commercial operation. The team's focus on operational readiness and proactive de-risking initiatives such as test mining, bulk sampling, and detailed definition drilling set West Red Lake Gold apart from many of its junior mining peers.While the PFS outlines an initial seven-year mine life at an average production rate of 67,500 ounces per annum, this only scratches the surface of the geological potential at Madsen. The mine plan is confined to three main zones near existing infrastructure and does not include a number of high-grade satellite deposits or the deeper 8 Zone which management views as a potential game changer. These areas offer ample opportunity to both expand the production profile and extend the mine life in the years ahead.West Red Lake Gold's strategic focus is on margin over volume. With all-in sustaining costs estimated at $1100 per ounce, Madsen is expected to generate robust 57% operating margins at current gold prices. Management sees tremendous opportunity to drive margin expansion over time by blending in high-grade feed from the 8 Zone and selectively toll milling ore from satellite deposits like the Rowan target which grades over 10 g/t gold. The company is also evaluating the use of ore sorting technology which has the potential to significantly upgrade head grades while reducing material movement and processing costs.The macro backdrop for gold is increasingly constructive. A faltering global economy, persistent inflation, and a reversal in the US dollar and real interest rate cycle are all supportive of higher bullion prices going forward. At the same time, the gold industry is facing a dearth of new development projects due to a lack of new discoveries, ESG permitting challenges, and inflationary capital pressures. Against this backdrop, West Red Lake Gold Mines represents a scarce and timely investment opportunity - a high-margin, fully-permitted development asset in a tier-one jurisdiction with a clear path to near-term cash flow.—Learn more: https://cruxinvestor.com/companies/west-red-lake-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Bo Sears, CEO of Helix ExplorationOur previous interview: https://www.cruxinvestor.com/posts/helix-exploration-lsehex-drilling-for-helium-to-commence-in-montana-targets-production-by-2025-5753Recording date: 7th January 2025Helix Exploration is positioning itself as a pure-play helium producer at a time when the market faces critical supply constraints. The company recently acquired a helium processing plant for $500,000, representing a significant discount to the $4 million cost of building a new facility.The company's flagship Rudyard field in Montana has proven reserves of at least 300 million cubic feet of helium, valued at approximately $200 million at current market prices of $400-500 per thousand cubic feet (mcf). This valuation starkly contrasts the company's current market capitalization of £20 million. The field's production features a commercially attractive helium concentration of 1.1%, with inert nitrogen balance, simplifying the processing requirements.Helix plans to bring its first well into production by mid-summer 2025, with the recently acquired pressure swing adsorption (PSA) plant being relocated to Montana. The company also plans to drill 2-3 additional wells in 2025, each costing $1.2 million to drill and complete.The broader helium market context makes this development particularly timely. Helium is a critical, non-substitutable element for high-tech manufacturing, particularly in semiconductor production and MRI machines. Over the past two decades, the market has experienced several severe shortages, with prices spiking to $1,000/mcf during supply constraints.Current market dynamics suggest these supply challenges may intensify. Major industrial gas companies, which historically controlled helium production as a byproduct of natural gas operations, are already operating at maximum capacity. Meanwhile, Russia's exclusion from Western markets has removed a significant supply source, while Algeria and Qatar remain the primary international producers.The U.S. CHIPS Act is expected to drive increased domestic demand as new semiconductor manufacturing facilities are built. These facilities require substantial helium volumes for silicon wafer production, adding pressure to an already constrained market.CEO Bo Sears said, "Without helium, we are living in the Stone Age. It is so valuable in chip manufacturing and in MRI scanners. The high-tech list goes on and on." The company's strategic advantage lies in its focus on primary helium production, rather than helium as a byproduct, and its ability to scale production through its modular PSA plant design.This combination of proven reserves, near-term production capability, and favorable market dynamics positions Helix to capitalize on the growing demand for domestic helium supply in an undersupplied market.View Helix Exploration's company profile: https://www.cruxinvestor.com/companies/helix-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, CEO and President of Marimaca Copper CorpOur previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-acquisition-increases-copper-resource-6061Recording date: 31st of December, 2024Marimaca Copper has made a significant high-grade copper discovery at its Pampa Medina project in northern Chile, marking a potential game-changer for the company's growth trajectory. The discovery hole, located 400 meters north of the historical resource, revealed impressive grades including 0.5% copper over 400 meters, with higher-grade zones of 1% copper over 100 meters, and notably, a 20-meter interval grading over 5% copper.The Pampa Medina discovery is part of an emerging copper belt, situated just 20 kilometers from Antofagasta Minerals' major Cachorro discovery. The proximity and geological similarities to Cachorro suggest significant potential for the region. Marimaca has strategically consolidated its land position in the area, recently securing the Madrugador land package south of Pampa Medina for $12 million over five years.The company plans to integrate Pampa Medina into its broader development strategy, with the potential to increase production by at least 50% over a minimum 10-year period. The project's shallow, leachable oxide characteristics make it particularly attractive for development alongside the company's flagship Marimaca oxide project.Looking ahead to 2025, Marimaca will pursue a dual-track strategy: advancing the Marimaca oxide project toward production while aggressively exploring Pampa Medina. The company plans to invest in a 10,000-12,000 meter drilling program at Pampa Medina, starting January 2025, to follow up on the discovery and test extensions in all directions.In 2024, the company achieved several key milestones, including strengthening its balance sheet with a new strategic investor, expanding its technical team with experienced professionals from Capstone Copper, and submitting the environmental permit application for the Marimaca oxide project.CEO Hayden Locke remains optimistic about copper's long-term prospects, particularly due to growing electricity demand and the necessary global grid infrastructure upgrades. Despite near-term economic uncertainties, he sees strong fundamentals supporting copper prices, driven by electrification needs rather than just energy transition demands.The company envisions developing a centralized processing hub at the Marimaca project, which could potentially serve multiple deposits in the region, including Pampa Medina. This hub-and-spoke approach could optimize infrastructure usage and improve the economics of developing lower-grade deposits in the area.With an experienced management team, strengthened balance sheet, and clear development strategy, Marimaca Copper is positioning itself as a significant player in Chile's copper sector, focusing on both near-term production and long-term growth through exploration success.Learn more: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power NickelOur previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-unearthing-a-high-grade-polymetallic-gem-in-quebecs-james-bay-region-5925Recording date: 19th December 2024Power Nickel (TSXV:PNPN) has electrified the market with a major new nickel-copper-PGM discovery at its NISK project in Quebec. The company was originally exploring NISK for its high-grade nickel potential, but a wild step-out hole 5.5 km away hit a massive sulfide zone grading 1.5% copper and nearly 1 oz/ton platinum group metals (PGMs) over 8 meters. Subsequent drilling has traced this Lion Zone over 500 meters of strike length and to 500-600 meter depth, with exceptional grades of up to 7% copper equivalent over significant widths.CEO Terry Lynch believes they are just scratching the surface of a large mineralized system. "For every ton of copper sulfide you find, you find between 2-7 tons of nickel sulfides underneath, with an average of around five," he explained in a recent interview. "If we find 10, 15, 20 million tons of copper sulfide, ordinarily one would expect somewhere between 40 to 100 million tons of nickel sulfide. It's going to be big."Power Nickel already has an estimated 5-7 million tons grading 5-7% copper equivalent at Lion based on about 10,000 meters of drilling. The current 30,000 meter program aims to triple that to 15-20 million tons in 2025. Three drill rigs are turning now with a steady flow of assay results expected to start in January.The company is well funded after raising C$20 million in a financing anchored by mining magnate Robert Friedland and other billionaire backers including Rob McEwen. Power Nickel has also seen strong interest from major mining companies who are eager to secure new supplies of critical minerals like nickel and copper.Metallurgical studies are a key focus for 2025 to determine the best way to economically recover all the valuable metals in this polymetallic deposit. CEO Lynch is optimistic they can achieve good recoveries based on discussions with Friedland who has extensive experience with similar deposits in South Africa.The blue sky potential for Power Nickel is to have a world-class discovery on its hands, in the same league as giant camps like Norilsk, Voisey's Bay or Sudbury. Even at this relatively early stage, analysts ascribe a value of roughly C$100 million to the Lion Zone discovery. Lynch sees potential for a 10-bagger or more. "All great deposits get paid and this will be a great deposit," he affirmed. "Our shareholders will get what they deserve."With a monster discovery shaping up, a strong Quebec address, and lots of news flow on tap, Power Nickel has all the ingredients to charge up your mining portfolio. Drill results and metallurgy news in 2025 could provide the jolt to power shares significantly higher.

Interview with Andrew Thomson, President & CEO of Palamina Corp.Recording date: 20th December 2024Palamina Corp (TSXV:PA), a Canadian junior mining company, is focused on making significant gold discoveries in Peru's under-explored Puno Orogenic Belt. The company has recently completed a 2,300m drill program at its flagship Usicayos project, where it encountered high-grade gold intercepts of up to 24 g/t.Led by President Andrew Thompson, an entrepreneurial geologist who has successfully sold eight companies including Soltoro Ltd. to Agnico Eagle, Palamina benefits from a highly experienced management team. The company has strategically assembled a large land package comprising seven gold and copper-silver exploration projects in the Puno Belt, an area attracting increasing interest from major mining companies.The company's recent progress includes constructing a new access road to the Usicayos project, which is expected to help reduce drilling costs to $300/m compared to the $600/m average in Nevada. This cost advantage positions Palamina to accelerate its resource definition efforts when drilling resumes in 2025.Beyond its gold assets, Palamina is developing a significant copper-silver portfolio. The company plans to spin these assets into a separate subsidiary to maximize shareholder value. A key asset in this portfolio is the Pluma project, acquired from Aurania Resources in September 2024, which lies along trend from copper-silver deposits being explored by Hannan Metals.The company also holds strategic land positions in the Santa Lucia district, near Aftermath Silver's Berenguela copper-silver project. This district has attracted significant investment from major mining companies and could provide additional value through discovery or strategic partnerships.Palamina's investment case is strengthened by its tight share structure and the backing of prominent resource investor Eric Sprott, who owns 12.3% of the company. With a market capitalization below C$11 million, the company appears undervalued relative to its asset portfolio and upcoming catalysts.Near-term catalysts include ongoing drill results from both the Usicayos project and its 15.4%-owned Gaban project being advanced by Winshear Gold. The company is also positioned to benefit from potential copper-silver discoveries by other companies in the district.Operating in Peru, Palamina benefits from the country's supportive stance toward mining and recently streamlined permitting processes. With no national elections until 2026, the company enjoys a stable operating environment to advance its projects. Despite the current challenging market for junior miners, Palamina's strategic position in an emerging mineral belt, combined with its experienced management and strong financial backing, presents an interesting opportunity for investors seeking exposure to both precious and base metals.