Company Interviews

Interview with Tim Harrison, Managing Director of Ionic Rare EarthsOur previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earths-asxixr-low-cost-high-margin-magnet-recycling-play-6278Recording date: 10th December 2024Australia-listed Ionic Rare Earths Limited (IRE) is making significant strides in its magnet and heavy rare earths recycling project in Belfast, Northern Ireland. The company expects to receive substantial support from the UK government in the form of grant funding in Q1 2025, following the successful completion of a feasibility study.IRE's Belfast plant is set to provide the UK with sovereign capability for magnet rare earths, which are crucial components in the electric motors used in EVs and wind turbines. By securing a domestic source of these critical materials, the project aims to support the UK's automotive sector, which employs around one million people.The UK government has recognized the strategic importance of the project and has already provided £5 million in grants and commitments to date. The upcoming grant allocation, part of the £850 million Automotive Transformation Fund, is expected to be a significant cornerstone commitment towards the £85 million capital expenditure required for the commercial plant.IRE's strategy involves leveraging its intellectual property and process design expertise to partner with industry players and investors, minimizing its own capital requirements. The company has demonstrated its recycling technology at pilot scale and is in discussions with strategic investors and potential offtake partners.To expand globally at a lower cost, IRE is pursuing a licensing model, partnering with local companies to establish joint venture facilities. The company has already formed a joint venture in Brazil called Viridion, which plans to build rare earths recycling capacity and a refinery to process mixed rare earth carbonate from its Colossus project.One of the key advantages of IRE's magnet recycling business model is its potential for growth. As rare earth magnet production increases to meet the growing demand from EVs and wind power, the amount of scrap and waste material available for recycling will also increase, providing a steady feedstock for IRE's plants.The outlook for magnet rare earths is strong, driven by the global shift towards electric vehicles and renewable energy. As countries and automakers set ambitious targets for EV adoption and the expansion of wind power, the demand for magnet rare earths is expected to soar. Recycling offers a sustainable and geopolitically secure alternative to traditional mining, and IRE is well-positioned to capitalize on this growing market opportunity.View Ionic Rare Earth's company profile: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President & CEO of Energy FuelsOur previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-base-resources-acquisition-approved-5897Recording date: 6th of December, 2024Energy Fuels (NYSE: UUUU), a leading U.S. uranium producer, has received significant news with the Madagascar government lifting a five-year suspension on its Toliara heavy mineral sands project. This development marks a major milestone in the company's strategy to build a critical minerals hub around its core uranium business.The Toliara project, acquired through the purchase of Base Resources in October 2024, is described by CEO Mark Chalmers as a "world-class, low-cost, world-scale heavy mineral sand project with millions of tons of monazite." The company plans to begin a 14-month final investment decision process, with potential construction starting in early 2026 and production targeted for 2028.While diversifying into critical minerals, Energy Fuels maintains its position as the largest uranium producer in the United States. The company operates multiple mines, including Pinyon Plain and La Sal, with plans to restart the Whirlwind mine in spring 2025. Its White Mesa Mill in Utah currently has approximately one million pounds of uranium in its processing pipeline.The company's financial position remains strong, with $180 million in working capital and zero debt. Energy Fuels has already sold 450,000 pounds of uranium in 2024 at an average price of $84 per pound, with only 300,000 pounds committed for 2025, providing exposure to potential price increases.In the broader uranium market, Chalmers notes that while current prices in the high $70s per pound are sufficient for existing projects with paid-off capital costs, the market needs to consider a "fully-loaded" price that accounts for finding, permitting, building, and operating new projects. This suggests potential upward pressure on uranium prices to incentivize new supply.The company's strategic positioning aligns with increasing U.S. focus on domestic critical minerals production. While not currently relying on government funding, Energy Fuels is positioning itself for potential large-scale support, with Chalmers indicating future funding requests could be in the billions rather than millions of dollars.The scale of the challenge in domestic uranium production is significant. With U.S. annual uranium consumption at 45 million pounds, Chalmers provides perspective on production targets: "To get up to about 5 million pounds of uranium is a big step for the sector in the United States. To get to 10 is a huge step... that's not going to happen anytime soon."Energy Fuels' combination of operational uranium assets, critical minerals development, and strong balance sheet positions it as a key player in the U.S. strategic minerals sector, with multiple catalysts for growth ahead.Learn more: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Interview with Farhad Abasov, Director & Chairman of Millenial PotashRecording date: 6th December 2024Millennial Potash (TSX-V:MLP), a Canadian junior mining company, is quickly advancing its world-class Banio potash project in Gabon, West Africa. With a massive indicated and inferred resource of 1.7 billion tons from just two drill holes, the project boasts immense upside potential as it covers only 2% of the property's total area.What sets Banio apart is its potential to become one of the world's lowest-cost potash producers. The preliminary economic assessment outlines impressive economics, with operating costs estimated at $61 per ton – significantly lower than the $90-100 per ton range of the largest producers in Canada and Russia. The project's thick, high-grade potash seams, proximity to coastal ports, and access to low-cost natural gas all contribute to its competitive cost structure.Millennial Potash is fast-tracking Banio's development, aiming to complete a definitive feasibility study and secure environmental permitting by the end of 2025. To de-risk the project, the company is employing a dual-track approach: preparing for mine construction while simultaneously engaging potential strategic investors and acquirers. The near-term goal is to secure a significant strategic investment to fund the feasibility study, which could come from a private equity group, development finance institution, or off-taker.The company is led by a highly experienced management team with a proven track record of successfully developing and monetizing potash and lithium assets. Chairman Farhad Abasov and the core team have worked together for 17 years, delivering impressive returns for shareholders. Their expertise in efficiently advancing projects, demonstrating value, and negotiating favorable exit transactions positions Millennial Potash for success.Gabon's mining-friendly jurisdiction and geopolitical neutrality provide Millennial Potash with flexibility in choosing financial and strategic partners from both Western and Eastern countries. The government has shown strong support for the Banio project, with the President himself visiting the site.As global food demand rises, driven by population growth and changing diets in developing countries, the long-term outlook for potash remains robust. Millennial Potash is well-positioned to capitalize on this opportunity with its large, low-cost asset in a stable jurisdiction. Learn more: https://www.cruxinvestor.com/companies/millennial-potash-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Gregory Martyr, Executive Chairman of Capital Metals PLCOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-aimcmet-high-grade-mineral-sands-projects-path-to-production-5632Recording date: 5th December 2024Capital Metals is making significant progress on its Eastern Minerals project in Sri Lanka, which stands out as one of the highest-grade undeveloped mineral sands projects globally. The project boasts an impressive resource of 17.2 million tons at 17.6% heavy minerals, significantly above industry averages.The company has recently revised its development strategy to accelerate the path to production, implementing a reduced capital expenditure plan that targets first production in the first half of 2026. The initial Stage 1 development requires a modest capital investment of US$20.9 million, with construction expected to take just 9-12 months once the final investment decision is made in Q2 2025.The project's economics are particularly attractive, with payback anticipated in less than one year of production. The processing method is straightforward, utilizing simple gravity separation and water, without the need for complex chemical processes. This simplicity contributes to the project's low operating costs, further enhanced by the near-surface nature of the mineralization and minimal strip ratios.Financing discussions are progressing well, with the company pursuing offtake-linked arrangements. Capital Metals is targeting US$10 million in pre-payments from potential customers, representing less than half of the total required capital expenditure. Importantly, the company does not anticipate needing to issue equity to fund the initial development.The project is fully permitted, with an approved Environmental Impact Assessment and two mining licenses in place. Recent political changes in Sri Lanka have created a more favorable operating environment, with a new pro-business, anti-corruption government taking office.Significant upside potential exists beyond the current resource. The company believes it can at least double the resource size through upcoming drilling campaigns, with early exploration work indicating mineralization extends well below the water table. Additionally, lowering the cut-off grade from 5% to 2% could substantially increase the resource while maintaining attractive margins.The current project valuation shows considerable upside, with an estimated NPV per share of 36 pence compared to the current share price of around 2 pence. Despite current cyclical weakness in mineral sands prices, the project's high-grade nature positions it in the lowest cost quartile of global producers, ensuring strong margins even in challenging market conditions. As the mineral sands market faces potential supply challenges in the coming years, Capital Metals appears well-positioned to help fill this gap with its high-grade, low-cost operation.View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Gavin Ferrar, CEO of Central Asia Metals PLCRecording date: 4th December 2024Central Asia Metals (LSE:CAML) offers investors a compelling opportunity in the base metals space. The company owns two low-cost, cash-generating assets: the Kounrad dump leach copper project in Kazakhstan and the Sasa lead-zinc mine in North Macedonia.Kounrad is a unique operation that reprocesses old Soviet-era waste dumps to extract copper. This allows CAML to produce copper at industry-leading costs, with a remarkable 72% EBITDA margin. The asset is expected to continue producing 13,000-14,000 tonnes of copper cathode annually until 2034.In 2017, CAML diversified its portfolio by acquiring the Sasa underground mine for $400 million. Sasa provides a steady stream of lead and zinc production, with the concentrates sold to nearby European smelters. This geographic advantage reduces logistics risks and costs compared to mines selling to Asian markets.CAML's strong financial position is a key differentiator. The company has $56.3 million in cash, no debt, and generates free cash flow around $30 million for the first half of the year. This allows CAML to fund growth initiatives while returning cash to shareholders through a generous dividend policy. The current dividend yield stands at an attractive 12%.Management is focused on growth through disciplined acquisitions. CEO Gavin Ferrar and his team are actively seeking opportunities to add assets that can contribute $50 million in EBITDA. While they have reviewed numerous projects, they remain selective to ensure any deal meets their strict investment criteria. CAML's technical expertise and strong industry relationships give them an edge in identifying and executing on the right growth opportunity. With a supportive shareholder base and ample financial firepower, the company is well-positioned to create value through accretive acquisitions.Operationally, CAML is implementing initiatives to future-proof its assets and maintain its cost advantages. At Sasa, new mining methods and tailings management practices are being introduced to improve efficiency and reduce environmental risks. Kounrad continues to deliver steady, low-cost production.The outlook for base metals, particularly copper and zinc, remains favorable. Copper is a critical component in the global transition to clean energy, while zinc benefits from steady demand in the steel and construction industries. CAML's portfolio provides direct exposure to these positive demand drivers.In summary, Central Asia Metals presents a balanced investment proposition. The company's existing assets generate strong cash flows and industry-leading margins. Management's disciplined growth strategy and operational excellence initiatives offer additional upside potential. With an attractive dividend yield and exposure to key base metals, CAML is a compelling consideration for investors seeking both income and growth in the mining sector.

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-upcoming-mre-and-pea-for-high-grade-perron-gold-project-in-quebec-5492Recording date: 5th December 2024Amex Exploration (AMX) is advancing a standout high-grade gold project in the prolific Abitibi region of Quebec, Canada that boasts robust economics, significant exploration upside, and a clear path to production.The recently published Preliminary Economic Assessment (PEA) highlights the project's potential to be a profitable standalone mine, with 594,100 of measured and indicated ounces of gold at 4.28 g/t and 1,049,650 of inferred ounces at 3.80 g/t. The unique combination of size and grade enables a low-capex, high-margin operation, with initial capex estimated at just $230 million and life-of-mine all-in sustaining costs (AISC) at $807 per ounce.The PEA outlines robust project economics including an average annual production of 124,000 ounces of gold for years 1-5 of a 10 year life of mine. At $2,000 gold, the after-tax IRR is 40.2% with a quick 1.8 year payback. The project boasts a $133 million in average annual free cash flow, or $1.33 billion over the life of mine.While the PEA is already attractive, Amex sees potential to further enhance economics through near-term exploration. The deposit remains open in all directions and Amex plans to ramp up drilling in 2025 to grow the resource, targeting areas within the current resource that have seen limited drilling to date. CEO Victor Cantore believes this offers the best return for shareholders, stating he "would love to put out a new PEA and resource in late 2025" and that he'd "rather spend $6-7 million finding new zones, finding another high grade zone" as that's "how you're enhancing value for shareholders."In parallel, Amex is advancing permitting and environmental baseline work to further de-risk the project. The permitting process in Quebec typically takes 2-3 years, putting Amex on track for a production decision by late 2025.With its high-grade resource, robust economics, exploration upside, and visibility to production, Amex stands out in a market where profitable ounces are increasingly scarce. The Abitibi region's world-class infrastructure, skilled labor, and low-cost renewable power further strengthen the investment case. As gold miners contend with rising costs and grades, Amex is well-positioned to attract investor interest and surface shareholder value.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Roosen, Founder & CEO of Osisko Development Corp.Our previous interview: https://www.cruxinvestor.com/posts/osisko-development-tsxvodv-advancing-canadas-high-grade-cariboo-gold-project-towards-production-5980Recording date: 5th December 2024Osisko Development, led by renowned mining entrepreneur Sean Roosen, is focused on advancing its flagship Cariboo Gold Project in central British Columbia towards production. With key permits in hand, a strong treasury, and a robust resource base, Osisko believes Cariboo has the potential to become a high-margin, long-life mining district producing around 200,000 ounces of gold per year with significant expansion potential.One of the most important recent milestones was the receipt of the Cariboo mine permit in late 2024 after nearly five years in the permitting process. Osisko was the first company to go through BC's new streamlined permitting system. With permits for mine construction and operation secured, Osisko can move forward with development, including underground drilling to expand and upgrade the deposit.Osisko is well-funded to advance Cariboo after closing a US$92 million (C$130 million) financing in that was nearly 100% oversubscribed. The company now has approximately US$140 million in the bank. CEO Sean Roosen believes Osisko is in a unique position with permits, capital, and a large gold resource in hand.The current Cariboo resource includes reserves of 2 million ounces grading 3.8 g/t gold, with an additional 3.3 million inferred resource ounces. A 2023 feasibility study outlined of up to 5,000 ton per day underground mine producing 194,000 ounces of gold annually at all-in sustaining costs of US$968 per ounce.However, Roosen sees much greater potential at Cariboo. He believes the project could host a series of deposits underpinning a major mining camp producing over 500,000 ounces per year from a central mill. The deposit remains open at depth and along a 4.4 km strike length, with reserves only extending to 350 meters depth so far.Osisko aims to prove the mining camp potential in the coming quarters through drilling and technical studies. If successful, Roosen believes Cariboo has the potential to underpin a mid-tier gold producer valued at a significant premium to Osisko's current C$300 million market capitalization."I believe that this is a mining camp," said Roosen. "If we were to get to 15,000 tons a day we would be in big mine country at 500,000 ounces a year plus. I think at the end of the day, we have the ability if we look at depth here, the first 4.4 km relatively low cost, we can add significant ounces. It's probably around $20-30 million per million ounces just to keep adding at depth and we can do that all the way down to 1,500 meters probably."Roosen is a proven mine-builder, having constructed and operated Canada's largest gold mine, Canadian Malartic, which produces over 700,000 ounces of gold annually. He aims to leverage that experience to build Cariboo into another major Canadian gold district.With a rising gold price, strong investor interest in gold equities, key permits, and a large resource, Osisko Development appears well-positioned to advance Cariboo and unlock the project's full potential in the coming years. Investors can look forward to a number of key catalysts, including an updated feasibility study and bulk sample results.View Osisko Development's company profile: https://www.cruxinvestor.com/companies/osisko-development

Interview with Dr. Mike Jones, MD of Impact Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/impact-minerals-asxipt-set-to-disrupt-hpa-market-with-innovative-low-cost-process-6189-0b382Recording date: 5th December 2024Impact Minerals (ASX:IPT) is advancing its Lake Hope high purity alumina (HPA) project in Western Australia, positioning itself to meet growing demand for this crucial material in the energy transition. HPA, which is aluminum oxide with at least 99.99% purity, is essential for LED lighting, lithium-ion batteries, and sapphire glass applications used in smartphones and military equipment.The Lake Hope project stands out for its remarkably simple mining approach. The resource consists of aluminous clay material located in a salt lake bed, requiring only shallow mining to a depth of 1-2 meters. This "dig and deliver" model eliminates the need for crushing or explosives, significantly reducing operational complexity and costs.The company plans to process the mined material at a facility in Perth, strategically located next to a hydrochloric acid plant. This proximity ensures ready access to key reagents, including hydrochloric acid and potassium hydroxide. Impact's team has developed an innovative processing circuit that addresses one of the main challenges in HPA production – acid consumption. Their solution cuts acid usage in half compared to competing projects, making the process more economical and sustainable.Preliminary economic assessments show promising results, with an estimated NPV exceeding A$1 billion, capital expenditure of A$250 million, and operating costs around US$4,000 per tonne of HPA. The company is progressing toward key milestones, including completion of a Pre-Feasibility Study in Q2 2025 and the commissioning of a pilot plant by mid-2025. The pilot facility will produce kilogram-scale quantities of HPA for potential customer testing.Looking ahead, Impact is considering various scale-up options, potentially targeting 10,000 tonnes per annum of HPA production. However, management is contemplating a staged approach, possibly building multiple smaller plants rather than one large facility, to manage technical risk and capital requirements effectively.The global HPA market, currently estimated at 70,000-80,000 tonnes annually, remains relatively opaque with only a handful of suppliers. Impact Minerals' success will depend on proving its technology, securing offtake agreements, and attracting capital investment. The situation mirrors the lithium market a decade ago, with rising demand but limited transparency in supply and pricing. Companies that can successfully navigate these challenges while maintaining cost discipline and meeting development timelines will be well-positioned to capture the growing market opportunity.View Impact Minerals' company profile: https://www.cruxinvestor.com/companies/impact-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Joanne Jobin, Principal & Founder of IR.INC & VID Media Inc and THE Mining Investment Event of the NorthRecording date: 3rd December 2024Since it's inception in 2022, THE Mining Investment Event of the North, hosted each June in Quebec City, has quickly becoming a must-attend conference for mining companies and investors worldwide. The event has seen impressive 150% growth in just a few short years, attracting a wide range of participants from major mining firms to qualified investors.One of the conference's main draws is the opportunity for investors to connect directly with a large number of prominent mining companies in a focused setting. Last year, 16 companies with billion-dollar-plus market caps presented on the main stage, and this year's lineup is shaping up to be even stronger. The conference has already confirmed 100 companies to present, and organizers expect to host 300 qualified investors from family offices, funds, and brokerage firms, primarily from the US and Europe.In addition to main stage presentations, the event provides ample opportunities for one-on-one meetings between investors and mining companies. Each company is given a private meeting room, allowing investors to easily move from one meeting to the next. The conference also fosters a strong sense of community through inclusive evening events, creating an atmosphere conducive to relationship building.The event's agenda is carefully crafted to address the most pressing issues and opportunities in the mining industry. With growing concerns around critical metals and the rapid expansion of green energy technologies, the conference has made these topics a central focus. This year's event will feature a dedicated Critical Metals Day, complete with expert speakers and panels on subjects like copper and transition energy metals.Sustainability and diversity are also core values for The Mining Investment Event Of The North. This year's conference will feature the first women's indigenous business panel, highlighting the important role of indigenous communities in the mining industry. The event also sponsors 50 students from across Canada to attend each year, providing valuable learning and networking opportunities for the next generation of mining professionals.As the Mining Investment Event continues to grow and evolve, it is cementing its position as a premier destination for mining companies and investors to connect, share knowledge, and drive the industry forward. With a strong focus on critical minerals, sustainability, and indigenous engagement, the conference is well-positioned to help shape the future of mining in Canada and beyond.

Interview with Dev Randhawa, Chairman & CEO of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-high-grade-discovery-strategic-spin-out-fuel-athabasca-basin-exploration-5715Recording date: 4th December 2024F3 Uranium (TSXV:FUU) announced a major milestone at its flagship JR Zone uranium project in Saskatchewan's Athabasca Basin, with recent drilling hitting 50% U3O8 grades over 4 meters. CEO Dev Randhawa called it "one of the best holes we've heard in a long time."The JR Zone discovery is 12 km from NextGen Energy's Arrow deposit and Fission Uranium's Triple R. Initial estimates suggest 20-25 million pounds of high-grade uranium. Randhawa believes JR Zone is part of a larger system, with high boron values indicating additional mineralization at depth. Proving up multiple pods could spark M&A interest.F3 is well-funded to explore this expansion potential, with $8 million to drill through spring and $18 million cash beyond that. The project's location provides key advantages. Nearby mills being considered by NextGen and Paladin Energy as well as a year-round access road make JR Zone's pounds more valuable in Randhawa's view.He sees high-grade deposits like JR Zone as critical to fill a projected supply deficit as nuclear power grows. Global uranium output has been stagnant since the 1970s as grades declined. With China alone expecting to need 100 million pounds per year by 2035, Randhawa believes "grade is king" and the Athabasca Basin is the world's premier uranium jurisdiction.While uranium markets have been depressed, Randhawa sees a perfect storm ahead. He argues the renewables game is up and nuclear offers an attractive baseload alternative. However, supply remains uncertain with political risks around major producers like Kazakhstan. "The industry could never handle a true sanction," he warned, noting 40% of global processing is done there.Randhawa expects uranium prices to react like a rubber band as catalysts emerge, creating opportunities for F3 Uranium. The company's strong financial position, high-grade discovery, strategic location, and experienced technical team make it well positioned to create value in an improving market.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com