Company Interviews

Interview with Robert Wrixon, Executive Director of Nordic ResourcesOur previous interview: https://www.cruxinvestor.com/posts/nordic-nickel-asxnnl-advancing-projects-in-finland-to-fill-nickel-supply-as-ev-boom-accelerates-5441Recording date: 4th December 2024Nordic Resources, a junior exploration company focused on copper and nickel in Finland's Central Lapland Greenstone Belt (CLGB), presents a compelling investment case for those seeking exposure to the burgeoning battery metals sector. With a vast land package of 240 sq km in a highly prospective yet underexplored region, Nordic is well positioned to make significant discoveries and help meet Europe's growing demand for critical raw materials.The company's flagship asset is the Hotinvaara deposit, where a maiden resource already positions Nordic as the owner of the largest undeveloped nickel-cobalt resource in the EU. Recent metallurgical test work has demonstrated the potential for Hotinvaara to produce a high-grade nickel concentrate at good recoveries, enhancing the project's economic viability. Over the next 12 months, Nordic plans to optimize these metallurgical parameters while completing a scoping study to establish preliminary project economics and position the asset for EU development funding.But the real blue sky potential lies in Nordic's extensive regional land package. With six additional exploration permits expected to be granted shortly, the company will control approximately 25 km of strike along the prospective eastern limb of the CLGB's Pulju belt. Nordic is employing a range of low-cost, systematic exploration techniques to identify and prioritize drill targets, including relogging of historic drill core, geochemical and geophysical data compilation, and structural analysis.This disciplined approach to exploration allows Nordic to rapidly advance its project pipeline and make new discoveries at a fraction of the cost of drilling. Importantly, the company is able to continue this critical work even in a challenging market environment. As Executive Director Robert Wrixon notes, "There's also no need to spend lots of money when you don't really need to and there's a clear path forward on what might sound a little bit boring like geophysics."Nordic is also actively pursuing strategic partnerships and alternative financing options to accelerate its exploration efforts. While such deals may result in some dilution, they would provide the capital necessary to undertake more aggressive programs such as deep drilling to test the full potential of the system. With its large, prospective land package in a Tier-1 jurisdiction, Nordic should be well placed to attract investment from larger players looking to secure future supplies of critical battery metals.The company is also positioning itself to benefit from emerging EU funding opportunities as the bloc looks to develop secure, domestic supplies of raw materials for its growing EV and battery storage industries. With its strategic location and significant resource base, Nordic is an attractive candidate for this type of development capital.In summary, Nordic Resources represents a unique investment opportunity in the battery metals space. With a large, highly prospective land package, a maiden nickel-cobalt resource, and a clear path to value creation, the company is well positioned to deliver shareholder returns as the EV revolution accelerates. As the saying goes, "the best place to find a new mine is near an existing one." In the mineral-rich CLGB of Finland, Nordic may be on the cusp of doing just that.View Nordic Resources' company profile: https://www.cruxinvestor.com/companies/nordic-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Caedmon Marriott, Managing Director of Western Mines GroupOur previous interview: https://www.cruxinvestor.com/posts/nickel-about-to-get-shoved-upwards-by-funds-4741Recording date: 4th of December, 2024Western Mines Group is making significant strides in developing its Mulga Tank nickel sulphide discovery in Western Australia, positioning itself to meet the growing demand for battery-grade nickel. Since its IPO in July 2021, the company has completed an extensive drilling campaign of 81 holes totaling 36,000 meters, revealing a substantial nickel sulphide system with dual potential for both large-scale and high-grade resources.The company's systematic exploration has confirmed Mulga Tank as a significant Type 2 disseminated nickel sulphide system, with potential to host 3 to 5 million tons of contained nickel. More importantly, recent drilling has yielded 23 intersections above 1% nickel, with grades reaching up to 4.5% in semi-massive sulphides, suggesting the presence of valuable high-grade zones within the broader system.Managing Director Caedmon Marriott highlights the significance of these high-grade findings, noting that if the company can prove up shallow pods of 30,000-50,000 tons of nickel at 1.5% to 2% grade in the top couple hundred meters, it could enable Western Mines to become a junior producer without requiring the substantial capital expenditure typically associated with large, low-grade operations.The Mulga Tank project, located under 60 meters of sand cover, had limited historical exploration despite 10 out of 12 previous holes intercepting nickel sulphide mineralization. Western Mines has invested approximately A$9 million in exploration to date, adopting a strategic approach that combines systematic step-out drilling with targeted infill drilling to define both the system's extent and high-grade zones.With a current market capitalization of $15 million, Western Mines sees significant upside potential as it advances toward resource definition and metallurgical studies. The company's focus on a stable, mining-friendly jurisdiction positions it favorably to meet growing demand for ESG-compliant nickel supply, particularly from the electric vehicle and renewable energy storage sectors.The project's advancement comes at a crucial time in the nickel market, where supply chain security and environmental compliance are becoming increasingly important. Unlike the majority of global nickel production from laterite deposits in countries like Indonesia and the Philippines, Mulga Tank represents a potential new source of sulphide nickel in a tier-one jurisdiction, addressing growing concerns about secure and environmentally responsible nickel supply for the battery sector.Learn more: https://www.cruxinvestor.com/companies/western-mines-groupSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Dachsel, SVP Capital Markets of Aris Mining Corp.Recording date: 3rd December 2024Aris Mining, a Canadian gold mining company, is positioned for significant expansion with plans to double its production within two years through a fully funded and permitted growth strategy. The company, formed in September 2022 through the merger of Gran Colombia Gold and Aris Gold, operates under the leadership of CEO Neil Woodyer, known for his successful track record of growing Endeavour Mining into a multi-billion dollar producer.The company's growth strategy centers on two key Colombian assets. The Segovia mine, recognized as the world's highest-grade underground gold mine with a reserve grade of 10.8 g/t Au, is undergoing a major expansion. The project will increase throughput from 2,000 to 3,000 tonnes per day by Q1 2025, boosting annual production to 300,000 ounces by 2026, up from 190,000 ounces in the last quarter. This expansion, costing just $15 million, is already more than 50% complete.Simultaneously, Aris is developing a new lower mine at its Marmato property, which will transform the operation into a modern, large-scale mine producing 162,000 ounces annually over a 20-year life span at an all-in sustaining cost of $1,200 per ounce. The company's long-term pipeline includes the high-grade Soto Norte project, which hosts 8.5 million ounces of gold at 5.5 g/t, potentially pushing total production beyond 500,000 ounces per year.Financially, Aris Mining maintains a solid position with $266 million in cash and $233 million in net debt following a recent $450 million senior notes issuance at 8% interest. The company's leverage ratio of 1.6x last twelve months EBITDA ($147 million) is expected to improve significantly as expansion projects come online, with analyst consensus forecasting EBITDA to exceed $300 million in 2025 and $500 million by 2026.Despite its strong growth prospects, Aris trades at a significant discount to peers, with a market capitalization of US$630 million representing just 4x projected 2025 EBITDA, compared to mid-tier peer multiples of 8-12x. This valuation gap could close as the company executes its growth strategy and benefits from favorable gold market conditions, supported by persistent inflation, geopolitical risks, and central bank buying.The company's low-cost operations, with all-in sustaining costs in the lowest industry quartile at approximately $1,200 per ounce, position it to benefit significantly from current gold prices around $2,500 per ounce, potentially driving substantial margin expansion and free cash flow generation as its growth projects come online.View Aris Mining's company profile: https://www.cruxinvestor.com/companies/aris-mining-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Doornbos, President & CEO of E3 Lithium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/e3-lithium-tsxvetl-pioneering-lithium-development-in-the-heart-of-canadas-energy-industry-5064Recording date: 2nd December 2024E3 Lithium represents a compelling opportunity in the North American critical minerals sector, developing what could become one of the region's largest lithium production facilities in Alberta, Canada. The company's Direct Lithium Extraction (DLE) project aims to begin production by 2027-2028, leveraging existing oil and gas infrastructure and strong government support.The company's resource base of 16 million tonnes of lithium carbonate equivalent (LCE) - five times larger than all other Canadian lithium resources combined - provides significant scale potential. E3 has adopted a phased development approach, initially targeting 10,000-12,000 tonnes annual production instead of the originally planned 32,000 tonnes, demonstrating prudent capital management and risk mitigation.Financial positioning is robust, with $23 million in cash and $37 million in federal and provincial grants secured. Importantly, the project qualifies for Canada's 30% Investment Tax Credit on capital expenditure, substantially reducing the financing burden. Operating costs are projected at $6,200 per tonne against current market prices of $10,000-12,000/tonne, suggesting healthy margins even in the current softer price environment.The company's DLE technology, under development since 2017, benefits from Alberta's established regulatory framework for resource extraction. Rather than facing traditional mining permits, the project falls under oil and gas regulations, potentially streamlining the development timeline.Strategic partnership potential is significant, with E3 actively engaging automotive, battery, oil and gas, and mining companies for project-level investment. Recent sector moves by major players like Rio Tinto's acquisition of Arcadium and General Motos (GM)'s investment in Thacker Pass validate growing institutional confidence in the lithium sector.Key investment considerations include:Scale Advantage: Largest measured and indicated lithium resource in Canada, supporting multiple potential projects.Strong Financial Position: Funding secured plus 30% Investment Tax Credit eligibility.Strategic Location: Established energy province with existing infrastructure.Technical De-risking: DLE technology validated since 2017 with demonstration plant pending.Market Position: Early mover potential in North American supply with multiple strategic partnership opportunities.The macro environment strongly supports domestic lithium development, driven by supply chain security concerns and growing Western emphasis on reducing dependency on Chinese processing capacity (currently 70-80% of battery-grade lithium). Government policy and funding support reflect lithium's critical mineral status.E3's approach of repurposing existing oil and gas infrastructure for critical mineral production could provide a template for future North American resource development. While market conditions remain challenging, the company's robust fundamentals and strategic positioning suggest potential for significant value creation as North American lithium supply chains develop.Management's focus on securing strategic partnerships at the project level rather than corporate equity investment demonstrates a commitment to minimizing dilution while maximizing long-term value potential. The phased development approach and strong government support provide multiple paths to value realization.View E3 Lithium's company profile: https://www.cruxinvestor.com/companies/e3-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Brett Heath, Director & CEO of Metalla Royalty & Streaming Ltd.Our previous interview: https://www.cruxinvestor.com/posts/metalla-royalty-tsxvmta-a-growing-precious-metals-and-copper-royalty-company-to-watch-for-5043Recording date: 3rd December 2024Metalla Royalty is a mining royalty company focused on gold, silver, and copper assets across the Americas and Australia. The company has built a portfolio of 101 assets through 32 transactions since 2016 and is entering a "harvesting phase" as many of its properties begin production. They expect to double their gold equivalent ounces production by 2025, with additional growth projected for 2026-2027.The company is now entering what CEO Brett Heath describes as a "harvesting phase" after years of aggressive portfolio building. Production forecasts highlight this transition, with Metalla expecting to double its output in 2025 compared to 2024 levels. By 2027, the company aims to achieve 8,000-10,000 gold equivalent ounces of annual production, with potential to double again within the following 2-3 years as key assets like Endeavor and Cote begin operations.A distinguishing feature of Metalla's strategy is its emphasis on long-term sustainability. The company's top 10 assets boast a combined reserve life exceeding 20 years, the highest among junior and mid-tier royalty companies. This extensive reserve life ensures consistent returns across various commodity price cycles and market conditions.Despite its impressive portfolio growth, Metalla continues to pursue expansion opportunities. The company has identified a sweet spot in the market, targeting transactions between $50-200 million – a range increasingly overlooked by larger industry players who focus on deals above $300 million. This positioning could enable Metalla to become a leading mid-tier royalty consolidator.The royalty and streaming business model offers investors a unique advantage in the precious metals sector. Unlike traditional mining companies, royalty firms provide upfront capital in exchange for rights to future metal production at preset prices, creating leveraged exposure to metal prices while avoiding operational risks and capital-intensive mining operations.With a current market capitalization of US$273 million, Metalla appears undervalued given its growth trajectory and high-quality asset base. The company's growth strategy aligns with industry trends, where mid-tier royalty companies are scaling up to attract institutional capital, with Heath noting that a $5 billion valuation is now necessary to draw significant investment from outside the sector.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jason Kosec, CEO of Integra ResourcesOur previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitn-starting-to-demonstrate-scale-and-margin-3882Recording date: 3rd of December, 2024Integra Resources has transformed its business model through the acquisition of the Florida Canyon gold mine in Nevada, positioning itself for significant growth in the gold mining sector. The acquisition makes Integra an immediate gold producer while providing a platform for expansion to over 250,000 ounces of annual production through a sequence of projects.Florida Canyon currently produces approximately 70,000 ounces of gold annually from oxide ores with a 7-year reserve life. Integra plans to invest $3.5 million in 2025 to optimize the operation through improved mining rates, recoveries, and costs. The company expects to produce 70-75,000 ounces in 2025 and will release an updated technical report and three-year guidance in early 2026.The company's growth strategy centers on developing the DeLamar project in Idaho as its next major asset. A feasibility study is in progress, incorporating 42 million tons of stockpiled oxide ore that is expected to boost annual production to 135-140,000 ounces and extend the mine life. Integra aims to begin the permitting process by the end of 2025, with a targeted two-year timeline. The company's management emphasizes that DeLamar's permitting should be straightforward given its brownfield status and absence of major environmental concerns.Further growth potential exists through the Nevada North project, which features a high resource conversion rate and could benefit from expedited permitting in Nevada. The company plans to advance long-lead items for this project as DeLamar development spending decreases.A key advantage of the Florida Canyon acquisition is that it enables Integra to self-fund its growth initiatives through operational cash flow, eliminating the need for frequent equity raises that typically burden development-stage mining companies. This financial independence is expected to help Integra achieve a valuation more in line with producing peers, potentially moving from its current 0.22x P/NAV multiple toward the 0.4-0.6x range typical of producers.The company's growth strategy aligns well with the current strong gold price environment, with gold trading around $2,500/oz in 2024. CEO Jason Kosec believes the company is positioned to unlock over a billion dollars in NAV at $2,000 gold as it executes its project sequence to reach its production target of 250,000 ounces per year.Learn more: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Neil Pettigrew, VP Exploration of GT Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/gt-resources-tsxvgt-strategic-position-in-critical-metals-exploration-with-glencore-backing-5954Recording date: 28th November 2024GT Resources (TSXV:GT) offers investors a compelling opportunity to gain exposure to the high-potential nickel and copper space via Canadian and Finland projects. The company's flagship asset is the Canalask nickel-copper project in Yukon. Located just off the Alaska Highway, Canalask is a high-grade magmatic sulfide system with similarities to world-class nickel camps like Norilsk and Voisey's Bay.The company recently completed its first drill program at Canalask in over 20 years, returning impressive intercepts like 2% nickel over 20-30 meter widths. VP Exploration Neil Pettigrew believes these high-grade footwall intercepts are indicative of a larger source in the main ultramafic intrusion that has yet to be drill-tested. A follow-up drill program is planned for 2025 to vector in on the location of potential massive sulfides.GT also owns 100% of the North Rock copper project in mining-friendly Ontario. North Rock features a 13 km trend of copper-bearing gabbros, with historic resources of 1 Mt at 1.2% Cu at the Beaver Pond zone. This includes a 10,000 tonne stockpile grading up to 8% Cu. Pettigrew sees potential for both bulk tonnage and high-grade mineralization at North Rock and is undertaking borehole geophysics to define targets for follow-up drilling.GT is led by a proven management team with multiple successes under their belts, including advancing the 90 Mt LK nickel project in Finland. The company is well-funded with over C$10 million in working capital and counts major miner Glencore as one of its largest shareholders. With a market capitalization of under C$25 million, GT is significantly undervalued relative to the quality and potential of its projects. Near-term catalysts include ongoing exploration results from both Canalask and North Rock, along with potential strategic interest given the scarcity of high-quality nickel and copper projects globally. As the electrification trend accelerates, GT Resources offers speculative investors a low-risk, high-reward way to play rising demand and prices for these critical metals.View GT Resources' company profile: https://www.cruxinvestor.com/companies/palladium-one-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp. Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxvff-key-catalysts-on-two-of-largest-underdeveloped-canadian-gold-projects-5978Recording date: 28th of November, 2024The gold mining sector presents what industry leaders describe as a "once in a generation" investment opportunity, particularly in the development space. While producing gold companies have seen their valuations soar, with gold prices maintaining levels well above $2,000 per ounce, development-stage companies with substantial resources remain significantly undervalued, creating a compelling entry point for investors.At the heart of this opportunity lies a critical supply-demand imbalance. Major gold producers are facing dwindling reserves, typically holding only 7-8 years of production in reserve, while the timeline to bring new mines into production has nearly doubled to 19.8 years. This creates urgent pressure for producers to acquire advanced-stage projects, particularly those that have navigated significant portions of the permitting process.First Mining Gold exemplifies this opportunity, controlling two projects exceeding 5 million ounces in premier Canadian jurisdictions - putting it in an elite group of only about 12 such projects globally that meet major mining companies' acquisition criteria. The company's Spring Pole project is among the most advanced large gold projects approaching environmental approval in Canada, with final approval targeted for the end of 2025.The company has demonstrated strong financial management, raising $60 million through non-core asset sales over five years while minimizing shareholder dilution. Spring Pole's economics are particularly attractive in the current gold price environment, with every $100 increase in gold price adding $250 million to the project's after-tax NPV. The company's second major asset, Duparquet, provides additional optionality through potential optimization and development scenarios.Historical precedent suggests significant upside potential - similar-sized projects have typically been acquired or funded at valuations exceeding $500 million once receiving environmental assessment approvals. First Mining Gold's current market valuation reflects the broader disconnect between producer and developer valuations, suggesting substantial room for value appreciation.The investment thesis is strengthened by several key factors:Strong gold price environment above $2,000/ozScarcity of large-scale projects in favorable jurisdictionsStrategic imperative for major producers to replace reservesAdvanced stage of permitting at Spring PoleDemonstrated ability to raise non-dilutive capitalMultiple paths to value creation across two major assetsAs First Mining's CEO Dan Wilton notes, "We're sitting today at a one in a generation discrepancy and dislocation between the value of producers and the value of developers, which is only going to get worse because the producers have by and large not been investing in increasing their own capacity."Learn more: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeffrey R. Wilson, President & CEO of Precipitate Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-tsxvprg-patient-explorer-poised-for-dominican-discovery-5892Recording date: 29th November 2024Precipitate Gold, a Canadian junior explorer, is poised to capitalize on the Dominican Republic's emerging mining sector. With a promising project portfolio, strategic partnerships, and a well-funded treasury, the company offers a compelling investment opportunity.Recent developments in the Dominican Republic have created a more favorable environment for mining. The government has streamlined environmental impact study processes, providing clarity for advancing projects.  Precipitate's flagship Pueblo Grande project is contiguous with GoldQuest's Romero deposit, suggesting potential for similar mineralization. Whilst at Juan de Herrera, drilling has yielded high-grade gold samples up to 73.8 g/t and consistent trench results. The company plans to aggressively advance multiple targets to the drill stage.With a healthy treasury of approximately $5 million and no outstanding commitments, Precipitate can strategically allocate capital across its portfolio. The Pueblo Grande project, under earn-in with Barrick Gold, and more 100%-owned projects provide additional upside potential.Precipitate's management team has a proven track record in the Dominican Republic and a commitment to responsible mining practices. As the country attracts more investment, the company is well-positioned to create shareholder value through exploration and development. CEO Jeff Wilson emphasized the opportunity: "The world is our oyster a little bit in that regard and I mean all we can really sort of focus our strategy on is the things that we control." Precipitate Gold represents an exciting opportunity to gain exposure to an emerging mining jurisdiction with untapped potential. With positive momentum, a strong project portfolio, and a clear strategy, the company is poised for success in the Dominican Republic.View Precipitate Gold's company profile: https://www.cruxinvestor.com/companies/precipitate-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Brendan Yurik, CEO of Electric RoyaltiesOur previous interview: https://www.cruxinvestor.com/posts/opportunity-in-volatility-lithium-projects-poised-for-rebound-5610Recording date: 29th of November, 2024As the world accelerates its transition to a low-carbon future, the demand for clean energy metals is set to soar. Electric Royalties (TSX-V:ELEC), is a unique royalty company focused exclusively on critical minerals essential for clean energy technologies.Electric Royalties offers investors a diversified portfolio of 73 royalties across 9 key metals including lithium, graphite, manganese, tin, zinc and copper. This broad asset base spans 4 continents, mitigating operational and geopolitical risk. Importantly, the company focuses on securing royalties in stable mining jurisdictions like Canada, the US, Europe and Australia. With the US and its allies increasingly prioritizing security of clean energy metal supply, Electric Royalties' assets in these regions could become increasingly strategic.While the company is early-stage, it is poised to enter a period of significant growth as its portfolio advances. Management expects up to 35 of its assets to potentially generate revenue in 2025, setting the stage for meaningful cash flow growth. Near-term catalysts include revenue from lithium properties under option agreements, as well as the potential restart of more advanced-stage assets like a European tin mine and a US zinc project.Electric Royalties also recently announced the transformative acquisition of a cash-flowing copper-gold royalty in Chile. This asset provides immediate revenue to the company, derisking the story for investors. The company was able to secure this royalty on accretive terms thanks to its first-mover status in clean energy metals and its strong industry relationships.The royalty model is highly attractive for investors. It offers direct leverage to rising metal prices with no cost inflation. Electric Royalties' portfolio provides this commodity price torque with significantly lower risk than investing in individual mining projects. Electric Royalties is led by a highly experienced management team with a proven track record of value creation in the royalty space. CEO Brendan Yurik and his team were early to recognize the opportunity in clean energy metals and have spent the past five years painstakingly constructing a portfolio of royalties on the most attractive projects globally.Electric Royalties trades at a substantial discount to producing royalty peers. As its assets begin to generate cash flow, there is significant potential for valuation upside.Learn more: https://www.cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com