Company Interviews

Interview with Timothy Froude, President & CEO of Sokoman Minerals Corp.Our previous interview: https://www.cruxinvestor.com/posts/sokoman-minerals-tsxvsic-major-2024-drill-program-for-the-next-newfoundland-gold-discovery-5436Recording date: 29th November 2024Sokoman Minerals (TSXV:SIC) is poised for a transformative year in 2025 as it advances its diverse portfolio of gold and lithium projects in mining-friendly Newfoundland, Canada. Despite a challenging market backdrop, the company has positioned itself for success through strategic partnerships, innovative exploration techniques, and a disciplined focus on its core assets.The key catalyst on the horizon is the planned spin-out of the Killick lithium project into a new publicly-traded vehicle, Vinland Lithium. Discovered by Sokoman on one of its gold properties, Killick caught the eye of lithium developer Piedmont Lithium, which has invested to earn a 19.9% stake and committed $12 million in exploration funding over 36 months. With Piedmont's pending merger with Sayona Mining, Vinland will gain access to a broader project pipeline and technical expertise. Sokoman plans to dividend out Vinland shares to its own shareholders upon listing in early 2025.At the flagship Moose Head gold project, Sokoman is embarking on a two-phase bulk sampling program to demonstrate the potential for a high-grade, low-cost operation. The first 1,000 tonne sample will be extracted and processed in Q1, followed by an innovative selective high-grade sample using Nova Mirror technology in Q2.Recent trenching also revealed a previously unknown mineralized vein system in the Western Trend at Moose Head, opening up a new area for exploration in a part of the property unencumbered by water or swampy ground. Follow-up drilling is already underway. Over at the early-stage Fleur de Lys project, Sokoman is targeting Irish-type orogenic gold deposits similar to the 6Moz Curraghinalt deposit in Northern Ireland. Assays are pending from a 23-hole drill program completed in late 2024.With multiple irons in the fire, Sokoman offers investors exposure to both the long-term growth potential of lithium and the security of gold as a hedge against economic uncertainty. As CEO Tim Froude explains, "High-grade nuggety gold vein systems are notorious for trying to nail down, but Moose Head continues to deliver. A deep hole there is a potential game-changer that could happen on the first hole."In a market where many junior explorers are struggling to raise capital and advance their projects, Sokoman stands out as a company with a clear path forward. With the Killick spin-out, bulk samples at Moose Head, and drilling at Fleur de Lys, 2025 is shaping up to be a year of value creation for Sokoman shareholders. While early-stage exploration is inherently risky, the company's track record of attracting strategic partners and deploying cutting-edge technology suggests it is well-equipped to capitalize on the opportunities in front of it. For investors looking for a high-quality explorer with exposure to in-demand metals and near-term catalysts, Sokoman Minerals is a compelling consideration.View Sokoman Minerals' company: https://www.cruxinvestor.com/companies/sokoman-minerals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Eric Zaunscherb, Chairman & CEO of GR SilverOur previous interview: https://www.cruxinvestor.com/posts/gr-silver-mining-tsx-v-grsl-time-to-restructure-and-rebuild-3878Recording date: 29th of November, 2024GR Silver Mining (TSXV:GRSL) is poised to capitalize on the resurgence of Mexico's mining industry under the new administration of President Claudia Sheinbaum. With its flagship Plomosas silver project in Sinaloa, strengthened balance sheet, and strategic vision for consolidation, GR Silver offers investors a compelling opportunity to gain leveraged exposure to rising silver prices.The Plomosas project encompasses the past-producing Plomosas mine and the highly prospective San Marcial area. The Plomosas mine, which boasts 7.4 km of underground development, is fully permitted and represents a near-term monetization opportunity through a potential partnership. However, the real excitement lies in San Marcial, where GR Silver has delineated a 134 Moz silver equivalent resource across indicated and inferred categories.San Marcial hosts a unique geological model with wide, high-grade silver mineralization in hydrothermal breccias and feeder structures. Drilling highlights, like the 102m intercept grading 308 g/t Ag, showcase the potential for further resource growth. GR Silver's geological team, led by President and COO Marcio Fonseca, is confident in the potential for low-cost, bulk underground mining at the project.Over the past year, GR Silver has executed an impressive financial turnaround, eliminating a $28M working capital deficit by divesting a non-core asset. The company now has positive working capital, no debt, and a modest cash balance to resume exploration. Management is confident in its ability to raise additional funds as needed, given the compelling investment thesis.Beyond exploration, GR Silver is actively seeking opportunities to participate in the ongoing consolidation of the Mexican silver industry. The company's ideal acquisition target would have existing production, a development-stage project, and exploration upside. With a disciplined approach to M&A and a focus on value creation, GR Silver is well-positioned to build a leading silver company in the region.The macro backdrop for silver is also highly supportive, with demand from the solar industry expected to grow from 16% to 19% of total supply in 2024. As Mexico's new government takes a more pragmatic approach to mining, the combination of rising silver prices and increased investor interest should drive a re-rating of GR Silver's valuation. Currently trading at just $0.65/oz in the ground, in line with Mexican peers, the company offers an attractive entry point for investors seeking exposure to the silver space.Learn more: https://www.cruxinvestor.com/companies/gr-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Gerald Panneton, Executive Chairman of Gold Terra Resource Corp.Our previous interview: https://www.cruxinvestor.com/posts/gold-terra-resource-tsxvygt-2moz-gold-target-revitalizing-canadas-yellowknife-gold-belt-5974Recording date: 28th November 2024Gold Terra Resource Corp (TSXV:YGT) is a junior gold exploration company focused on advancing its Yellowknife City Gold Project (YP) in the Northwest Territories of Canada. The project is located in the historic Yellowknife gold district, which has produced over 14 million ounces of gold historically.In a recent interview, Gold Terra CEO Gerard Panneton provided insights into the company's strategy and the investment opportunity it presents. Panneton emphasized the importance of high-grade ounces in generating robust margins and returns for investors. Gold Terra's Yellowknife Project fits this bill, with the potential for a sizeable high-grade gold resource.A key competitive advantage for Gold Terra is the project's location and infrastructure. Situated near the city of Yellowknife, the project benefits from extensive existing infrastructure, including roads, power, and a skilled local workforce. This translates into lower exploration and development costs. As Panneton noted, "The cost of drilling is $200 per meter all-in. Our geologists, our technicians live in Yellowknife, we don't have to bring them, we don't use helicopters for our drill program."The 2021 acquisition of the past-producing Con Mine from Newmont Mining was a game-changer for Gold Terra. The company secured 100% ownership of the Con Mine for C$8 million, which came with substantial infrastructure, including underground development. Panneton estimates this infrastructure would cost over $150 million to build today, representing significant savings and value for Gold Terra shareholders.Gold Terra's exploration strategy is focused on delineating a gold resource of 1.5 to 2.0 million ounces at YP, which Panneton believes would justify mine development. While the company had hoped to hit this target through deep drilling, current market conditions have necessitated a refinement in strategy. Gold Terra will now focus on cheaper, near-surface drilling to generate value and news flow for investors while still methodically advancing the project.The investment thesis for Gold Terra is straightforward:High-grade gold potential in a tier-one jurisdictionSignificant existing infrastructure from past-producing Con MineExperienced management team with a track record of creating valueDisciplined exploration strategy to deliver results in current market conditionsPanneton summed it up well, saying, "I know that when somebody invests in a junior that is well run, with a good project, you're paying maybe $10 an ounce. However, your reward could be 10 times, 15, 20 times, if you're with the right project and the right team."With a market capitalization of around C$40 million, Gold Terra appears to offer a compelling risk-reward proposition for investors. While not without risks, the company's high-grade gold potential, existing infrastructure, and strong management team make it a junior gold explorer to watch. In a rising gold price environment, positive exploration results from Gold Terra could quickly translate into share price appreciation, making it a timely opportunity for investors comfortable with the junior resource sector.View Gold Terra Resource's company profile: https://www.cruxinvestor.com/companies/gold-terra-resource-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Kevin B. Heather, Chief Geological Officer of Aldebaran ResourcesOur previous interview: https://www.cruxinvestor.com/posts/aldebaran-resources-tsxvalde-resource-update-pea-in-2024-25-on-massive-copper-gold-project-5345Recording date: 29th of November, 2024Aldebaran Resources (TSX-V: ALDE) presents a copper investment opportunity with its massive Altar project in San Juan, Argentina. The company has just announced a major increase in the project's mineral resource estimate, doubling the measured and indicated (M&I) copper resource to 22 billion pounds and increasing the inferred resource by over 500% to 9.8 billion pounds. This brings the total contained copper at Altar to over 30 billion pounds, placing it among the world's largest undeveloped copper projects.Aldebaran is rapidly advancing Altar through the development stages, with a Preliminary Economic Assessment (PEA) targeted for completion by Q2 2025 and a Pre-Feasibility Study (PFS) by the end of 2026. The company is well-positioned to meet these milestones, with a significant portion of the resource already in the M&I category and key geotechnical, environmental, and hydrological data in hand.A potential game-changer for the project is the involvement of mining major Rio Tinto with its subsidiary Nuton LLC. Rio Tinto has signed an option agreement to acquire up to 20% of the Altar project for $250 million, with a focus on testing and applying its novel low-temperature, low-cost leaching process. If successful, with support from Nuton, Aldebaran could unlock the bulk of Altar's resource, which is primarily hypogene (sulfide) mineralization, and significantly enhance the project's economics while reducing water usage and carbon emissions compared to traditional processing methods.Test work is already underway, with initial small-scale column tests to be followed by larger 10-meter columns that will simulate a full heap leach. Aldebaran is proactively drilling to collect material for these larger tests, demonstrating confidence in the technology's potential. However, the company is also wisely considering traditional processing options, with the PEA set to include trade-off studies between a Nuton-only scenario and a conventional flotation concentrator.The Altar project is well-positioned to capitalize on the compelling long-term fundamentals of the copper market. With the global energy transition driving significant demand growth and the current project pipeline insufficient to meet this demand, the world is facing a looming copper supply deficit. Altar's scale and location in a mining-friendly jurisdiction make it a rare and attractive asset.Aldebaran's management team has a proven track record of success, including the previous sale of Antares Minerals for $650 million. The company's current valuation provides an attractive entry point for investors, with significant re-rating potential if the project advances and key milestones are achieved as planned.Learn more: https://www.cruxinvestor.com/companies/aldebaran-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Barnholden, CEO of Luca Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/luca-mining-tsxvluca-emerging-producer-targetting-100000-gold-equivalent-ounces-by-2025-5929Recording date: 28th November 2024Luca Mining (TSXV:LUCA) presents a compelling investment opportunity as an emerging gold producer with significant optimization and exploration upside. The company operates two producing gold mines in Mexico: Campo Morado in Guerrero state and Tahuehueto in Durango state, with a clear path to generating over 100,000 ounces of gold equivalent production in 2025 at all-in sustaining costs below $1,000/oz.A recently closed $11.5 million financing has provided the capital to complete critical optimization initiatives at both mines. At Campo Morado, Luca is working to boost throughput to the 2,400 tonne per day nameplate capacity by Q1 2025, up from 1,400-1,600 tpd in H1 2024. Key workstreams include engaging a mining contractor to fill the mill and improving metallurgical recoveries.Tahuehueto is now consistently operating at 800 tpd following a recent expansion, with expectations of reaching the 1,000 tpd capacity in the coming weeks and declaring commercial production shortly thereafter.Luca has also assembled a world-class exploration team to aggressively explore both assets and drive organic resource growth who aims to find higher-grade ore to enhance the near-term mine plan, extend mine life to support a 150,000 oz/year production profile, and make new discoveries in the surrounding land package.Initial drill results from Tahuehueto are already showing "extraordinary" potential according to CEO Dan Barnholden. Luca expects to generate sufficient operating cash flow to repay its $12.3 million debt over the next 18 months. With a market capitalization of under $110 million at a recent $0.55 share price, Luca appears undervalued relative to its near-term cash flow growth and long-term exploration upside. Upcoming catalysts include the declaration of commercial production at Tahuehueto, initial drill results from the exploration program, and continued operational improvements.Longer-term, Luca is well-positioned to re-rate towards peer valuations as the turnaround gains traction. The company could also become an attractive acquisition target or undertake its own accretive M&A as the balance sheet improves. For investors seeking precious metals exposure, Luca offers a compelling mix of near-term cash flow growth and long-term optionality.View Luca Mining's company profile: https://www.cruxinvestor.com/companies/luca-mining-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Kim Truter, Managing Director & CEO of Burgundy Diamond Mines Ltd.Recording date: 28th November 2024Burgundy Diamond Mines (ASX:BDM) presents a unique investment opportunity in the global diamond sector. As a vertically integrated company with assets spanning mining through retail, BDM aims to become an industry leader by capitalizing on the scarcity and growing demand for ethically-sourced diamonds.The cornerstone of BDM's portfolio is the Ekati mine in Canada's Northwest Territories. Ekati is already a top 10 global diamond producer, with a vast resource of 140 million carats across 125 kimberlite pipes. Yet with only 10 pipes mined to date, there is tremendous exploration upside potential. BDM plans to sequentially develop these pipes using low capital intensity mining methods, enabling production growth to be self-funded from operating cash flows.Beyond scale, Ekati offers high-grade ore and a wide spectrum of diamond values, with stones ranging up to $30,000 per carat. This supports strong operating margins and mitigates BDM's exposure to diamond price volatility. New discoveries are also extremely rare, with global production structurally declining, further underpinning Ekati's value as a tier-one asset.BDM's mine-to-market strategy is another key differentiator. By owning the entire diamond journey from rough stones to polished gems to bespoke jewelry, BDM captures margins at every step. More important in today's market, vertical integration allows BDM to provide a guarantee of authenticity and responsible sourcing, which is increasingly important to younger consumers. Discussions are advancing with luxury retailers and industrial buyers for long-term supply agreements.Driving this strategy is a proven management team with deep diamond sector expertise. CEO Kim Truter has built and operated every major diamond mine in Canada over his career. Founder Michael O'Keeffe, meanwhile, has an impressive track record of building billion-dollar resource companies like Riversdale Mining and Champion Iron.BDM is now at an inflection point. With the acquisition and recapitalization of Ekati complete, new mining underway at Misery and Point Lake pipes, and a healthy balance sheet, the company anticipates significant near-term cash flow growth. These can be reinvested into additional mine developments and potential acquisitions, further scaling the portfolio.While still early days, BDM offers a compelling risk/reward opportunity to gain exposure to positive diamond industry fundamentals and company-specific growth. Natural diamond supply is steadily diminishing at a time of robust demand from emerging markets and younger consumers. This structural deficit should support rising diamond prices over time. BDM is well positioned to fill this supply gap and consolidate a fragmented industry.In a sector dominated by a handful of majors, BDM aims to become the next leading mid-cap diamond producer. With a top-tier asset, unique integrated model, and strong financial and operational momentum, BDM presents a sparkling opportunity for investors seeking exposure to an industry with attractive supply/demand dynamics and company with a clear path to value creation.View Burgundy Diamond Mines' company profile: https://www.cruxinvestor.com/companies/burgundy-diamond-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-mining-tsxvscz-stabilising-silver-production-to-bolster-balance-sheet-3925Recording date: 27th November 2024Santacruz Silver Mining (TSXV:SCZ) is hitting its stride after a transformational year that has significantly bolstered the company's financial position and growth prospects. The Bolivia and Mexico-focused silver producer delivered strong Q3 2024 results with $78M in revenue and $16M in EBITDA. More importantly, Santacruz has emerge from a multi-year restructuring effort with a much cleaner balance sheet and ample liquidity to fund organic growth.The key development was a successful renegotiation of Santacruz's agreement with senior partner Glencore. By amending the terms, Santacruz eliminated $8M in annual royalty payments and pushed out the maturity on $40M of debt to late 2025. This, combined with improved operations, has enabled Santacruz to generate meaningful free cash flow, with $20M in cash as of Q3.Management is taking a two-pronged approach to driving shareholder returns: reducing costs at existing mines while advancing low-capex, high-impact growth projects. A focus on optimizing ore blending, modernizing equipment and leveraging synergies between mines is starting to bear fruit, with all-in sustaining costs trending lower. CEO Arturo Préstamo Elizondo sees further opportunities to boost efficiency, stating "We're doing works and having initiatives across all our mines to achieve better production and lower costs."On the growth front, the flagship organic project is restarting the past-producing Soracaya mine in Bolivia. Originally built to produce 4Moz silver annually, Soracaya is essentially turnkey and can be brought online within a year for minimal capital. Santacruz is also building a new mill at San Lucas to double output to 4Moz silver equivalent by bringing processing in-house. Together these two projects provide a clear path to 25%+ production growth over the next 2-3 years.Underpinning the Santacruz investment case is a bullish outlook for silver prices. While up substantially since 2020, Prestamo sees $20/oz as "a solid floor" based on strong industrial demand growth. "More and more uses are coming for silver, not only solar panels but for environmental and pharmaceutical use. Unlike gold, silver is used up, so you always need new ounces," he explained. Higher silver prices would amplify the impact of Santacruz's operational improvements and growth initiatives.In summary, Santacruz offers investors a compelling turnaround story with multiple ways to win. With its balance sheet derisked, costs falling and production poised to climb, the company is well positioned to deliver outsized returns going forward. If management and the entire operations can execute, Santacruz has the potential to be a standout performer in a rising silver price environment.View Santacruz Mining's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Wade, CEO of Power Metal ResourcesRecording date: 27th of November, 2024Power Metal Resources (AIM:POW) is an AIM-listed mining incubator and project generator offering investors an attractive opportunity to gain exposure to the raw materials powering the global energy transition and ongoing industrialization. With a market cap of just £17 million, the company has assembled a portfolio of high-potential exploration assets across critical metals such as tungsten, uranium, gold, copper and nickel.One of Power Metal's key assets is a 45% stake in Pilot Mountain, owner of the largest undeveloped tungsten resource in the US. This interest alone is worth around £17 million, underpinning the current valuation. The company also has an extensive uranium portfolio in Canada's Athabasca Basin, with $10 million in funding secured for high-impact drilling to begin in early 2025.In addition, Power Metal is on the cusp of spinning out its Australian gold assets into a new vehicle called FDR, with drill-ready targets in the same region as Greatland Gold's Havieron discovery. The company is also making early moves into the underexplored Arabian Shield, with several partnerships already signed.Investors can look forward to a range of potential catalysts in the near-term, including the start of drilling in Canada and Australia, the completion of the FDR spin-out, and exploration results from ongoing work in Saudi Arabia. With a tight share structure and experienced management team, Power Metal offers significant upside potential on discovery success.Macro forces including decarbonization, electrification and geopolitical tensions are conspiring to drive a potential supercycle in critical metals. With a diverse asset base and aggressive exploration plans, Power Metal appears well-positioned to capitalize on this powerful theme. As such, the company may be an attractive consideration for risk-tolerant investors seeking exposure to the building blocks of a more sustainable future.Learn more: https://www.cruxinvestor.com/companies/power-metal-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Dornan, Executive Director of James Bay MineralsOur previous interview: https://www.cruxinvestor.com/posts/james-bay-minerals-asxjby-exploring-in-quebecs-lithium-hot-spot-4478Recording date: 27th of November, 2024James Bay Minerals has transformed into a gold investment opportunity through its acquisition of the advanced-stage Independence Gold Project in Nevada's prolific Battle Mountain Region. The project boasts a substantial resource of 1.18 million ounces of gold, including a high-grade portion of nearly 800,000 ounces at 6.53 g/t Au.The project's strategic location, adjacent to the major Phoenix mine operated by Nevada Gold Mines (Newmont/Barrick JV), provides key advantages. These include a streamlined 8-12 month permitting process and excellent infrastructure.James Bay Minerals sees strong potential to grow the resource through near-surface expansion drilling and delineation of the deeper high-grade skarn zone. The skarn has been defined on only 25% of the prospective area to date, highlighting the potential for significant resource growth.The Company is pursuing a two-pronged approach to advance the project and build value. Near-surface resources provide a pathway to near-term production via a low-cost heap leach operation. In parallel, drilling will target the high-grade skarn, aiming to delineate an underground resource to support a standalone operation or significantly enhance open pit economics.James Bay Minerals is led by an experienced management team and board with a strong track record of value creation in the mining sector. The Company also maintains its James Bay lithium assets, providing long-term optionality on the battery metals story.Near-term catalysts for James Bay Minerals include drill results, resource updates, economic studies and permitting milestones. At a market capitalization of just A$24.5 million, the stock has ample room for movement as the Independence Gold story gains traction.Learn more: https://www.cruxinvestor.com/companies/james-bay-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Marcel Robillard, President & CEO of Puma Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/puma-exploration-tsxvpuma-the-next-major-high-grade-gold-discovery-in-new-brunswick-5142Recording date: 26th November 2024Puma Exploration, a junior gold explorer, has made significant progress at its Williams Brook project in New Brunswick, Canada by securing major gold producer Kinross Gold as a partner. In October 2024, Puma signed an option agreement allowing Kinross to earn up to a 65% stake in Williams Brook by spending $16.5 million on exploration over 5 years, with a firm $2 million commitment in year 1 including 5,000 meters of drilling.Puma CEO Marcel Robillard sees Kinross' involvement as a strong validation of the project's potential, stating, "They are really believers of Williams Brook holding some nice decent ounces." With $12 million spent by Puma to date and encouraging drill results, Robillard believes they've just "hit the tip of the iceberg."Under the deal terms, Puma remains project operator, directing the exploration work while leveraging Kinross' funding and expertise. Puma receives a 10-15% management fee on the exploration spending, helping to minimize dilution for shareholders.Puma has also acquired the nearby McKenzie gold project, covering 30,000 hectares of prospective ground, to explore in parallel with Williams Brook. Field work at McKenzie will begin in spring 2025, alongside a Kinross-funded 5,000m drill program at Williams Brook, with drilling at McKenzie slated for the fall.The investment thesis for Puma includes the significant discovery potential in the underexplored jurisdiction, a de-risked flagship project with a major partner, a fully funded drill program with potential catalysts, a second 100%-owned project for additional upside, and an experienced management team with a track record of success.With a strong gold price environment supporting exploration and discovery, Puma is well positioned for growth with good working capital and $2 million of committed spending from Kinross in 2025. At a market capitalization of just over C$12 million, Puma offers significant upside potential as it advances both Williams Brook and McKenzie in the coming year. View Puma Exploration's company profile: https://www.cruxinvestor.com/companies/puma-exploration-incSign up for Crux Investor: https://cruxinvestor.com