Company Interviews

Interview with Dr. Arthur Halleran, President & CEO of Trillion Energy International Inc.Our previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-gas-production-growth-exploration-upside-5333Recording date: 6th November 2024Trillion Energy, a junior E&P company focused on Turkey, is emerging from a challenging period marked by collapsing gas production and a plunging share price. However, after implementing a technical solution to well instability, the company is now generating revenue and eyeing a path back to growth.Trillion's key asset is the SASB gas field offshore Turkey in the Black Sea. After acquiring the aging field, Trillion drilled new wells that initially produced at high rates of 2-2.5 MMcf/d before abruptly watering out. The root cause was determined to be water loading associated with the 4.5" tubing size used in the recompletions. To solve this, Trillion has gone back to the original 2 3/8" tubing size and is using a snubbing unit to swap the velocity strings without killing the wells. The program is working - Akcakoca-3 stabilized at 2.6 MMcf/d after the workover. Two more wells are being recompleted currently.At $9.94/mcf gas pricing in Turkey, Trillion generated over $1M/month in revenue the past three months from just two producing wells. Once the additional recompletions are finished, the company expects that to grow to $2M monthly revenue. This cashflow is key to Trillion's turnaround plans. It will allow the company to pay down some of its past-due payables, ending a period of financial distress. More importantly, the funds will be reinvested into new well work to boost production.Trillion is aiming to exit 2025 at 10-14 MMcf/d of gas production, which would represent a revenue run-rate of around $25M/year. To get there, the company is pursuing low-cost rigless options like sidetracks of existing wellbores and barge-based drilling. A reprocessed 3D seismic survey shows additional gas prospects that could be exploited.Management estimates the value of SASB could be $0.50-1.00/share based on the known well inventory alone. With Trillion trading under 10c, that represents substantial potential upside if the company delivers. The other arrow in Trillion's quiver is its 12% interest in the million-barrel potential west exploration blocks. Through an initial two-well program, this provides Trillion with exposure to the prolific SE Turkey basin near the Iraq border which has seen a string of recent major discoveries.Overall, Trillion offers investors a combination of low-cost, quick-payback gas development in the Black Sea along with high-impact exploration onshore SE Turkey. The shares are underpinned by growing cashflow at SASB, limiting downside, while success at its other prospect blocks could be a gamechanger. The key risks are a still-stretched balance sheet and dependence on a single producing field with a mixed track record. But if Trillion can continue to steadily grow gas production and revenue over the coming quarters, there is ample room for the stock to re-rate higher.View Trillion Energy's company profile: https://www.cruxinvestor.com/companies/trillion-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Akerley, President & CEO of Erdene Resource Development Corp.Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-high-grade-gold-producing-in-2025-5824Recording date: 6th November 2024Erdene Resource Development is approaching a significant transition from developer to producer, with its Bayan Khundii gold project in southwestern Mongolia approximately 60% complete and targeting first production in mid-2025. The project represents a compelling investment opportunity, combining near-term production with substantial district-scale growth potential.The initial operation, designed to produce 85,000 ounces of gold annually, is particularly attractive in the current gold price environment. At around $2,800/oz gold, the company projects monthly revenue of approximately $20 million, with roughly 50% converting to free cash flow. This translates to potential annual free cash flow of $130 million, enabling a two-year payback of the project's debt while funding aggressive exploration programs.Construction progress remains on track, with the process plant building structure erected and critical infrastructure development underway, including a 240-kilometer power line being built from China. The company aims to have the plant enclosed and heated for winter within 60 days, allowing for the final installation of electrical and instrumentation components.What sets Erdene apart is its strategic position in an emerging mining district. Recent exploration success has demonstrated significant expansion potential, with discoveries including:Ulaan discovery: 40 meters of 7 g/t gold near the planned pitGreater Dark Horse: Initial 50,000 ounces with extensive exploration potentialAltan Nar deposit: 500,000 ounces at 2 g/t goldZuun Mod copper project: Development studies starting Q1 2025The company's five-year growth strategy envisions expanding production to potentially 200,000-250,000 ounces per year through the development of satellite deposits. This growth is supported by a strong partnership with MMC, a major Mongolian mining company, providing local operational expertise and infrastructure development support.Financially, Erdene is well-positioned with $80 million in senior debt and operating lines offered by three commercial banks. The company does not anticipate requiring additional equity financing, with future growth funded through operational cash flow.As CEO Peter Akerley notes: "When you have a four gram per ton head grade, you can withstand any of those concerns that you might have seen historically. We're probably in one of the best positions of any gold project globally in terms of grade and costs."Key investment catalysts include construction completion (currently 60% complete), first gold production mid-2025, ongoing resource expansion drilling results, district exploration results, and development studies for satellite deposits.While risks exist, including construction completion, commissioning, and country risk considerations, the combination of near-term production, robust economics at current gold prices, and significant exploration upside presents a compelling investment opportunity. The project's high grade and low operating costs provide resilience against gold price volatility, while the district-scale potential offers substantial long-term growth opportunities.For investors seeking exposure to the gold sector, Erdene offers a unique combination of near-term cash flow and significant exploration upside in an emerging mining district, backed by strong local partnerships and infrastructure support.View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-developmentSign up for Crux Investor: https://cruxinvestor.com

Interview with Anthony Hamilton, CEO of Georgina Energy PLCOur previous interview: https://www.cruxinvestor.com/posts/georgina-energy-lsegex-helium-hydrogen-play-nears-critical-drilling-milestone-6081Recording date: 06/11/2024Georgina Energy PLC CEO Anthony Hamilton provides a comprehensive update on the company's progress in advancing its Australian helium and hydrogen projects. Georgina Energy is poised for a transformative period as it prepares to drill its flagship Hussar and Mount Winter projects, both prospective for critically important helium and increasingly in-demand hydrogen.Key points covered:- Imminent drilling at Hussar following a planned late November site visit to secure final approvals, with a fully-funded 50-day program targeting sub-salt formations.- Mount Winter moving forward steadily, with formal traditional owner approval anticipated in December, paving the way for permitting and future drilling.- Advanced discussions with two significant gas production companies on potential farm-in agreements to jointly develop and expand Georgina Energy's helium and hydrogen portfolio.- Ongoing scoping study at Hussar to evaluate substantial byproduct opportunities in addition to helium and hydrogen, leveraging proprietary reprocessed seismic data that demonstrates a much larger structure than originally contemplated.Hamilton emphasises the potential for these upcoming catalysts to demonstrate the value of Georgina Energy's assets: "The $50 million question...is answered by drilling into the sub-salt. We'll only truly know what we've got when we drill it and we flow test it."With an experienced management team, strong financial position, and exposure to the rapidly growing clean energy and technology markets, Georgina Energy represents a timely opportunity for investors to gain a foothold in Australia's emerging helium and hydrogen sector. As the company embarks on this pivotal operational phase, the next 12 months promise significant potential share price catalysts as drilling results are released and partnership agreements are finalized.For more insights into the Georgina Energy story and the macro drivers underpinning the investment thesis, please watch the full interview, and visit their company profile: Learn more: https://www.cruxinvestor.com/companies/georgina-energy

Interview with Alex Black, Executive Chairman of Rio2 Ltd.Our previous interview: https://www.cruxinvestor.com/posts/rio2-tsxvrio-and-erdene-resource-development-tsxerd-nearing-gold-production-milestone-5653Recording date: 5th November 2024Rio2 Limited (TSXV:RIO) is on the verge of constructing its flagship Fenix Gold Project in Chile's Atacama region. The fully permitted and financed oxide gold heap leach mine is expected to pour first gold within 12 months, putting the company on a fast track to near-term cash flow and a potential re-rating.In the interview, Rio2 CEO Alex Black laid out the investment case for the junior developer. With 5 million ounces of gold in a low-cost, run-of-mine operation, Fenix stands out as one of the most attractive advanced-stage projects in the hands of a junior. The after-tax NPV(5%) of $800 million is four times the company's current market capitalization, suggesting Rio2 is deeply undervalued. But the real blue sky lies in Fenix's expansion potential. Black sees the project ramping up from 20,000 tonnes per day to 80,000 tpd in relatively short order, which would propel annual gold production to approximately 300,000 ounces. At that scale, Rio2 would stand out as a prime takeover target."When we get to 300,000 ounces per annum, from one mine, we become a world-class project that somebody else is going to want," Black explained. The key hurdle is securing additional water supply, with studies already underway on desalination options.Fenix's straightforward oxide mineralogy and no-crush, run-of-mine heap leach process make for an expedited path to production. With earthworks already underway, Black expects to be in production in the second half of 2025, far quicker than the multi-year development timetables of most peers. Rio2 also aspires to be a regional consolidator, assembling a portfolio of undervalued gold projects in Latin America. Black sees considerable opportunity to unlock stranded assets by applying his team's skill set in permitting, construction and community relations. Chile in particular is ripe for consolidation, with few key players and a long list of undeveloped gold projects. "I think there's a consolidation opportunity for Rio2 to consolidate projects and become something that somebody else will walk into and go 'great, we've got an entree and a big base in Chile,'" said Black.With over US$60 million in cash and a market cap of just US$200 million, Rio2 has ample currency to transact and a compelling valuation arbitrage to exploit. As Fenix advances through construction and begins generating cash flow, the company will be well positioned to build an attractive acquisition pipeline.The macro backdrop is also highly favorable, with gold prices hitting all-time highs and industry consolidation accelerating. Advanced-stage projects like Fenix are in high demand as producers race to replenish depleted reserves. Rio2 offers substantial leverage to a rising gold price and M&A premiums.With a proven CEO, near-term path to production, and organic/external growth potential, Rio2 is a junior developer to watch. As Fenix de-risks further and the company executes on its strategic vision, the stock appears poised for a material re-rating. Rio2 offers a unique combination of imminent cash flow and expansive blue sky in a rapidly evolving gold bull market.View Rio2 Limited's company profile: https://www.cruxinvestor.com/companies/rio2-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Nic Earner, Managing Director of Alkane Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-late-stage-development-gold-producer-targets-100koz-annually-by-2027-5985Recording date: 5th November 2024Alkane Resources, an Australian gold producer, presents a compelling investment case based on its strong margins, fully funded organic growth pipeline, and potential for a valuation re-rating. Despite generating robust cash flow and advancing a clear path to increased production scale, Alkane trades at a significant discount to peer companies, offering investors an attractive entry point.At current gold prices around A$4,000 per ounce, Alkane is generating solid margins with all-in sustaining costs (AISC) of A$2,250 per ounce in the most recent quarter. AISC is expected to drop to A$2,000 per ounce next year as development spending rolls off, further boosting profitability. The company also has a prudent hedging program in place through June 2027, covering 35% of production at an average price of A$2,840 per ounce to protect downside risk while retaining 90% exposure to rising gold prices.Alkane is investing aggressively in organic growth projects to expand production from around 80,000 ounces currently to a targeted 100,000 ounces per year. Key initiatives include commissioning a paste plant and flotation circuit to improve recoveries, developing the Roswell deposit, expanding the processing plant, establishing open pits at San Antonio with over 180,000 ounces, and ongoing exploration to extend resources.With A$6 million budgeted for exploration, A$35 million for the plant expansion, and A$50 million for San Antonio, Alkane is fully funded to deliver this growth at current gold prices while still generating a return. The company also sees potential to extend mine life into the early 2030s. Despite this impressive growth profile, Alkane trades at a steep discount to peer companies generating similar levels of cash flow. Managing Director Nick Earner sees a certain inevitability that Alkane will re-rate higher as it demonstrates consistent cash generation.Beyond the near-term growth pipeline, Alkane offers additional upside potential from accretive M&A to diversify its single-asset risk and increase scale. The company is also starting to contemplate a capital return strategy, which could include dividends and share buybacks, as cash flow ramps up significantly from FY2026 onwards.The current macro environment appears extremely supportive for gold prices and producers like Alkane. Unprecedented global stimulus, geopolitical tensions, debt accumulation, and the likelihood of a persistently weak U.S. dollar should underpin demand for gold as a safe haven. At the same time, a constrained supply response from gold miners focused more on gaining scale than growing production limits downside risk.In summary, Alkane Resources offers a timely opportunity to invest in a growing gold producer at an attractive valuation with multiple upside drivers. The company's strong margins, fully funded organic growth, exploration potential, and optionality for M&A and capital returns position it well to deliver value to shareholders. As Alkane demonstrates its cash generation potential, the current valuation discount to peers appears likely to close, rewarding investors.View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Doug Ramshaw, President & Director of Minera Alamos Inc.Our previous interview: https://www.cruxinvestor.com/posts/minera-alamos-tsxvmai-mexican-gold-mining-with-growth-cash-flow-focus-5983Recording date: 1st November 2024Minera Alamos (TSXV:MAI) is rapidly advancing its portfolio of high-margin, low capex gold projects in the USA and Mexico. The company recently announced the acquisition of the Copperstone gold project in Arizona from Sabre Gold Mines. This transformative deal adds a near-term production asset in a Tier-1 jurisdiction to Minera's pipeline.Copperstone is a past-producing mine with substantial infrastructure already in place, including over 4,500 meters of underground development. A 2023 preliminary economic assessment outlined a 6-year, 40,000 oz per year operation with all-in sustaining costs of approximately $1,300/oz. Minera sees potential to optimize the mine plan, reduce capex, and grow the resource through exploration.Minera aims to bring Copperstone into production by late 2025 or early 2026. This would be followed closely by the startup of the Cerro de Oro project in Mexico, which is anticipated to produce over 60,000 oz per year. Together with the currently ramping up Santana mine, Minera expects to reach a consolidated production rate of 100,000 oz gold per year by 2026.Minera is acquiring Copperstone by issuing shares to Sabre Gold, with Minera owning 86% of the combined company. Sabre's existing debt will be eliminated as part of the transaction. Closing of the acquisition is expected in January 2025, and in the meantime Minera is focused on optimizing development plans and mobilizing its technical team.The Copperstone acquisition fits well with Minera's strategy of advancing high-margin, scalable gold projects with low capex intensity. The company's project portfolio boasts industry-leading capital efficiency, with quick paybacks expected on initial investments. By moving Copperstone forward in parallel with its Mexican projects, Minera offers investors multiple shots on goal and a rapid path to intermediate producer status.Macro trends appear supportive for the gold price, with safe haven demand buoyed by elevated inflation and geopolitical tensions. Minera Alamos President Doug Ramshaw sees particular opportunity for companies that can deliver low-cost, near-term production in this environment. "Developers offer tremendous value in this market," he explained in a recent interview. "Your development assets still got to have a near-term horizon and Copperstone gives us that."With an experienced management team, a portfolio of de-risked projects, and a clear path to cash flow, Minera Alamos presents a compelling investment case. The Copperstone acquisition marks an inflection point for the company as it transitions into a multi-asset, multi-jurisdictional gold producer with significant growth potential. Investors can look forward to a steady stream of catalysts as Minera advances its projects to production over the next 18-24 months.View Minera Alamos' company profile: https://www.cruxinvestor.com/companies/minera-alamosSign 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-tsxvwrlg-de-risked-restart-strategy-in-high-grade-gold-ontario-project-5944Recording date: 2nd November 2024West Red Lake Gold Mines (WRLGM) is on the verge of successfully restarting the historically productive Madsen gold mine in the prolific Red Lake district of Ontario, Canada. After inheriting the project following a false start by the previous operator, the new WRLG management team, led by CEO Shane Williams, has spent the last 15 months and $15 million de-risking the asset and positioning it for a successful return to production.A key advantage for WRLG is the ability to leverage over $350 million of sunk capital from prior development work at Madsen. This existing infrastructure, which includes a fully built and permitted mill, tailings facility, and significant underground development, provides a solid foundation to fast-track the restart at materially lower capital intensity than a greenfield project. To address the challenges faced by the previous operator, WRLG has assembled an experienced board and management team with a track record of fixing troubled projects. The team is laser-focused on the two key areas that hindered past efforts: better understanding the resource and optimizing the mine plan.Importantly, WRLGM is not just relying on historical data, but has been actively operating and collecting real-time information over the past 15 months to inform its upcoming Pre-Feasibility Study (PFS). This disciplined approach and use of actual, recent operating data should result in a much more robust and reliable study than those based solely on benchmarks and estimates.With the PFS expected by the end of November, key upcoming catalysts for WRLGM include the report's results, continued de-risking of the resource and mine plan via focused drilling and test mining, and the securing of financing to execute the restart plan. The company's ability to raise $29 million in a challenging market, largely from new investors, speaks to growing market confidence in the Madsen story and WRLGM's strategy.While not without risk, the combination of a high-grade resource in a Tier 1 jurisdiction, significant sunk capital, an experienced team with a prudent approach, and near-term catalysts make WRLGM a compelling speculative investment opportunity with the potential for outsized returns. If the company can continue to deliver on its plan and demonstrate a clear path to first production, the market is likely to take notice and reward early investors.View West Red Lake Gold Mines' company profile: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silver-tiger-metals-tsxvslvr-positions-for-growth-as-mexicos-mining-sector-rebounds-6049Recording date: 1st November 2024Silver Tiger Metals (TSXV:SLVR) is poised to become a significant silver producer following the release of a robust Pre-Feasibility Study (PFS) on its flagship El Tigre project in Sonora, Mexico. The study outlines a technically simple and economically attractive open pit operation capable of producing over 5 million ounces of silver per year at industry-low costs.At a base case silver price of $21.50/oz and gold price of $1,750/oz, the El Tigre PFS generates an after-tax NPV (5% discount) of $222 million and IRR of 40%. The project benefits from low initial capex of just $86 million and a rapid payback period of 2 years. Life-of-mine all-in sustaining costs are estimated at $12.14/oz silver, placing El Tigre in the lowest quartile of the industry cost curve.Importantly, the PFS only considers open pit mining of the El Tigre deposit. The company sees significant potential to expand resources and production through underground development of the historic El Tigre mine, where drilling has intercepted bonanza-grade silver mineralization over wide widths. A Preliminary Economic Assessment (PEA) on the integrated open pit and underground operation is targeted for H1 2025.Permitting is well advanced, with amendments submitted to convert the existing underground mining permit to include open pit operations. Silver Tiger expects to receive approval in the first half of 2025, allowing for a 12-month construction period and first production in mid-2026. The initial phase of mining will focus on the highly profitable "starter pit", which boasts a grade of 0.6 g/t AuEq and ultra-low strip ratio of 0.3:1.The PFS envisions a 10-year mine life for the open pit, generating average annual production of 5.0 million ounces of silver and 43,000 ounces of gold. At spot prices (~$25/oz Ag, $1,950/oz Au), the project is expected to spin off over $500 million in after-tax free cash flow. This would be sufficient to fully fund the underground mine development, with potential to boost production to more than 8 million silver equivalent ounces per year.CEO Glenn Jessome highlighted the transformational impact of the PFS in a recent interview, stating: "You show me a project on this planet where we're going to spend 86 million...and you make a half more than half a billion dollars over a decade after tax free cash flow."With a market cap of just C$150 million, Silver Tiger is attractively valued relative to the NPV and free cash flow generated by the El Tigre project. As the company advances through permitting and towards a construction decision, there is potential for significant re-rating. The stock also serves as a compelling acquisition target for larger silver producers seeking to bolster their project pipelines.In conclusion, Silver Tiger Metals offers investors exposure to a high-quality silver development project with robust economics, a clear path to production, and significant exploration upside. As silver prices continue to rise on the back of strong industrial demand and investor interest, the company is well positioned to unlock value for shareholders. The positive PFS is a major milestone and should serve as a catalyst for the stock as Silver Tiger transitions from explorer to developer to producer in the coming years.View Silver Tiger Metals' company profile: https://www.cruxinvestor.com/companies/silver-tiger-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Frank J. Basa, President & CEO of Granada Gold Mine Inc.Our previous interview: https://www.cruxinvestor.com/posts/granada-gold-mine-ggm-exploration-toll-mine-potential-in-abitibi-3261Recording date: 31st October 2024Granada Gold Mines (TSXV:GGM) offers investors a compelling opportunity to gain leveraged exposure to a high-quality gold resource in a top-tier mining jurisdiction. The company's flagship Granada Gold Project in Quebec boasts a robust resource of 1 million ounces (0.5M oz indicated + 0.5M oz inferred) at an average grade of 2 g/t. However, bulk sampling indicates the potential for significantly higher grades of 3-5 g/t in the open pit and 9-10 g/t underground, suggesting the resource may be significantly underestimated.One of Granada's key advantages is its fully permitted, shovel-ready status. With all necessary approvals in hand, the project is significantly de-risked and can be quickly advanced to production. This, combined with its strategic location on the prolific Cadillac Break, home to over 100 million ounces of historical gold production, makes Granada a highly attractive takeover target. CEO Frank Basa explains, "On the Cadillac Break there's very little rock that's permitted. We're fortunate we have the permits." He notes that several major producers in the area, including Agnico Eagle and IAMGOLD, have processing infrastructure with dwindling ore reserves, stating "All the other mills are looking for feed." This puts Granada in an enviable position as a potential near-term source of ore.Exploration upside is another key value driver. To date, only 20% of Granada's 5.5km land package has been explored, leaving ample room for resource expansion. A 120,000m drill program is underway to prove up higher grades and grow the resource, with initial results returning intercepts like 107 g/t gold over 4m. Basa sees similarities to other major discoveries on the Cadillac Break, believing Granada has district-scale potential as exploration advances.To fund ongoing drilling while minimizing dilution, Granada has developed an innovative gold-backed preferred share structure, allowing investors to gain exposure to in-situ gold at the cost of production. Basa comments, "The potential is we can raise money through these preferred shares and minimize any dilution in our current shares."The investment thesis is further strengthened by the favorable macro environment for gold. With unprecedented global stimulus, negative real yields, and mounting debt levels, gold is poised for a sustained bull market. Many analysts predict prices reaching $3,000/oz or higher in the coming years. Basa remarked, "I think you might be coming into probably the craziest gold market in our lifetimes." High-quality gold developers like Granada should outperform in this scenario.In conclusion, Granada Gold Mines presents a unique opportunity to invest in an undervalued gold developer with a clear path to production, significant exploration upside, and strong potential to be acquired. With a market cap of just C$8 million, the company is significantly undervalued relative to the quality of its asset base and peer comparables. As the gold bull market gains momentum, Granada is well-positioned to deliver outsized returns.View Granada Gold's company profile: https://www.cruxinvestor.com/companies/granada-gold-mineSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Barrett, CEO of Pathfinder Minerals/Rome ResourcesOur previous interview: https://www.cruxinvestor.com/posts/rome-resources-aimrmr-tin-copper-exploration-shows-early-promise-6088Recording date: 30th October 2024Rome Resources, a junior exploration company operating in the Democratic Republic of the Congo (DRC), presents a compelling investment opportunity with its high-grade tin assets and experienced management team. The company's flagship projects, Kalayi  and Mont Agoma are poised to capitalize on the growing demand for tin, a critical metal with limited investment opportunities.Kalayi, a pure play tin project, boasts some of the highest grade mineralization globally, with near-surface tin providing the potential for low capex, pilot-scale production. Mont Agoma, a polymetallic system containing tin, copper, and zinc sulfides, could be a company-maker with its significant scale and exploration upside. CEO Paul Barrett emphasized, "From what we're seeing, it could well be the much bigger prize in terms of the two projects."Rome Resources is led by a management team with a track record of successfully advancing and monetizing projects in the DRC. The company's model involves taking assets from discovery through to Pre-Feasibility Study (PFS) level before crystallizing value for shareholders. With the recent appointment of Klaus Eckhof, who brings over two decades of in-country expertise, Rome Resources is well-positioned to navigate the operating environment and unlock the value of its assets.Despite the DRC's challenging reputation, the country has seen producers like Alphamin, located just 8 kilometers from Rome Resources' projects, successfully operate, produce, and get paid without issue. As Barrett noted, "It's definitely doable in that part of the world." The tin market is experiencing growing demand driven by its essential applications in electronics, solar panels, AI, and high-tech industries. With no substitutes in many applications, tin is gaining recognition as a critical metal with significant upside potential. The International Tin Association recently highlighted a poll from LME Week showing tin "shot up" the list of critical metals expected to outperform through 2025.Upcoming drill results and the continuation of drilling through November and December provide potential catalysts for a re-rating of Rome Resources. With a modest ~US$20 million market capitalization, the company appears undervalued relative to the scale of its assets and the potential value creation as it continues to derisk and advance its projects.Key investment highlights include exposure to high-grade tin assets with significant resource expansion potential, an experienced management team with a track record of success, strategic optionality to pursue multiple development scenarios, and leverage to a rising tin price driven by growing demand and supply constraints.As Rome Resources delivers drill results and continues to grow its resource base, the company is well-positioned for a re-rating. With a management team experienced in creating shareholder value and strategic optionality in a rising tin price environment, investors have the opportunity to gain exposure to a premier pure play tin opportunity with significant upside potential.View Rome Resources' company profile: https://www.cruxinvestor.com/companies/rome-resourcesSign up for Crux Investor: https://cruxinvestor.com