Company Interviews

Interview with David Baker, CFO of Elemental Altus Royalties Corp.Our previous interview: https://www.cruxinvestor.com/posts/elemental-altus-royalties-tsxvele-poised-for-growth-and-flush-with-cash-5014Recording date: 17th October 2024Elemental Altus Royalties, a precious metals royalty company, has announced a strategic $28 million all-equity deal that significantly expands its portfolio and is expected to boost its revenue by 25% year-over-year. This transaction focused on consolidating royalties on the Bonikro mine and acquiring interests in 21 other exploration and development royalties, positions the company for substantial growth in the coming years.The deal's centerpiece is the increase of Elemental's royalty on the Bonikro mine from 2.25% to 4.5%, effectively doubling the quarterly payments from $1 million to $2 million. This consolidation of existing interests, coupled with the addition of new royalties, is projected to generate $6 million in revenue next year and $5 million annually over the next five years, based on consensus pricing. David Baker, CFO of Elemental Altus Royalties, emphasized the immediate impact of this acquisition, stating, "We're estimating it on consensus pricing, $6 million next year and then $5 million over the next five years just on consensus pricing. Obviously, fair bit lower than spot, so we've got full exposure to high gold price."The company now expects to generate over $30 million in revenue next year, marking a significant milestone in its growth trajectory. This revenue increase is particularly noteworthy given the current market conditions, where many junior miners are struggling to access capital. Elemental's ability to acquire royalties from cash-strapped juniors at attractive valuations presents a unique opportunity for growth.Investors should note that Elemental's portfolio is underpinned by high-quality, long-life assets. Nearly half of the company's revenue comes from two key royalties: Karlawinda, a large Australian gold mine, and Caserones, a significant copper mine in Chile. These assets provide a stable base of cash flow, supporting the company's growth initiatives and potential future acquisitions.The royalty business model offers investors exposure to precious metals with a lower risk profile compared to direct mining investments. Elemental's focus on gold and copper aligns well with current macro trends, including ongoing economic uncertainties driving interest in gold as a safe-haven asset and the global push towards clean energy and electrification supporting copper demand.Looking ahead, Elemental is well-positioned to leverage its growing cash flow for future acquisitions. The company's management has indicated openness to exploring streaming deals as it grows, potentially broadening its range of financing options for mining companies.From a valuation perspective, Baker suggests that the company may be undervalued based on projected cash flows: "If that translates to $20 million of recurring free cash flow, then you've got a precious metal royalty company trading at 10% free cash flow yield, which I feel like is a fair way off historical norms."For investors, Elemental Altus Royalties presents an opportunity to gain exposure to the precious metals sector through a company with a diversified portfolio, strong growth prospects, and a business model that benefits from market dislocations. However, as with any investment in the mining sector, investors should remain mindful of commodity price volatility and jurisdiction-specific risks associated with the company's royalty interests.As Elemental continues to execute its growth strategy and potentially explores new financing models, it could attract increased attention from both investors and larger players in a consolidating royalty sector, potentially offering additional value creation opportunities for shareholders.—View Elemental Altus Royalties' company profile: https://www.cruxinvestor.com/companies/elemental-altus-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Kurt Budge, CEO of Leading Edge Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/leading-edge-materials-lem-focused-on-critical-raw-materials-in-europe-3212Recording date: 15th October 2024Leading Edge Materials is positioning itself as a key player in the European Union's push for critical minerals independence. With a portfolio of strategic assets, the company is primarily focused on advancing its Norra Kärr heavy rare earths project in Sweden, a potentially crucial source of materials for the EU's green energy transition and high-tech industries.Under the leadership of CEO Kurt Budge, who joined in May 2024, LEM is sharpening its strategy to capitalize on the changing landscape of critical minerals in Europe. The company's flagship Norra Kärr project stands out for its potential to supply heavy rare earth elements (HREEs), which are essential for permanent magnets used in electric vehicles and wind turbines.A key near-term catalyst for LEM is the potential designation of Norra Kärr as a strategic project under the EU's Critical Raw Materials Act. This status, expected to be decided by mid-March 2025, could provide significant benefits including expedited permitting processes, facilitated access to capital, and support in establishing partnerships along the value chain.LEM has recently enhanced the Norra Kärr project's sustainability profile, reducing its land footprint by 65% and water consumption by up to 30%. The company has also added the production of nepheline syenite, an industrial mineral, as a byproduct, potentially improving the project's economics.Beyond Norra Kärr, LEM holds two other assets: the Woxna graphite mine in Sweden, currently under strategic review, and an exploration program in Romania targeting battery metals. These provide additional optionality and exposure to the broader critical minerals sector.The company benefits from the support of cornerstone shareholder Eric Krafft, who holds a 38% stake. This backing has allowed LEM to avoid some of the dilutive financings that have challenged other junior miners. A recent raise of over CAD$4 million dollars is funding current work programs.Investors should note that LEM's success hinges on several factors, including its ability to secure permits, establish key partnerships, and navigate the complex landscape of critical minerals development in Europe. The company's projects, particularly Norra Kärr, align well with the EU's strategic priorities, potentially offering a favorable regulatory and funding environment.However, risks remain. Mining projects, especially those involving complex minerals like rare earths, face technical and economic challenges. Market dynamics for these specialized materials can be volatile, and there's no guarantee of project success despite favorable policy tailwinds. For investors, LEM offers exposure to the growing European critical minerals sector, with potential catalysts in the near to medium term. The company's focus on sustainability and alignment with EU strategic priorities could provide a competitive advantage.As CEO Kurt Budge states, "We're entering an era now which is support, collaboration, and better risk sharing where the risk should be shared." This collaborative approach, if successful, could position LEM to play a meaningful role in Europe's critical minerals future, offering potentially significant upside for investors willing to navigate the risks of the junior mining sector.View Leading Edge's company profile: https://www.cruxinvestor.com/companies/leading-edge-materialsSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Konnert, President & CEO of Vizsla Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/silver-steals-the-spotlight-once-more-5425Recording date: 17th October 2024Vizsla Silver (TSXV:VZLA) is emerging as a compelling investment opportunity in the silver mining sector, offering exposure to one of Mexico's most promising high-grade silver discoveries. The company's flagship Panuco project in Sinaloa, Mexico, has rapidly evolved from an exploration play to a potential top-tier silver producer, positioning Vizsla to capitalize on the growing demand for silver in both industrial applications and as a store of value.CEO Michael Konnert emphasizes the company's ambition: "We've consolidated one of Mexico's highest grade and largest new silver discoveries and our vision is to become the world's largest and highest margin single asset silver producer." This bold vision is supported by the project's preliminary economic assessment (PEA), which indicates Vizsla could become a top-five silver equivalent producer globally.Key investment highlights include:Fast-Track to Production: Vizsla is targeting first silver production by 2027, with potential groundbreaking as early as 2026. This accelerated timeline is facilitated by existing infrastructure and the resource's proximity to the surface.Strong Financial Position: With $110 million in the bank and a capital expenditure requirement less than half of its current market capitalization, Vizsla is well-funded to execute its development plans without excessive dilution to shareholders.Significant Exploration Upside: The current PEA focuses on only 10% of the known veins in the Panuco district, suggesting substantial potential for resource expansion and new discoveries.Robust Economics: The PEA projects average cash flow of $250 million USD in the first two years of production, with an all-in sustaining cost below $10 per ounce of silver.The company's near-term catalysts include an updated resource estimate expected by the end of 2024, commencement of test mining operations, and a feasibility study release targeted for mid-2025. These milestones have the potential to drive valuation re-ratings and increase market interest.Vizsla's investment appeal is further bolstered by the bullish outlook for silver. Growing industrial demand, particularly from the solar panel and electrification sectors, coupled with supply constraints, could drive silver prices higher. As Konnert notes, "I don't see how silver Supply can catch up to that. I don't see major projects coming online that's actually going to allow that gap to close without the silver price rising."While Vizsla presents an attractive opportunity, investors should be aware of potential risks inherent in mining development projects, including possible delays, cost overruns, and commodity price volatility. However, the company's strong financial position and high-grade resource provide some mitigation against these risks.For investors seeking exposure to the silver sector, Vizsla Silver offers a combination of near-term production potential, significant exploration upside, and leverage to silver prices. As the company progresses towards production and continues to expand its resource base, it presents multiple avenues for potential value creation. With its strategic assets, clear development plan, and favorable market positioning, Vizsla Silver stands out as a noteworthy opportunity in the precious metals space.View Vizsla Silver's company profile: https://www.cruxinvestor.com/companies/vizsla-silver-corpSign 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-tsxvrmr-reverse-takeover-of-high-grade-tin-5717Recording date: 16th October 2024Rome Resources, a junior mining company, is making significant strides in its exploration for tin and copper in the Democratic Republic of Congo (DRC). The company's recent activities and market conditions present an intriguing opportunity for investors interested in the critical minerals sector.Currently, Rome Resources is executing an ambitious drilling program in the DRC. CEO Paul Barrett reports that initial results are encouraging, with one hole showing "good indications" that warrant further investigation. The company has rapidly scaled up its operations, now operating four drilling rigs on site. This expansion demonstrates Rome's commitment to accelerating its exploration efforts and maximizing the potential of its concessions.The drilling program initially targeted 3,000 meters across two main areas: the Kalayi Project (approximately 1,000 meters drilled) and the Mont Agoma Project (over 330 meters drilled). However, management is considering extending the program beyond this target, capitalizing on the established logistics and operational efficiencies.Investors should note the company's adept handling of logistical challenges in the DRC. Despite the remote location requiring helicopter access, Rome Resources has successfully established a fully operational camp and supply bases. This infrastructure not only supports current operations but also provides a foundation for potential expansion.Market conditions for tin, one of Rome's primary target minerals, appear favorable. Tin prices are holding steady at around $32,500 per ton, with potential for upward pressure due to supply constraints and increasing demand. Barrett draws a compelling comparison to a nearby operation that achieves a net revenue of $20,000 per ton at current prices, illustrating the potential profitability of successful discoveries in the region.The company is also exploring for copper, a metal crucial for the global transition to clean energy and advanced technologies. This dual focus provides potential diversification benefits and exposure to two critical metals with strong long-term demand fundamentals.Investors can expect a steady flow of news in the coming months, with assay results anticipated in November 2023. These results will provide crucial insights into the potential scale and quality of Rome Resources' mineral assets.However, potential investors should be aware of the risks associated with early-stage exploration companies. Rome Resources has yet to define a resource or reserve, and there's no guarantee that the current drilling program will result in an economically viable deposit. Additionally, operating in the DRC carries geopolitical risks that must be considered.Despite these challenges, Rome Resources presents an opportunity for investors seeking early-stage exposure to critical minerals in a promising geological setting. The company's experienced management team, led by CEO Paul Barrett, demonstrates operational competence and a clear strategy for advancing its exploration projects.The macro environment for tin and copper remains supportive, with both metals playing crucial roles in the ongoing global transition to clean energy and advanced technologies. This backdrop could potentially lead to sustained high prices and increased investment in the sector.In conclusion, Rome Resources offers investors a chance to participate in the early stages of what could become a significant tin and copper play. While the risks are substantial, as with any junior explorer, the potential rewards of a major discovery in the current market environment are equally considerable. Investors should conduct thorough due diligence and carefully consider their risk tolerance before making any investment decisions.View Rome Resources' company profile: https://www.cruxinvestor.com/companies/rome-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen G. Roman, President & CEO of Global Atomic Corp.Our previous interview: https://www.cruxinvestor.com/posts/global-atomic-tsxglo-uranium-operations-rapidly-advancing-to-production-5874Recording date: 15th October 2024Global Atomic Corporation (TSX:GLO) is positioning itself as a key player in the uranium mining sector, with its Dasa project in Niger progressing rapidly towards production. As the global demand for clean energy grows and nuclear power gains renewed attention, Global Atomic presents a compelling investment opportunity in the uranium space.The company is on track to commence uranium production in Q1 2026, a timeline that aligns with upcoming supply contracts and establishes Global Atomic as a reliable producer in the market. CEO Stephen Roman reports significant progress in project development, stating, "I would say the mine is, from my point of view, 75% there." Underground development is well advanced, with ore already being brought to the surface as part of the development work. The company has completed its first large-diameter ventilation raise and is moving on to the second, crucial steps in establishing the mine's infrastructure.While mine development is at an advanced stage, mill construction is progressing steadily, estimated to be "30% to 35% there." Earthworks are completed, and civil works are beginning, with key components like the acid plant and grinding mill being fabricated and shipped to the site.One of Global Atomic's key strengths is its strong relationship with the Niger government. The company has received a letter from the president declaring the Dasa project a strategic asset of national importance, providing political security and facilitating smoother operations. This high-level support sets Global Atomic apart in a region where political risk is a significant consideration for investors.The company's recent equity raise demonstrated strong support from both institutional and retail investors, bringing Global Atomic closer to meeting the 40% equity spending requirement necessary before drawing down on bank debt for project development. This financial backing, coupled with the project's progress, positions the company well for the final push towards production.Global Atomic is entering the market at a potentially advantageous time. Roman expresses optimism about the uranium market's future, citing factors such as increased demand from new nuclear projects, potential supply disruptions in major producing countries, and shipping issues as contributors to a tightening market. The company is taking a strategic approach to uranium sales contracts, using a blended pricing formula to provide stable cash flows while allowing for upside potential if uranium prices rise.However, investors should be aware of the risks inherent in uranium mining and operating in Niger. Political situations can change, and the profitability of the Dasa project will be heavily influenced by uranium prices, which have historically been volatile. Additionally, as with any mining project, there are risks associated with construction delays, cost overruns, and operational challenges.Despite these risks, Global Atomic appears undervalued compared to its peers. Roman notes, "We're trading at 0.2 or 0.25 NAV and most of our peer group's at 0.75, 0.8," suggesting potential for share price appreciation as the company progresses towards production.For investors seeking exposure to the uranium sector, Global Atomic offers a combination of near-term production potential, strong government support, and leverage to improving uranium market fundamentals. As the global focus on clean energy intensifies and nuclear power gains renewed attention, companies like Global Atomic that are nearing production could be well-positioned to benefit from improving market dynamics.View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Moody, President & CEO of Pan Global Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-copper-explorer-poised-for-growth-in-spains-mining-heartland-5943Recording date: 9th September 2024Pan Global Resources (TSXV:PGZ) is actively exploring for copper in Spain's Iberian Pyrite Belt, a region renowned for its large volcanic massive sulfide (VMS) deposits. The company's flagship Escacena project has already yielded a significant discovery at the La Romana target, with ongoing exploration aimed at expanding this find and identifying additional deposits within the project area.Led by President and CEO Tim Moody, who brings over 40 years of mining industry experience, Pan Global is leveraging modern exploration techniques to uncover potential deposits in an area that has seen limited exploration due to post-mineral sedimentary cover. The company's strategy focuses on the "cluster concept," recognizing that VMS deposits in the Iberian Pyrite Belt often occur in groups.Key highlights of Pan Global's exploration efforts include significant progress at the La Romana discovery, where the company has completed 180 drill holes. The mineralization remains open for expansion, with recent drilling suggesting potential for a 400-meter strike extension to the northwest. Beyond La Romana, Pan Global has identified several promising targets within the Escacena project, including Cañada Honda and Bravo, broadening the exploration potential. The company has also made substantial advancements in technical work, with metallurgical testing at pre-feasibility level for about two-thirds of the drilled deposit at La Romana and environmental baseline studies ongoing for two years. Looking ahead, Pan Global has planned a 60-hole drill program to expand La Romana and test other targets, with a budget of $5-10 million. The company's near-term objectives include defining a resource and potentially releasing a Preliminary Economic Assessment (PEA), which could serve as significant catalysts for the project's advancement.The Iberian Pyrite Belt is known for hosting "super giant" VMS deposits exceeding 100 million tons. Pan Global is targeting a cluster of deposits totaling 40-50 million tons, which would be significant for a VMS project and could attract attention from major mining companies.Investors should note that Pan Global's current market capitalization of around C$30 million is significantly below its previous peak of C$180 million. The company believes that continued exploration success, particularly new discoveries, could drive a re-rating of the stock.However, investment in Pan Global comes with risks typical of junior mining companies. These include exploration risk, the need for additional financing (the company currently has about C$1.5 million in cash), commodity price volatility, and potential future permitting and development challenges.The macro environment for copper exploration remains favorable, with growing demand driven by electrification and renewable energy trends. The International Energy Agency projects that copper demand for clean energy technologies could increase by up to 350% by 2050 in a scenario aligned with the Paris Agreement goals.For investors interested in the copper sector and willing to accept the risks associated with junior mining exploration, Pan Global Resources offers exposure to a potentially significant copper discovery in a world-class mining district. The company's progress over the next 12-18 months, particularly in expanding La Romana and testing new targets, will be crucial in determining its long-term value proposition.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Anthony Hamilton, CEO/MD of Georgina Energy.Our previous interview: https://www.cruxinvestor.com/posts/georgina-energy-lsegex-pioneering-helium-exploration-in-australia-5790Recording date: 11th October 2024Georgina Energy (LSE: GEX) presents a high-risk, high-reward investment opportunity in the energy exploration sector, focusing on helium, hydrogen, and natural gas resources in Australia. The company is approaching a critical juncture with plans to re-enter an existing well at its Hussar project in December 2024, potentially unlocking significant value for investors.The company's near-term catalyst is a 50-day drilling program at the Hussar project, scheduled to commence in December 2024. This program targets the subsalt Townsend formation at approximately 3,200 meters depth, which is believed to host natural gas with potentially significant concentrations of helium and hydrogen. Georgina's capital-efficient strategy of re-entering existing wells keeps initial costs low, with the company fully funded for the Hussar drilling program at an estimated cost of $1.5-1.6 million.Georgina holds exploration permits covering over 35,000 square kilometers in Australia, providing significant running room if initial drilling is successful. This large acreage position offers potential for future resource growth and development. The company's focus on helium and hydrogen, both high-value commodities with growing demand and supply constraints, sets it apart from traditional oil and gas explorers. Natural gas production would provide base economics, while helium and hydrogen content could significantly enhance project value.The company is pursuing a partnership approach, having signed one offtake agreement and in discussions with others. These agreements could provide capital for development, with potential reimbursement of drilling costs if successful. CEO Anthony Hamilton emphasized this strategy, stating, "One of the conditions that we have set with the offtakers was that in the event that is economic and sustainable and it meets their requirements, then we want to be reimbursed for our entire development cost for that well."Georgina employs conservative pricing assumptions in its economic modeling, providing potential upside if commodity prices remain strong. This approach gives the company a cushion against price volatility while still offering attractive returns under current market conditions.Key upcoming milestones for investors to watch include a site visit in November 2024 to complete environmental and heritage studies, expected receipt of the drilling permit in early December, the 50-day drilling program from December 2024 to February 2025, and if successful, three months of testing and analysis in Q1-Q2 2025.However, investors must be aware of the significant risks associated with Georgina Energy. Despite the presence of an existing well, there is no guarantee of commercial gas flows or economic helium/hydrogen concentrations. The company's near-term value is heavily dependent on results from one well at the Hussar project. As an early-stage, pre-revenue company, Georgina will require significant capital to reach commercial production if successful. Additionally, operations in Australia involve regulatory and permitting risks, including the need for engagement with traditional landowners.For investors willing to accept these risks, Georgina Energy offers exposure to the growing helium and hydrogen markets through a high-impact exploration play. The company's capital-efficient strategy and large acreage position provide significant upside potential if initial drilling is successful. The near-term catalyst of the Hussar drilling program offers a clear timeline for potential value creation.In conclusion, Georgina Energy represents an opportunity to gain exposure to attractive commodity markets with a defined timeline for potential value creation. However, investors must be prepared for high risk and potential volatility given the speculative nature of the investment. Close monitoring of upcoming milestones, particularly around the Hussar drilling program, will be crucial for assessing the investment thesis as it unfolds.—Learn more: https://cruxinvestor.com/companies/georgina-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Langer, President & CEO of Sierra Madre Gold and Silver LtdOur previous interview: https://www.cruxinvestor.com/posts/sierra-madre-gold-silver-tsxvsm-how-permitted-silver-mine-mitigates-uncertainty-4391Recording date: 11th October 2024Sierra Madre Gold & Silver (TSXV:SM) has recently transitioned from explorer to producer, marking a significant milestone in the company's development. The company commenced production at its La Guitarra silver and gold mine in Mexico on June 25th 2024, positioning itself to capitalize on the current robust silver market.CEO Alex Langer highlights the company's fortunate timing, with silver prices surging from around $18 per ounce during initial due diligence to current levels above $30 per ounce. This price appreciation significantly enhances the project's economics and cash flow potential, providing a strong foundation for the company's growth plans.Sierra Madre's operations in Mexico come at a time of political transition, with the recent election of Claudia Sheinbaum as president. Initial concerns about potential regulatory tightening have given way to cautious optimism. The company's underground mining operation at La Guitarra has insulated it from some of the regulatory debates surrounding open-pit mining, potentially providing a competitive advantage.The company is currently in the test mining phase, with commercial production targeted for the end of 2024. Sierra Madre defines commercial production as achieving a consistent throughput of 500 tons per day. Looking ahead, the company has ambitious growth plans, aiming to double production to 1,000 tons per day by 2027. At this production level, the mine could potentially produce over 2 million ounces of silver equivalent per year, a significant output that could attract increased investor attention.Financially, Sierra Madre secured a $5 million loan in May 2024 from its largest shareholder, First Majestic Silver. This financing was strategically timed to fund the final push towards production, with favorable terms that provide flexibility during the critical ramp-up phase. The company's approach to financing reflects a focus on minimizing dilution and preserving shareholder value.Beyond the La Guitarra mine, Sierra Madre controls a vast land package of 30,000 hectares in what Langer describes as "probably one of the largest undeveloped silver districts in Mexico." This extensive land holding provides a pipeline of potential growth opportunities, which the company plans to explore as cash flow from operations increases.The broader silver market dynamics also favor Sierra Madre's position. Strong industrial demand, particularly from the solar panel industry, combined with silver's role as a safe-haven asset, are driving robust demand. Langer notes unusually low treatment charges in their offtake agreement, indicating strong competition among traders for silver supply. However, investors should be aware of the risks inherent in junior mining companies. These include operational risks associated with ramping up production, potential volatility in silver prices, ongoing regulatory and political risks in Mexico, technical challenges in scaling up production, and market risks associated with being a relatively small producer.For investors bullish on silver and seeking exposure to production-stage companies in stable mining jurisdictions, Sierra Madre Gold & Silver presents an intriguing opportunity. The company's transition to producer status, coupled with its growth plans and extensive land package, offer multiple avenues for potential value creation. As always, thorough due diligence and consideration of individual risk tolerance are essential when evaluating any mining investment opportunity.View Sierra Madre Gold & Silver's company profile: https://www.cruxinvestor.com/companies/sierra-madre-gold-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-the-importance-of-skilled-hires-in-de-risking-and-financing-5912Recording date: 9th October 2024Marimaca Copper Corp. (TSX:MARI) has taken a significant step in its growth strategy by signing a binding option agreement to acquire the Pampa Medina project from Sociedad Contractual Minera Elenita. This strategic move aligns with Marimaca's goal of expanding its base of leachable copper resources and potentially increasing its production target beyond 50,000 tonnes of copper cathode per annum.The Pampa Medina project, consisting of four mining concessions totaling 144 hectares, is strategically located within Marimaca's broader 14,500-hectare Sierra de Medina property package. Situated approximately 28km from and 200m higher in elevation than the company's planned processing infrastructure for the Marimaca Oxide Deposit (MOD), Pampa Medina offers significant synergistic development potential.One of the key attractions of Pampa Medina is its historical resource estimate, which indicates substantial copper mineralization primarily in oxide form. While this estimate is not yet compliant with NI 43-101 standards, it suggests considerable potential, with indicated resources of 12.27 million tonnes at 0.857% total copper and inferred resources of 28.05 million tonnes at 0.659% total copper. The company has inherited approximately 41,000m of historical drilling data and has already commenced a detailed quality assurance and validation program.Hayden Locke, President & CEO of Marimaca, emphasized the strategic importance of this acquisition, noting its alignment with the company's goal of growing its leachable copper resources. The proximity of Pampa Medina to the planned MOD infrastructure presents clear routes for synergistic development, potentially enhancing the overall project economics.From an exploration perspective, Pampa Medina is situated in one of Marimaca's most prospective target areas within the Sierra de Medina property. The company has already completed surface geology studies and geophysical surveys in and around the historical resource area, revealing exciting potential for resource extension both along strike and down plunge.The transaction terms involve a series of payments over a five-year option period, totaling US$12 million, with the flexibility for Marimaca to withdraw at any time. This structure provides the company with a low-risk entry into a potentially high-reward asset. Additionally, SCM Elenita will retain a 1.5% net smelter royalty on the property, with Marimaca having the option to buy back 1.0% of this royalty.For investors, this acquisition represents a significant opportunity for Marimaca Copper. It not only expands the company's resource base but also has the potential to increase production scale and extend mine life. The company plans to release a maiden resource estimate for Pampa Medina in early Q1 2025, which could serve as a major catalyst for the stock.Furthermore, Marimaca continues to advance its exploration efforts at other targets, including the ongoing drilling at the Mercedes Target. This multi-pronged approach to growth – developing the flagship MOD project, integrating strategic acquisitions like Pampa Medina, and continuing exploration across its property package – demonstrates Marimaca's commitment to creating long-term value for shareholders.As the global demand for copper continues to rise, driven by the green energy transition and electrification trends, Marimaca Copper is positioning itself as a key player in the copper market. The Pampa Medina acquisition strengthens this position, offering investors exposure to a growing copper resource base in the stable mining jurisdiction of Chile.—View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Max Porterfield, President & CEO of Callinex Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-the-high-grade-copper-play-in-canada-for-a-supply-constrained-world-5467Recording date: 7th October 2024Callinex Mines (TSXV:CNX) is positioning itself as a promising player in the copper exploration sector, focusing on high-grade discoveries in the prolific Flin Flon Mining District of Manitoba, Canada. With a fully funded 5,000-meter drill program underway, the company is targeting potentially significant copper-rich massive sulfide deposits that could drive substantial value creation for investors.The company's flagship Pine Bay Project, located near Flin Flon, Manitoba, boasts a century-long history of exploration and sits in one of the world's premier districts for volcanogenic massive sulfide (VMS) deposits. The project area encompasses the largest known felsic volcanic rock package in the Flin Flon belt, which has historically hosted 90% of the region's mines despite comprising only 10% of the rock package.Callinex's most exciting prospect is the Descendant discovery, made in late 2022. This target is associated with a massive alteration system spanning at least 700 by 1100 meters, approximately ten times larger than the alteration footprint of the company's existing Rainbow deposit. Initial drilling has intersected wide intervals of mineralization indicative of a large VMS system, with grades comparable to the upper portions of the Rainbow deposit. Management believes Descendant could potentially host over 30 million tons of mineralization.The company is employing advanced exploration techniques, including Magnetotelluric (MT) surveys, to guide its drilling efforts. This adaptive approach to technology demonstrates Callinex's commitment to maximizing its chances of success and potentially uncovering deposits that may have been missed by previous explorers.While Descendant is a primary focus, the current drill program will also test several other promising target areas on the property, including Poseidon, Odin, and Ra. This multi-target approach diversifies exploration risk and increases the potential for new discoveries.Callinex is also taking steps to advance its existing resources towards potential development. The company has completed baseline studies for an Advanced Exploration Permit (AEP) application, which it plans to submit by December 2024. This proactive approach to permitting could accelerate the timeline for moving discoveries into production, should they prove economically viable.The long-term fundamentals for copper remain strong, driven by increasing global demand from electrification, urbanization, and technological advancement. On the supply side, challenges such as declining ore grades and limited new discoveries support a favorable outlook for copper prices.For investors, Callinex Mines offers exposure to a potentially significant copper discovery story in its early stages. The company's focus on a proven mining district, experienced management team, and well-funded exploration program help mitigate some of the risks inherent in junior mining investments. Investors should maintain awareness that junior exploration companies carry significant risks, including the potential for share price volatility and the possibility that exploration efforts may not yield economic deposits. A long-term investment horizon is advisable to allow for potential discovery and development.In summary, Callinex Mines presents an intriguing opportunity for investors seeking exposure to copper exploration in a world-class mining district, with multiple avenues for potential value creation and strong long-term fundamentals supporting the copper market.View Callinex Mines' company profile: https://www.cruxinvestor.com/companies/callinex-minesSign up for Crux Investor: https://cruxinvestor.com