Podcasts about jorc

Krakatoa Resources Ltd CEO Mark Major talked with Proactive about high-grade gold and antimony results from the company's 2026 drilling program at the Zopkhito Antimony-Gold Project and the work underway to advance the project toward a JORC-compliant resource. Major said the latest results broadly reaffirmed the grades seen in the project's historical data. He noted that previous work had returned gold grades of around 28 grams per tonne, while the latest sample batch included grades of around 17 grams per tonne gold. On the antimony side, Major highlighted a result of around 15%, alongside grades of more than 20% encountered in previous drilling. Work is continuing across the project, including additional sampling and assessment inside the adits. Surface drilling has also moved to the western side of the project, where the company is testing a series of veins that have not previously been drilled. Looking ahead, Major said Krakatoa Resources plans to take bulk samples for metallurgical test work and carry out further geotechnical work within the adits. The company is also considering preparations for underground drilling in the next field season as it seeks to expand the resource and improve its classification. Visit Proactive's YouTube channel for more interviews and market updates. If you found this video useful, give it a like, subscribe to the channel and enable notifications so you don't miss future content.

Critical Mineral Resources PLC (LSE:CMRS, FRA:98J) CEO Charlie Long discusses the significance of the maiden JORC resource, the company's funding strategy, the challenges ahead, and what success would look like over the next 12 months as Critical Mineral Resources advances its copper projects. Watch the full video here: https://www.proactiveinvestors.co.uk/companies/news/1096581/critical-mineral-resources-ceo-on-morocco-strategy-growth-and-acquisitions-1096581.html Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #CriticalMineralResources #JORC #Copper #Mining #CriticalMinerals #ResourceInvesting #MiningStocks #GrowthStrategy #MoroccoMining #ProactiveInvestors

Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF, FRA:RR1) CEO George Bennett spoke with Proactive's Stephen Gunnion about the start of the preliminary feasibility study (PFS) for the Uberaba rare earths project in Brazil with Mosaic, outlining work to further define the project's resource, processing characteristics and economics. Bennett said the PFS follows March's initial economic assessment, which showed "very, very strong economics" at spot rare earth prices, with the company on track for what it expects will be a positive PFS. He also discussed work by SRK to prepare a maiden JORC mineral resource estimate for Uberaba. Mosaic holds a large phosphate resource feeding its phosphoric acid plant there, and Rainbow has identified rare earths in the associated phosphogypsum, grading around 5,100 ppm total rare earth oxides. The resource work will assay existing core and review historical data to confirm consistency, with Bennett suggesting this could establish Uberaba as a very long-life project. The current study covers one phosphoric acid production line, with potential for a second. Bennett also explained why Mosaic is sending another six tonnes of phosphogypsum for pilot testing, examining factors like leach residence time and temperature, drawing on IP developed through Rainbow's Phalaborwa project. On economics, Bennett highlighted March's assessment showing a $916 million NPV and 45% IRR: "We expect the PFS will deliver very, very strong economic numbers," with completion targeted for the second half of 2027 ahead of a potential definitive feasibility study and construction. Visit Proactive's YouTube channel for more interviews and company updates. If you found this video useful, give it a like, subscribe to the channel and enable notifications for future content. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #RainbowRareEarths #Uberaba #RareEarths #CriticalMinerals #Mosaic #RareEarthElements #Mining #BrazilMining #Phosphogypsum #JORC #PreFeasibilityStudy #PFS #MiningInvestment #CriticalMaterials #InvestorNews #Proactive

Interview with Jonathan Fisher, CEO of Cauldron EnergyRecording date: 2nd September 2026Cauldron Energy (ASX:CXU) holds 55 million pounds of JORC-compliant uranium resource at its Yanrey Project in Western Australia, with an exploration target of up to 269 million additional pounds. The company's near-perfect drilling record and strategic positioning make it a compelling uranium story—provided Western Australia lifts its longstanding mining ban.The Yanrey Project spans three deposits: Bennett Well, Manyingee South, and Manyingee North are all situated in a region considered highly prospective for in-situ recovery (ISR) uranium mining. Cauldron's exploration has been remarkably successful wherein the first 24 drill holes at Manyingee North intersected mineralisation, defining a maiden 10-million-pound resource with a 100% hit rate. Subsequent drilling of 40 to 50 additional holes has maintained that near-perfect success rate.The company uses passive seismic surveying to identify buried palaeochannels, ancient river systems, that concentrated uranium as they flowed eastward from granitic sources. Three channels have been drilled to date, yielding the three known deposits, with 20-30 more channels still untested. A formal resource update is expected later in 2026 following the completion of the current drilling campaign.Western Australia's state-level uranium mining ban remains the single biggest obstacle to production. Despite this, Cauldron received two government exploration grants in April 2026, a signal CEO Jonathan Fisher interprets as contradictory but encouraging. Additional indicators of potential policy shift include a parliamentary inquiry where over 60% of submissions favoured uranium mining, and a recent by-election swing toward the pro-uranium One Nation party.While the ban persists, Cauldron is maximising its resource base to become either a ready-to-develop asset or an attractive takeover target once policy changes. The company has partnered with Uzbekistan's Navoi Mining and Metallurgical Company to de-risk ISR process design and hired an experienced environmental manager to navigate regulatory approvals. Groundwater testing by ANSTO found low salinity across all three deposits—a favourable factor for ISR recovery economics.Cauldron's investment case hinges entirely on Western Australia lifting its mining ban. While management cites multiple signals of policy change, none are confirmed. Technical risks remain, as demonstrated by peer Boss Energy's setbacks at its Honeymoon ISR operation, though Cauldron's Navoi partnership aims to mitigate such risks. Shareholder concentration is high, with a family office holding ~30% and ETFs ~15–16%, providing stability but limiting free float.View Cauldron Energy's company profile: https://www.cruxinvestor.com/companies/cauldron-energy-limitedSign up for Crux Investor: https://cruxinvestor.com/subscribe

Mila Resources COO Alastair Goodship joined Steve Darling from Proactive to discuss a significant upgrade to the JORC-compliant Mineral Resource Estimate for the Coffey Gold Deposit, part of the company's Kathleen Valley Gold Project in Western Australia. The updated resource estimate now contains 599,000 tonnes grading 2.1 grams per tonne gold for approximately 41,300 ounces of contained gold. The revised estimate represents a substantial increase from the previous 2020 resource, with both tonnage and contained ounces roughly doubling as a result of additional drilling and improved geological understanding of the deposit. Goodship explained that the resource growth validates the exploration work completed to date and further strengthens the development potential of the Kathleen Valley project. Beyond the increase in gold inventory, the updated resource also includes notable silver and zinc values, providing potential additional economic upside and highlighting the broader mineral endowment of the system. Importantly, exploration upside remains strong. Several identified gold targets within the project area have yet to be fully tested, offering opportunities to grow the current resource base through future drilling programs. Geological studies also indicate that mineralization may extend toward neighboring properties, creating the potential for additional discoveries and resource growth if continuity can be confirmed. The company is also focused on the Yarrol gold project. Goodship says Mila has spent approximately 24 months building its geological model, drilling to prove extensions from the historic resource depth of around 50 metres down to 100 to 150 metres, and testing mineralisation along strike. The company is aiming to publish a new gold resource at Yarrol in Q4, with additional drilling under way to fill gaps and test extensions. Goodship highlights significant exploration upside at Yarrol, noting that Mila holds approximately 20 kilometres of the Yarrol fault structure but has so far explored only one kilometre of it. Multiple gold occurrences are mapped along the structure, and the company intends to step out along the fault to identify additional shallow targets. At the Monal licence, also in Queensland, recent geophysics results released last week identified what Goodship describes as a strong potential porphyry target. Surface quartz veins with sulphides and historic workings with high-grade copper and gold mineralisation in narrow veins add to the encouragement. Goodship says Monal is a large licence area with many additional targets not yet reached, and the company is only beginning to see its potential. #proactiveinvestors #milaresourcesplc #lse #mila #copper #gold #GoldExploration #WesternAustralia #KathleenValley #GoldStocks #MiningNews #ResourceGrowth #JuniorMining #CriticalMinerals

Critical Mineral Resources PLC (LSE:CMRS, FRA:98J) CEO Charlie Long spoke to Proactive's Stephen Gunnion about progress at the Agadir Melloul copper project in Morocco, with the first independent JORC mineral resource estimate targeted for October. Long explained why it matters: some funds only invest post-JORC, and the independent estimate gives investors a trusted, audited basis for assessing the metal in the ground. The MRE will cover just 5-6% of CMR's current licensed area - effectively closer to 3-4% once near-term land acquisitions are factored in. Outcropping mineralisation extends 12-15 miles, which Long said means years of drilling potential before the company needs to target hidden areas. James Hogg, principal geologist and CEO of Addison, spent two and a half days on site, visiting multiple areas including some Long himself hadn't seen. Hogg observed rhyolite, gold, and sedimentary copper mineralisation, plus micro-conglomerate styles, across current drilling areas and on ground 10 kilometres southeast, where CMR may drill next. On next steps after the MRE, Long outlined two parallel workstreams: converting the resource into a reserve and mine schedule, and advancing metallurgy and plant work towards an environmental impact assessment. He said a network including former Rio Tinto personnel is assisting with feasibility work, which he expects to arrive quite soon. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #CriticalMineralResources #CMR #MiningExploration #Copper #Gold #Morocco #JORC #CriticalMinerals #MiningStocks #ProactiveInvestors

Interview with Phil Hoskins, CEO of Atomic EagleOur previous interview: https://www.cruxinvestor.com/posts/atomic-eagle-asxaeu-all-known-questions-answered-april-2026-10323Recording date: 3rd August 2026Atomic Eagle Limited (ASX:AEU | OTCQX:AEUXF) has negotiated the return of its Madaouela Uranium Project in Niger, transforming the company from a single-asset Zambian developer into a dual-asset uranium play with a combined resource base spanning two continents. The deal, agreed in principle after seven months of negotiation with Niger's Ministry of Mines, follows the 2024 expropriation of the project from Atomic Eagle's subsidiary GoviEx Uranium and the international arbitration proceedings that followed.The scale differential between the two projects is significant. Madaouela hosts 116.5 million pounds of U3O8 at 1,282ppm - roughly twice Muntanga's resource size and four times its grade - underpinned by more than $160 million of historical expenditure and 600,000 metres of drilling. At current uranium prices, management estimates the project's net present value at approximately $650 million US, with each $5-per-pound price increase adding a further $100 million.The commercial terms give Atomic Eagle 60% ownership of a newly formed Nigerien entity, with the government holding 40% - 15% as a standard free-carried interest and up to 25% as a contributory stake that dilutes if unfunded. Near-term cash outlay is limited to $10 million US in staged payments, plus a non-cash offer to carry the government for up to $40 million of its equity contribution. Critically for investors assessing execution risk, operational control - budgets, work programmes, and day-to-day decisions - sits unambiguously with Atomic Eagle, with no unanimous consent requirements from the government side.The company now has a two-year window to update feasibility studies, reapply for environmental approvals, and convert the historical NI 43-101 resource estimate into a JORC-compliant figure, targeted for the second half of 2026. With $13.8 million in cash as at 30 June 2026 and a further $16 million potentially available through early option exercises by strategic holders, management believes funding is adequate to meet these near-term obligations without an immediate capital raise.Management was explicit that Madaouela is not intended to divert resources or attention from Muntanga, which continues to grow toward a resource approaching 60 million pounds, supported by its own dedicated exploration and study teams. CEO Phil Hoskins framed the valuation opportunity in relative terms: African uranium developers currently trade around $3 a pound, which applied to Atomic Eagle's 60% attributable Madaouela resource implies roughly $210 million Australian in additional value - a figure he suggested could be exceeded given strategic interest already expressed by parties including the White House and major Chinese uranium companies, though he cautioned this depends on Atomic Eagle first demonstrating the deal's credibility to the market.Formal signing of the mining convention is imminent. Until then, the agreement remains non-binding, and investors should treat the current terms as indicative rather than final.View Atomic Eagle's company profile: https://www.cruxinvestor.com/companies/atomic-eagleSign up for Crux Investor: https://cruxinvestor.com

This week on the Midweek Takeaway, Kevin Hornsby is joined by Charlie Long from Critical Mineral Resources to discuss the latest progress at the company's copper project in Morocco.The conversation covers ongoing drilling, work towards a maiden JORC resource, plans for a detailed feasibility study, the potential for a shallow open-pit development, and the company's strategy to build a long-life copper operation with scalable production and strong cash flow potential.Disclaimer & Declaration of InterestThis podcast may contain paid promotions, including but not limited to sponsorships, endorsements, or affiliate partnerships. The information, investment views, and recommendations provided are for general informational purposes only and should not be construed as a solicitation to buy or sell any financial products related to the companies discussed. Any opinions or comments are made to the best of the knowledge and belief of the commentators; however, no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion. Listeners are encouraged to perform their own research and consult with a licensed professional before making any financial decisions based on the content of this podcast. 

 Interview with James Gurry, Managing Director & Jozef Story, Exploration Manager of Aureka GoldRecording date: 11th August 2026Aureka (ASX:AKA) is an ASX-listed gold explorer and near-term developer operating a cluster of projects across Victoria's Stawell Corridor and St Arnaud goldfield, all within a 45-minute to one-hour drive of one another. The company was reconstituted from a distressed tenement package that Managing Director James Gurry acquired for under $1 million in 2023, when gold prices were depressed, and relisted on the ASX at the end of 2024. Since the start of 2025, Aureka has drilled continuously and lifted its JORC resource base by 50%.The company's flagship asset is the 100%-owned Irvine Gold Project, which sits 16km from the Stawell Gold Mine, a roughly 5-million-ounce historical producer. Irvine currently hosts an inferred resource of 398,300 ounces at 2.59 g/t gold, following a 94,000-ounce, 36% increase to the Resolution lode announced on 18 June 2026. That increase was driven by a reinterpreted structural and geological model, led by Exploration Manager Jozef Story, that defined 11 new geological domains around the deposit. Beyond the current resource, Aureka carries Advanced and Conceptual Exploration Targets that, combined with the unchanged Adventure lode target, exceed 600,000 ounces. Recent drilling identified a high-grade structure the company calls the Tenacity Fault, which returned the project's best assay to date: 10m at 12.1 g/t gold from 413m, including 0.3m at 183 g/t gold.Rather than pursue Irvine's larger development in isolation, Aureka's near-term strategy centres on the brownfield Comstock project near St Arnaud, roughly 70km from Irvine, within a historic goldfield that produced approximately 400,000 ounces at 15 g/t. Comstock hosts a 56,500-ounce inferred resource at 1.21 g/t gold and 2.14 g/t silver, plus a 112,000 to 116,000-ounce exploration target. The company has signed a toll milling agreement with the nearby Wedderburn mill, described by management as project-agnostic and therefore usable for Irvine ore in future, and has submitted a production licence application for Comstock, targeting first ore movement within roughly 12 months. Management is guiding to first-year Comstock production of 3,000 to 7,000 ounces, an estimated A$30 million to A$50 million in revenue at current gold prices, and a targeted margin of around 50%.The stated strategy is to use Comstock's free cash flow to fund ongoing exploration at Irvine without relying primarily on dilutive capital raises, while pursuing Irvine toward a longer-term development decision that management estimates is roughly three years from a first mining licence. Aureka currently has no debt and two diamond rigs active, one on each project. Management points to valuation support from the tenement package's prior history: the same assets, under a previous owner, traded up to approximately $150 million in market capitalisation in 2020, at roughly half today's gold price, against Aureka's current market capitalisation of under $20 million. Key near-term catalysts include Comstock's production licence approval and further assay results from the Tenacity Fault and Walker zone drilling programmes.Learn more: https://www.cruxinvestor.com/companies/navarre-mineralsSign up for Crux Investor: https://cruxinvestor.com 

Critical Mineral Resources PLC (LSE:CMRS, FRA:98J) CEO Charlie Long tells Proactive's Stephen Gunnion that recent drilling at the Agadir Melloul copper project in Morocco confirms the mineralised system continues, building on the company's understanding of the resource despite normal variability between drill holes. Long said the focus is on building a continuous, mineable resource rather than judging individual holes in isolation; the company's internal estimate already stands at around 25,000 tonnes of copper. Ahead of the maiden JORC resource, work is progressing in parallel on metallurgical testing, pilot plant preparation, process flow sheet design, plant site selection, tailings planning and water management studies. Detailed mine scheduling will follow once the formal resource model is in place. Long said the maiden JORC resource will be a key milestone for institutional investors and specialist mining funds, even as the company remains confident in its internal model: "We know we've got a resource already... the ultimate size of the resource is going to grow over time. It's just a matter of drilling." Watch the full interview for more on Critical Mineral Resources' strategy, upcoming milestones and development plans for Agadir Melloul. Visit the Proactive YouTube channel for more interviews with leading companies, and don't forget to like this video, subscribe to the channel and enable notifications so you never miss future content. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #CriticalMineralResources #CharlieLong #Copper #Mining #Morocco #AgadirMelloul #CopperMining #JORC #MineralExploration #MineDevelopment #NaturalResources #Commodities #Investing #ASX #ProactiveInvestors

Noronex has put its foot on a substantial tin project in Alaska. It has a historical resource, and the emphasis will be on establishing a JORC resource and then growing this to capitalise on booming global demand for tin. Tin is on the US Critical Minerals list, but there are no tin producers in America. Guest Bio James Thompson is Chief Executive Officer of Noronex Limited (ASX: NRX), an ASX-listed mineral explorer advancing the newly optioned Sleitat tin-tungsten-silver project in Alaska alongside its Kalahari Copper Belt interests in Namibia and Botswana. He was appointed CEO in July 2026, coinciding with Noronex securing an exclusive option over Sleitat. Thompson has been involved with Noronex since 2018, when he became a director of the company's founding copper subsidiaries, before being appointed an executive director of the company in May 2021. He holds a Bachelor of Commerce and a Bachelor of Laws, and began his career as a chartered accountant with KPMG. Over a 25-year career he has built investment experience with firms including Macquarie Bank, Quadrant Private Equity and Viburnum Funds, where he has served as Investment Director since 2014. He has also been a founder and director of numerous other ASX-listed and private resource companies over the past decade, spanning the base, precious and battery metals sectors. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Links The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/ Company Website: https://www.noronexlimited.com.au/ Key Insights Sleitat gives Noronex a rare, near-term entry into US tin supply. Noronex has secured a 60-day option to acquire 100% of the Sleitat tin-tungsten-silver project in Alaska, targeting a historical (non-JORC) estimate of 25.9 million tonnes at up to 0.37% tin, representing an estimated 58,000 to 96,000 tonnes of contained tin. With the US holding no domestic tin production and tin formally designated a critical mineral by the US government, the deal places Noronex in a category with almost no ASX-listed peers targeting US tin supply. The project is genuine brownfields, not a speculative punt. Sleitat was discovered and drilled by Cominco in the 1980s, including a standout historical intercept of 30 metres at 1.5% tin, with the US Bureau of Mines later compiling the historical resource estimate from that work. Thompson notes Noronex has since re-examined the preserved drill core using XRF technology and confirmed high-grade tin exactly where expected, giving the company confidence to move straight toward a JORC-compliant exploration target rather than starting from scratch. Deal terms are structured to avoid dilution before drilling begins. The acquisition is weighted toward deferred and milestone-based payments tied to future resource growth, requiring only around $1.5 million upfront in cash and scrip, funded from Noronex's existing treasury. Thompson says the company can complete due diligence, exercise the option and define an exploration target without raising capital, only tapping equity markets once it is ready to fund drilling. Tin's supply-demand fundamentals underpin the investment case. Thompson points to International Tin Association forecasts of continued deficits and roughly 25% demand growth by the mid-2030s, driven by solder use in semiconductors, AI data centres, electric vehicles and solar panels. With Indonesian producers shifting to costlier offshore dredging and no US tin production since the 1990s, he argues the timing is right for new, low-cost, shallow open-pit style supply to enter the market. Kalahari copper exposure is now fully funded by South32. Noronex's roughly one-million-hectare copper package across Namibia and Botswana is being advanced under an earn-in with South32, which is funding up to $20 million of exploration over five years to earn a 60% interest, with a further drilling program planned for around October. Thompson frames this as free-carried upside sitting alongside the new tin flagship, while Noronex retains a tight share register, with more than 50% held by its top 20 shareholders.  

Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) managing director Richard Belcher tells Proactive's Stephen Gunnion that the latest drill results from the Mushima North silver-copper project suggest a higher-grade mineralisation zone continues from the final holes of last year's programme, which delivered the project's best copper and silver intersections to date. The previous programme was cut short by the rainy season, making the confirmation of that grade continuity a significant step forward. Belcher explained that the current drilling programme is focused on infilling the existing exploration target to achieve the data density needed to advance to a JORC mineral resource estimate. An independent competent person has already visited the site to review the programme and results, and will begin work on the resource as data becomes available. Laboratory assay results are still pending. Belcher said these will provide the silver grades, which are central to the project, and will also test for the potential presence of critical minerals within the same style of mineralisation. Preliminary field results are being used to guide the ongoing drill programme in parallel. On the timeline for investors, Belcher identified three milestones to watch: ongoing batches of preliminary field results, the forthcoming laboratory assay results, and ultimately the mineral resource estimate, which the company is targeting before the end of the year. For more Proactive interviews and market insights, visit the Proactive YouTube channel. Don't forget to like this video, subscribe to the channel and enable notifications so you never miss future content. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #TertiaryMinerals #RichardBelcher #ZambiaMining #CopperMining #SilverMining #CopperExploration #MineralResource #MiningStocks #JuniorMining #MushimaNorth #CriticalMinerals #NaturalResources #ResourceInvesting #MiningNews #ProactiveInvestors

Lac Gold has 1.66 million ounces of resources at the Rouyn Gold Project in Canada. Two rigs now drilling, with the potential to add a third or even a fourth. The name of the game is to grow the resource in what is a highly desirable address for gold deposits. Guest Bios Andrew Stocks — Managing Director, Lac Gold Limited (ASX: LAC) Andrew Stocks is Managing Director of Lac Gold Limited (ASX: LAC). He is a mining engineer with more than 35 years' experience in corporate leadership across the resources sector, including project development, capital allocation and strategy. Prior to Lac Gold, he was Managing Director and CEO of ASX-listed Iron Road Limited, where he led the company through feasibility work on the Central Eyre Iron Project in South Australia. Earlier in his career he was Managing Director and CEO of Siberia Mining Corporation through its merger with Monarch Gold, and served as Vice President of Operations at London-based Crew Gold Corporation. Matthew Keegan — Executive Director, Lac Gold Limited (ASX: LAC) Matthew Keegan is Executive Director of Lac Gold Limited (ASX: LAC) and the geologist who originally identified and secured the Rouyn Gold Project. He brings more than 25 years' operational, corporate and investment experience across gold, nickel, iron ore and coking coal, including mine geology roles with Rio Tinto, BHP's Nickel West and Barrick, and a period as an investment analyst with resource-focused private equity firm Sentient Equity Partners. He is a member of the Australasian Institute of Mining and Metallurgy. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Links LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ Instagram: https://www.instagram.com/theholetruthpodcast/ Company website: https://lacgold.com/ Key Insights A rare “no-minnow” story: 1.66 million ounces from day one Unlike the early-stage exploration stories the podcast usually profiles, Lac Gold arrived on the ASX already holding a JORC resource of 1.66 million ounces of gold (15.8Mt at 3.28g/t) at its Rouyn Gold Project in Québec's Abitibi gold belt. Managing Director Andrew Stocks and Executive Director Matthew Keegan acquired the project privately for around C$25 million (C$5 million cash plus a C$20 million vendor finance facility at 5% straight-line interest, with no warrants or options attached), before listing via a reverse merger with Ardiden Limited that completed in late 2025. A fragmented gold system that's only been drilled to 400 metres Rouyn sits on the Piché Group trend within the Cadillac–Larder Lake fault zone, in the same neighbourhood as Abitibi giants such as Canadian Malartic, LaRonde, Lapa and Kerr-Addison, which together account for roughly 200 million ounces mined over the past century. Keegan says the project's shallow drill depth reflects a century of disjointed ownership rather than poor geology: 73 separate mining claims were only consolidated under one owner in recent years, and the ground was mined intermittently in the 1950s and 1980s during periods of low gold prices rather than being systematically explored. Two rigs turning around the clock, with a third and fourth under consideration Lac Gold currently has two diamond rigs running 24/7 at Rouyn, advancing roughly 200 metres a day combined, with a third rig being brought on and a fourth available if the economics stack up. Cold Québec winters don't interrupt the program — the frozen ground makes drilling easier. Results to date show continuity, width and grade in known zones, while step-out holes are revealing broad mineralised halos that vector toward high-grade shoots, across at least 150 targets identified along the deposit's six-kilometre strike. Valuation sits well below peers, with two paths to a re-rate At a market capitalisation of roughly A$70 million against 1.66 million ounces, Lac Gold is trading at about A$42 an ounce in the ground, versus a peer average Stocks puts at two to three times that level. Management frames the opportunity in two parts: closing that valuation gap on the existing resource, and applying the same (or a better) per-ounce multiple to new ounces added through the drill bit. A second growth option at Golden Patricia, near Pickle Lake Alongside Rouyn, Lac Gold holds the Pickle Lake Gold Project in Ontario, inherited through the Ardiden merger. The company has since acquired the historic, high-grade Golden Patricia deposit from Barrick, a past producer that yielded gold at an average grade of around 16.5 grams per tonne. Historical data from the site is being digitised, with a modest ground program of roughly 5,000 metres of drilling planned once that work is complete.  

Interview with Darren Bowden, CEO of Metals Exploration PLCOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-doubling-gold-output-as-build-on-track-on-budget-9180Recording date: 8th July 2026Metals Exploration (LSE:MTL) presents a self-funded gold development story entering its most consequential phase, with a newly acquired copper optionality layered on top. The company's flagship growth asset, La India in Nicaragua, is roughly 50% built and remains on schedule for first gold production in December 2026. CEO Darren Bowden confirmed that a previously flagged risk, the power transmission to the construction site, has now been substantially resolved through a revised delivery arrangement with the Nicaraguan government, under which the state handles design and the company handles construction.Construction progress is tangible: front-end processing infrastructure is complete, the CIL tanks are half-erected, and both mills are currently being installed. Some equipment deliveries such as an elution circuit from Australia and high-voltage cabling have slipped by a few weeks, but management maintains that the December 2026 target is intact, aided by a stockpiling strategy designed to bank four to five months of processing feed ahead of commissioning.The build is being funded entirely from Runruno's operating cashflow. The Philippines-based mine delivered record FY2025 results - $208.4 million in revenue and $115.3 million in free cashflow - leaving the company debt-free. FY2026 Runruno guidance of 40,000-48,000oz represents a step down from FY2025's 65,287oz, reflecting the mine's advancing age rather than any operational issue, as La India is designed to take over as the group's primary cashflow generator from late 2026.La India's underlying economics remain strong: a pre-tax NPV6 of $882 million at $2,500/oz gold (rising to $1,378 million at $4,000/oz), targeting 145,000oz of annual production over a mine life of 12-plus years, at an initial capital intensity of $1,138/oz - the lowest among the development-stage peer group Crux tracks for comparison.Layered on top of this near-term gold catalyst is a newly signed set of agreements over the Batong Buhay copper-gold porphyry project in the Philippines, announced 15 June 2026. The 440-hectare licence hosts two historically drill-tested porphyry systems and a high-sulphidation gold vein system, with a historical (non-JORC) resource at the Dickson porphyry of 86.9 million tonnes at 0.60% copper and 0.25 g/t gold. Crucially, the licence sits with the state-owned Philippine Mining Development Corporation, which satisfies local ownership requirements automatically and gives the project government backing that makes it a very different prospect. Initial exploration is underway, with a drill programme targeted for H2 2026.For investors, the near-term case rests on execution through La India's remaining construction and commissioning phases - watch particularly for confirmation of the final capital figure, which has moved slightly across recent company materials - alongside early drill results from Batong Buhay and the company's existing Abra and Cacao exploration targets, both expected in H2 2026.View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plcSign up for Crux Investor: https://cruxinvestor.com

Krakatoa Resources Ltd CEO Mark Major talked with Proactive about the company's Zopkhito Antimony-Gold Project in Georgia, where it has started its 2026 field season and begun surface diamond drilling as it works toward a maiden JORC-compliant mineral resource estimate. Major said Georgia remains underexplored from a modern resources perspective, despite historical Soviet-era work across the region. He explained that Zopkhito is an advanced historical deposit with more than 27 kilometres of adits already in place, giving Krakatoa Resources direct access to the orebody and areas where mineralised antimony and gold veins have been identified. The second season of drilling at Zopkhito will focus on areas, or panels, where mineralised antimony and gold veins have been found within historical adit development. Major told Proactive: “We're taking a foreign resource and converting it into a JORC resource,” describing this as a key requirement under the mining licence framework in Georgia. The interview also covered why Major believes investors may be underestimating both Georgia as a jurisdiction and the high-grade nature of the deposit. Visit Proactive's YouTube channel for more videos, and don't forget to give this video a like, subscribe to the channel and enable notifications for future content. #KrakatoaResources #KTA #ASXKTA #Zopkhito #Antimony #Gold #GeorgiaMining #CriticalMinerals #MiningStocks #ASXStocks #JORC #DiamondDrilling #ResourceInvesting #ProactiveInvestors

Far East Gold Ltd CEO Shane Menere talked with Proactive about the company's move to 51% ownership of its flagship Idenburg Gold Project in Papua Province, Indonesia, describing the milestone as a significant step in the company's development pathway. The project currently hosts a JORC 2012 inferred mineral resource of about 780,000 ounces of gold at an average grade of 3.1 grams per tonne gold, which he described as “a very strong grade by global standards.” He said Far East Gold Ltd had now secured majority ownership of what it believes is one of Indonesia's most exciting emerging gold projects, while also establishing a pathway to increase its ownership to 80%, and potentially 100% through negotiation. He also discussed progress on the Indonesian permitting pathway, including receipt of the governor's recommendation, as well as the upcoming scoping study, which is currently under final review. Menere said the scoping study would bring together geology, metallurgy, permitting and the economic framework for the project. Visit Proactive's YouTube channel for more videos, and don't forget to give this video a like, subscribe to the channel and enable notifications for future content. #FarEastGold #FEG #ASXFEG #IdenburgGoldProject #GoldExploration #GoldMining #IndonesiaMining #PapuaProvince #ASXGold #GoldStocks #MiningStocks #JuniorMining #ResourceInvesting #GoldResource #ProactiveInvestors

Greenvale has just put its foot on a big lump of land. It says it's highly prospective for uranium in the Northern Territory. It already has extensive known mineralisation and resources, but it believes this is just the start of the game. The exploration program is already underway and Neil Biddle and Alex Cheeseman are wasting no time in pushing the case for their project Guest Bio Neil Biddle is the Executive Chairman of Greenvale Energy Limited and joins The Hole Truth as one of the most experienced figures in Australian hard-rock exploration. A geologist and Corporate Member of the Australasian Institute of Mining and Metallurgy, he has more than 35 years of professional and management experience across precious metals, base metals, iron ore and battery minerals exploration in Australia and overseas. He is best known as a founding director of Pilbara Minerals, where he oversaw the acquisition, drill-out and development of the world-class Pilgangoora lithium project, helping take the company from a small-cap shell to a multi-billion-dollar lithium producer. He was also a founder of Bardoc Gold and the founding managing director of TNG Limited, and now leads Greenvale's push to build a substantial uranium portfolio in the Northern Territory. Alex Cheeseman is the Managing Director of Greenvale Energy Limited and joins The Hole Truth to drive the company's exploration agenda on the ground. A highly experienced Australian resources executive with more than 20 years' experience, he has worked across general management, corporate finance, strategy, commercial, operational and project development roles in the mining, energy and engineering sectors. Appointed Chief Executive Officer in May 2025 and elevated to Managing Director in March 2026, he leads Greenvale's exploration programs across its uranium projects in the Northern Territory and Queensland, as well as the advancement of the Alpha Torbanite project. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Links The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/ Company Website: https://greenvaleenergy.com.au/ Key Insights A District-Scale Uranium Bet in a Proven Province Greenvale has secured uranium exploration rights over roughly 2,466 square kilometres in the Pine Creek Orogen of the Northern Territory, acquired from Patronus Resources and combined with its adjoining Douglas River ground to form the new Thunderball Uranium Project. Management draws a direct geological analogy to Canada's Athabasca Basin, arguing the southwest portion of the Pine Creek region is highly prospective for unconformity-style uranium yet has been only lightly explored for the past several decades following early discoveries such as Ranger and Jabiluka. Thunderball as the Anchor Deposit and Drilling Focus The package includes the high-grade Thunderball deposit, which carries a historical inferred resource of around 829,000 tonnes at approximately 924 ppm uranium oxide for about 1.7 million pounds of contained uranium under the older JORC 2004 code. Greenvale plans to test extensions at depth and along strike with the aim of releasing an updated, JORC 2012-compliant resource. Cheeseman argues that a conventional hard-rock deposit in the order of 15 to 20 million pounds of high-grade uranium would represent a walk-up mine, framing the existing resource as a starting point rather than the prize. A 20-Kilometre Trend of Repeatable Targets Thunderball sits on the edge of the Hayes Creek fault zone, which management describes as a major mineralising plumbing system running around 20 kilometres into Greenvale's northernmost Douglas River tenement. With recent airborne radiometrics flown over the area, the company expects to define a trend hosting numerous hard-rock and paleochannel calcrete-hosted targets, including a 32-kilometre uranium-rich paleochannel that was drill-ready in 2012. The thesis rests on unconformity-style systems clustering rather than occurring in isolation, given the source granite has been shedding uranium into the system for an estimated 1.2 billion years. A Strengthening Uranium Macro Backdrop Biddle and Cheeseman argue the project is timed to a strengthening uranium cycle, noting that producers such as Cameco and Kazatomprom have signalled they are not incentivised to bring on new capacity until prices reach significantly higher levels than the current spot price. They point to rising long-term price forecasts from analysts, growing nuclear build-out in China, the United States and Europe, and Europe's reclassification of nuclear as green energy as evidence that capital is beginning to flow toward junior uranium explorers after years of underinvestment. Optionality Beyond Uranium: Oasis and Alpha Torbanite Beyond the Northern Territory, Greenvale retains its advanced, high-grade Oasis Uranium Project in Queensland — a roughly 90-square-kilometre uranium anomaly being progressed with geophysics and ground geochemistry ahead of potential drilling next year. The company is also advancing its Alpha Torbanite project, which hosts a 28-million-tonne inferred resource and is positioned to supply Australia's fully imported, roughly billion-dollar bitumen market. With test work progressing through specialist processors toward independent certification, and bitumen prices rising on Middle East supply disruption, the project adds further optionality to the investment case.  

Novo Resources Corp Executive Co-Chairman Mike Spreadborough joined Steve Darling from Proactive to discuss the company's maiden mineral resource estimate for the Leven Star Reef at its Belltopper Gold Project in Victoria, Australia. The first JORC-compliant resource at Belltopper outlines an inferred mineral resource of 760,000 tonnes grading 3.6 g/t gold for 87,000 ounces of contained gold. Spreadborough said the estimate provides an important foundation for the project while also highlighting the significant upside potential that remains across the broader Belltopper system. Leven Star is just one of eight high-grade gold-bearing reefs included within Belltopper's wider exploration target, which was upgraded earlier this year and currently ranges from 2.1 million to 3.1 million tonnes grading 6.7 to 8.9 g/t gold, representing between 460,000 and 880,000 ounces of contained gold. The Belltopper Gold Project is located approximately 120 kilometres northwest of Melbourne within Victoria's historic Bendigo Zone, one of Australia's most prolific gold belts, which has produced more than 60 million ounces of gold and hosts major operations such as Fosterville and Costerfield. Novo noted that the Leven Star Reef has seen relatively limited drilling to date, with only 44 drill holes completed, and mineralization remains open in multiple directions. Management believes additional drilling could significantly expand the current resource and improve understanding of the wider mineralized system. The maiden resource is based solely on Leven Star and was assessed using underground mining assumptions, including a 1.9 g/t gold cut-off grade, A$5,250 per ounce gold price, 88% metallurgical recovery, and a mine life assumption of between five and 10 years. Novo is preparing a new drilling campaign for the second half of 2026, which will focus on expanding the Leven Star resource while also advancing the broader Belltopper exploration target. The program is expected to include initial scoping drilling across the remaining seven target reefs, tests of additional historic gold reefs outside the current target area, and drilling of high-priority targets within the Belltopper Anticline Corridor. Management believes Belltopper offers the potential to evolve into a much larger high-grade gold project as exploration continues across this underexplored but historically productive gold district. #proactiveinvestors #novoresources #asx #nvo #tsx #nvo #otcqb #nsrpf #NovoResources #BelltopperGold #GoldExploration #VictoriaGold #MiningNews #ResourceEstimate #GoldMining #AustralianMining #HighGradeGold #MineralResource

Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) managing director Richard Belcher joined Proactive's Stephen Gunnion to discuss plans for the company's largest Zambia drilling programme to date as it works towards a maiden JORC resource at the Mushima North silver-copper project. The upcoming 4,000-metre campaign will target the near-surface Target A1 silver oxide discovery, where recent drilling returned standout results including 97 metres at 56g/t silver equivalent. Belcher also highlighted the project's exploration target of up to 58 million silver-equivalent ounces, the potential for low-cost open-pit mining, and how new drilling and metallurgical work could further unlock value across the broader project area. For more interviews and market insights, visit the Proactive YouTube channel. Don't forget to like this video, subscribe to the channel and enable notifications so you never miss future content. #TertiaryMinerals #RichardBelcher #MushimaNorth #SilverMining #CopperMining #ZambiaMining #MineralExploration #MiningStocks #SilverStocks #CopperStocks #ResourceInvesting #JuniorMining #MiningNews #ProactiveInvestors #ExplorationTarget

Critical Mineral Resources PLC (LSE:CMRS) CEO Charlie Long tells Proactive's Stephen Gunnion that early drilling at Agadir Melloul in Morocco is delivering copper intercepts averaging five metres — well above the company's two-metre target — and less than 3% of the target area has been tested so far. A maiden JORC resource is targeted for Q3, with a medium-term tonnage goal of 25 million tonnes. Long is measured but confident: "Our sort of medium-term target is 25 million tons. The drilling results are pointing towards a decent resource. But we just want to take things step by step." Environmental approvals, metallurgy studies and feasibility work are all expected later this year. If drilling success continues, Long says mine construction could begin next year — with production potentially achievable within three years. For more videos like this, visit the Proactive YouTube channel, like this video, subscribe to the channel and enable notifications so you never miss future content. #CriticalMineralResources #CharlieLong #Copper #Mining #MoroccoMining #CopperExploration #AgadirMelloul #SedimentaryCopper #NaturalResources #JuniorMining #MiningStocks #ResourceInvesting #CopperMarket #JORC #MineralExploration

Interview with Mark Mukhija, Director & CEO of Eagle Nuclear EnergyRecording date: 22nd April 2026Eagle Nuclear Energy (NASDAQ:NUCL) is developing the Aurora Uranium project in southeastern Oregon, which the company describes as the largest minable measured and indicated uranium deposit in the United States. The resource stands at 32.75 million pounds indicated and approximately five million pounds inferred, established through more than 600 historical drill holes and formalised under both a JORC report and a subsequent SK-1300 technical report completed by Eagle.The strategic context is unambiguous. The United States operates 94 nuclear reactors consuming approximately 50 million pounds of uranium annually, yet domestic production reached only two million pounds in 2025. That gap of nearly 48 million pounds is filled by imports, primarily from Kazakhstan, Canada, and Australia. The US Prohibiting Russian Uranium Imports Act and a series of 2025 executive orders have placed domestic uranium supply at the centre of American energy policy, creating a policy environment that did not exist for uranium developers even three years ago.Eagle is fully funded to execute its near-term programme. With approximately $30 million in cash, the company prepares $4.7 million drill programme commencing by summer 2026 eyeing 47 holes, 27,000 feet, and a subsequent pre-feasibility study targeted for completion by end of 2027, without requiring additional capital raises. The drill programme is designed to deliver metallurgical data, hydrogeological information, rock mechanics results, and resource expansion potential, with several historical holes having terminated in mineralisation suggesting upside at depth.The deposit itself presents a technically straightforward profile. Mineralisation is shallow, flat, and tabular, hosted in altered clays and volcanic tuffs within the McDermott Caldera. The high-grade zone at 400–500 ppm uranium sits above the lower-grade halo at a 100 ppm cut-off, which is favourable for early-stage economics and payback modelling. Management's internal estimates, preliminary and subject to PFS confirmation, indicate potential production of one to four million pounds per year over a 14-year mine life.The company's intention is to process uranium independently, with a potential processing plant on private land in Nevada separate from the Oregon mine site. Eagle has held preliminary discussions with the Department of Energy and other federal agencies, and while no formal support mechanisms have been confirmed, management believes federal engagement will increase as the supply deficit widens.Two secondary value drivers sit alongside the core uranium story. The deposit's overburden contains lithium at grades above 1,200 ppm though no formal resource has been defined. Eagle also holds early-stage proprietary SMR technology, currently in the concept validation phase, with a nuclear regulatory licensing specialist on staff to guide the R&D process.For investors, the near-term catalysts are clear: drill results from summer 2026, PFS initiation by year-end, and any developments in federal uranium support mechanisms. The risk profile is that of an early-stage developer with no formal economics yet, permitting in early stages, and production still years away. The asset, however, is genuinely rare in the US context, and the macro backdrop for domestic uranium supply has seldom been more compelling.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Major, CEO of Krakatoa ResourcesOur previous interview: https://www.cruxinvestor.com/posts/krakatoa-resources-asxkta-high-grade-antimony-project-targets-jorc-by-early-2026-7133Recording date: 21st April 2026Krakatoa Resources presents a uniquely undervalued opportunity in the critical minerals sector, advancing the high-grade Zopkhito antimony and gold project in Georgia to address Western supply shortages.The company is currently valued at roughly $170 per ton of contained antimony, sitting at a steep discount to the $750 to $1,500 peer average. The Zopkhito deposit features an exceptional antimony grade of 11.6%, containing an estimated 26,000 tons of the critical metal alongside a significant upside of over 800,000 ounces of gold. This dual-commodity profile positions Krakatoa as a crucial future supplier for European markets, which currently face strategic antimony shortages and rely heavily on Chinese exports.To minimize upfront capital risk and expedite cash flow, Krakatoa is executing a three-phased operational rollout. The initial phase focuses on near-term lump ore antimony production, benefiting from the site's active mining license which streamlines the permitting process. Later phases will introduce mechanized processing facilities and target the project's extensive gold mineralization. Additionally, the presence of historical Soviet-era underground tunnels enables cost-effective internal drilling, allowing the company to bypass expensive surface drilling and accelerate resource validation.Krakatoa expects a series of value-driving catalysts throughout 2026 as it transitions into a development-stage company. The primary objective is delivering a formal JORC-compliant resource estimate by the end of the year, supported by recent drilling that validates over 20,000 historical sample points. The company is also advancing metallurgical studies, preliminary economic assessments, and offtake negotiations with European and global partners. By demonstrating extraction viability through its phased approach, Krakatoa aims to close its valuation gap and secure its role in the global critical minerals supply chain.View Krakatoa Resources' company profile: https://www.cruxinvestor.com/companies/krakatoa-resourcesSign up for Crux Investor: https://cruxinvestor.com

Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) managing director Richard Belcher talked with Proactive's Stephen Gunnion about the company's latest exploration progress at the Mushima North project in Zambia, where a significant silver equivalent exploration target has been outlined. Belcher described the potential upper range of 58 million ounces of silver equivalent at target A1 as “a fantastic milestone” for the company, particularly given that the discovery was only made just over a year ago. He explained that this early-stage success highlights the rapid advancement of the project and its growing importance within the company's portfolio. The discussion also focused on the exploration upside at Mushima North, with Belcher noting that the target remains open in multiple directions and at depth. He highlighted that recent drilling efforts, although cut short by the rainy season, delivered the best intercepts to date, including both strong silver values and high-grade copper mineralisation. Looking ahead, the company is preparing to resume drilling, with a focus on expanding the known mineralisation and increasing geological confidence ahead of a maiden mineral resource estimate targeted by the end of 2026. Metallurgical studies and infill drilling will form key components of this next phase. Belcher also emphasised that target A1 is just one of several drill-ready prospects in close proximity, stating there is “lots of upside to go chasing” across the broader project area. For more insights and updates, visit Proactive's YouTube channel, like this video, subscribe to the channel, and enable notifications so you never miss future content. #TertiaryMinerals #SilverExploration #Copper #MiningStocks #ZambiaMining #MushimaNorth #SilverStocks #ResourceInvesting #MiningNews #Exploration #JuniorMining #NaturalResources

Watch on YouTube Blencowe has announced the addition of a JORC resource for the Iyan deposit at its Orom-Cross graphite project in Uganda. The total resource at the project now stands at 43 million tonnes of ore, with only 2% of the surface area of the licence drilled. The company will also be releasing further drill results from the Beehive deposits in due course, and these will lead on to a further resource upgrade. Will Orom-Cross go through the magic 50 million tonnes mark? It's a number that chief executive Mike Ralston floats without hesitation as he sits down to walk us through the implications of the latest results, and to tell us what happens next.

American Uranium CEO Bruce Lane joined Steve Darling from Proactive's OTC studio in New York City to provide an update on the company's advancing uranium strategy in the United States, highlighting progress at the Lo Herma Project in Wyoming and the growing opportunity driven by rising domestic uranium demand. Lane explained that American Uranium has been active in the U.S. since 2019, initially targeting conventional uranium and vanadium projects in Utah, before shifting focus to in-situ recovery (ISR) uranium projects in Wyoming. The Lo Herma Project, located in the Powder River Basin roughly ten miles from Cameco Corp Smith Ranch-Highland facility—the largest permitted ISR operation in the U.S.—is now the company's principal focus. The project currently holds a JORC-compliant resource of 8.57 million pounds of uranium, with 32% classified as indicated. Lane said that ongoing drilling campaigns are designed to expand this resource, with an updated resource estimate expected by the end of March. A 15-hole targeted drilling campaign is underway, to be followed by infill drilling, metallurgical and hydrogeological studies, and a scoping study update planned for the third quarter of 2026. Commenting on market fundamentals, Lane noted, “The U.S. is still the largest producer of nuclear power in the world, needing about 50 million pounds a year to run the reactors.” He emphasized the domestic production shortfall, stating that the gap creates significant opportunities for new uranium projects. Lane added, “Nuclear power has never been more important to the U.S.… we think the time is right to start moving towards getting more uranium out of the ground as fast as possible,” highlighting the strategic timing for Lo Herma and the company's broader U.S. uranium initiatives. #proactiveinvestors #americanuraniumlimited #asx #amu #otc #amuif #LoHermaProject #UraniumMining #WyomingMining #NuclearPower #ISRMining #PowderRiverBasin #JORCResource #EnergySecurity #UraniumSupply #NuclearEnergy #UraniumDevelopment #MiningUpdate #USEnergy #CriticalMinerals #ScopingStudy #ResourceExpansion #SustainableEnergy #UraniumExploration #NuclearFuel

M2i Global CEO Alberto Rosende joined Steve Darling from Proactive to announce a key milestone in the company's critical minerals strategy, as Titanium X has initiated its first shipment of titanium ore from Western Australia to the United States under the parties' collaboration agreement. The inaugural shipment consists of titanium ore samples sourced from both mineral sands and hard rock deposits and represents the first step in advancing downstream evaluation and processing pathways. Rosende told Proactive that the titanium material will be distributed to selected academic institutions and a U.S. defense industrial base company, where it will be analyzed to determine the most appropriate refining processes required to produce end products tailored to specific industrial and defense applications. Titanium is officially classified as a critical mineral by the U.S. Geological Survey and other international authorities, recognized as essential for national security, advanced manufacturing, aerospace, defense systems, and green energy technologies. While titanium is relatively abundant globally, Rosende noted that the processing of high-grade titanium metal remains exposed to supply chain vulnerabilities due to concentration in a small number of countries, including China and Russia. This initial titanium shipment highlights M2i Global's longer-term strategy to establish reliable, transparent, and allied-source supply chains for critical minerals. By pairing physical access to raw materials from trusted international partners such as Titanium X with its digital traceability and logistics infrastructure, M2i aims to build a differentiated supply chain platform that supports domestic manufacturing, aligns with evolving U.S. federal policy initiatives, and strengthens long-term supply security as global demand accelerates. In addition to the titanium shipment, M2i Global also announced that Nimy Resources has initiated its first shipment of high-grade gallium from Western Australia to the United States. Similar to the titanium program, the gallium ore will be provided to selected academic institutions and a defense industrial base company for detailed analysis to determine optimal refining pathways for downstream applications. Nimy and M2i are collaborating on the development and supply of gallium from the Mons Project in Western Australia, which hosts a near-term JORC-compliant gallium resource alongside other strategically important critical minerals, including rare earth elements. Together, these initial shipments mark tangible progress in M2i Global's efforts to build an allied, secure, and technology-enabled supply chain for critical minerals essential to U.S. industry and national security. #proactiveinvestors #m2iglobalinc #otcqb #mtwo #TitaniumX #NimyResources #CriticalMinerals #Titanium #Gallium #SupplyChainSecurity #DefenseIndustrialBase #AdvancedManufacturing #USNationalSecurity #AlliedSupplyChains #RareEarthElements #StrategicMetals #MiningLogistics #Traceability #ProactiveInvestors

M2i Global CEO Alberto Rosende joined Steve Darling from Proactive to announce a new strategic collaboration agreement with Australian-based Titanium X, a move that represents a significant step toward advancing domestic refining capabilities and strengthening the secure supply of critical materials vital to U.S. industry and national security. Rosende explained that under the terms of the agreement, Titanium X and M2i Global will work closely together on the financing, development, and commercialization of Titanium X's critical mineral assets. The partnership will leverage M2i Global's global experience in mineral project execution, supply chain development, and strategic partnerships to help accelerate Titanium X's growth and bring new sources of titanium into the global market. As part of the collaboration, the two companies are currently in discussions to finalize an exclusive supply agreement for titanium concentrate. Titanium X is actively pursuing the acquisition of titanium mineral supply through a combination of offtake agreements and direct project acquisitions. In parallel, the company is developing a suite of efficient and innovative extraction technologies designed to upgrade ore minerals into higher-value, beneficiated concentrates. The strategy is to complete beneficiation in Australia, before shipping the upgraded concentrate to an M2i-operated facility for further downstream refining. This refining process is expected to incorporate advanced technologies developed in collaboration with the University of California, Berkeley. The initial focus of Titanium X's product strategy centers on upgrading ilmenite sourced from mineral sand deposits. Western Australia hosts multiple existing producers that currently market mixed mineral concentrates, as well as several large-scale JORC-compliant resources that have yet to be fully developed. By targeting these underutilized resources, the partnership aims to unlock new supply, add value through processing and refining, and help establish a more resilient, transparent, and secure titanium supply chain aligned with the long-term needs of the United States and its allies. #proactiveinvestors #m2iglobalinc #otcqb #mtwo #CriticalMinerals #SupplyChainSecurity #StrategicMinerals #USDefense #EconomicSecurity #BlockchainLogistics #CriticalMinerals #NevadaMining #parslee #volato #gallium

Interview with Ippolito Ingo Cattaneo, CEO of Ajax ResourcesRecording date: 9th January 2026Ajax Resources plc, a London-listed natural resources investment company with a £6 million market capitalisation, has positioned itself as an opportunistic acquirer of undervalued South American mining projects. With £2.5 million in cash and a portfolio spanning Argentina and Brazil, the company is executing a strategy centred on acquiring technically advanced assets at significant discounts to their historical expenditure.CEO and largest shareholder Ippolito Ingo Cattaneo, who owns 18.38% of the company, explained the investment thesis: "The goal is to focus on assets that have a high historical expenditure. We acquire projects that have a latent value which simply hasn't been realised and opportunistically acquire them from companies that may have undergone board changes, strategy changes or are simply not performing."The company's flagship Eureka copper-gold project in Jujuy Province, Argentina, exemplifies this approach. Despite 400 years of artisanal mining history, the project has never been drill-tested with modern methods. Ajax acquired all 12 licenses from Bezant Resources for just £170,000—a fraction of the $8 million paid in 2010. Equipment is currently being mobilised for a 1,500-meter initial drilling program, with a maiden JORC-compliant resource estimate targeted for mid-2026.The recent acquisition of the Pereira Velho gold project from Appian Capital Advisor provides strategic validation. Appian, a major private equity group specialising in mining investments, accepted predominantly equity consideration and will become a significant shareholder—an unusual arrangement that endorses Ajax's capabilities. The project sits 20 kilometers from the Serrote mine, which Appian sold in May 2025 for $420 million after acquiring it for $30 million in 2018.Ajax's board-driven structure, with directors predominantly compensated in equity rather than cash, aligns management incentives with shareholder value creation. The company has raised approximately £3.6 million across three funding rounds since 2022, with the board consistently contributing significant capital. Cattaneo's ambitious target is clear: transform Ajax from its current £6 million valuation to a £100 million market capitalisation through disciplined execution and near-term production, leveraging Argentina's political transformation under President Milei and favorable copper market fundamentals.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dennis Lindgren, CEO of Black Bear MineralsRecording date: 10th December 2025Black Bear Minerals (ASX:BKB) has completed a strategic transformation from lithium explorer to focused North American precious metals developer, acquiring the Shafter Silver Project in Texas for A$30 million whilst advancing the Independence Gold Project in Nevada. This repositioning positions the company at the intersection of exceptional resource grades, existing production infrastructure, and America's growing recognition of critical mineral supply vulnerabilities.The flagship Shafter Project hosts 17.6 million ounces at 289 grams per tonne silver in foreign resource estimates, ranking amongst the ASX's highest-grade silver resources. CEO Dennis Lindgren, formerly with South32 and Alcoa, emphasises the infrastructure advantage: "It's one of the highest grade silver projects on the ASX. It comes with about 150 million in estimated infrastructure and that includes existing underground workings, existing core sheds as well as historical data." This existing infrastructure—including underground workings, mill circuits, and processing facilities operational until 2013—potentially compresses development timelines by years compared to greenfield competitors.Near-term catalysts centre on JORC-compliant resource conversion targeted for the second half of 2026, supported by A$17 million working capital allocated for drilling programmes. Recent rock chip sampling has returned exceptional grades exceeding 3,000 g/t from near-surface areas outside the current resource footprint, whilst historical stockpile evaluation reveals grades averaging over 300 g/t, suggesting previous operators may have applied inappropriate cutoff grades or overlooked valuable mineralization.Beyond silver-focused historical operations, Black Bear's technical review has identified multicommodity potential including zinc, lead, vanadium, and gold across multiple locations. Lindgren noted: "We're picking up really good levels of zinc and lead that we would consider as targets to go forward with." This creates potential by-product credits that could materially improve project economics whilst expanding exploration vectors beyond current silver-equivalent resource calculations.Silver's designation as a US critical mineral fundamentally alters the strategic context surrounding domestic production projects. America produces approximately 30 million ounces annually whilst consuming over 210 million ounces—importing roughly 85% of requirements despite the metal's critical status for national security and economic competitiveness. Lindgren articulated the supply-demand imbalance: "Having another US domestic asset that can actually supply into those markets we think is something that's very attractive particularly with it being critical now."Jurisdictional advantages strengthen Black Bear's development pathway. Texas ranks within the top five global mining jurisdictions with 20% tax rates, partial permitting already in place, and strong community support in Presidio County. Proximity to major Mexican silver operations ensures access to experienced workforce and established supply chains.Portfolio diversification comes through Independence Gold Project in Nevada, hosting 419,000 ounces of near-surface heap-leachable gold at 0.4 g/t and 980,000 ounces of high-grade skarn mineralisation at 6.67 g/t. The company recently completed 5,000 metres of drilling exceeding planned programmes, with assay results expected in early 2026.Management's measured approach prioritises resource definition and JORC compliance over premature production planning, appropriate given recent acquisition timing. However, the infrastructure leverage and critical mineral designation create optionality for accelerated development should commodity fundamentals, government support, or strategic partnerships materialise. Investors should monitor JORC conversion progress, drilling results from both projects, and infrastructure assessment studies as key milestones determining whether Black Bear can validate its high-grade silver thesis and capitalise on structural supply deficits facing American consumers.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

In this episode of The Midweek Takeaway, Phil Carroll and Kevin Hornsby sit down with  ⁠Ippolito Cattaneo, CEO of Ajax Resources, to unpack the company's transformative acquisition of the Parreira Vale gold project in Brazil. Cattaneo discusses the strategic partnership with Appian Capital, the geological upside of an oxide-rich system with only 10% of the ground drilled, and Ajax's plan to deliver a maiden JORC resource through a phased exploration program. The conversation widens into Ajax's fast-growing South American portfolio, its focus on past-producing assets, funding strategy, drilling timelines, and how the company aims to evolve from opportunistic acquisitions into a near-term producer. Disclaimer & Declaration of Interest This podcast may contain paid promotions, including but not limited to sponsorships, endorsements, or affiliate partnerships. The information, investment views, and recommendations provided are for general informational purposes only and should not be construed as a solicitation to buy or sell any financial products related to the companies discussed. Any opinions or comments are made to the best of the knowledge and belief of the commentators; however, no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion. Listeners are encouraged to perform their own research and consult with a licensed professional before making any financial decisions based on the content of this podcast. 

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, as the natural resources investment company announced that it has signed a Heads of Terms to acquire 100% of the issued share capital of Pereira Velho Exploração S.A. (“PVESA”), a Brazilian company that owns the Pereira Velho Gold Project in Alagoas State, Brazil. PVESA is wholly owned by entities affiliated with Appian Capital Advisory Limited. Appian holds approximately US$5 billion in assets under management, making it one of the world's largest dedicated mining-focused private equity groups. Under the Heads of Terms, Appian has agreed to subscribe for the GBP equivalent of US$400,000 in new Ajax ordinary shares, as part of a £1m fundraise. Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented: "We are delighted that Appian, a leading global private equity investor with approximately US$5 billion in assets under management investing exclusively in metals, mining and related natural-resource companies, will become a significant shareholder in Ajax upon completion. This represents a transformational growth opportunity for the Company and an endorsement of our development strategy. The Proposed Acquisition of Pereira Velho is a compelling, scalable gold production opportunity fully aligned with our strategy of acquiring assets with significant unrealised potential on advantageous terms. It has near-surface mineralisation, a strong recent drilling dataset underpinned by approximately US$5 million in historical expenditure, and a prospective resource base, of which only a small portion has been developed, resulting in an Appian in-house mineral resource estimate of approximately 110,000 ounces across the Measured, Indicated and Inferred categories. Pereira Velho is in a proven mining district with strong geological prospectivity. The Project lies approximately 20km east of Appian's former Mineração Vale Verde Serrote operation, which Appian acquired for US$30 million in 2018 and sold for approximately US$420 million in April 2025. This illustrates the region's supportive operating environment and, equally importantly, demonstrates Appian's ability to acquire assets with significant unexploited potential on advantageous terms, coinciding fully with Ajax's core development strategy. With gold prices at or near record levels, we see a clear route for Pereira Velho to achieve its first milestone of 350,000 ounces, as set out in our agreed transaction structure, with the objective of progressing the Proposed Acquisition to a near-term open-pit gold operation with material resource scale growth potential. The new relationship with Appian is of key strategic importance as it will position Ajax to access future opportunities within their extended pipeline of large-scale, high-value projects that fall below their scale thresholds, benefitting from Appian's industry-leading geological, technical, legal and financial evaluation capabilities. The potential acquisition of Pereira Velho represents a significant foundation in Ajax's journey of high-impact growth as we embark on resource definition at the Eureka Project, with a maiden JORC-compliant Mineral Resource Estimate to be published in the first half of 2026, and advance several other acquisition opportunities, some of which have already been disclosed and others that will follow in 2026."

Interview with Allan Ritchie, Executive Chairman & CEO and David Ward, Managing Director of Adavale ResourcesRecording date: 9th December 2025Adavale Resources Limited (ASX: ADD) has emerged as a compelling Australian gold story, having transformed a A$900,000 acquisition into a 115,000-ounce JORC resource at the London-Victoria project in just nine months. The former BHP gold mine in New South Wales' prolific Lachlan Fold Belt is now the focus of an aggressive exploration and development program led by a management team with significant skin in the game.Executive Chairman Allan Ritchie and newly appointed Managing Director David Ward have structured the company to maximize shareholder alignment. All four directors collectively own over 5% of Adavale and take their remuneration exclusively in shares rather than cash, ensuring minimal corporate overhead. This approach is backed by cornerstone investor Gleneden, who holds 20% of the company and brings decades of resources sector expertise.The technical progress at London-Victoria has been impressive. Phase 1 drilling delivered standout results including 48 meters at 0.82 grams per ton gold, with high-grade zones of 25 meters at 1.2 g/t located 100 meters below the existing pit. Significantly, this intercept occurred outside the current resource envelope, indicating substantial expansion potential. Ward's historical knowledge of the site—having worked for the previous operator—combined with the recent discovery of hundreds of historic BHP grade control maps, is accelerating targeting accuracy.The company employs a dual-strategy approach: advancing London-Victoria toward near-term production through tolling agreements with nearby Alkane Resources' Tomingley facility (50km away), while systematically exploring five greenfields licenses for epithermal and porphyry discoveries. Surface samples at the Ashes prospect have returned up to 10 grams per ton gold, demonstrating early-stage promise.With Phase 2 drilling currently underway at a cost-effective A$350,000 for 13-14 holes, Adavale is executing a capital-efficient program that maintains multiple pathways to value creation in a favorable gold price environment exceeding A$4,000 per ounce.Learn more: https://www.cruxinvestor.com/companies/adavale-resourcesSign up for Crux Investor: https://cruxinvestor.com

M2i Global CEO Alberto Rosende joined Steve Darling from Proactive to announce that the company has signed a non-binding Memorandum of Understanding (MOU) with Nimy Resources, outlining plans to collaborate on forming commercially binding terms for the future sale and purchase of gallium production. Rosende highlighted that the agreement comes at a strategically important time for the United States. The U.S. currently has no domestic primary gallium production and depends entirely on imports, with a substantial portion originating from China. Although China has temporarily lifted its export ban on gallium to the U.S. until November 2026, shipments remain under tight export controls requiring government-issued licenses. With gallium essential for semiconductors, defense systems, and clean-energy technologies, developing secure, non-Chinese supply pathways is now a national priority. The MOU sets the stage for M2i and Nimy to work together on the potential supply of gallium sourced from Nimy's Mons Project in Western Australia, which hosts a near-term JORC-compliant gallium resource along with other critical minerals, including rare earth elements. Rosende emphasized that the JORC Code—Australia's strict professional standard for public mineral resource reporting—ensures transparency, reliability, and technical rigor in the evaluation of these resources. The collaboration is exclusive to the Mons Project and does not extend to Nimy's other assets. Under the MOU, both parties will now begin due diligence and negotiations toward a binding offtake agreement, focusing on commercial terms such as pricing structures, contracted volumes, and delivery logistics. Nimy continues to advance development of the Mons Project, including permitting and funding efforts, to align with the timelines envisioned in the agreement. Rosende noted that if finalized, the partnership would mark an important step in building a resilient, non-Chinese supply of gallium for the U.S. market—supporting security of supply for the semiconductor, energy, and defense sectors. #proactiveinvestors #m2iglobalinc #otcqb #mtwo #CriticalMinerals #SupplyChainSecurity #StrategicMinerals #USDefense #EconomicSecurity #BlockchainLogistics #CriticalMinerals #NevadaMining #parslee #volato #gallium

Nimy Resources' (ASX: NIM) maiden gallium resource is one of the highest-grade in the world at more than 100 g/t, and the western world is desperate for non-Chinese gallium supply. Nimy says it can help meet that need. The resource is already significant but Managing Director Luke Hampson tells us there is huge scope for growth. The company is also advancing its copper exploration programmes in WA. Guest bio: Luke Hampson is Managing Director of Nimy Resources. He brings over 30 years of experience in the mining industry, having led management teams across the Asia-Pacific region. His background includes 19 years at WesTrac Pty Ltd, 3 years at Rio Tinto Iron Ore and 11 years as Managing Director of Cloonmore Mining & Energy. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Links: The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/ Company Website: https://nimy.com.au/ Key Insights: Exceptional grade for a niche metal Nimy has announced a maiden inferred JORC resource at its Block 3 deposit of 7.23 Mt grading 102 g/t gallium, totalling approximately 740 t contained. This positions it among the highest-grade gallium resources known globally. Strong supply-chain positioning Gallium is classified as a critical metal, with global production dominated by China. A high-grade Western-jurisdiction supply source such as Nimy provides strategic diversification for international markets seeking secure supply. Significant upside and exploration optionality The maiden resource covers only a small portion of the mineralised footprint. Broader exploration targets suggest potential for substantial growth through further drilling across a 30 km² anomalous zone. Synergies with other commodities and projects Beyond gallium, Nimy continues to advance promising copper and base-metal targets within the Mons Project. This reinforces multi-commodity optionality as exploration accelerates. Emerging funding and offtake momentum Interest from US and European groups, alongside engagement with critical-minerals partners, positions Nimy to potentially access government-backed funding and secure future offtake pathways.

Oriole Resources PLC (AIM:ORR) CEO Martin Rosser talked with Proactive's Stephen Gunnion about the company's successful £1.8 million capital raise and how the funds will support key gold exploration activities in Cameroon. Rosser confirmed a £1.8 million placing and a further £200,000 retail offer, both priced at the previous day's closing bid with warrants attached. "We're delighted that we've announced a £1.8 million placing today and a further retail offer... not being done at a discount," he said. Institutional participation, particularly from RAB Capital, which now holds a 2.1% stake, was described as a strong endorsement. Rosser highlighted that institutional backing is “vital if we are to grow the value of Oriole for the benefit of all shareholders.” The proceeds will fund the MB01-N drilling campaign, aimed at converting an existing exploration target of 372,000 to 605,000 ounces of gold into JORC-compliant resources. Further work is planned at MB01-S and across nearby licences - Pokor, Ndom and Tenekou - all within the same regional trend. Funds will also support surface sampling and advanced studies at the Bibemi project to back its exploitation license application. Rosser described the upcoming program as a "busy and productive time" with significant news flow expected. Visit Proactive's YouTube channel for more company interviews and updates. Don't forget to like the video, subscribe to the channel, and enable notifications for future content. #OrioleResources #GoldExploration #CameroonMining #JuniorMiners #MiningInvesting #GoldStocks #ResourceSector #MiningUpdate #JORC #ExplorationDrilling #BibemiProject #MbeGoldProject

Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) managing director Richard Belcher talked with Proactive's Stephen Gunnion about the latest phase of drilling at the Mushima North Project, where the company has recorded encouraging early copper and silver results from Target A1. Belcher said the team managed to complete four holes before heavier-than-expected rains halted the ten-hole programme, but he emphasised that “these are fantastic results for us,” highlighting an interval of 95m at 0.41% copper from just 10m below surface. Tertiary said the portable XRF readings delivered the strongest copper values the company has seen from the project so far, with visible copper mineralisation observed throughout the drill chips. Laboratory assays, which will include silver results, are now pending. Belcher explained that the early findings support previous drilling and expand the known mineralised footprint, which already measures 450m by 400m. Belcher also discussed the company's decision to accelerate work on a JORC exploration target during the rainy season. He said this will provide a useful range of tonnes and grades and will guide the next steps as the company progresses toward its goal of defining a maiden resource in 2026. Looking ahead, Tertiary expects assay results, further mineralogical studies, and discussions around potential joint ventures across the wider Zambian portfolio to form the key milestones through late 2025 and into 2026. For more interviews and updates, visit Proactive's YouTube channel — and don't forget to like this video, subscribe, and enable notifications for future content. #TertiaryMinerals #CopperExploration #MushimaNorth #ZambiaMining #MiningStocks #JuniorMining #SilverExploration #TargetA1 #DrillingResults #ResourceDevelopment #ProactiveInvestors

 Interview with Andrew Ferrier, Managing Director of Global Uranium & EnrichmentRecording date: 23rd July 2025Global Uranium (ASX:GUE) has emerged as a compelling investment opportunity in the rapidly evolving uranium sector, strategically positioned to capitalize on America's growing need for domestic uranium production. Led by managing director Andrew Ferrier, the company has assembled a portfolio of assets and partnerships that address critical gaps in the US nuclear fuel supply chain.The centerpiece of Global Uranium's strategy is the Pine Ridge project, a massive 70,000-acre uranium property in Wyoming's prestigious Powder River Basin. Acquired through a 50/50 joint venture with NASDAQ-listed Snow Lake for US$22.5 million, the project targets 24-51 million pounds of uranium potential, positioning it among the basin's top development opportunities. The strategic location, sitting between Cameco's Smith Ranch facility and Energy Fuels' northern operations, provides exceptional infrastructure advantages and geological confidence.Global Uranium's competitive edge stems from proven permitting expertise that many uranium developers lack. Ferrier's team previously navigated the complex regulatory process to permit the Reno Creek uranium project, bringing rare technical knowledge to an industry where permitting failures have derailed numerous competitors. This expertise has already enabled rapid progress, with exploration permits secured and drilling operations commenced targeting a JORC resource by Q4 2025.The company's investment strategy extends beyond traditional mining through its 22% stake in Ubaryon, a cutting-edge uranium enrichment technology company recently backed by Urenco, the Western world's largest enrichment operator. This partnership validates Ubaryon's chemical enrichment process, which could revolutionize nuclear fuel processing by bypassing traditional conversion steps.With geopolitical tensions highlighting America's dangerous dependence on foreign uranium supplies, Global Uranium's domestic focus aligns perfectly with government priorities for energy security. As Ferrier notes, "The environment is very ripe in the US to support domestic production of US uranium," positioning the company at the forefront of America's uranium renaissance.View Global Uranium and Enrichment's company profile: https://www.cruxinvestor.com/companies/okapi-resources-limitedSign up for Crux Investor: https://cruxinvestor.com 

Interview with Paul Lock, Managing Director of Flagship MineralsRecording date: 8th July 2025Flagship Minerals (ASX:FLG) presents a compelling investment opportunity following its strategic pivot from lithium to gold and copper assets in Chile's established mining jurisdiction. Under Managing Director Paul Lock's leadership, the company has transformed from an exploration entity to a near-development opportunity with the advanced Pantanillo Gold Project as its cornerstone asset.The Pantanillo Gold Project represents exceptional value with 1.05 million ounces of gold resources, featuring 80% measured classification that provides high geological confidence. The project's oxide and mixed mineralization profile makes it ideally suited for heap leach processing, creating favorable development economics. Supported by 20,500 meters of drilling, including substantial diamond drilling, the resource offers immediate expansion potential to 1.75-2 million ounces without additional drilling expenditure through pit shell optimization and cutoff grade adjustments utilizing current gold pricing.Management's strategic positioning leverages proximity to established operations for benchmarking and infrastructure advantages. Rio2's Fenix project, located 35 kilometers north, provides current market validation with proven economics, while Pantanillo offers superior grade characteristics at 0.69 grams per ton—representing 40% higher grade than Rio2's proven and probable reserves. This grade advantage suggests competitive operating cost potential in a proven metallurgical environment.The development timeline targets JORC resource conversion by October-November 2025, followed by pre-feasibility study (PFS) completion by end of 2026. This aggressive but achievable schedule leverages existing geological data and regional project benchmarks to accelerate progression toward production decisions. The target production profile of 100,000 ounces annually over 10 years provides sufficient scale to attract major royalty and streaming companies, addressing management's strategic approach to alternative financing pathways.Lock emphasized the financing strategy: "If we have a pathway to alternate financing and that would be one of the royalty streamers then we beat the Lassonde curve, but that doesn't mean I'm not going to look at traditional equity and so on." This approach positions the company to avoid dilutive equity raises during construction phases while maintaining development control.Chile's mining-friendly regulatory environment provides additional advantages with recent legislation reducing permitting timelines by 30-70%. The jurisdiction's established infrastructure, including three high-quality road access points and proximity to existing power transmission lines, reduces development risks and capital requirements compared to greenfield locations.The company's enterprise value of approximately $12 per ounce represents a significant discount to peer group averages of $90-100 per ounce for companies with similar resource profiles. This 87% valuation discount reflects limited market awareness of the strategic transformation and gold project acquisition, creating substantial revaluation potential as development milestones are achieved.Management's commodity trading and project finance background, combined with established Chilean operational experience, provides execution capability often lacking in junior mining companies. The strategic focus on proven metals markets offers diversified offtake opportunities compared to specialized battery metals facing structural oversupply conditions.Flagship Minerals offers investors exposure to a rare combination of proven resources, near-term development catalysts, infrastructure advantages, and significant valuation disconnect. The company's strategic positioning in Chile's established mining jurisdiction, combined with superior grade characteristics and alternative financing pathways, creates compelling risk-adjusted returns potential for gold-focused investors seeking exposure to advanced development opportunities.Learn more: https://cruxinvestor.com/compamies/flagship-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-copper-cobalt-project-demonstrates-robust-economics-7009Recording date: 8th July 2025Coda Minerals Limited (ASX:COD) represents a compelling investment opportunity in the rapidly strengthening copper market, positioned at the critical intersection of technical innovation, proven management execution, and exceptional infrastructure advantages. The Perth-based company has achieved a transformational metallurgical breakthrough at its Elizabeth Creek copper-cobalt-silver project in South Australia, fundamentally altering the project's economics and development pathway.The company's most significant achievement is the successful development of an ammonium chloride whole ore leaching process that delivers recovery rates exceeding 95%, representing a dramatic improvement from the previous 55% recovery rates at the Windabout deposit. CEO Chris Stevens characterizes this advancement as "effectively free money," highlighting the direct revenue enhancement potential over the mine's life. This breakthrough eliminates a major technical risk while opening possibilities for smaller-scale startup operations with reduced capital requirements and earlier cash flow generation.Elizabeth Creek's robust project economics align closely with recently acquired Australian copper companies, delivering an $802 million NPV post-tax with a 35% IRR based on over one million tons of contained copper equivalent in JORC indicated resources. Critically, 93% of resources are classified as indicated, providing exceptional geological confidence rarely seen at this development stage. These economics become particularly compelling when viewed against recent takeover activity, with Rex Minerals acquired for $393 million, New World Resources subject to competing bids exceeding $230 million, and Xanadu Mines accepting a $160 million offer.Stevens emphasizes the validation from peer transactions: "There is now empirical evidence that companies that are able to do that with credible solid projects with comparable MPVs, comparable IRRs, comparable capexes are being valued over $200 million." This peer group comparison suggests significant value realization potential as Coda advances through its 12-month Pre-Feasibility Study timeline.The company's management team brings proven execution capability, having previously developed 17 projects and transformed Elizabeth Creek from two open pits to five times the original resource base. Stevens notes: "This is a team that has taken, frankly, a bit of a busted project with two open pits, turned it into five times the resources." The team's disciplined approach to capital allocation and project advancement provides confidence in their ability to deliver on development milestones.Elizabeth Creek benefits from exceptional infrastructure advantages that distinguish it from typical remote Australian developments. Located adjacent to BHP's established haulage road with contractual usage rights, the project sits one hour from Roxby Downs and maintains access to power infrastructure and established supply chains. South Australia's streamlined regulatory environment offers additional advantages through its unique iterative approval process.The investment opportunity is enhanced by favorable copper market timing, with prices advancing from $8,000 to over $10,000 per ton while financing availability improves and capital costs reduce. Stevens observes the strategic timing: "I personally think doing that is maybe leaving a party just as it starts to get exciting with the way that copper's moving."Coda maintains strong financial positioning with over $4 million cash and low corporate costs, providing runway to advance critical path items without immediate dilution pressure. The company's critical minerals classification through cobalt credits enhances strategic value while multiple development pathways provide flexibility in capital structure approaches.For investors seeking exposure to the copper supply shortage driven by electrification trends, Coda offers a de-risked entry point with established resources, proven economics, exceptional infrastructure, and experienced management positioned to deliver significant value appreciation through the critical feasibility phase.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-gold-producers-800m-cash-new-production-coming-7050Recording date: 11th June 2025Perseus Mining Limited (ASX: PRU) has released comprehensive five-year guidance targeting 2.5 million ounces of gold production at all-in sustaining costs of $1,400-1,500 per ounce, with an impressive 93% of production backed by JORC-compliant reserves rather than speculative resources. The Australian-listed company, which operates exclusively across African gold mining jurisdictions, aims to address persistent market misconceptions about its asset quality and longevity.CEO Jeff Quartermaine attributes the company's undervaluation to two primary factors: an "African discount" applied by investors wary of continental operations, and incorrect market perceptions about short mine lives. The reality demonstrates Perseus's exceptional ability to extend operational lifespans - the Edikan mine has been extended from its original nine-year life in 2011 to 2031, while Sissingué has grown from 4.5 years in 2018 to the same 2031 timeline.Perseus differentiates itself through a cash-focused strategy rather than chasing production volumes. "What we do at Perseus is that the goal for us is to maximise cash production," Quartermaine explained. With $801 million in cash reserves and daily production of 1,300-1,400 ounces at approximately $1,200 per ounce, the company generates substantial operating cash flow.The growth trajectory includes the Nyanzaga project in Tanzania, Perseus's fourth operation requiring $520 million in capital expenditure and targeting first gold production in January 2027. The company employs sophisticated risk management through zero-cost collar hedging, providing downside protection at $2,600 per ounce while maintaining upside exposure to $4,600 per ounce.Perseus has committed to organic greenfield exploration for the first time, representing a 10-year investment horizon enabled by improved financial positioning. The company's exclusive African focus, combined with proven operational excellence and strategic cash generation, positions it to capitalise on the continent's mining renaissance while many Western competitors have retreated from these markets.View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Major, CEO of Krakatoa Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/krakatoa-resources-kta-hopeful-gold-explorer-next-to-australias-largest-gold-mine-323Recording date: 13th May 2025Krakatoa Resources (ASX:KTA) is rapidly advancing its Zopkhito antimony-gold project in Georgia, targeting a JORC-compliant resource by early 2026. With antimony increasingly recognized as a critical mineral due to its importance in defense, renewable energy, and industrial sectors—and global supply dominated by China, Russia, and Tajikistan—Krakatoa's project has drawn investor attention for its strategic potential and high grades.Originally explored by Soviet geologists, Zopkhito boasts historical grades averaging 11.6% antimony—far above the global average of around 1.3%. CEO Mark Major emphasized the urgency of diversifying antimony supply, noting, "It is not a recyclable element—you use it, you lose it." Krakatoa aims to leverage this exceptional grade and decades of existing data to fast-track validation through a 7,000–10,000 meter drill campaign beginning mid-2025, with JORC-compliant results expected by Q1 2026.The company plans to raise AUD 2 million, focusing on long-term investors aligned with its vision of transitioning from confirmation to early-stage production within two years. A small-scale antimony concentrate operation is being considered to capitalize on near-term price strength, with gold offering longer-term upside.Georgia's supportive mining laws and existing permits at Zopkhito present a significant regulatory advantage. Krakatoa's strategy—centered on high-grade mineralization, reduced exploration risk, and early cash flow—positions it as a compelling entry point into the critical minerals market. As global powers seek secure antimony supply chains, Krakatoa's Western-aligned, high-grade asset offers both strategic relevance and economic promise.View Krakatoa Resources' company profile: https://www.cruxinvestor.com/companies/krakatoa-resourcesSign up for Crux Investor: https://cruxinvestor.com

In this episode of The Sunday Roast, the team welcomes Shaun Day, Managing Director of Greatland Gold, to discuss the company's recent strategic developments, including the surrender of over 497 million share options by directors and senior employees. This move aligns with Greatland's upcoming dual listing on the Australian Securities Exchange (ASX) and the establishment of a new Australian-incorporated parent company, Greatland Resources Limited. The surrender aims to reduce potential shareholder dilution and adhere to ASX corporate governance principles . Additionally, Joe Belladonna, CEO of Harena Resources, joins to provide insights into their 75%-owned Ampasindava rare earths project in Madagascar. The project boasts a JORC-compliant resource estimate of 698.5 million tonnes and has demonstrated high recovery rates for critical magnet metals like neodymium, praseodymium, dysprosium, and terbium through environmentally friendly heap leach processes . The discussion also covers the broader implications of China's export controls on rare earth elements, the week's major news stories including Trump's tariffs and the passing of Pope Benedict, and a roundup of market movers and shakers. Don't miss this comprehensive update on pivotal developments in the mining sector. 00:00 - 00:15:55 Weekly News Roundup  00:15:55 #GGP Interview 00:34:42 #HREE  Interview 00:51:01 #FPP  00:51:54 #CPAI  00:53:33 #BSFA 00:59:04 #PREM   01:01:25 #VAST   01:08:16 #GROC #AMRQ  01:13:06 #ARS  01:13:23 #RMR 01:14:17 #AFP #XTR   01:15:53 TV  Recommendation Disclaimer & Declaration of Interest This podcast may contain paid promotions, including but not limited to sponsorships, endorsements, or affiliate partnerships. The information, investment views, and recommendations provided are for general informational purposes only and should not be construed as a solicitation to buy or sell any financial products related to the companies discussed. Any opinions or comments are made to the best of the knowledge and belief of the commentators; however, no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion. Listeners are encouraged to perform their own research and consult with a licensed professional before making any financial decisions based on the content of this podcast.

Interview with Shaun Bunn, Managing Director, Empire MetalsOur previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-massive-titanium-exploration-target-with-150-year-supply-potential-5528Recording date: 27th of March 2025Empire Metals has discovered what it claims is the world's largest titanium deposit in Western Australia, with an exploration target of approximately 26-32 billion tons of ore. The company is positioning itself as an emerging player in the global titanium market with this strategic discovery in a tier-one mining jurisdiction.A key advantage of the deposit is its weathered surface cap extending 60-80m deep, representing 4-5 billion tons of easily accessible, friable ore that requires no drilling or blasting. This natural feature significantly reduces potential mining costs as there is no overburden or waste to remove.The company has already achieved early success in metallurgical testing, producing a 92% titanium dioxide product that contains none of the deleterious elements such as uranium, thorium, chromium, or heavy metals that typically plague other titanium sources. This gives Empire's product a significant competitive advantage in the market.Unlike traditional titanium sources that rely on ilmenite processing, Empire's deposit contains titanium dioxide minerals that require approximately half the acid for processing – about one ton of acid per ton of mineral versus two tons for ilmenite. The company aims to produce high-value, pigment-grade titanium dioxide rather than intermediate concentrates.Empire Metals is currently working toward a JORC-compliant mineral resource estimate, focusing initially on a smaller high-grade area of the massive deposit. The company recently completed a drilling program in February 2025 with 84 holes on a 100x100 meter grid, which will be expanded in the coming months.The project benefits from a favorable permitting environment as it's located on private farmland in Western Australia's wheat belt, avoiding native title issues or crown land complications. This location, combined with the strategic importance of titanium for defense and aerospace applications, could enable fast-tracking through the approvals process.With £4.8 million in cash, Empire Metals is well-funded to advance its development plans. The company expects to move toward production relatively quickly by industry standards, with potential revenue generation possibly beginning by 2026.As Managing Director Shaun Bunn summarized: "If you wanted to find the perfect source to go and change and disrupt the industry and be able to produce titanium at a lower cost and a higher quality, this is the ore body that you needed to find."Learn more: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com

  In this episode, I speak with Chris Gerteisen, CEO of Nova Minerals (ASX:NVA - NASDAQ:NVA - FRA:QM3), for a deep dive into the company's Estelle Gold and Critical Minerals Project in Alaska's Tintina Gold Belt.   Chris provides an overview of the project's 9.9-million-ounce JORC gold resource, detailing the Korbel and RPM deposits, their respective grades, and expansion plans.   Beyond gold, we discuss the project's significant antimony opportunity, including the potential for government funding to support resource definition, production, and even a refinery build-out.   Nova Minerals is pursuing an aggressive development timeline, targeting gold production by 2028 and potential antimony production as early as 2026, contingent on grant funding from the U.S. Department of Defense.   Chris also shares insights into his background and the experienced team driving the project forward.   Please email me with any follow up questions for Chris - Fleck@kereport.com    Click here to visit the Nova Minerals website.

In this episode, we chat with Marc Sale, CEO of First Class Metals, a junior miner focused on gold and critical exploration in Ontario, Canada. They are dedicated to unlocking the potential of untapped resources, providing innovative solutions to the supply shortage, and making a lasting impact in the mining industry. A geologist by background and a competent person for JORC and NI-43 101, Marc is an experienced explorer working in exploration and development across Africa, Americas, Europe, and Australasia during his career. He gives us an overview of First Class Metals and what they have been up to, talks about a recent partnership with the 79th Group they have secured, and an overview of the current exploration market. KEY TAKEAWAYS Marc has a diverse career in geology and corporate management, having worked in various regions including Australia, Africa, and South America. He transitioned from being an exploration geologist to holding several management roles, ultimately becoming the CEO of First Class Metals. First Class Metals is a junior mining company focused on gold and critical mineral exploration in Ontario, Canada. The company aims to unlock untapped resources and has a business model centred around developing properties to either joint venture or sell them. The company has two flagship projects, North Hemlo and Sunbeam, both of which are district-scale plays with significant potential. North Hemlo features the Dead Otter Trend, which has shown promising gold and molybdenum results, while Sunbeam has historical production and mineralization. A strategic partnership with the 79th Group is expected to provide First Class Metals with funding for exploration activities. This partnership will allow the company to pursue its exploration goals without the typical funding challenges faced by many small-cap explorers. First Class Metals emphasises responsible exploration and environmental stewardship. The company actively engages with local First Nations communities to maintain transparency and build trust, ensuring that their exploration activities are conducted ethically and responsibly. BEST MOMENTS "I would really like to find one more decent multimillion ounce gold deposit. I've been very fortunate in my career in that I've been associated with three multi-million ounce discoveries." "I think it's important to re-mention zigzag, the hard rock lithium target, which again has multimeter plus one percent lithium values and associated gallium, niobium and cesium on it." "I have to say one of the hardest billets I had was in Sardinia, where the landowners were equally as passionate, but they might only own two fields." "In these challenging markets, we can negotiate on properties at, shall we say, bargain basement prices." VALUABLE RESOURCES Mail: rob@mining-international.org LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/ X: https://twitter.com/MiningRobTyson YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast Web: http://www.mining-international.org This episode is sponsored by Hawcroft, leaders in property risk management since 1992. They offer: Insurance risk surveys recognised as an industry standard Construction risk reviews Asset criticality assessments and more Working across over 600 sites globally, Hawcroft supports mining, processing, smelting, power, refining, ports, and rail operations. For bespoke property risk management services, visit www.hawcroft.com GUEST SOCIALS https://firstclassmetalsplc.com/ https://www.linkedin.com/company/first-class-metals-plc/ ABOUT THE HOST Rob Tyson is the Founder and Director of Mining International Ltd, a leading global recruitment and headhunting consultancy based in the UK specialising in all areas of mining across the globe from first-world to third-world countries from Africa, Europe, the Middle East, Asia, and Australia. We source, headhunt, and discover new and top talent through a targeted approach and search methodology and have a proven track record in sourcing and positioning exceptional candidates into our clients' organisations in any mining discipline or level. Mining International provides a transparent, informative, and trusted consultancy service to our candidates and clients to help them develop their careers and business goals and objectives in this ever-changing marketplace. CONTACT METHOD rob@mining-international.org https://www.linkedin.com/in/rob-tyson-3a26a68/ Podcast Description Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people’s experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics.

Interview with Gregory Martyr, Executive Chairman of Capital Markets PLCOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-aimcmet-high-grade-long-life-mineral-sands-resource-5310Recording date: 16th May 2024Capital Metals (AIM:CMET) presents a compelling investment opportunity in the high-growth mineral sands sector. The company's flagship Eastern Minerals Project (EMP) boasts a large, high-grade resource in Sri Lanka with substantial expansion potential. With a strategic partnership with experienced developer Sheffield Resources and a clear path to production, Capital Metals is well-positioned to create significant value for shareholders.The key attraction of Capital Metals is the quality and scale of the Eastern Minerals Project. EMP hosts a 17 million tonne JORC resource at a high grade, outcropping from surface along a 60km strike. Remarkably, the current resource only covers 10-20% of the company's total tenement holdings, highlighting the immense upside potential. Executive Chairman Gregory Martyr believes the resource could easily triple in size with further drilling, making it a district-scale mineral sands opportunity.Capital Metals is fast-tracking EMP towards production, with a Pre-Feasibility Study (PFS) underway and targeted for completion in early 2025. The company aims to make a Final Investment Decision shortly after, putting it on track for first production in 2026 at an initial rate of 650ktpa. EMP benefits from a low cost, simple mining and processing route, with a plan to produce a heavy mineral concentrate from surface mining and mobile wet concentration plants.The project is strategically located near the Oluvil Port in eastern Sri Lanka, providing a simple logistics pathway to market. While the port requires dredging to accommodate larger vessels, it provides a low-capex solution for the early years of operation. Capital Metals is also evaluating other potential logistics options as production grows, including access to larger ports by road or rail.A significant recent development is the strategic partnership with ASX-listed mineral sands developer Sheffield Resources. Sheffield has taken a 10% stake in Capital Metals with an option to increase to 14%, and is in discussions to potentially fund 50% of the project capex to earn a 50% interest in EMP. Sheffield's involvement provides a strong endorsement of the project and adds significant mineral sands development expertise. It also opens up the potential for an accelerated development timeline and expanded production scenario.The mineral sands market is experiencing strong tailwinds, driven by rising demand for titanium dioxide pigment, zircon and high-grade titanium feedstocks. With limited new supply in development globally, projects like EMP are well-positioned to benefit from the constructive commodity price outlook. Sri Lanka is a proven mineral sands mining jurisdiction, with several operations in production since the 1960s.Capital Metals is led by a highly experienced management team with a strong track record in mineral sands development. Executive Chairman Greg Martyr has over 20 years of experience in the sector, including as CEO of Mineral Deposits Limited where he oversaw the development of the Sabodala gold mine in Senegal.With a district-scale, high-grade mineral sands project, a strategic partnership with Sheffield Resources, and a clear path to production, Capital Metals presents a compelling investment opportunity. The company's current £18.8m market capitalization provides an attractive entry point, with significant potential for re-rate as it advances EMP through the development pipeline. For investors looking for exposure to the high-growth mineral sands thematic, Capital Metals is a company to watch closely.View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Lindsay Reed, CEO of Minbos Resources (ASX:MNB)Our previous interview: https://www.cruxinvestor.com/posts/minbos-resources-mnb-taking-advantage-of-rising-phosphate-prices-2011Recording date: 14th May 2024Minbos Resources, an Australian company listed on the ASX, is developing Angola's promising Cabinda phosphate project. The project offers an attractive investment opportunity in the growing African agricultural sector with a large, high-grade resource, low projected costs, and strong domestic demand.The Cabinda project boasts a JORC resource of 8 million tonnes at 30% P2O5 content. Minbos plans to produce a phosphate rock concentrate well-suited for direct application as fertiliser in the Angolan market. CEO Lindsay Reed highlights the product's high citrate solubility, ideal for Angola's phosphate-deficient soils.The project's initial capex is estimated at just US$24 million, with a quick projected payback of 2 years. Operating costs are forecast at a competitive $117/tonne, providing strong margins at current phosphate prices. Minbos aims to start construction in July 2024 and achieve first production for the 2025/26 cropping season.Minbos is uniquely focused on supplying the domestic Angolan market. Despite vast agricultural potential, Angola currently imports nearly all of its fertiliser. The government has prioritised food security and incentivised local fertiliser production. Minbos has signed an offtake MOU with Grupo Carrinho, a major Angolan food producer, for approximately 80% of the project's initial 200,000 tonne per annum output.The company has conducted extensive field trials in Angola, demonstrating yield increases of up to 300% using its phosphate product. With millions of smallholder farmers and significant undeveloped arable land, Angola's fertiliser demand is set to grow substantially.The Angolan government strongly supports the Cabinda project, granting Minbos a preferential 6.1% tax rate. The company has also secured $14 million in debt financing from the South African IDC, which sees the project as aligning with regional development goals.While the initial project scope targets 200,000 tpa of production, the facilities are designed to enable a low-cost expansion to 400,000 tpa. Minbos is exploring opportunities to serve export markets beyond Angola. Additionally, the company is studying green ammonia production in Angola, leveraging the country's low-cost hydroelectric power to potentially offer a more complete fertiliser product range.Minbos stands out among the few junior companies with African phosphate projects. Peers include Avenira, Kropz Plc, and Ikwezi Mining. Minbos differentiates itself through its Angola focus, low costs, strategic partnerships, and low capex requirements.The investment thesis for Minbos centers on its exposure to the expected growth in fertiliser demand across sub-Saharan Africa, its low-cost and high-margin project, binding off-take agreement, strong government support, expansion and diversification potential, and valuation upside as it transitions to production.—View Minbos Resources' company profile: https://www.cruxinvestor.com/companies/minbos-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-cod-robust-npv-in-south-australia-copper-scoping-study-3044Recording date: 16th April 2024Coda Minerals (ASX:COD) is an emerging copper-cobalt developer focused on the Elizabeth Creek project in the heart of South Australia's copper country. With a large resource base, compelling project economics, and multiple avenues for value creation, Coda offers investors a unique opportunity to gain exposure to the strong long-term fundamentals of the copper and cobalt markets.Elizabeth Creek is a significant copper-cobalt deposit, with a JORC resource of over 500,000 tonnes of contained copper and 23,000 tonnes of contained cobalt. A recent Scoping Study outlined an 11-year mine life operation producing 25,000-27,000 tonnes of copper and 1,300 tonnes of cobalt per annum, with robust economics including a pre-tax NPV of A$735 million and IRR of 31%.Importantly, the study results are considered conservative, with multiple opportunities identified to further optimize and enhance returns. Since the initial study, Coda has undertaken optimization work focused on the underground portion of the mine plan, delivering an impressive 30% increase in NPV. CEO Chris Stevens sees significant potential for additional improvements through resource growth, metallurgical optimization, and mine scheduling.A key point of differentiation for Elizabeth Creek is the unique nature of its cobalt endowment. The cobalt is hosted in a rare mineral called Carrollite, which is amenable to conventional processing through flotation and pressure oxidation, with recoveries of over 90%. This is a major advantage over other Australian cobalt projects, which typically face technical challenges in extracting the cobalt. The cobalt component of Elizabeth Creek could therefore command a strategic premium, particularly given concerns around security of cobalt supply.As a junior company, the key challenge for Coda is funding the development of Elizabeth Creek. Management's preferred pathway is to secure a strategic partner to finance the project through to production. Discussions are ongoing with a range of potential counterparties, and the company has prepared a comprehensive data room. Alternative funding options, such as a partial asset sale or joint venture, are also being evaluated. Importantly, Coda is not currently contemplating a highly dilutive equity raise.In the near term, Coda will continue to focus on optimization work to enhance the project economics and further de-risk the development. Key upcoming catalysts include drill results, updated resource estimates, metallurgical test work, and release of the Pre-Feasibility Study. As these milestones are delivered, Coda should be well positioned to secure an attractive funding package and advance Elizabeth Creek towards development.With a market capitalization of just A$20 million, Coda trades at a deep discount to the NPV of its flagship asset and to comparable peers in the copper space. As the company continues to systematically derisk and add value to Elizabeth Creek, there is potential for significant share price upside. For investors looking for exposure to the compelling long-term fundamentals of copper and cobalt, Coda Minerals presents a unique opportunity.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-titanium-discovery-could-deliver-10x-returns-4641Recording date: 6th February 2024Junior explorer Empire Metals has made waves with its recent discovery of high-grade titanium mineralization at the Pitfield project in Western Australia. Initial drill results reveal extensive near-surface deposits that could be amenable to simple and low-cost processing methods.As Empire Managing Director Shaun Bunn stated recently, “We're not a low-grade sand mineral operation or a complex hard rock mine. I think we can define a fairly simple processing route now.”This combination of scale, grade, and potential cost profile makes Pitfield a prime takeover target for titanium developers looking to secure supply. For investors, it also provides leveraged upside to rising titanium demand and prices.Last December's 40-hole, 5,718m drill campaign intercepted broad mineralized zones. Significantly, Bunn notes, “every hole from top to bottom [was] in titanium mineral.”High-grade intercepts begin at surface and extend beyond 400m depths. Three diamond holes encountered over 300m of continuous mineralization grading up to 26% titanium dioxide.With the immense mineral system confirmed, Empire has moved to metallurgical testwork and flowsheet development under newly appointed Process Development Manager Naurel Marriott.The goal is to devise a simple beneficiation process leveraging the high natural density of titanium minerals found. This may involve low-cost gravity and magnetic separation before final upgrading.To lead these efforts, Empire has recruited two industry experts with over 72 years of cumulative experience specific to titanium. Initial lab and pilot testing over the next 6-12 months will pinpoint the optimal recovery process.Rather than expend effort on a formal resource estimate at this stage, Bunn's priority is to demonstrate commercial viability. Within 18-24 months, he hopes to have an on-site pilot plant operating.As Bunn explains, “let's not try and drill this thing out and have a JORC resource because that doesn't answer the fundamental question - how do we get the titanium out and what do you make once you understand that?"With positive metallurgy results, the timeline from demonstration plant to development could be compressed. The recent $3 million financing provides a runway through these studies.For investors, Pitfield represents a unique entry point to the titanium space, just as supply shortages are forecast. As the world moves aggressively toward decarbonization, titanium will be one of the metals most critically in demand across green energy and EV applications.In Pitfield, Empire controls what may shape up as the most significant undeveloped titanium deposit globally. The next 6-12 months will go a long way in quantifying just how significant.—View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com