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Interview with Walter Coles, Executive Chairman of Skeena Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/skeena-resources-tsxske-fully-funded-high-grade-gold-poised-for-production-5657Recording date: 29th May 2025Skeena Gold & Silver is developing the Eskay Creek Mine in British Columbia, positioned to become one of the world's largest gold-silver mines when production begins in early 2027. This project represents a compelling investment opportunity with exceptional economics, significant upside potential, and multiple near-term catalysts that could drive substantial share price appreciation.The project's economics are truly remarkable. At $3,200/oz gold price, Eskay Creek boasts an after-tax NPV of $4.5 billion and an extraordinary 72% internal rate of return. This translates to a payback period of just over six months on the $700 million construction cost. Most impressively, Skeena's all-in sustainable cost per ounce is projected at less than $600 for the first six years of production, compared to approximately $1,700 for major producers like Barrick and Newmont. "We have a project that's super super low on the cost curve, enormously profitable per ounce of production.", explains Coles. This cost advantage creates exceptional profit margins even at much lower gold prices.Skeena has secured comprehensive financing through Orion Resource Partners, removing a major uncertainty that typically impacts junior developers. The $750 million package includes equity, a gold stream, and debt facilities. Since announcing this funding, Skeena's stock has nearly tripled from around $6 to $17 Canadian. The company is now exploring refinancing options to reduce its cost of capital as the project de-risks.Beyond the base case, Skeena is advancing several value-enhancement initiatives. The company plans to extend the mine life from 12 to 15-16 years by incorporating the high-grade Snip deposit and the Albino Lake waste facility. Additionally, Skeena has identified significant antimony, lead, and zinc content worth potentially 2.2 million tons of waste tailings that could be recovered with minimal additional costs.Investors can look forward to several near-term catalysts such as final permits expected in Q4 2025, refinancing of the Orion loan facility in Q1 2026, updated feasibility study in the first half of 2026, and production commencement in early 2027.Skeena's partnership with the Tahltan First Nation adds another layer of strength to the project. The company signed the first agreement in Canada giving a First Nation formal consent rights over a mining project, creating a true partnership that reduces social and political risk factors.For investors seeking exposure to precious metals with significant upside potential, Skeena offers a rare combination of exceptional grade, economics, and execution capability in a tier-one jurisdiction. As the company advances toward production and begins generating substantial cash flow, the valuation gap with producing peers is likely to close, potentially delivering substantial returns to investors who position themselves ahead of these developments.View Skeena Gold & Silver's company profile: https://www.cruxinvestor.com/companies/skeena-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Mark Selby, CEO of Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-crawford-project-advances-with-feed-completion-eyes-2025-construction-6791Recording date: 13th May 2025Canada Nickel Corporation (TSX: CNC) presents a compelling investment opportunity as it advances North America's most promising nickel project in the face of unprecedented government support and institutional capital returning to the mining sector. CEO Mark Selby's leadership has positioned the company to capitalize on what he describes as "the world's largest nickel sulfide district" in Timmins, Ontario, with the flagship Crawford project now approaching a construction decision after completing its FEED study and progressing through permitting.The company's innovative financing strategy has set it apart during challenging capital markets, executing its fourth successful bridge financing arrangement to avoid dilutive equity raises while maintaining project momentum. Recent financing totaling $39-40 million, including a groundbreaking partnership with TTN First Nation, demonstrates management's ability to access capital through non-traditional channels. This approach recognizes the fundamental shift in mining finance, where actively managed funds have "shrunk very dramatically over the last 15 years" and become concentrated in gold, copper, and silver.Political tailwinds have never been stronger for critical mineral projects in North America. The Trump administration's supply chain security focus, combined with Canada's new government under Carney promising to accelerate critical mineral development, creates multiple funding pathways for projects like Crawford. The Canadian government has established numerous funding programs worth billions, though deployment has been slow until now. With both governments prioritizing critical mineral security and upcoming USMCA renegotiations, Canada Nickel is positioned to benefit from what Selby describes as "monster bold steps forward" in government support.Unlike many nickel companies dependent solely on the EV market, Canada Nickel has strategically designed its operations for market flexibility. The company can direct 100% of production to the stainless steel and alloy markets, which continue to show strong growth (China's 300 series stainless production up 12% year-over-year), while maintaining optionality for EV sales through its Samsung SDI offtake agreement. This diversification provides crucial revenue stability as some automotive manufacturers, including Honda, reassess their EV timelines.Perhaps most significantly for near-term share price performance, generalist institutional investors are returning to mining after a decade-long absence. Selby reports that recent conferences included multiple meetings with generalist funds, representing a fundamental shift from resource-only investors. These funds see relative value in a sector trading at "5 and 10% of NPV" compared to broader markets at high multiples. When generalist capital moves from "0.05% of assets to 0.1% to 0.25%," it creates what Selby describes as "a tidal wave of capital."The company has outlined a comprehensive $3 billion funding package with multiple committed sources including $500 million from Export Development Canada, $600 million in refundable tax credits, $100 million from Samsung, and additional potential funding from European agencies and Canadian government programs. With permitting on track for year-end completion and detailed engineering advancing, Canada Nickel is positioned to make its final investment decision and benefit from first-mover advantage in one of the world's most promising nickel districts.For investors, Canada Nickel represents exposure to critical mineral supply chain security, innovative financing structures, and the convergence of government support with returning institutional interest—all while maintaining operational flexibility that provides downside protection in volatile markets.—View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com
About our Guest: Dr. Omar Alibrahim is a professor of pediatrics at Duke University and a pediatric intensivist at Duke Children's Hospital. He completed his Pediatric Residency and Chief Residency at St. Joseph's Children's Hospital, followed by Pediatric Critical Care Fellowship at the University of Buffalo. He served as the Pediatric Critical Care Division chief, the PICU Medical Director, and the PCCM fellowship Director in Buffalo, NY, for more than 8 years, during which he worked with the pulmonology and respiratory therapy divisions to develop a negative pressure ventilation program for acute respiratory failure. In 2021 Dr. Alibrahim was recruited to Duke Children's Hospital and now serves as the PICU Medical Director and the program director for the Pediatric Critical Care Fellowship. Learning Objectives: By the end of this podcast series, listeners should be able to: Critique the physiologic rationale for negative pressure ventilation (NPV) in acute respiratory failure.Understand the experience of introducing a novel form of respiratory support in a PICU.Describe the stepwise escalation of NPV settings often used in acute respiratory failure.References:Derusso, M., Miller, A. G., Caccamise, M., & Alibrahim, O. (2024). Negative-Pressure Ventilation in the Pediatric ICU. Respiratory Care, 69(3), 354–365. https://doi.org/10.4187/RESPCARE.11193Hassinger AB, Breuer RK, Nutty K, Ma CX, Al Ibrahim OS. Negative-Pressure Ventilation in Pediatric Acute Respiratory Failure. Respir Care. 2017 Dec;62(12):1540-1549. doi: 10.4187/respcare.05531. Epub 2017 Aug 31. PMID: 28860332.Deshpande SR, Maher KO. Long term negative pressure ventilation: Rescue for the failing fontan? World J Cardiol. 2014 Aug 26;6(8):861-4. doi: 10.4330/wjc.v6.i8.861. PMID: 25228965; PMCID: PMC4163715.Questions, comments or feedback? Please send us a message at this link (leave email address if you would like us to relpy) Thanks! -Alice & ZacSupport the showHow to support PedsCrit:Please complete our Listener Feedback SurveyPlease rate and review on Spotify and Apple Podcasts!Donations are appreciated @PedsCrit on Venmo , you can also support us by becoming a patron on Patreon. 100% of funds go to supporting the show. Thank you for listening to this episode of PedsCrit. Please remember that all content during this episode is intended for educational and entertainment purposes only. It should not be used as medical advice. The views expressed during this episode by hosts and our guests are their own and do not reflect the official position of their institutions. If you have any comments, suggestions, or feedback-you can email us at pedscritpodcast@gmail.com. Check out http://www.pedscrit.com for detailed show notes. And visit @critpeds on twitter and @pedscrit on instagram for real time show updates.
Nick Appleyard, President and CEO of Tristar Gold (TSX.V:TSG & OTCQB:TSGZF), joins me to discuss the newly released pre-feasibility study (PFS) on the Castelo de Sonhos Gold Project in Brazil. The study highlights robust project economics with NPV doubling to $1.3B at $3,200 gold, even after factoring in cost inflation. Key topics discussed: Breakdown of the updated PFS and project economics Managing inflation and FX tailwinds in Brazil Permitting progress and the latest legal opinion addressing environmental concerns Why Castelo de Sonhos may attract M&A interest in the current gold market Upcoming drill plans targeting high-grade extensions to boost the overall 2.5mil oz resource, mine life and shareholder value Nick also shares the company's strategy for unlocking more shareholder value ahead of any potential takeover activity. Click here to visit the TriStar Gold website to learn more about the Company and Project.
AGORACOM TALKS Welcome to your weekly roundup of the most compelling small-cap news shaking up the markets — brought to you by AGORACOM.SITKA GOLD (TSXV: SIG)25m of 5.04 g/t Gold. 1.8m of 54.7 g/t. Sitka Gold is lighting up the Yukon with its deepest and most impressive intercepts to date. Hole 76 at the RC Gold Project's Blackjack zone confirms a high-grade gold system at depth, extending the potential for large-scale tonnage. With four rigs planned for the summer and a fully funded 30,000m drill program underway, Sitka is drilling toward discovery — and scale.THE CANNABIST COMPANY (CBOE Canada: CBST)$87M Revenue | 36% Margin | Debt Deal Locked The Cannabist is cutting fat and growing lean. Despite Q1 revenue dipping from the previous quarter, the company boosted gross margins and adjusted EBITDA by over 200 basis points. With debt maturities extended to 2028 and $3.8M in new annual cost savings, Cannabist is optimizing operations and gearing up for market expansions in Ohio, Virginia — and adult-use in Delaware.NEWCORE GOLD (TSXV: NCAU)Wide Zones. High Grades. Ghana's Enchi Grows. Newcore keeps delivering at its 100%-owned Enchi Gold Project in Ghana. The latest drill results at the Boin Gold Deposit include 56m of 2.25 g/t and 72m of 1.16 g/t — with high-grade hits throughout. As the 35,000m drill program advances, the company moves closer to a Pre-Feasibility Study and major resource upgrade.FUERTE METALS (TSXV: FMT)Gold + Silver + Base Metals = Cristina Rising Fuerte Metals' Cristina Project in Mexico is heating up. Drill hole intercepts up to 10.3 g/t gold equivalent highlight strong near-surface potential at Los Ingleses. With wide zones and narrow high-grade veins, the project is being shaped for both open-pit and underground mining. A resource update is on the horizon.REVIVAL GOLD (TSXV: RVG)Mercur PEA: $295M NPV | 27% IRR | 10-Year Mine Life Revival Gold's latest PEA on the historic Mercur Gold Project in Utah reveals strong economics and 95,600 oz/year production potential. With a $208M CAPEX and rapid payback, this former producer could become a cornerstone asset. At $3,000/oz gold, the NPV nearly triples — making the upside even more compelling.DRAGANFLY (NASDAQ: DPRO) (CSE:DPRO)Strong Start to 2025 | 16% Revenue Growth in Q1 Draganfly Inc. announced its Q1 2025 financial results, posting revenue of $1.55 million—a 16% increase year-over-year. Product sales rose 24.5% to $1.54 million, reflecting growing demand for the company's innovative drone solutions. Gross profit climbed 10.7% to $310,088
About our Guest: Dr. Omar Alibrahim is a professor of pediatrics at Duke University and a pediatric intensivist at Duke Children's Hospital. He completed his Pediatric Residency and Chief Residency at St. Joseph's Children's Hospital, followed by Pediatric Critical Care Fellowship at the University of Buffalo. He served as the Pediatric Critical Care Division chief, the PICU Medical Director, and the PCCM fellowship Director in Buffalo, NY, for more than 8 years, during which he worked with the pulmonology and respiratory therapy divisions to develop a negative pressure ventilation program for acute respiratory failure. In 2021 Dr. Alibrahim was recruited to Duke Children's Hospital and now serves as the PICU Medical Director and the program director for the Pediatric Critical Care Fellowship. Learning Objectives: By the end of this podcast series, listeners should be able to: Critique the physiologic rationale for negative pressure ventilation (NPV) in acute respiratory failure.Understand the experience of introducing a novel form of respiratory support in a PICU.Describe the stepwise escalation of NPV settings often used in acute respiratory failure.References:Derusso, M., Miller, A. G., Caccamise, M., & Alibrahim, O. (2024). Negative-Pressure Ventilation in the Pediatric ICU. Respiratory Care, 69(3), 354–365. https://doi.org/10.4187/RESPCARE.11193Hassinger AB, Breuer RK, Nutty K, Ma CX, Al Ibrahim OS. Negative-Pressure Ventilation in Pediatric Acute Respiratory Failure. Respir Care. 2017 Dec;62(12):1540-1549. doi: 10.4187/respcare.05531. Epub 2017 Aug 31. PMID: 28860332.Deshpande SR, Maher KO. Long term negative pressure ventilation: Rescue for the failing fontan? World J Cardiol. 2014 Aug 26;6(8):861-4. doi: 10.4330/wjc.v6.i8.861. PMID: 25228965; PMCID: PMC4163715.Questions, comments or feedback? Please send us a message at this link (leave email address if you would like us to relpy) Thanks! -Alice & ZacSupport the showHow to support PedsCrit:Please complete our Listener Feedback SurveyPlease rate and review on Spotify and Apple Podcasts!Donations are appreciated @PedsCrit on Venmo , you can also support us by becoming a patron on Patreon. 100% of funds go to supporting the show. Thank you for listening to this episode of PedsCrit. Please remember that all content during this episode is intended for educational and entertainment purposes only. It should not be used as medical advice. The views expressed during this episode by hosts and our guests are their own and do not reflect the official position of their institutions. If you have any comments, suggestions, or feedback-you can email us at pedscritpodcast@gmail.com. Check out http://www.pedscrit.com for detailed show notes. And visit @critpeds on twitter and @pedscrit on instagram for real time show updates.
Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q4 and full-year 2024 operations and financials at Minera Don Nicolas in Argentina, the transformative acquisition underway of Ascendant Resources and the value proposition at the Lagoa Salgada VMS Project in Portugal, along with the further value and optionality at the Mont Sorcier Iron-Vanadium project in Quebec. Q4/24 and Annual Minera Don Nicholas Financial and Operating Highlights: Production of 10,431 GEO in Q4 and Annual production of 54,494 GEO Adjusted EBITDA of $4.5 million in Q4 and US$24.4 million for the year excluding assets sales and Option payment proceeds. Received $34 million in Asset sale and Option payment proceeds in Q4: Received $49 million for the full year with up to $25 million ($15 million guaranteed) due in the coming years. AISC of $1,953 during Q4 vs $1,594 in Q4/23 due to lower production levels and ongoing inflationary pressures in Argentina Received Asset Sale and Option payments totaling $34 MM during the quarter, significantly strengthening the balance sheet. Focus remains on ramping up heap leach production to 4,000 - 4,500 GEO per month Mark and I review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as finding more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets. Operational results for the fourth quarter demonstrated a decrease in production relative to Q4/23 as high-grade ore to the CIL plant declined as mining from the Calandrias Norte pit was completed, and as the operation transitioned to focus on heap leach production. With higher gold prices, the CIL plant is expected to continue processing low grade stockpiles through Q2/25 when it will be blended with new high-grade material from initial underground mining feed from Q3/25 onward. The ramp up of heap leach operations continues to improve as crushing capacity continued to climb with production of 5,956 GEO during the quarter. Next we unpack the ongoing transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. The vote is next week and this Project adds both substantial precious metals resources along with critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile. Project economics studies anticipate lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years. Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project. There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027. We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, announced on May 1st has reaffirmed the potential to produce high grade and high purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%. More ongoing test work and improvements to the overall process design will be at the core of the NI 43-101 Bankable Feasibility Study ("BFS") which is targeted to be completed by the end of Q1 2026. If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com. In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time. Click here to see the latest news from Cerrado Gold.
Full article: NPV of Biparametric and Multiparametric Prostate MRI: A Comparative Systematic Review and Meta-Analysis Kamyar Ghabili, MD, discusses the AJR article by Salinas-Miranda et al. that evaluates available comparative studies of the NPV of biparametric MRI and multiparametric MRI of the prostate.
Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-compelling-junior-unlocking-value-in-south-australian-copper-cobaltRecording date: 15th April 2025Coda Minerals is making significant progress on its Elizabeth Creek copper-cobalt-silver project in South Australia, positioning the resource for development amid growing global demand for critical minerals. Located six hours north of Adelaide and adjacent to BHP's Carrapateena Copper Project, Elizabeth Creek hosts substantial mineral resources including approximately 800,000 tons of copper, 30,000 tons of cobalt, and 28 million ounces of silver.The project consists of three primary deposits - two open pits (MG14 and Windabout) that will provide early production, and the larger Emmie Bluff underground deposit. With a resource grade of approximately 1.9% copper equivalent, CEO Chris Stevens believes the project compares favorably to competitors, noting that "some of the really large projects that you see kicking around in terms of contained tonnage have a lower head grade going into the mill than our waste dump."A completed scoping study demonstrates strong economics with a pre-tax NPV of $1.2 billion ($802 million post-tax) based on a copper price of $4.20 per pound. Capital expenditure is estimated at approximately A$680 million, with annual production projected at 26,000-27,000 tons of copper and 1,300 tons of cobalt.The company is currently focused on metallurgical optimization to reduce capital costs significantly by investigating alternatives to conventional flotation and Albion processing circuits. Stevens emphasized that these changes "have the potential to be game-changing for the project."Elizabeth Creek benefits from excellent infrastructure, including proximity to the Stuart Highway, a 133 KVA electrical substation on the property, and access to the BHP haul road. Stevens highlighted South Australia's streamlined mining regulations and the project's ESG advantages, particularly for cobalt production, creating "a compelling alternative to DRC-sourced cobalt."With $4.5 million in cash, Coda is taking a disciplined approach to capital deployment in the current challenging market, focusing on critical path items such as approvals and optimization studies. The project qualifies for the Australian government's 'Future Made in Australia' policy, potentially providing approximately $25 million in benefits.Looking ahead, Stevens expressed confidence in copper market fundamentals, noting that new discoveries are increasingly rare while existing mines face declining grades and rising costs. Coda's combination of grade, scale, and jurisdiction positions it well to capitalize on the growing structural supply deficit in the copper market as global demand continues to accelerate.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com
Brad Langille, President & CEO, of GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), joins me for a comprehensive overview of this Canadian-based silver and gold producer focused on operating, developing, exploring high quality projects in Mexico. We delve into their producing Parral Tailings mine, in the state of Chihuahua, but then focus most of the discussion on their flagship Los Ricos South and Los Ricos North development and exploration projects in the state of Jalisco. We kick off the conversation with an operations update from their Parral Tailings mine, where production in 2024 was 1.5 million silver equivalent (AgEq) ounces. We discuss why this number may grow in 2025 with the commissioning of a new zinc circuit in January of 2025, which improves the precious metals and base metals recoveries at the processing center; while recycling and conserving the cyanide for the leach cycle, as a key cost input. Brad points out just how important the cleanup of these historic tailings, through their ongoing production, has been to the local community over the last decade; and how significant these initiatives are in a broader sense within Mexico from a social license standpoint. Next we review the delineated mineral resources and project economics for their flagship Los Ricos South and Los Ricos North Projects. Los Ricos South – 108.6 million ounces AgEq Indicated + 16.2 million ounces AgEq Inferred Los Ricos North – 87.8 million ounces AgEq Indicated + 73.2 million ounces AgEq Inferred Los Ricos South is shovel-ready, has a Definitive Feasibility Study in place, and is just waiting on the permit to begin construction. There is a 24-month build, and then 6 months of ramp-up production estimated to get to full commercial production. The Feasibility Study (using a base case silver price of US$26.80/oz, gold price of US$2,330/oz and copper price of US$4.00/lb) outlined an after-tax net present value (“NPV”) (5%) of US$355 million with an After-Tax IRR of 28%. Using a metals price assumption of silver at $30/oz and gold at $2,608/oz, NPV (5%) of US$469 million with an After-Tax IRR of 34%. Brad shares in the interview how much more that grows using today's spot prices at $32 Silver and $3,300 gold, and clearly this is an economic project to build. Additionally, there is some compelling exploration the team has been doing outside of the existing resources, based on historical data that has been analyzed and some recent scout holes that have hit the anticipated geological structure, which demonstrate the potential to delineate another large mineralized area that has never been mined. Brad highlights how significant that would be, once the sunk costs and infrastructure was already in place, to then outline essentially a whole other body of mineralization to mine beyond the existing resources. Next we talk about the schedule of production growth over the next 5 years, as Parral and Los Ricos South is eventually augmented by more production from Los Rico North. Brad outlines a solid trajectory for the Company for the next handful of years, highlights their strong financial position, and key institutional and insider ownership of the stock. If you have any follow up questions for Brad on GoGold Resources, then please email me at Shad@kereport.com. In full disclosure, Shad is a shareholder of GoGold Resources at the time of this recording and may choose to buy or sell shares in the market. Click here to follow the latest news from GoGold Resources
Small Cap Breaking News You Can't Miss! Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:Draganfly (CSE: DPRO | NASDAQ: DPRO)Partners with Balko Technologies to Advance Modular LiDAR Drone SolutionsDraganfly has joined forces with Balko Technologies to launch modular LiDAR-equipped drones for high-precision surveying, mapping, and environmental monitoring. The deal makes Balko an official North American distributor, with purchase orders already rolling in. This strategic partnership enhances Draganfly's legacy as a drone leader while unlocking major market opportunities in infrastructure, energy, and environmental sectors.AISIX Solutions (TSXV: AISX | OTCQB: AISXF)Selected by MNP to Provide Wildfire Risk Modeling for Canadian BusinessesAISIX has partnered with professional services giant MNP to deliver advanced wildfire risk analytics powered by its Wildfire 3.0 dataset. The collaboration helps businesses in agriculture, real estate, and finance assess future wildfire risks, providing asset-level insights that support resilience and insurance planning. AISIX's AI-driven platform is now a key tool in Canada's fight against climate risk.Quantum Critical Metals (TSXV: LEAP | OTCQB: ATOXF)Announces Breakthrough Critical Metals Discovery in QuébecQuantum unveiled major assay results from its Discovery Project, with 150-meter intervals containing high-grade gallium, rubidium, niobium, cesium, and tantalum—critical elements for semiconductors, quantum computing, and defense. As China tightens export controls on these strategic metals, Quantum's find strengthens North America's push for supply chain independence and resource security.GoGold Resources (TSX: GGD | OTCQX: GLGDF)Posts Strong Q2 Production, Advances Los Ricos ProjectsGoGold reported 555,479 silver-equivalent ounces produced in Q2 2025 at its Parral project in Mexico. Steady cash flow from Parral is funding exploration and development at the high-potential Los Ricos South project, with permitting underway. The company's balanced approach—cash flow now, growth later—makes it a standout mid-tier precious metals player.Silver X Mining (TSXV: AGX | OTCQB: AGXPF)NI 43-101 Report Confirms 70% Silver Resource Increase at Nueva RecuperadaSilver X has officially expanded its silver resource base at the Nueva Recuperada project in Peru, including a 70% increase in measured and indicated silver and a 50% jump in inferred resources. The Plata Mining Unit, now a cornerstone asset, also saw significant lead and zinc growth. The company is quickly becoming a serious contender in South America's silver mining sector.Freeman Gold (TSXV: FMAN | OTCQB: FMANF)Updated Lemhi Project Valuation Hits US$648M at $2,900 GoldFreeman Gold released a revised economic model showing a post-tax NPV of US$648 million and a 45.9% IRR for its Lemhi Gold Project in Idaho at today's gold prices. With low capex, high margins, and a proven resource, Lemhi is now positioned as one of North America's most compelling undeveloped gold assets.Follow AGORACOM for more breaking small-cap news and CEO interviews that matter.Catch our latest episodes on the AGORACOM podcast:https://open.spotify.com/show/74mVPkfalaWXFYY65A2XLM
Zinnwald Lithium PLC (LSE:ZNWD, OTC:ZNWLF) chief executive Anton du Plessis talked with Proactive's Stephen Gunnion about the company's recently published pre-feasibility study (PFS) for its Zinnwald Lithium Project, located in Saxony, Germany. The project is designed to supply battery-grade lithium hydroxide to the European market and has now received public backing from the Saxony government. Du Plessis outlined that the PFS demonstrates a scalable, long-life mining operation, starting with 18,000 tonnes per annum of lithium hydroxide and potentially scaling to 35,000 tonnes in a second phase. He stated, “We published our PFS on Monday that showed an economic project of significant scale… a globally significant project in terms of scale.” The economics were highlighted as robust, with a post-tax NPV of €2.20 billion and an internal rate of return of approximately 20%. The location of the project — 35km south of Dresden — positions it strategically at the heart of Germany and the EU, aligning with Europe's push for regional supply chains of critical raw materials. Du Plessis also emphasised the importance of the local endorsement, noting, “To have the public endorsement, as we had, is extremely important to us.” The next step for the company is to optimise the project in preparation for a Definitive Feasibility Study, expected in 2026. Visit Proactive's YouTube channel for more interviews like this. Don't forget to like this video, subscribe to the channel, and hit the notification bell to stay updated on future content. #Lithium #BatteryMetals #ZinnwaldLithium #GermanMining #Saxony #CriticalMinerals #EVsupplychain #LithiumHydroxide #EUrawmaterials #MiningInvestment #PFS #CleanEnergy #ZinnwaldProject
Hugh Agro, CEO of Revival Gold, discusses the recent Preliminary Economic Assessment (PEA) for the Mercur project in Utah. He highlights the project's economic viability, including its after-tax NPV and IRR, and outlines plans for drilling and metallurgical testing to enhance resource conversion. Agro also addresses funding strategies for the project's development and the potential impact of tariffs and gold price trends on the project's economics.
Interview with Christian Ervin Easterday, Managing Director & CEO of Hot Chili Ltd.Our previous interview: https://www.cruxinvestor.com/posts/hot-chili-asxhch-2blbs-of-copper-is-achievable-attractive-6668Recording date: 31st March 2025Hot Chili Limited has revealed a dual-track strategy leveraging a potential billion-dollar water business to finance its flagship Costa Fuego copper project in Chile. The company recently released prefeasibility studies for both its Huasco Water project and Costa Fuego copper development.The Huasco Water initiative, a strategic asset developed over 20 months, consists of two stages. Stage one involves seawater supply to Costa Fuego, with an estimated NPV of $120 million and a 19% IRR over a 20-year supply period. The second stage encompasses a scalable desalination business with a potential post-tax NPV of approximately $1 billion, serving the broader Huasco region."This is about moving $150 million of capital from our copper project and putting it into that water project," explained Managing Director and CEO Christian Easterday. The company holds a unique position as one of only two companies in the past 18 years to secure maritime concessions for seawater extraction in Chile's water-scarce Atacama region.The Costa Fuego copper project itself shows promising economics with a $1.2 billion post-tax NPV, 19% IRR, and $1.27 billion initial capital requirement. The project is designed to produce approximately 95,000 tonnes of copper and 50,000 ounces of gold annually over a 20-year mine life, with competitive cash costs of $1.38 per pound.Easterday highlighted the project's competitive positioning: "We've delivered a top quartile production capacity project outside of the hands of a major and the lowest quartile capital intensity of a developer outside the majors."The company's financing strategy includes traditional debt, precious metal streaming, offtake agreements, and strategic asset monetization through the water business. The project economics show a 4.5-year payback period, with projected revenues of $17 billion and free cash flow of $4 billion over 20 years.Hot Chili is actively engaged in discussions with potential strategic partners, benefiting from the scarcity of large-scale copper projects globally. "When there's only five of you, the list gets smaller," noted Easterday, referring to the limited number of comparable projects available for development.This strategy comes amid record copper prices, which recently hit $5.38 per pound, creating a favorable backdrop for advancing the project in a market characterized by a 4.5 million ton deficit and intensifying competition for high-quality copper assets.View Hot Chili's company profile: https://www.cruxinvestor.com/companies/hot-chili-limitedSign up for Crux Investor: https://cruxinvestor.com
Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review a production and exploration update at Minera Don Nicolas in Argentina, the transformative acquisition of Ascendant Resources and their Lagoa Salgada VMS Project in Portugal, and the optionality and value proposition in the Mont Sorcier Iron-Vanadium project in Quebec. We start off digging into an operations update and review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as find more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets. Next we unpack the key news announced on February 3rd, on the transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. This adds substantial precious metals and critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile, with expected lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years. Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project. There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027. We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec. The company will have a stronger balance sheet at the end of 2025, growing production and revenues, and 3 strong projects each with key news catalysts for the balance of this year. Click here to see the latest news from Cerrado Gold.
In this episode of FinPod, we introduce our latest course: Making Effective Business Decisions—designed to help FP&A professionals and finance teams evaluate capital investments.We walk through the course structure, including a four-step decision-making framework (idea generation, analysis, planning, and monitoring), NPV, IRR, and Excel Solver to prioritize projects under budget constraints. We also explore how this course differs from enterprise-level valuation training by focusing on granular, real-world decisions faced by FP&A teams—from equipment purchases to growth investments.Whether you're in financial planning and analysis or want to strengthen your strategic finance skills, this episode looks inside one of our most practical new courses.
St George Mining Ltd executive chairman John Prineas talked with Kerry Stevenson at Proactive about the company's recent acquisition of the Araxá niobium and rare earths project in Brazil. The deal, completed in February, provides St George with an advanced-stage project with high-grade niobium and rare earth elements. Prineas highlighted niobium's strategic importance, noting that it is primarily used to strengthen steel, with additional applications in medical technology, batteries, and defence. He emphasised the commodity's stable pricing due to limited global supply. The company secured A$20 million in funding to advance the project and is preparing a JORC-compliant mineral resource estimate, expected in the coming weeks. The existing data, based on historical drilling, indicates a 20-year mine life and a US$956 million NPV under a previous non-JORC study. St George aims to optimise the project for niobium, conduct further drilling, and expand the resource. Prineas also addressed Brazil's mining jurisdiction, highlighting strong government support and agreements to expedite approvals. The company is pursuing a dual-track strategy, progressing toward development while ramping up exploration drilling to expand the resource base. Stay tuned for more updates! Visit Proactive's YouTube channel for more interviews, and don't forget to like, subscribe, and turn on notifications. #StGeorgeMining #ASXSGQ #Niobium #RareEarths #MiningStocks #JORC #BrazilMining #CriticalMetals #ResourceInvestment #BatteryMetals
Interview with Justin Reid, President & CEO of Troilus GoldOur previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-binding-lois-change-everything-6626Recording date: 14th March 2025 Troilus Gold stands at an inflection point as it advances its flagship copper-gold project in Northern Quebec toward production. With a recently secured $700 million debt financing package and gold prices reaching $3,000 per ounce, the company represents a compelling investment opportunity in the precious metals sector. The Troilus project boasts impressive scale and economics, including a 22+ year mine life producing over 350,000 gold equivalent ounces annually, an after-tax NPV of $3 billion, and potential for $350 million in annual free cash flow.Troilus has systematically addressed key developmental risks, creating a clear pathway to production. With $700 million in debt secured with favorable terms, permitting in final review stages, and an experienced development team assembled, the company has positioned itself for success. Pre-construction activities include detailed engineering with BBA (engineers behind Detour and Malartic) and active site preparation including pit dewatering.Management has crafted a sophisticated financing approach that minimizes dilution while ensuring adequate funding. Using a 70-30 debt-to-equity structure on the $1 billion capital requirement, finalizing offtake agreements for concentrate sales, and strategically positioning to monetize a new royalty or stream for up to $400 million, Troilus has created multiple funding options beyond traditional equity raises.With a current market capitalization of approximately $165 million against an after-tax NPV of $3 billion, Troilus presents a compelling valuation opportunity. CEO Justin Reid draws comparisons to similar-stage peers that have seen significant revaluation upon financing completion. Several macroeconomic factors further enhance the investment case, including rising gold prices, global copper concentrate shortages, the expanding margins created by Canadian dollar weakness, and increasing focus on secure critical minerals supply chains.The next 12 months present several potential catalysts that could drive revaluation, including finalization of offtake agreements, completion of royalty/stream financing, financial close on the debt package, final permitting approvals, and ultimately a construction decision. As Troilus Gold transitions from developer to producer, investors have a rare opportunity to participate in a gold-copper project that combines scale, economics, jurisdictional advantages, and strategic relevance in today's commodity environment.—Learn more: https://cruxinvestor.com/companies/troilus-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Luke Alexander, President & CEO of Newcore Gold Ltd.Our previous interview: https://www.cruxinvestor.com/posts/newcore-gold-tsxvnew-advancing-enchi-a-gold-developer-to-watch-4714Recording date: 11th March 2025Newcore Gold is rapidly developing its flagship Enchi gold project in Ghana, establishing itself as one of the country's most advanced greenfield gold projects. The company recently strengthened its financial position through an oversubscribed financing round that raised $15 million—exceeding the initial $12 million target—with 90% backed by institutional investors. This funding, combined with existing cash reserves and in-the-money warrants, gives Newcore over $20 million to advance its ambitious plans.The Enchi project demonstrates compelling economics per its 2024 Preliminary Economic Assessment (PEA), showing an after-tax NPV of $630 million, a remarkable 92% IRR, and a swift 1.1-year payback period at a $2,350 gold price. Currently trading at approximately 0.1 times its NPV, the company presents significant upside potential as it progresses toward a Pre-Feasibility Study (PFS) expected in the first half of 2026.Newcore has expanded its drilling program from 10,000 to 35,000 meters, focusing on multiple objectives: converting inferred resources to indicated, expanding along strike, testing parallel structures, and exploring high-grade feeder zones at depth. The company aims to increase its indicated resources from 740,000 ounces to approximately 1.3 million ounces to support the upcoming PFS.The company's development strategy involves a phased approach to production, beginning with an open-pit heap leach operation processing oxide and transitional material, projected to produce approximately 122,000 ounces annually over a 9-year mine life. As the sulfide resource grows, Newcore plans to add a CIL plant around year five or six, potentially increasing production to 200,000-250,000 ounces annually.Ghana's status as Africa's largest gold producer and the sixth-largest globally provides Newcore with a stable operating environment. The country hosts operations from major miners including Newmont, Goldfields, and AngloGold Ashanti, underscoring its attractiveness as a mining jurisdiction.With management and the board owning approximately 15% of the company, interests are strongly aligned with shareholders. Newcore maintains strategic flexibility to either develop the project independently with its manageable $106 million capital requirement or position for acquisition as the resource and production profile grows.Through its aggressive drilling campaign, strong treasury position, and clear development pathway, Newcore Gold is well-positioned to create substantial value for shareholders while advancing one of Ghana's most promising gold projects.View Newcore Gold's company proflle: https://www.cruxinvestor.com/companies/newcore-goldSign up for Crux Investor: https://cruxinvestor.com
Arrow Exploration CEO Marshall Abbott joined Steve Darling from Proactive to discuss the company's 2024 year-end reserves evaluation, conducted by Boury Global Energy Consultants Ltd. The results highlight significant reserves growth across all categories, reinforcing the high resource density of the Tapir Block in Colombia and Arrow's ability to drive future growth through drilling. Abbott revealed that proved developed producing (PDP) reserves surged by 92% to 2.38 million barrels of oil equivalent (MMboe), primarily due to the successful horizontal drilling campaign at Carrizales Norte. The net present value (NPV-10) before tax for PDP reserves stands at $71.3 million ($29.89/boe). Additionally, proved (1P) reserves increased by 10% to 5.80 MMboe, driven by discoveries at Alberta Llanos and further horizontal drilling success at Carrizales Norte. The NPV-10 for 1P reserves is $114.57 million ($19.75/boe). Arrow delivered strong reserves replacement ratios of 134% (1P) and 231% (2P), fueled by major discoveries in the Alberta Llanos Carbonera, Guadalupe, and Ubaque formations, as well as continued development at Carrizales Norte. These results emphasize the sustainability of Arrow's growth strategy and the long-term value of its Colombian and Canadian assets. Looking ahead, Arrow is preparing for a robust 2025 drilling program with a fully funded $50 million capital budget, balancing development drilling and low-risk exploratory wells. The company remains committed to expanding its reserves base and enhancing shareholder value. #proactiveinvestors #arrowexplorationinc #aim #axl #tsxv #axl #OilAndGas #EnergyInvesting #ReservesGrowth #MarshallAbbott #LlanosBasin #OilDiscovery #EnergyStocks #Investing #ProactiveInvestors
Gilbert Clark, CEO of Meridian Mining, discusses the pre-feasibility study for the Cabaçal VMS project in Brazil. He highlights the strong financial metrics, including a post-tax NPV of $984 million and a robust IRR. The conversation delves into the optimizations made since the previous PEA, including cost reductions and production enhancements. Gilbert also outlines the next steps for the project, including a full feasibility study and ongoing drilling strategies to maximize resource development and shareholder value.
Small Cap Breaking News You Can't Miss!
Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-restructures-project-development-to-optimize-capital-efficiency-6438Recording date: 20th February 2025Northisle Copper & Gold has announced impressive results from its preliminary economic assessment (PEA) for the North Island copper-gold project in British Columbia, Canada. The study reveals an after-tax net present value of US$2 billion with a 29% internal rate of return, positioning it as one of the most capital-efficient projects in the copper-gold sector.The project's innovative phased development approach significantly reduces initial capital requirements. Phase 1 will operate at 40,000 tonnes per day, focusing on gold-rich mineralization that provides 70% margins. This initial phase, requiring US$850 million in capital, helps fund the Phase 2 expansion to 80,000 tonnes per day, which will incorporate more copper production. The project achieves a rapid payback period of 1.9 years and features a favorable NPV to capex ratio of 1.7, substantially higher than typical copper projects that range from 0.5 to 1.0.Over its 29-year mine life, North Island is projected to produce an average of 157 million pounds of copper equivalent or 300,000 ounces of gold equivalent annually. The life-of-mine production maintains an approximately equal split between copper and gold.The project's exploration potential is particularly noteworthy, with Northisle controlling a 35-kilometer porphyry district. The company's 2025 drill campaign, which is fully funded, will focus on the high-grade northern corridor area, with approximately 85% of the drilling budget allocated to expanding resources around the 2021 Goodspeed discovery.A significant exploration target includes the Pemberton Hills area, located 5-7 kilometers from North Island, featuring a 6.5 x 1.5km lithocap that has already seen over $5 million in historical exploration. The company is advancing this target alongside the main North Island project.Northisle's President & CEO Sam Lee emphasizes the project's strategic value, noting that major mining companies are particularly interested in district-scale opportunities rather than single-asset projects. While the company remains open to strategic partnerships for exploring Pemberton Hills, management has clearly stated they won't divest any ownership in the core North Island project.With a market capitalization of approximately C$160 million, Northisle offers investors exposure to both copper and gold in a stable jurisdiction, with significant exploration upside potential. The project's economics are particularly robust, benefiting from existing infrastructure and strong local community support. The company's focus on reducing capital intensity while maintaining high margins positions it well in the current market environment, where few new copper projects combine scale, favorable economics, and low jurisdictional risk.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com
Sam Lee, President and CEO of Northisle Copper & Gold (TSX.V:NCX) joins me to discuss the recently updated Preliminary Economic Assessment (PEA) for the North Island Project, on Vancouver Island, B.C., highlighting key financial metrics including a C$2 billion after-tax net present value (NPV) at a 7% discount rate and an after-tax internal rate of return (IRR) of 29%, at base case metals prices of Copper $4.20 and gold $2,150. The discussion delves into the two Phase project execution, breaking down initial capital requirements pegged at approximately US$850 million for Phase 1, which results in a payback period of 1.9 years. Sam also touches upon projected cash flows, with Phase 1 expected to generate around US$300 million annually, and Phase 2 about US$200 million. Additionally, he elaborates on the significance of the project's location and existing infrastructure, which drastically lower overall costs. For this year's exploration, key targets, including the West Goodspeed discovery from last year and the Pemberton Hills area. Sam emphasizes the need for a systematic approach to marketing efforts to bridge the gap between intrinsic and market valuation. Please email me any follow up questions for the team at Northisle. My email address is Fleck@kereport.com. Click here to visit the Northisle Copper & Gold website to learn more about the Company and North Island Project.
Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxv-amx-133m-in-annual-free-cash-flow-within-reach-at-quebec-gold-project-6378Recording date: 11th February 2025Amex Exploration is advancing its Perron gold project in Quebec's Abitibi region, pursuing a dual strategy of resource expansion and development validation. The project currently hosts 1.6 million ounces of gold across multiple high-grade zones, with only 20-25% of the 4,518-hectare property explored to date.The company's 2024 preliminary economic assessment (PEA) outlines robust project economics. The study projects average annual production of 101,000 ounces of gold over a 10-year mine life, with higher production of 124,000 ounces in the first five years. All-in sustaining costs are estimated at US$807/oz life-of-mine, dropping to US$739/oz in the first five years. At a US$2,000/oz gold price, the project demonstrates an after-tax NPV(5%) of $525 million and an IRR of 40.2%, with projected cumulative after-tax free cash flow of $767 million.Amex has two drill rigs currently operating on the property and is planning a balanced approach to its 2025 exploration program. The company will split its remaining funds equally between infill drilling to upgrade existing resources and exploration drilling to expand known zones and make new discoveries. The technical team is utilizing artificial intelligence and machine learning to identify the most promising targets in the unexplored 75-80% of the property.On the development front, Amex is evaluating several initiatives including a potential preliminary feasibility study and a bulk sample program similar to Osisko Mining's approach at their Windfall project. The company has also begun early-stage permitting work.Mid-tier producer Eldorado Gold holds a 9.9% strategic stake in Amex and provides quarterly technical guidance through regular meetings. While Amex is focused on advancing Perron independently, CEO Victor Cantore acknowledges the possibility of eventual acquisition interest from major miners given the project's high-grade nature and location in the mining-friendly Quebec jurisdiction.The investment thesis for Amex centers on its high-grade resource base, strong PEA economics, significant exploration upside, and strategic backing from Eldorado Gold. The company is operating in Quebec's Abitibi Greenstone Belt, a prolific gold region that has historically produced over 200 million ounces. With gold prices at multi-year highs and growing investor interest in development-stage companies, Amex appears well-positioned to deliver value through both resource growth and project advancement.Learn more: https://cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com
Interview with Michael Konnert, President & CEO of Vizsla Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/vizsla-silver-tsxvvzla-all-known-questions-answered-6110Recording date: 3rd February 2025Vizsla Silver represents a unique investment opportunity in the silver sector, combining robust financials, clear development momentum, and significant growth potential. The company's recent transition from explorer to developer has been backed by several strategic decisions that differentiate it from peers in the precious metals space.At the core of Vizsla's investment case is its financial strength, with approximately C$130 million (US$90+ million) in treasury. This substantial cash position wasn't just opportunistic fundraising - it represents a deliberate strategy to de-risk the project's development pathway and provide flexibility in execution timing. As CEO Michael Konnert emphasizes, this approach ensures the company won't face pressure for discounted financings at crucial development stages.The company's flagship project in Sinaloa, Mexico, demonstrates compelling economics with an industry-leading NPV to CAPEX ratio of 5x. Recent resource growth of 43% in the Measured & Indicated category, now totaling over 222 million ounces, provides strong foundational support for the upcoming feasibility study. The project's sub-$9 AISC positions it to generate substantial margins across various silver price scenarios.Development progress is evident in the ongoing test mine, which represents more than just exploration - it's the permanent production access being developed ahead of schedule. This strategic approach to development, learning from successful predecessors like SilverCrest, aims to de-risk the crucial startup phase by building significant ore stockpiles before mill construction begins.Near-term catalysts include the feasibility study expected in the second half of 2025, ongoing permitting progress, and potential construction commencement in the first half of 2026. The company targets production for the second half of 2027, with project payback potentially as quick as six months at current silver prices.Beyond the initial development project, Vizsla offers substantial exploration upside across its expanded 30,000-hectare land package in the Sinaloa Silver Belt. The company's strategy of district consolidation, rather than external M&A, focuses value creation within a proven geological terrain.What makes Vizsla particularly compelling in the current market is the scarcity of quality silver development projects. As Konnert notes, "There's really only a handful of development stories at all in silver, and there's really only a small few, Vizsla certainly included, that have any real economic value."This positioning, combined with silver's positive supply-demand dynamics and its role as both a precious and industrial metal, creates a unique investment opportunity in the silver sector.For investors seeking exposure to silver with a clear path to production, strong management execution, and multiple avenues for value creation, Vizsla presents a compelling investment case backed by substantial financial resources and strategic development planning.—Learn more: https://cruxinvestor.com/companies/vizsla-silver-corpSign up for Crux Investor: https://cruxinvestor.com
Interview withAlex Black, Executive Chairman of Rio2 Ltd.Peter Akerley, President & CEO of Erdene Resource Development Corp.Recording date: 13th January 2025Two junior gold companies are approaching a significant transition from developers to producers, marking a rare success in the challenging mining sector. Erdene Resource Development and Rio2 Limited are both fully funded and on track to begin gold production, with their projects in Mongolia and Chile respectively.Erdene Resource Development is advancing its Bayan Khundii project in southwestern Mongolia, with first gold expected in Q3 2025. The company has partnered with Mongolian Mining Corporation to fund and develop what CEO Peter Akerley describes as a "multi-million ounce camp." With an after-tax NPV of US$170 million at $1,800 gold, the project shows strong economics despite Erdene's current market cap of around US$146 million.In Chile's Atacama Desert, Rio2 Limited is developing its Fenix Gold Mine, backed by Wheaton Precious Metals through a comprehensive funding package that includes $25 million in stream money, $100 million in pre-pay financing, $45 million cash in bank, and a $20 million cost overrun facility. The project hosts a substantial 5 million ounce gold reserve, with clear expansion potential.Both companies face similar market challenges despite their progress. Rio2's Executive Chairman Alex Black notes that despite their project's NPV of about $800 million at current gold prices, the company's market value remains under $200 million. However, Erdene has seen some market recognition, with its share price doubling since September 2024.Several factors support a positive outlook for gold mining development. Geopolitical instability, including Russia-Ukraine conflict and China-Taiwan tensions, reinforces gold's safe-haven status. Rising inflation and currency risks make gold an attractive hedge, while operating in countries with weaker currencies provides margin benefits for miners.The sector also faces supply constraints as miners struggle with depleting reserves and limited new discoveries. Environmental, social, and governance (ESG) pressures add another layer of complexity, as evidenced by Rio2's experience with environmental permitting in Chile.Both companies have positioned themselves for success through strategic partnerships and experienced management teams. While risks such as cost overruns, delays, and permitting challenges remain, their projects are largely derisked and fully funded. As they transition to producer status, both companies could see significant share price appreciation, though management emphasizes the importance of taking a longer-term view on these investments.Sign up for Crux Investor: https://cruxinvestor.com
Small Cap Breaking News You Can't Miss! Here's a quick rundown of the latest updates from standout small-cap companies making big moves today: American Creek (TSXV: AMK)Unlocking Gold Potential in the Golden TriangleAmerican Creek's JV partner, Tudor Gold, is advancing the Treaty Creek project with a 3,000-meter underground exploration drift targeting the high-grade Supercell One Zone (SC-1). With drill results showing 25.5m at 9.96 g/t AuEq and 15m at 15.64 g/t AuEq, the SC-1 Zone has immense growth potential. This initiative positions the project—and the region—as a gold exploration powerhouse. Quantum BioPharma (NASDAQ: QNTM)Now Dual-Listed on UpstreamQuantum BioPharma is broadening its reach with a dual listing on Upstream, a blockchain-powered trading app. Investors worldwide can now access Quantum shares with ease. Known for tackling health challenges like multiple sclerosis and alcohol misuse, Quantum's innovative products include Lucid-MS and UNBUZZD™. CEO Zeeshan Saeed calls this a “step toward greater value and liquidity for shareholders.” Lithium Ionic (TSXV: LTH)32% Resource Growth in BrazilLithium Ionic announced a 32% increase in lithium resources at its Baixa Grande project in Brazil. Measured and indicated resources now total 6.52Mt at 1.11% Li₂O, solidifying the company's role in meeting global lithium demand for EVs and renewable energy. With ongoing exploration and strategic positioning, Lithium Ionic is primed for growth in the electrification era. Robex Resources (TSXV: RBX)Kiniero Gold Project's NPV Jumps by 89%Robex Resources has boosted gold reserves by 46% at its Kiniero Gold Project in Guinea, raising the post-tax NPV to $322M at $1,800/oz gold. First gold production is expected in late 2025, with an average annual output of 139,000 ounces over nine years. Construction of a 5Mtpa processing plant is underway, with plans for future expansion. Stay ahead of the curve with AGORACOM's breaking small-cap news!
Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to dive under the hood at the key metrics and takeaways from Pre-Feasibility Study (PFS) announced to the market January 7th, working to support the restart of gold production by end of Q2 at the Madsen Mine, in the Red Lake district of Ontario, Canada. We started off digging into the some of the specific numbers noting the very high Internal Rate of Return (IRR) and low capex as positives for the Project. Shane also put more color around why the All-In Sustaining Costs (AISC) had moved higher, due to all the ongoing development work underground; but also highlighted ongoing initiatives that could bring that number down over time. Another key point we kept coming back to was that the PFS was simply a snapshot in time to show that the project is quite economically viable, but that it isn't factoring in 1.1 million ounces of gold in the indicated category or all the other resources still in the inferred categories; not to mention the ability to bring in known deposits at Fork, or Rowan, or the new Upper 8 area. There are a number of levers the company can and will pull over time to show the upside and to optimize bringing in more higher-grade ore earlier in the mine plan. Madsen Mine PFS Highlights: Post-tax net present value (“NPV”) (5%) of $315 million at a long-term gold price of US$2,200 per oz. IRR (post-tax) 255% with a Discounted Payback Period less than 1 year. High Grade Mine: Diluted head grade averages 8.2 g/t gold Average Annual Production: 67,600 oz. gold per year over 6 years of full production, within a 7.2-year mine life Strong Free Cash Flows: $69.5 million average annual free cash flow from an operation with average total operating cost of US$919 per oz. and average all-in sustaining cost (“AISC”) of US$1681 per oz. These metrics and strong value reinforces the rationale to restart the Madsen Mine imminently based on this initial mine plan; with a production start date of Q2 2025. There is also potential for Madsen to grow beyond this initial plan with further definition and exploration drilling strengthens the rationale Construction and Capital Investment to Mine Startup Substantially Complete. Bulk sample currently being mined; mill startup to process bulk sample planned in March; 21 km of modern underground development (since 2019) provides good mining access and represents significant time and cost savings Actual Costs: The Company has been operating underground for 16 months and the mill operated in 2022, which enabled a PFS based on realized costs for most operating metrics. Wrapping up we also touched upon the strong endorsement and key milestone announced on January 2nd, that the Company has entered into a completed credit agreement with Nebari Natural Resources Credit Fund II LP pursuant to which the Company will borrow up to a maximum principal amount of US$35 million to be issued in three tranches of : (i) US$15 million (“Tranche 1”), (ii) US $15 million (“Tranche 2”), and (iii) US$5 million (“Tranche 3”). Tranche 1 was drawn down on December 31, 2024. Shane shared the level of due diligence that Nebari had conducted and how this was simply another layer of professional vetting that the Madsen Mine restart plan has checked off successfully. If you have any follow up questions for the team over at West Red Lake Gold please email me at Shad@kereport.com. In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording. Click here to visit the West Red Lake Gold website and read over the recent news we discussed.
Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to outline the key Company initiatives from 2024, that will lead into next year's growth catalysts on the 100% controlled Tonopah West Project, in Nevada. We start off reviewing the key metrics released on September 4th in the Preliminary Economic Assessment (PEA) on the Tonopah West Project. In that initial PEA at the base case gold price of $1,900 per ounce and silver price of $23 per ounce, the Project commands an after-tax net present value (“NPV”) discounted at 5% of $326-million on a low initial capex of $178-million (including $22-million contingency) with a payback of 2.3 years and an after-tax internal rate of return (“IRR”) of 39.2%, and an All-in Sustaining Costs (“AISC”) of $11.96 per silver equivalent ounce basis. Expanding upon the Project economics sensitivities to higher metals prices, Andrew points out that even at a gold price of $2,280 per ounce and a silver price of $27.60 per ounce (base case +20%), the economic profile of the Project escalates to an after-tax NPV5% of $495-million and an after-tax IRR of 54.0%. Next the discussion shifted to the expanded 22,000 meter Measured and Indicated (M&I) conversion and expansion drill program the company conducted in 2024, where some of the first assays released have shown even higher grade intercepts than the average resource grade. This means that as more M&I drill results come back in, and tighten up the spacing between holes, the average grade profile will likely be rising. In addition, there are some drill results that are going to be expanding mineralization along strike and at depth. Andrew speaks to how the additional drilling is just further validating the continuity of how the deposit hangs together, and this will be enhancing future resource estimates and economics on the Project. There are still a large number of holes waiting on assays from the lab to release to the market in the first quarter of 2025. If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com. In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording. Click here to visit the Blackrock Silver website to read over the recent news we discussed.
Interview with George Sakalidis, Managing Director of Magnetic ResourcesRecording date: 20th December 2024Magnetic Resources (ASX: MAU) has emerged as a significant player in Western Australia's gold sector with a major discovery in the Laverton region, approximately 300km north of Kalgoorlie. The company has delineated nearly 2 million ounces of gold since staking the ground in 2017, achieved through an extensive drilling campaign comprising 170,000 meters across 1,900 holes.The company's flagship Lady Julie North 4 deposit currently hosts 1.5 million ounces, with a resource upgrade expected in January. Recent drilling results have been particularly impressive, featuring high-grade intercepts including 76m @ 2.5 g/t and 24m @ 5 g/t gold. The deposit has demonstrated considerable depth potential, extending up to a kilometer down dip, supporting plans for both open pit and underground operations.A feasibility study, due in March, will examine development scenarios targeting initial production of 150,000 ounces per year. The project's economics appear robust, with preliminary studies based on a A$3,200/oz gold price showing an NPV of A$925 million, EBITDA of A$1.4 billion, and an impressive 135% Internal Rate of Return with a 12-month payback period.The project's strategic location presents significant advantages, sitting just 10-15km from two major processing plants operated by Gold Fields and Genesis. Both facilities are currently operating below capacity, opening potential opportunities for toll treatment arrangements or corporate transactions. The site also benefits from existing infrastructure, including access to a gas pipeline and proximity to established mining roads.Magnetic Resources, led by Managing Director George Sakalidis, has achieved these results at a remarkably low discovery cost of $9 per ounce. The company is well-funded with A$12 million in the bank, sufficient to complete its feasibility study, and is engaged in discussions with banks regarding project financing.The project's development path appears to have two potential routes: either advancing to production independently or pursuing a corporate transaction with neighboring producers seeking additional feed for their processing facilities. The company has established a data room and is entertaining potential M&A interest, though management emphasizes they are equally prepared to proceed with development independently.With its combination of scale, grade, strategic location, and robust economics, Magnetic Resources represents a significant new development in Western Australia's gold sector. The upcoming resource upgrade and feasibility study in early 2025 will be crucial catalysts in determining the project's ultimate development path.Sign up for Crux Investor: https://cruxinvestor.com
Mark Brennan, Founder and Executive Chairman of Ascendant Resources (TSX: ASND) (OTC: ASDRF), joins me for a comprehensive review of all the ongoing derisking work moving the polymetallic Lagoa Salgada Project in Portugal towards a construction decision by the end of next year. We start off with Mark recapping the key metrics from the Definitive Feasibility Study released on the Project in June of 2023, which outlined a NPV 8% post-tax of US$147M and an IRR of 39% and a relatively low capex of US$164 million. We then shifted to the ongoing Optimization Studies to continue to look for efficiencies in metallurgical recoveries, for mine development and site layout, as well as the remaining key permitting timelines. Shifting over to the capital stack coming together to finance the build of the Lagoa Salgada Project consists of the recent ECA Support Non-Recourse Project Financing, negotiations for the additional upsizing of the Sprott stream, the potential for a mineral offtake agreement to augment the financing, with only a very small portion left to fund through equity. We wrap reviewing the unique fundamentals of the polymetallic zinc – lead – copper – tin – gold -silver resource that is open for expansion by continued exploration along the Iberian Pyrite Belt, and all the key milestones and catalysts on tap for 2025. If you have questions for Mark regarding Ascendant Resources, then please email me at Shad@kereport.com. Click here to follow the latest news from Ascendant Resources
Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-strategic-phasing-reduces-capital-requirement-6133Recording date: 11th December 2024NorthIsle Copper & Gold (TSX-V: NCX) is advancing one of British Columbia's largest copper-gold porphyry deposits not currently owned by a major mining company. The company is implementing a strategic phased development approach at its North Island Project, focusing initially on higher-margin resources to optimize project economics.The company recently secured a significant $10 million financing from two major institutional investors - one from the US and one from Canada - demonstrating strong market confidence in the project. These funds will support ongoing exploration and development activities throughout 2025.The initial development phase targets the Northwest Expo and Red Dog zones, which contain approximately 70-100 million tonnes grading 0.50-0.55% copper-equivalent, with a notably higher gold component. This strategic focus on higher-grade mineralization aims to enhance early-stage project economics while reducing initial capital requirements.CEO Sam Lee has outlined the company's transition from its earlier development concept. The previous 2021 PEA envisioned a larger operation with $1.1 billion NPV and $1.4 billion capex, producing approximately 100 million pounds of copper and 100,000 ounces of gold annually. The new approach aims for a more manageable 40,000 tonnes per day operation, compared to the original 70,000-80,000 tonnes per day plan, with increased gold production in the early phase.The project benefits from its location in British Columbia, historically recognized as Canada's copper mining hub. The site leverages over $100 million in existing infrastructure, including paved roads, a deep-water port, and hydroelectric power, significantly reducing development risks and capital requirements.A key upcoming catalyst is the updated Preliminary Economic Assessment, scheduled for Q1 2025. This study will incorporate recent exploration successes and demonstrate the economic advantages of the phased development approach.The investment thesis is supported by strong macro fundamentals, particularly the growing copper demand driven by global electrification and decarbonization initiatives. With few large-scale copper projects available in stable jurisdictions, NorthIsle is well-positioned to benefit from these market dynamics.The company's strategy follows the successful model implemented by Artemis Gold at their Blackwater project, focusing on a phased approach to reduce initial capital requirements while maximizing returns. This approach, combined with strong institutional backing and significant infrastructure advantages, positions NorthIsle to potentially deliver substantial value as it advances toward development.The updated PEA in early 2025 is expected to be a significant milestone in quantifying the economic benefits of this revised development strategy.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-positive-pfs-shows-low-cost-high-return-gold-starter-operation-6127Recording date: 13th December 2024Cabral Gold is advancing its district-scale gold project in Brazil, which currently holds 1.2 million ounces of indicated and inferred resources across multiple deposits. The company recently released a Pre-Feasibility Study (PFS) for a starter oxide gold mine, demonstrating robust economics with a post-tax IRR of 47% at $2,250/oz gold, increasing to 83% at $2,700/oz gold. The project requires a modest initial capital investment of US$37 million.The starter operation aims to process soft, weathered saprolite material and is expected to produce approximately 20,000 ounces of gold annually at all-in sustaining costs of around $1,200/oz. This strategic approach will allow Cabral to generate cash flow to fund further exploration without diluting shareholders through repeated equity raises.Beyond the initial mine plan, Cabral's project shows significant exploration potential. The company has identified 4-5 known deposits and over 50 peripheral targets with high-grade gold mineralization. Recent drilling has yielded impressive results, including 11 meters grading 33g/t gold at the new Machichie Northeast discovery, along with other notable intercepts such as 27m @ 6.9g/t and 39m @ 5.1g/t at various targets.CEO Alan Carter, who was involved in discovering the neighboring Tocantinzinho deposit, highlights the project's scale by comparing soil anomalies: while Tocantinzinho's anomaly spans about one kilometer, Cuiú Cuiú's extends for 7 kilometers and remains open. Historical artisanal gold production at Cuiú Cuiú was reportedly ten times larger than at Tocantinzinho, suggesting significant untapped potential.The company is currently valued at approximately US$35 million, based on a share price of C$0.22 and 212 million shares outstanding. This translates to roughly US$25 per ounce of gold in the ground, which management considers undervalued compared to peer companies. Carter has demonstrated his confidence in the project by investing nearly $2 million of his own money in Cabral Gold.The company continues to drill and upgrade its resource base, with recent work focused on converting inferred resources to indicated status. This ongoing work is expected to improve the project's NPV and IRR in the near term. With a clear path to production, significant exploration upside, and strong gold market fundamentals, Cabral Gold appears well-positioned to advance its Cuiú Cuiú project while maintaining focus on shareholder value creation.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com
In this exclusive interview, Amex Exploration's (TSXV: AMX | FSE: MX0 | OTCQX: AMXEF) President, CEO and Director, Victor Cantore, breaks down the company's exceptional PEA results at the Perron Gold Project in Quebec's prolific Abitibi region.The Perron Project demonstrates robust economics with projected annual production of 124,000 ounces of gold in the first five years and a 10-year mine life. With an industry-leading AISC and after-tax NPV, the project shows strong potential for significant returns.Tune in to discover the project's strategic advantages, development timeline, and their team's vision for expanding the resource through ongoing exploration.Learn more about Amex Exploration: https://www.amexexploration.com/Watch the full YouTube interview here: https://youtu.be/79STIULJsmQAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia?sub_confirmation=1
Interview with Gregory Martyr, Executive Chairman of Capital Metals PLCOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-aimcmet-high-grade-mineral-sands-projects-path-to-production-5632Recording date: 5th December 2024Capital Metals is making significant progress on its Eastern Minerals project in Sri Lanka, which stands out as one of the highest-grade undeveloped mineral sands projects globally. The project boasts an impressive resource of 17.2 million tons at 17.6% heavy minerals, significantly above industry averages.The company has recently revised its development strategy to accelerate the path to production, implementing a reduced capital expenditure plan that targets first production in the first half of 2026. The initial Stage 1 development requires a modest capital investment of US$20.9 million, with construction expected to take just 9-12 months once the final investment decision is made in Q2 2025.The project's economics are particularly attractive, with payback anticipated in less than one year of production. The processing method is straightforward, utilizing simple gravity separation and water, without the need for complex chemical processes. This simplicity contributes to the project's low operating costs, further enhanced by the near-surface nature of the mineralization and minimal strip ratios.Financing discussions are progressing well, with the company pursuing offtake-linked arrangements. Capital Metals is targeting US$10 million in pre-payments from potential customers, representing less than half of the total required capital expenditure. Importantly, the company does not anticipate needing to issue equity to fund the initial development.The project is fully permitted, with an approved Environmental Impact Assessment and two mining licenses in place. Recent political changes in Sri Lanka have created a more favorable operating environment, with a new pro-business, anti-corruption government taking office.Significant upside potential exists beyond the current resource. The company believes it can at least double the resource size through upcoming drilling campaigns, with early exploration work indicating mineralization extends well below the water table. Additionally, lowering the cut-off grade from 5% to 2% could substantially increase the resource while maintaining attractive margins.The current project valuation shows considerable upside, with an estimated NPV per share of 36 pence compared to the current share price of around 2 pence. Despite current cyclical weakness in mineral sands prices, the project's high-grade nature positions it in the lowest cost quartile of global producers, ensuring strong margins even in challenging market conditions. As the mineral sands market faces potential supply challenges in the coming years, Capital Metals appears well-positioned to help fill this gap with its high-grade, low-cost operation.View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Dr. Mike Jones, MD of Impact Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/impact-minerals-asxipt-set-to-disrupt-hpa-market-with-innovative-low-cost-process-6189-0b382Recording date: 5th December 2024Impact Minerals (ASX:IPT) is advancing its Lake Hope high purity alumina (HPA) project in Western Australia, positioning itself to meet growing demand for this crucial material in the energy transition. HPA, which is aluminum oxide with at least 99.99% purity, is essential for LED lighting, lithium-ion batteries, and sapphire glass applications used in smartphones and military equipment.The Lake Hope project stands out for its remarkably simple mining approach. The resource consists of aluminous clay material located in a salt lake bed, requiring only shallow mining to a depth of 1-2 meters. This "dig and deliver" model eliminates the need for crushing or explosives, significantly reducing operational complexity and costs.The company plans to process the mined material at a facility in Perth, strategically located next to a hydrochloric acid plant. This proximity ensures ready access to key reagents, including hydrochloric acid and potassium hydroxide. Impact's team has developed an innovative processing circuit that addresses one of the main challenges in HPA production – acid consumption. Their solution cuts acid usage in half compared to competing projects, making the process more economical and sustainable.Preliminary economic assessments show promising results, with an estimated NPV exceeding A$1 billion, capital expenditure of A$250 million, and operating costs around US$4,000 per tonne of HPA. The company is progressing toward key milestones, including completion of a Pre-Feasibility Study in Q2 2025 and the commissioning of a pilot plant by mid-2025. The pilot facility will produce kilogram-scale quantities of HPA for potential customer testing.Looking ahead, Impact is considering various scale-up options, potentially targeting 10,000 tonnes per annum of HPA production. However, management is contemplating a staged approach, possibly building multiple smaller plants rather than one large facility, to manage technical risk and capital requirements effectively.The global HPA market, currently estimated at 70,000-80,000 tonnes annually, remains relatively opaque with only a handful of suppliers. Impact Minerals' success will depend on proving its technology, securing offtake agreements, and attracting capital investment. The situation mirrors the lithium market a decade ago, with rising demand but limited transparency in supply and pricing. Companies that can successfully navigate these challenges while maintaining cost discipline and meeting development timelines will be well-positioned to capture the growing market opportunity.View Impact Minerals' company profile: https://www.cruxinvestor.com/companies/impact-mineralsSign up for Crux Investor: https://cruxinvestor.com
Interview with Dan Wilton, CEO of First Mining Gold Corp. Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxvff-key-catalysts-on-two-of-largest-underdeveloped-canadian-gold-projects-5978Recording date: 28th of November, 2024The gold mining sector presents what industry leaders describe as a "once in a generation" investment opportunity, particularly in the development space. While producing gold companies have seen their valuations soar, with gold prices maintaining levels well above $2,000 per ounce, development-stage companies with substantial resources remain significantly undervalued, creating a compelling entry point for investors.At the heart of this opportunity lies a critical supply-demand imbalance. Major gold producers are facing dwindling reserves, typically holding only 7-8 years of production in reserve, while the timeline to bring new mines into production has nearly doubled to 19.8 years. This creates urgent pressure for producers to acquire advanced-stage projects, particularly those that have navigated significant portions of the permitting process.First Mining Gold exemplifies this opportunity, controlling two projects exceeding 5 million ounces in premier Canadian jurisdictions - putting it in an elite group of only about 12 such projects globally that meet major mining companies' acquisition criteria. The company's Spring Pole project is among the most advanced large gold projects approaching environmental approval in Canada, with final approval targeted for the end of 2025.The company has demonstrated strong financial management, raising $60 million through non-core asset sales over five years while minimizing shareholder dilution. Spring Pole's economics are particularly attractive in the current gold price environment, with every $100 increase in gold price adding $250 million to the project's after-tax NPV. The company's second major asset, Duparquet, provides additional optionality through potential optimization and development scenarios.Historical precedent suggests significant upside potential - similar-sized projects have typically been acquired or funded at valuations exceeding $500 million once receiving environmental assessment approvals. First Mining Gold's current market valuation reflects the broader disconnect between producer and developer valuations, suggesting substantial room for value appreciation.The investment thesis is strengthened by several key factors:Strong gold price environment above $2,000/ozScarcity of large-scale projects in favorable jurisdictionsStrategic imperative for major producers to replace reservesAdvanced stage of permitting at Spring PoleDemonstrated ability to raise non-dilutive capitalMultiple paths to value creation across two major assetsAs First Mining's CEO Dan Wilton notes, "We're sitting today at a one in a generation discrepancy and dislocation between the value of producers and the value of developers, which is only going to get worse because the producers have by and large not been investing in increasing their own capacity."Learn more: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com
John Miniotis, President and CEO, and Jeremy Weyland, Senior VP of Projects and Development of AbraSilver Resource Corp (TSX.V:ABRA – OTCQX:ABBRF), both join me to review the results of their updated Pre-Feasibility Study (“PFS”) for the Diablillos silver-gold project, located in Salta Province, Argentina. PFS Study Highlights: All dollar ($) figures are presented in US dollars unless otherwise stated. Base case metal prices used in the PFS are $2,050 per gold (“Au”) ounce (“oz”) and $25.50 per silver (“Ag”) oz. Attractive project economics: 747 million after-tax Net Present Value discounted at 5% per annum (“NPV”); 27.6% Internal Rate of Return (“IRR”) and 2.0-year payback period. At current spot prices1 an after-tax NPV5% of $1,291 million with an IRR of 39.3% and payback of 1.5 years. Substantial silver and gold production – 13.4 Moz silver-equivalent “AgEq”) average annual production over a 14-year life-of-mine (“LOM”), comprised of 7.6 Moz Ag and 72 koz Au, with average annual production of 16.4 Moz AgEq over the first five years of full mine production, comprised of 11.7 Moz Ag and 59 koz Au. Low All-in Sustaining Cash Costs (“AISC”)– Average AISC of $12.67/oz AgEq over LOM, and $11.23/oz AgEq over the first five years of full mine production. Initial capital expenditures - Initial pre-production capital expenditure of $544 million (including contingency)with a further $77 million in sustaining capital over the LOM. Significant potential for additional economic improvements: Replacement of on-site self-generation from a combined solar-diesel power plant with a connection to the national grid under a long-term power purchase agreement from a third party. Capturing this opportunity would provide a meaningful reduction to initial capital, lower operating costs and, potentially, improve the carbon footprint of the Project. A revised mine plan based on a new Mineral Resource and Reserve estimate that incorporates the additional Phase IV exploration drilling results at JAC and the northeast zone of Oculto as well as higher metal price assumptions. A new mine plan may present the opportunity to reduce strip ratio, and improve operating cashflow. Expansion of available water resources to the Project to remove constraints on plant throughput resulting in increased metal production. Treatment of marginal material currently classified as waste through secondary processing, such as heap leaching, resulting in increased metal production. Improvements to the design of the Tailings Storage Facility (“TSF”) to reduce capital and operating cost, and also decrease the environmental footprint. Jeremy unpacks the benefits to the economics and from the Incentive Regime for Large Investments (“RIGI”) legislation passed by the Argentinean congress in July, 2024. The key incentives include a reduction of the federal corporate income tax rate from 35% to 25%; the elimination of export duties levied on gold and silver sales respectively; and accelerated tax depreciation of plant and equipment. He walks us through the timeline for qualifying projects with expenditures above $200M applying for RIGI before the law expires in July, 2026. AbraSilver will apply after they receive their EIA, and then the Company must spend 40% of the investment amount within two years of approval (by no later than July 2028). Diablillos meets all of the required qualifications for RIGI. The PFS considers an execution plan to obtain RIGI approval by no later than Q2 2026, giving the Project until Q2 2028 to spend 40% of the investment, or approximately $200M. John wraps us up with all the exploration catalysts to come from the ongoing 20,000 meter Phase 4 diamond drill campaign on their wholly-owned Diablillos property, which has continued to extend mineralization at both the JAC Zone and Occulto NE, as well as a new discovery made outside of the known resources at the Sombra Target, the drilling at Cerro Bayo, and the copper-gold porphyry targets at Cerro Blanco and Cerro Viejo. If you have any follow up questions for John or Jeremy regarding at AbraSilver, then please email me at Shad@kereport.com. In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording. Click here to visit the AbraSilver website and read over the most recent news releases.
Interview with Mark Selby, CEO of Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-secures-billion-funding-5990Recording date: 14th November 2024Canada Nickel (TSXV:CNC) is rapidly advancing the Crawford project toward becoming the Western world's largest nickel sulfide operation, with recent developments substantially de-risking both the project's funding and permitting pathway.The company has secured significant funding commitments toward the $2 billion project cost, including $500 million US from Export Development Canada (EDC) and another $500 million from a leading financial institution. Additionally, the project qualifies for approximately $600 million in Canadian government tax credits related to critical minerals and carbon capture storage.CEO Mark Selby outlines that of the total $2.5 billion funding requirement ($1.5B debt, $1B equity), the company has visibility on most of the debt package, with EDC's role as lead arranger crucial in attracting other government credit agencies and commercial banks. On the equity side, after accounting for tax credits and Samsung's $100 million commitment, the company only needs to secure approximately $300 million, with discussions ongoing with battery supply chain participants and private equity groups.The project's timeline is clearly defined, with several near-term catalysts:Environmental Impact Statement filing completion within daysFederal permitting decision expected by summer/fall 2025Construction decision targeted for fall 202530-month construction period to productionThe project economics are compelling, with an NPV of $2.5 billion US. The company expects to retain 60-70% ownership post-funding, representing significant potential value for shareholders. Recent exploration success has enhanced the project's potential, with high-grade discoveries at Bannockburn showing 4% nickel over 4 meters and 12 meters of 1.6%.The macro environment strongly supports the project's development. Critical minerals security has become a national security priority for both the US and Europe, with strong bipartisan support in the US regardless of administration changes. As Selby notes, "Critical minerals are really a national security issue for both the US and Europe. Those of us who are going to be inside the fence are going to benefit from whatever tariffs end up being placed on Chinese production."Beyond Crawford, the company controls multiple regional targets, with several showing potential to exceed Crawford's scale. An initial resource for the Reid property, which may be larger than Crawford, is expected before year-end. The company is also developing downstream processing opportunities, recently strengthened by key appointments including Julian Ovens, former Chief of Staff to senior ministers and executive at BHP and Rio Tinto.For investors, Canada Nickel offers exposure to World's largest western nickel sulfide project, strong government support and funding commitments, clear timeline to construction decision, multiple near-term catalysts, regional exploration upside, and strategic positioning in critical minerals space.With major milestones approaching and significant funding secured, Canada Nickel appears well-positioned to advance Crawford toward production while maintaining majority ownership for shareholders.View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com
Interview with Alex Black, Executive Chairman of Rio2 Ltd.Our previous interview: https://www.cruxinvestor.com/posts/rio2-tsxvrio-and-erdene-resource-development-tsxerd-nearing-gold-production-milestone-5653Recording date: 5th November 2024Rio2 Limited (TSXV:RIO) is on the verge of constructing its flagship Fenix Gold Project in Chile's Atacama region. The fully permitted and financed oxide gold heap leach mine is expected to pour first gold within 12 months, putting the company on a fast track to near-term cash flow and a potential re-rating.In the interview, Rio2 CEO Alex Black laid out the investment case for the junior developer. With 5 million ounces of gold in a low-cost, run-of-mine operation, Fenix stands out as one of the most attractive advanced-stage projects in the hands of a junior. The after-tax NPV(5%) of $800 million is four times the company's current market capitalization, suggesting Rio2 is deeply undervalued. But the real blue sky lies in Fenix's expansion potential. Black sees the project ramping up from 20,000 tonnes per day to 80,000 tpd in relatively short order, which would propel annual gold production to approximately 300,000 ounces. At that scale, Rio2 would stand out as a prime takeover target."When we get to 300,000 ounces per annum, from one mine, we become a world-class project that somebody else is going to want," Black explained. The key hurdle is securing additional water supply, with studies already underway on desalination options.Fenix's straightforward oxide mineralogy and no-crush, run-of-mine heap leach process make for an expedited path to production. With earthworks already underway, Black expects to be in production in the second half of 2025, far quicker than the multi-year development timetables of most peers. Rio2 also aspires to be a regional consolidator, assembling a portfolio of undervalued gold projects in Latin America. Black sees considerable opportunity to unlock stranded assets by applying his team's skill set in permitting, construction and community relations. Chile in particular is ripe for consolidation, with few key players and a long list of undeveloped gold projects. "I think there's a consolidation opportunity for Rio2 to consolidate projects and become something that somebody else will walk into and go 'great, we've got an entree and a big base in Chile,'" said Black.With over US$60 million in cash and a market cap of just US$200 million, Rio2 has ample currency to transact and a compelling valuation arbitrage to exploit. As Fenix advances through construction and begins generating cash flow, the company will be well positioned to build an attractive acquisition pipeline.The macro backdrop is also highly favorable, with gold prices hitting all-time highs and industry consolidation accelerating. Advanced-stage projects like Fenix are in high demand as producers race to replenish depleted reserves. Rio2 offers substantial leverage to a rising gold price and M&A premiums.With a proven CEO, near-term path to production, and organic/external growth potential, Rio2 is a junior developer to watch. As Fenix de-risks further and the company executes on its strategic vision, the stock appears poised for a material re-rating. Rio2 offers a unique combination of imminent cash flow and expansive blue sky in a rapidly evolving gold bull market.View Rio2 Limited's company profile: https://www.cruxinvestor.com/companies/rio2-limitedSign up for Crux Investor: https://cruxinvestor.com
Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silver-tiger-metals-tsxvslvr-positions-for-growth-as-mexicos-mining-sector-rebounds-6049Recording date: 1st November 2024Silver Tiger Metals (TSXV:SLVR) is poised to become a significant silver producer following the release of a robust Pre-Feasibility Study (PFS) on its flagship El Tigre project in Sonora, Mexico. The study outlines a technically simple and economically attractive open pit operation capable of producing over 5 million ounces of silver per year at industry-low costs.At a base case silver price of $21.50/oz and gold price of $1,750/oz, the El Tigre PFS generates an after-tax NPV (5% discount) of $222 million and IRR of 40%. The project benefits from low initial capex of just $86 million and a rapid payback period of 2 years. Life-of-mine all-in sustaining costs are estimated at $12.14/oz silver, placing El Tigre in the lowest quartile of the industry cost curve.Importantly, the PFS only considers open pit mining of the El Tigre deposit. The company sees significant potential to expand resources and production through underground development of the historic El Tigre mine, where drilling has intercepted bonanza-grade silver mineralization over wide widths. A Preliminary Economic Assessment (PEA) on the integrated open pit and underground operation is targeted for H1 2025.Permitting is well advanced, with amendments submitted to convert the existing underground mining permit to include open pit operations. Silver Tiger expects to receive approval in the first half of 2025, allowing for a 12-month construction period and first production in mid-2026. The initial phase of mining will focus on the highly profitable "starter pit", which boasts a grade of 0.6 g/t AuEq and ultra-low strip ratio of 0.3:1.The PFS envisions a 10-year mine life for the open pit, generating average annual production of 5.0 million ounces of silver and 43,000 ounces of gold. At spot prices (~$25/oz Ag, $1,950/oz Au), the project is expected to spin off over $500 million in after-tax free cash flow. This would be sufficient to fully fund the underground mine development, with potential to boost production to more than 8 million silver equivalent ounces per year.CEO Glenn Jessome highlighted the transformational impact of the PFS in a recent interview, stating: "You show me a project on this planet where we're going to spend 86 million...and you make a half more than half a billion dollars over a decade after tax free cash flow."With a market cap of just C$150 million, Silver Tiger is attractively valued relative to the NPV and free cash flow generated by the El Tigre project. As the company advances through permitting and towards a construction decision, there is potential for significant re-rating. The stock also serves as a compelling acquisition target for larger silver producers seeking to bolster their project pipelines.In conclusion, Silver Tiger Metals offers investors exposure to a high-quality silver development project with robust economics, a clear path to production, and significant exploration upside. As silver prices continue to rise on the back of strong industrial demand and investor interest, the company is well positioned to unlock value for shareholders. The positive PFS is a major milestone and should serve as a catalyst for the stock as Silver Tiger transitions from explorer to developer to producer in the coming years.View Silver Tiger Metals' company profile: https://www.cruxinvestor.com/companies/silver-tiger-metalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Andrew Williams, Director & CEO of New Pacific Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/new-pacific-metals-tsxnuag-bolivias-silver-potential-with-world-class-discoveries-5633Recording date: 29th October 2024New Pacific Metals (TSX:NUAG) is making steady progress advancing its two world-class silver development projects in Bolivia, offering investors exposure to significant silver production at highly attractive economics.The company's flagship Silver Sand project, which recently completed a pre-feasibility study (PFS), demonstrates an after-tax net present value (NPV) of $740 million at $24/oz silver. The nearby Carangas project, the subject of a preliminary economic assessment (PEA), adds an additional $500 million of after-tax NPV at the same silver price. On a combined basis, Silver Sand and Carangas have the potential to produce 18 million ounces of silver annually over a long mine life. This would place New Pacific among the world's top primary silver producers. At today's higher silver prices, the combined NPV approaches $2 billion according to CEO Andrew Williams, well above the company's current sub-$500 million market capitalization.Permitting is now the key focus for New Pacific. While the process takes time and requires patience, Bolivia has a well-established mining sector and the steps to permit a new mine are well-understood. Key milestones include securing land lease agreements with local communities and submitting environmental permits. At Silver Sand, the company already holds a mining license and just needs to complete the environmental permitting process. Carangas is at an earlier stage and will also require the conversion of its current exploration license to a mining license.New Pacific is well-funded to complete these permitting activities, with $20 million in cash as of June 30th. The company does not expect to need additional capital until key milestones are achieved, at which point the share price should better reflect the underlying asset value.The next major funding requirement will be to complete full feasibility studies on the projects at an estimated cost of $5-10 million each. However, New Pacific will only commit to this spending once permitting is further advanced. Analysts are taking a positive view on the stock based on the scale of the silver resources and the recent PFS/PEA results. The company's strong cash position and disciplined approach to additional spending are also viewed favorably.For silver-focused investors, New Pacific Metals represents a unique opportunity to gain exposure to a significant new source of primary silver supply in a mining-friendly jurisdiction. If the company can successfully navigate the permitting process and silver prices remain supportive, the stock appears to have meaningful upside potential as the projects advance toward production. With 18 million ounces of potential annual silver production and a combined NPV approaching $2 billion at current prices, New Pacific is well-positioned to unlock value for shareholders in the coming years.View New Pacific Metals' company profile: https://www.cruxinvestor.com/companies/newpacificmetalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-fast-track-to-production-on-43moz-gold-resource-project-in-guyana-5390Recording date: 11th September 2024Omai Gold Mines is rapidly emerging as a compelling investment opportunity in the junior gold mining sector, with its flagship project in Guyana poised for significant growth and development. The company's strategic position in the underexplored Guiana Shield, combined with robust project economics and substantial resource expansion potential, makes it an attractive prospect for investors seeking exposure to the gold market.Led by experienced President & CEO Ela Ellingham, Omai has been aggressively exploring its project for the past three years, consistently expanding its resource base. The company recently released a Preliminary Economic Assessment (PEA) that demonstrates strong project fundamentals, even when based on conservative assumptions. The PEA outlines an operation capable of producing an average of 142,000 ounces of gold annually over a 13-year mine life, with a Net Present Value (NPV) of $556 million at a 5% discount rate and an Internal Rate of Return (IRR) of 19.8%, using a gold price of $1,950 per ounce.Importantly, these figures are based on only 45% of the current resource and cover just one of two known deposits on the property. This conservative approach suggests significant upside potential as Omai continues to expand its resource base and optimize its development plans. The company recently completed a $13 million financing, with 90% participation from funds, providing the capital needed to accelerate its exploration efforts.Omai's project benefits from several key advantages. The deposit extends over 2.4 kilometers, with zones showing continuity along strike, providing numerous targets for resource expansion. Management has also observed that gold grades tend to increase with depth, suggesting that future drilling could potentially add higher-grade material to the resource. At current gold prices (around $2,500/oz), the project's economics improve dramatically, with the NPV potentially reaching $950 million and the IRR increasing to about 28%.The company's strategy focuses on systematically de-risking and advancing the project towards production. With two drill rigs currently operating and a target of drilling approximately 4,000 meters per month, Omai is well-positioned to deliver a steady stream of news flow and potential catalysts for share price appreciation.From a macro perspective, Omai stands to benefit from several industry trends. Major gold producers are facing declining reserve bases and struggling to replace depleted ounces, driving interest in junior explorers with significant resource potential. The gold mining sector has also seen increased M&A activity as larger companies seek to bolster their project pipelines. Omai's potential for a 20-30 year mine life makes it particularly attractive to mid-tier and major producers looking to establish a long-term presence in a new jurisdiction.While investing in junior mining companies carries inherent risks, Omai's strong fundamentals, exploration upside, and strategic appeal make it a compelling consideration for investors seeking exposure to the gold sector. The company's clear strategy, predictable geology, and significant resource expansion potential offer an attractive risk-reward profile.As CEO Elaine Ellingham states, "We know exactly where we want to drill and as I said, the one slice between 200 and 300 meters gave us over a million ounces. That's the focus at two grams. So we're basically stepping out 150 meters and we know from the drilling we've done it's fairly predictable. We think we can build that up and target a fairly significant deposit."For investors looking to gain exposure to a potentially world-class gold asset in an emerging mining jurisdiction, Omai Gold Mines presents an opportunity worth serious consideration. As the company continues to advance its project and demonstrate its value, it may attract increased attention from both investors and potential strategic partners in the mining industry.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com
Interview with Kiran Patankar, President & CEO of Maple Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsx-v-mgm-3moz-unlocked-through-company-restructure-5768Recording date: 11th September 2024Maple Gold Mines (TSXV:MGM) has emerged as a revitalized player in Quebec's prolific Abitibi gold belt, following a significant corporate transformation over the past year. The company now controls 100% of a 400 square kilometer land package hosting approximately 3 million ounces of gold resources, positioning itself as an attractive investment opportunity in the junior gold exploration sector.Central to Maple Gold's transformation is the restructuring of its partnership with Agnico Eagle, one of the world's largest gold producers. Agnico Eagle has become a 19.9% strategic shareholder in Maple Gold, providing not only financial backing but also valuable technical expertise. This partnership lends credibility to Maple Gold's projects and approach, suggesting long-term potential recognized by a major industry player.The company's flagship Douay-Joutel project encompasses the Douay deposit and the past-producing high-grade Joutel mine complex. With full control of these assets, Maple Gold is now poised to execute a more focused and potentially value-accretive exploration program. The company plans a 7,500-10,000 meter drill program for the upcoming winter season, targeting both resource expansion and potential new discoveries.Importantly, Maple Gold's strategy extends beyond mere resource expansion. The company is focused on demonstrating economic viability, with a clear target of advancing towards a pre-feasibility study showing a $300 million NPV. This aligns with Agnico Eagle's criteria for further involvement, providing investors with a tangible milestone to track.Quebec's Abitibi gold belt offers Maple Gold significant advantages as a mining jurisdiction. The region boasts excellent infrastructure, supportive government policies, and substantial financial incentives for mineral exploration. These factors could potentially reduce development costs and timelines, enhancing the project's economic attractiveness.From a valuation perspective, Maple Gold appears to be trading at a discount to its intrinsic value. With a market capitalization that values its gold resources at around $6 per attributable ounce, there seems to be substantial room for value re-rating as the company executes its plans.Key catalysts for Maple Gold include results from the planned winter drill program, potential resource updates or new discoveries, progress towards economic studies, and ongoing project optimization. These events could drive share price appreciation in the near to medium term.However, investors should be mindful of the risks inherent in junior gold exploration. These include exploration risk, market risk related to gold prices and overall sentiment, execution risk, and potential future dilution from additional financing rounds.Maple Gold's management team brings a mix of geological, engineering, and corporate development expertise, which is crucial for navigating the challenges of advancing a large-scale gold project. The company's clear focus on demonstrating economic viability sets it apart from many peers in the junior exploration space.For investors seeking exposure to gold exploration in a top-tier jurisdiction, Maple Gold offers a compelling mix of resource scale, exploration upside, strategic backing, and jurisdictional advantages. As the company executes its plans in the coming months, it has the potential to deliver significant value creation for shareholders willing to accept the inherent risks of the junior mining sector.View Maple Gold Mines' company profile: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com
In this bucket list interview, CJ speaks with Larry Roseman, the CFO of Thumbtack, who shares his deep understanding of running marketplace businesses at scale. They explore Thumbtack's business model and monetization strategy, discussing the customer acquisition cost for both service providers and homeowners. Larry explains why going broad rather than niche can be fundamental for marketplace success, offering a counterintuitive view to that of many marketplace experts. He also talks about the flywheels Thumbtack has developed over time and the company's shift towards becoming a proactive operating system for homes instead of a reactive marketplace. Additionally, Larry offers valuable insights on value creation from a CFO's perspective, emphasizing the importance of making NPV-positive decisions and the strategic role of the CFO in guiding big business decisions. Hear about the crises that Larry has seen in his career and his advice to “never waste a good crisis”.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:NetSuite provides financial software for all your business needs. More than 37,000 thousand companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅ NetSuite: https://netsuite.com/metrics and get a customized KPI checklist. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
Arizona Sonoran Copper has published a new preliminary economic assessment (PEA) for its Cactus project, which has received positive feedback from the market. The inclusion of the MainSpring property in the mine plan has improved the economics of the project, with an NPV(8) after-tax of over $2 billion and an IRR after-tax of 24%. The project is expected to have a 31-year operating life and produce an average of 86,000 short tons of cathode production per annum. Arizona Sonoran Copper is outperforming its peers in terms of key performance indicators, despite having a lower market cap.
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