Podcasts about NPV

Play Episode Listen Later Sep 17, 2025 12:31

Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/from-mega-mines-to-lean-machines-rio2-ltd-vista-golds-blueprint-for-fast-track-gold-production-7298Recording date: 16th September 2025Vista Gold Corp (TSX:VGZ) presents a compelling investment opportunity through its strategic transformation of the Mt Todd Gold Project, Australia's second largest undeveloped gold asset and the largest not owned by an existing producer. The company's recent feasibility study represents a fundamental strategic pivot that has created enhanced economics, reduced capital requirements, and multiple pathways for value realization.The cornerstone of Vista Gold's investment thesis lies in its decision to redesign Mt Todd from a massive 50,000 ton per day operation requiring over $1 billion in initial capital to a more focused 15,000 ton per day operation with $425 million capex—a 59% reduction that makes financing significantly more achievable. This strategic shift prioritizes grade over volume, raising the cut-off grade from 0.35 g/t to 0.5 g/t, resulting in a 23% improvement in reserve grade while maintaining over 5 million ounces of gold reserves.The redesigned project delivers exceptional economics with an NPV5 of $1.1 billion using a conservative $2,500 gold price assumption. At $3,300 gold price, closer to current market levels above $3,600, the NPV increases to $2.2 billion with an IRR approaching 45%. The production profile shows consistent output of 153,000 ounces annually over the first 15 years, providing predictable cash flow generation that appeals to investors seeking stable gold exposure.The market has responded overwhelmingly positively to Vista Gold's strategic direction, with shares surging 133% from 93 cents to $2.17 following the July feasibility study publication. This appreciation reflects both the favorable gold price environment and increased recognition of the project's improved risk-reward profile, demonstrating investor confidence in management's strategic execution.Vista Gold's strategic approach provides investors with exposure to three distinct value realization scenarios: joint venture partnerships, potential sale or corporate transactions, and self-development. This optionality ensures the company can adapt to market conditions and capitalize on the most favorable outcome for shareholders. The reduced capital requirements have expanded the pool of potential joint venture partners, while the project's improved economics make it more attractive for corporate transactions.Mt Todd's unique positioning as Australia's largest undeveloped gold project not owned by a producer provides significant strategic value in the current consolidation environment. The project benefits from Australia's political stability, established mining infrastructure, and proximity to Asian gold demand centers, reducing development risk compared to emerging market alternatives.Vista Gold offers investors exposure to a premier undeveloped gold asset with management that has demonstrated strategic flexibility to optimize shareholder value. The combination of proven reserves exceeding 5 million ounces, enhanced project economics, reduced capital requirements, and multiple development pathways positions the company as an attractive vehicle for gold sector exposure. With gold prices providing substantial operational margins above feasibility study assumptions and strong market validation through share price appreciation, Vista Gold represents a compelling opportunity for investors seeking exposure to Australia's gold sector through a strategically positioned development company.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

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How U.S. Industry Is Reinventing Itself

Thoughts on the Market

Play Episode Listen Later Sep 16, 2025 14:26

Our strategists Michelle Weaver and Adam Jonas join analyst Christopher Snyder to discuss the most important themes that emerged from the Morgan Stanley Annual Industrials Conference in Laguna Beach.Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic Strategist.Christopher Snyder: I'm Chris Snyder, Morgan Stanley's U.S. Multi-Industry Analyst. Adam Jonas: And I'm Adam Jonas, Morgan Stanley's Embodied AI Strategist.Michelle Weaver: We recently concluded Morgan Stanley's annual industrials conference in Laguna Beach, California, and wanted to share some of the biggest takeaways.It's Tuesday, September 16th at 10am in New York.I want to set the stage for our conversation. The overall tone at the conference was fairly similar to last year with many companies waiting for a broader pickup. And I'd flag three different themes that really emerged from the conference. So first, AI. AI is incredibly important. It appeared in the vast majority of fireside conversations. And companies were talking about AI from both the adopter and the enabler angle. Second theme on the macro, overall companies remain in search of a reacceleration. They pointed to consistently expansionary PMIs or a PMI above 50, a more favorable interest rate environment and greater clarity on tariffs as the key macro conditions for renewed momentum. And then the last thing that came up repeatedly was how are companies going to react to tariffs? And I would say companies overall were fairly constructive on their ability to mitigate the margin impact of tariffs with many talking about both leveraging pricing power and supply chain shifts to offset those impacts. So, Chris, considering all this, the wait for an inflection came up across a number of companies. What were some of your key takeaways on multis, on the macro front? Christopher Snyder: The commentary was stable to modestly improving, and that was really consistent across all of these companies. There are, you know, specific verticals where things are getting better. I would call out data center as one. Non-res construction, as another one, implant manufacturing as one. And there were certain categories where we are seeing deterioration – residential HVAC, energy markets, and agriculture.But we came away more constructive on the cycle because things are stable, if not modestly improving into a rate cut cycle. The concern going in was that we would hear about deteriorating trends and a rate cut would be needed just to stabilize the market. So, we do think that this backdrop is supportive for better industrial growth into 2026.We have been positive on the project or CapEx side of the house. It feels like strength there is improving. We've been more cautious on the short cycle production side of the house. But we are starting to see signs of rate of change. So, when we look into [20]26 and [20]27, we think U.S. industrials are poised for decade high growth. Michelle Weaver: You've had a thesis for a while now that U.S. reshoring is going to be incredibly important and that it's a $10 trillion opportunity. Can you unpack that number? What are some recent data points supporting that and what did you learn at the conference? Christopher Snyder: Some of the recent data points that support this view is U.S. manufacturing construction starts are up 3x post Liberation Day. So, we're seeing companies invest. This is also coming through in commercial industrial lending data, which continues to push higher almost every week and is currently at now record high levels. So, there's a lot of reasons for companies not to invest right now. There's a lot of uncertainty around policy. But seeing that willingness to invest through all of the uncertainty is a big positive because as that uncertainty lifts, we think more projects will come off the sidelines and be unlocked. So, we see positive rate of change on that. What I think is often lost in the reassuring conversation is that this has been happening for the last five years. The U.S. lost share of global CapEx from 2000 when China entered the World Trade Organization almost every year till 2019 when Trump implemented his first wave of tariffs. Since then, the U.S. has taken about 300 basis points of global CapEx share over the last five years, and that's a lot on a $30 trillion CapEx base. So, I think the debate here should be: Can this continue? And when I look at Trump policy, both the tariffs making imports more expensive, but also the incentives lowering the cost of domestic production – we do think these trends are stable. And I always want to stress that this is a game of increments. It's not that the U.S. is going to get every factory. But we simply believe the U.S. is better positioned to get the incremental factory over the next 20 years relative to the prior 20. And the best point is that the baseline growth here is effectively zero. Michelle Weaver: And how does power play into the reshoring story? AI and data centers are generating huge demand for power that well outstrip supply. Is there a risk that companies that want to reshore are not able to do so because of the power constraints?Christopher Snyder: It's a great question. I think it's part of the reason that this is moving more slowly. The companies that sell this power equipment tend to prioritize the data center customers given their scale in magnitude of buying. But ultimately, we think this is coming and it's a big opportunity for U.S. power to extend the upcycle.Manufacturing accounts for 26 percent of the electricity in the country. Data center accounts for about 5 percent. So, if the industrial economy returns to growth, there will be a huge pull on the grid; and I view it as a competitive advantage. If you think about the future of U.S. manufacturing, we're simply taking labor out and replacing it with electricity. That is a phenomenal trade off for the U.S. And a not as positive trade off for a lot of low-cost regions who essentially export labor to the world. I'm sure Adam will have more to say about that. Michelle Weaver: And Adam, I want to bring robotics and humanoid specifically into this conversation as the U.S.' technological edge is a big part of the reshoring story. So how do humanoids fit into reshoring? How much would they cost to use and how could they make American manufacturing more attractive? Adam Jonas: Humanoid robots – we're talking age agentic robots that make decisions from themselves autonomously due to the dual purpose in the military. You know, dual purpose aspect of it makes it absolutely necessary to onshore the technologies.At the same time, humanoid robots actually make it possible to onshore those technologies. Meaning you need; we're not going to be able to replicate manufacturing and onshore manufacturing the way it's currently done in China with their environmental practices and their labor – availability of affordable cheap human labor.Autonomous robots are both the cause of onshoring. And the effect of onshoring at the same time, and it's going to transform every industry. The question isn't so much as which industry will autonomous robots, including humanoids impact? It's what will it not.And we have not yet been able to find anything that it would. When you think about cost to use – we think by 2040 we get to a point where to Chris's point, the marginal cost of work will be some factor of electricity, energy, and some depreciation of that physical plant, or the physical robot itself. And we come up with a, a range of scenarios where centered on around $5 per hour. If that can replace two human workers at $25 an hour, that can NPV to around $200,000 of NPV per humanoid. That's discounting back 15 years from 2040.Michelle, there's 160 million people in the U.S. labor market, so if you just substituted 1 percent of that or 1.6 million people out of the U.S. Labor pool. 1.6 million times $200,000 NPV; that's $320 billion of value, which is worth, well, quite a lot. Quite a lot of money to a lot of companies that are working on this. So, when we get asked, what are we watching, well, in terms of the bleeding edge of the robot revolution, we're watching the Sino-U.S. competition. And I prefer to call it competition. And we're also watching the terra cap companies, the Mag 7 type companies that are quite suddenly and recently and very, very significantly going after physical AI and robotics talent. And increasingly even manufacturing talent. So again, to circle back to Chris's point, if you want evidence of reshoring and manufacturing and advanced manufacturing in this country, look at some of these TMT and tech and AI companies in California. And look at, go on their hiring website and watch all the manufacturing and robotics people that they're trying to hire; and pay a lot of money to do so. And that might be an interesting indicator of where we're going.Michelle Weaver: I want to dig in a little bit more there. We're seeing a lot of the cutting-edge tech coming out of China. Is the U.S. going to be able to catch up?Adam Jonas: Uh, I don't know. I don't know. But I would say what's our alternative. We either catch up enough to compete or we're up for grabs. OK?I would say from our reading and working closely with our team in China, that in many aspects of supply chain, manufacturing, physical AI, China is ahead. And with the passage of time, they are increasingly ahead. We estimate, and we can't be precise here, that China's lead on the U.S. would not only last three to five years, but might even widen three to five years from now. May even widen at an accelerating rate three to five years from now.And so, it brings into play is what kind of environment and what kind of regulatory, and policy decisions we made to help kind of level the playing field and encourage the right kind of manufacturing. We don't want to encourage trailing edge, Victorian era manufacturing in the U.S. We want to encourage, you know, to skate to where the puck is going technology that can help improve our world and create a sustainable abundance rather than an unsustainable one. And so, we're watching China very, very closely. It makes us a little bit; makes me a little bit kind of nervous when we – if we see the government put the thumb on the scale too much.But it's invariably going to happen. You're going to have increased involvement of whichever administration it is in order to kind of set policies that can encourage innovation, education of our young people, repurposing of labor, you know. All these people making machines in this country now. They might get, there may be a displacement over a number of years, if not a generation.But we need those human bodies to do other things in this economy as well. So, we; I don't want to give the impression at all in our scenarios that we don't need people anymore. Michelle Weaver: What are the opportunities and the risks that you see for investors as robotics converges with this broader U.S. manufacturing story? Adam Jonas: Well, Michelle, we see both opportunities and risks. There are the opportunities that you can measure in terms of what portion of global GDP of [$]115 trillion could you look at. I mean, labor alone is $40 trillion.And if you really make humanoid that can do the work of two workers, guess what? You're not going to stop at [$]40 trillion. You're going to go beyond that. You might go multiple beyond that. Talking about the world before AI, robotics and humanoid is like talking about the world before electricity. Or talking about business before the internet. We don't think we're exaggerating, but the proof will be in the capital formation. And that's where we hope we can be of assistance to our clients working together on a variety of investment ideas. But the risks will come and it is our professional responsibility, if not our moral responsibility, to work with our partners across research to talk about those risks. Michelle, if we have labor displacement, go too quickly, there's serious problems. And if you don't, if you don't believe me, go look at, look at you know, the French Revolution or the Industrial Revolution, or Age of Enlightenments. Ages of scientific enlightenment frequently cohabitate times of great social and political turmoil as well. And so, we think that these risks must be seen in parallel if we want to bring forth technologies that can make us more human rather than less human. I'm sorry if I'm coming across as a little preachy, but if you studied robots and labor all day long, it does have that effect on you. So, Michelle, how do you see innovation priorities changing for industrials and investors in this environment?Michelle Weaver: I think it's huge as we're seeing AI and technology broadly diffuse across different segments of the market, it's only becoming more important. About two-thirds of companies at the conference mentioned AI in some way, shape, or form. We know that from transcripts. And we're seeing them continue to integrate AI into their businesses. They're trying to go beyond what we've just seen at the initial edge. So, for example, if I think about what was going on within AI adoption a couple years ago, it was largely adding a chat bot to your website that's then able to handle a lot of customer service inquiries. Maybe you could reduce the labor there a little bit. Now we're starting to see a lot more business specific use cases. So, for example, with an airline, an airline company is using AI to most optimally gate different planes as they're landing to try and reduce connection times. They know which staff needs to go to another flight to connect, which passengers need to move to another flight. They're able to do that much more efficiently. You're seeing a lot on AI being adopted within manufacturing to make manufacturing processes a lot more seamless. So, I think innovation is only going to continue to become more important to not only industrials, but broadly the entire market as well.Clearly the industry is being shaped by adaptability, collaboration, and a focus on innovation. So, Chris, Adam, thank you both for taking the time to talk. Adam Jonas: Always a pleasure. Michelle.Christopher Snyder: Thank you for having us on. Michelle Weaver: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

Northisle Copper & Gold (TSXV:NCX) - "District-Scale Is The Prize"

Play Episode Listen Later Sep 15, 2025 33:54

Interview with Sam Lee, CEO, Northisle Copper & GoldOur previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-2b-npv-project-signals-significant-value-gap-at-current-prices-7271Recording date: 11th September 2025Northisle Copper & Gold has positioned itself as a compelling copper-gold investment opportunity following a transformational $40 million equity financing that marked the company's entry into institutional investment circles. The financing attracted nine institutional investors, with seven being completely new to the Northisle story, while Wheaton Precious Metals provided strategic backing through an unusual equity investment rather than their typical streaming arrangement.The company's preliminary economic assessment demonstrates robust project economics with a $2 billion after-tax net present value at conservative commodity prices of $4.20 copper and $2,150 gold. At current gold prices near $3,600, the economics improve dramatically to a $5 billion NPV with a 45% internal rate of return. The project's unique structure addresses typical copper porphyry capital intensity challenges through high-margin gold-dominant zones that generate 65-70% margins, enabling initial capital payback within 1.9 years.Management has strengthened its leadership team with world-class appointments, including Kevin O'Kane as Chief Operating Officer, bringing 35 years of BHP experience from projects like Escondida, and Alex Davidson to the board with extensive Barrick Gold expertise. These appointments signal management's commitment to operational excellence as the company advances toward feasibility studies.Beyond the starter pit opportunity, Northisle controls a 35-kilometer district with over 70 years of exploration data, presenting significant upside potential through deep drilling programs targeting district-scale discoveries. The company has allocated $10 million for exploration programs led by Dr. Pablo Mejia Herrera, targeting "1% copper equivalent over 1,000 meters" intersections that would indicate proximity to high-grade porphyry cores.CEO Sam Lee characterized the current environment as unprecedented for natural resource extraction, with federal government support through trade missions and political alignment creating optimal development conditions. This macro backdrop, combined with the company's proven capital allocation track record and institutional validation, positions Northisle to capitalize on favorable commodity cycles while pursuing both near-term development economics and long-term district potential.Learn more: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

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Generation Mining (TSX:GENM) - Marathon Project Shovel-Ready with $1B NPV

Play Episode Listen Later Sep 12, 2025 10:45

Interview with Jamie Levy, CEO, Generation MiningOur previous interview: https://www.cruxinvestor.com/posts/generation-mining-tsxgenm-advancing-its-robust-copper-palladium-project-in-ontario-5071Recording date: 10th September 2025Generation Mining Limited has positioned itself as a leading shovel-ready critical metals developer with its Marathon Project in Northern Ontario, targeting annual production of 160,000 ounces of platinum and 42 million pounds of copper alongside additional precious metals byproducts.The Marathon Project represents one of the few permitted critical metals developments in a tier-one jurisdiction, having secured all final regulatory approvals in 2024. This regulatory clearance eliminates a major development risk that continues to challenge competing projects across the mining sector. The simple open-pit operation features a favorable 3:1 strip ratio and could produce upwards of 250,000-300,000 ounces of platinum equivalent annually.Generation Mining has assembled a comprehensive financing strategy totaling over $1 billion in project capital requirements. The company secured mandate letters from senior lenders including Société Générale, ING, and Export Development Canada for up to $400 million USD, complemented by a $200 million streaming agreement with Wheaton Precious Metals. Management targets a fully financed package by early 2026.The automotive industry's pivot toward hybrid technologies rather than pure electric vehicle mandates creates sustained demand fundamentals for platinum group metals used in catalytic converters. This shift occurs amid heightened geopolitical supply chain concerns regarding traditional suppliers in Russia, South Africa, and China, driving government support for domestic North American production capabilities.With a current market capitalization of approximately $100 million against a project net present value of $1 billion, Generation Mining trades at roughly 10% of NPV compared to 50-80% typical for permitted developers. This substantial valuation disconnect indicates significant rerating potential as the company progresses toward its financial investment decision within the next 12 months.Learn more: https://www.cruxinvestor.com/companies/generation-miningSign up for Crux Investor: https://cruxinvestor.com

Bravo Mining (TSXV:BRVO) Double Grades and Resource Up to 236 Million Tons in Tier-One PGM Deposit

Play Episode Listen Later Sep 10, 2025 20:10

Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-triple-growth-in-resources-accelerates-the-next-phases-for-luanga-project-6814Recording date: 9th September 2025Bravo Mining Company presents a compelling investment opportunity in the platinum group metals sector, combining tier-one asset quality with favorable market timing as global PGM fundamentals shift in favor of new producers. The company's flagship Luanga deposit in Brazil's Carajas region has emerged as one of the world's premier undeveloped PGM assets following dramatic resource expansion and robust preliminary economic assessment results.The investment thesis centers on exceptional asset quality, with Luanga's resource base expanding from 120 million tons grading 1.2 g/t to 236 million tons at 2.03 g/t over just two years. This positions the deposit among global tier-one PGM assets, capable of supporting 17 years of production at 500,000 ounces annually. The 8.1-kilometer strike length remains largely unexplored at depth, with over 40 drill holes indicating mineralization continuation beyond 400 meters, suggesting significant additional resource potential.Economic returns appear compelling across both development scenarios outlined in the preliminary assessment. The standard concentrate operation requires $495 million capital expenditure for $1.2 billion net present value, while the integrated approach adds $180 million investment to generate $1.8 billion NPV through direct metal production and sulfur byproduct sales. Production costs of approximately $700 per ounce against current $1,300 pricing provide substantial operational margins and flexibility.Brazil's mining-friendly jurisdiction delivers significant competitive advantages, particularly in the established Carajas region where Vale's infrastructure development provides immediate access to power, water, transportation, and skilled labor. This eliminates hundreds of millions in typical infrastructure capital expenditure while enabling an exceptional eight-month permitting timeline that contrasts favorably with increasing global regulatory challenges.Market timing appears optimal as PGM fundamentals improve following revised electric vehicle adoption forecasts. Chinese automakers, representing the world's largest car market, now project 50% conventional vehicles, 30% hybrids, and only 20% pure electric vehicles—a significant downward revision from earlier EV penetration expectations. This sustained conventional automotive demand occurs against constrained supply, with no major new PGM mines advancing through global development pipelines while South African producers face ongoing operational and regulatory challenges.Additional value creation opportunities exist through the company's IOCG exploration program, which has identified high-grade copper-gold potential including 6% copper and 1 gram per ton gold intersections at the T5 target. This creates potential spin-off possibilities while maintaining focus on core PGM development.Management's proven track record adds execution confidence, having previously built and sold a mine in the Carajas region for approximately $500 million. The team's regional experience, combined with disciplined capital allocation and strong balance sheet position, supports advancement through prefeasibility study completion by Q2 2026.The confluence of superior asset quality, compelling economics, infrastructure advantages, favorable jurisdiction, improving market fundamentals, and proven management creates a differentiated investment opportunity for investors seeking exposure to PGM market recovery while benefiting from Brazil's stable mining environment and established infrastructure base.View Bravo Mining's company profile: https://www.cruxinvestor.com/companies/bravo-mining Sign up for Crux Investor: https://cruxinvestor.com

Cadence Minerals (LSE:KDNC) - Azteca Restart & Strategic Path to $1.97B Asset

Play Episode Listen Later Sep 8, 2025 41:52

Interview with Kiran Morzaria, CEO, Cadence MineralsRecording date: 5th September, 2025Cadence Minerals presents one of the mining sector's most compelling valuation disconnects, trading at a £10 million market capitalization while holding 35% ownership in Brazil's Amapá iron ore project valued at $1.97 billion NPV. The AIM-listed diversified investment company operates what may be one of the most undervalued mining assets in the current market.The Amapá project stands apart through its fully integrated infrastructure, encompassing mine, railway concession, and port facilities under single ownership. This rare configuration enables the company to target production of 5.5 million tons annually of premium 67.5% Fe grade direct reduction pellets with exceptionally low operating costs of $27 per ton FOB. The integrated supply chain provides both cost leadership and potential third-party revenue streams, with the railway historically carrying 700,000 tons of external material.CEO Kiran Morzaria emphasizes the infrastructure advantage: "One of the reasons that we can keep this low is because we own our own port. We have effectively a renewable concession on the railway, which will renew every 23 years." This positioning allows competitive delivery to China at $55-60 CFR, maintaining profitability even under pessimistic pricing scenarios.The investment thesis centers on two key catalysts. The immediate opportunity involves restarting the Azteca plant with just $3.5 million investment to generate 330,000-390,000 tons annually within nine months, providing cash flow and operational validation. Longer-term value creation requires securing strategic partnerships to access the $370 million capital needed for full-scale development.The company's brownfield advantage, premium product quality, and defensive cost structure position it favorably against market volatility. However, execution depends critically on partnership arrangements, making this a high-leverage play on management's ability to attract suitable joint venture partners while demonstrating operational capability through near-term production.Learn more: https://www.cruxinvestor.com/companies/cadence-minerals-plcSign up for Crux Investor: https://cruxinvestor.com

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Gunnison Copper (TSX:GCU) - Nears Copper Production Start in September 2025

Play Episode Listen Later Sep 5, 2025 40:28

Interview with Stephen Twyerould, President & CEO of Gunnison CopperRecording date: 25th August 2025Gunnison Copper (TSX:MIN) is set to begin copper cathode production in September 2025 through its Johnson Camp mine in southeast Arizona. This near-term production is enabled by an innovative partnership with Nuton LLC, a Rio Tinto venture, which has invested over $100 million to finance construction and provide advanced sulfide leaching technology. The Johnson Camp facility is designed to reach an annual production capacity of 25 million pounds of copper by mid-2026. Gunnison retains 100% ownership and operational control, with the partnership structured to repay Nuton's investment over a 4-5 year period before Gunnison obtains full profit rights.Beyond immediate production, the company benefits from Nuton's technical expertise, gaining valuable knowledge in sulfide leaching technology that can be applied to its larger Gunnison open pit project. The Gunnison project, which completed a Preliminary Economic Assessment in late 2024, showcases robust economics with a post-tax net present value (NPV) of $1.3 billion, an internal rate of return near 21%, and a production profile of 170 million pounds annually over 18 years. This large open pit operation primarily processes oxide copper with an all-in sustaining cost of approximately $1.94 per pound, providing strong cash flow potential amid current copper prices above $4.00.Gunnison Copper is strategically positioned as a domestic US supplier, attracting government attention with $13.9 million in transferable 48C tax credits from the Department of Energy and unsolicited outreach from federal agencies emphasizing supply chain security. The company is also advancing several initiatives to enhance project economics, including byproduct valorization from gravel and limestone—currently accounted at zero value—and mineral sorting technologies aimed at reducing operating costs.With an established regulatory framework, proximity to rail infrastructure, and a clear timeline to prefeasibility studies in 2026, Gunnison Copper exemplifies a junior miner transitioning to production with a de-risked development path and strong strategic alliances in place, addressing both near-term outputs and long-term growth potential in the US copper market.View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copperSign up for Crux Investor: https://cruxinvestor.com

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Coda Minerals (ASX:COD) - 95% Recovery Rate Transforms Copper Project Into Tier-1 Asset

Play Episode Listen Later Sep 5, 2025 37:39

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-95-copper-recovery-802-million-post-tax-npv-7406Recording date: 28th August 2025Coda Minerals Limited (ASX: COD) has achieved a significant technical breakthrough that fundamentally transforms its Elizabeth Creek copper-silver project in South Australia. The company successfully developed chloride leaching technology that increases copper recovery rates from 80% to 95%, representing a departure from conventional flotation processing methods used by most copper projects globally.The innovation delivers compelling financial improvements, with the updated scoping study showing a post-tax net present value of AUD $855 million compared to the previous AUD $802 million. At current spot commodity prices, the NPV increases to approximately AUD $1.2 billion with a 38% internal rate of return. CEO Chris Stevens emphasized the conservative pricing assumptions underlying these figures, noting "$4.28 copper, $30 an ounce silver, bear in mind spot's $38 right now."The new processing paradigm has reduced total capital expenditure by AUD $74 million through simplified operations. The previous complex three-stage flotation process requiring grinding to 53 microns has been replaced with direct tank leaching at 75 microns, eliminating expensive flotation circuits, oxygen plants, and specialized grinding equipment. This streamlined approach processes approximately 400 tons per hour through polyethylene tanks with a four-hour residence time.Perhaps most significantly, the project now achieves robust economics based solely on copper and silver production, removing dependency on volatile cobalt markets. Stevens noted: "We no longer need cobalt for this project to be well economic and peer comparable. Copper and silver are much more bankable commodities with deep liquid markets." The company removed AUD $1.5 billion in cobalt revenue from the base case model while retaining it as potential upside.Located adjacent to BHP's Carrapateena project, the operation will target steady-state production exceeding 30,000 tons of copper annually. Management has identified multiple catalysts for further value creation, including mine reoptimization, potential staging opportunities, and systematic progression toward prefeasibility study completion.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

P2 Gold Inc. (TSXV:PGLD) - 3.5M Ounce Gabbs Project Advances on Metallurgical Breakthrough

Play Episode Listen Later Sep 5, 2025 27:54

Interview with Joseph Ovsenek, President & CEO, and Ken McNaughton, CExpO of P2 Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-pgld-goldcopper-explorer-racing-to-production-3124Recording date: 27th August 2025P2 Gold Corp (TSXV:PGLD) is positioning itself as Nevada's next significant precious metals producer through its flagship Gabbs gold-copper project, led by veteran mining executives Joseph Ovsenek and Ken McNaughton who previously built Silver Standard from $10 million to $2.8 billion market capitalization.The company's updated Preliminary Economic Assessment demonstrates compelling project economics with a 21.6% internal rate of return and $300 million NPV at base case metal prices. At current spot prices, these metrics surge dramatically to 55-56% IRR and over $600 million NPV, highlighting the project's leverage to the current precious metals environment.The Gabbs project contains 3.5 million ounces of gold equivalent resources across four mineralization zones, comprising approximately 2 million ounces of gold and 1.5 million copper equivalent. This positions Gabbs to become the third or fourth largest gold deposit in Nevada, providing natural price hedging through its balanced precious-base metals profile.P2 Gold has achieved a critical metallurgical breakthrough through SART technology (Sulfidization, Acidification, Recovery, Recycling and Thickening), overcoming historical processing challenges that made the project uneconomic in the 1990s. The technology delivers 88% gold recovery and 67% copper recovery while dramatically improving leach kinetics from over 145 days to under 60 days.This technological advancement addresses the primary obstacle that previously prevented development - the interference between copper and gold in cyanide leaching. The SART process allows simultaneous recovery of both metals while regenerating cyanide, substantially reducing operating costs.Gabbs benefits from superior infrastructure including highway access, power lines crossing the property, and proximity to Hawthorne, an established mining town just 45 minutes away. These advantages eliminate typical remote mining challenges, reducing both capital expenditure and operational complexity while providing access to skilled workforce and services.The development plan envisions a 14.2-year mine life processing 9 million tons annually, beginning with oxide heap leaching to generate cash flow before constructing a conventional mill. With $365 million in pre-production capital and strong project economics, P2 Gold is advancing toward production in Nevada's mining-friendly jurisdiction with no anticipated permitting obstacles.View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-goldSign up for Crux Investor: https://cruxinvestor.com

Viridis Mining & Minerals (ASX:VMM) - How this Rare Earth Giant's Grades Could Reshape Global Supply

Play Episode Listen Later Sep 5, 2025 38:37

Interview with Rafael Moreno, Managing Director & CEO of Viridis Mining & MineralsRecording date: 2nd Sept 2025Viridis Mining & Minerals (ASX:VMM) is advancing the Colossus ionic clay rare earth project in Brazil's Minas Gerais state, focused on producing high-value rare earth elements neodymium, praseodymium, dysprosium, and terbium (NdPr-DyTb) with very low radioactive content. The project benefits from simple free-dig mining of shallow deposits and straightforward atmospheric-pressure processing, enabled by a unique ionic clay geological formation. These factors contribute to superior economics, with a pre-feasibility study (PFS) estimating a net present value (NPV) of US$1.41 billion and annual operating cash flow around US$200 million at current rare earth prices.Colossus's grades are 4 to 6 times higher than comparable Chinese projects, supporting competitive costs even at lower commodity prices. Regulatory advantages include a radiological exemption from Brazil's nuclear regulator, which keeps environmental approvals at the state level rather than federal, accelerating permitting timelines from years to weeks. The project also features strong environmental credentials, with 100% renewable power, 75% water recycling, and immediate site rehabilitation.Financing momentum is strong, with up to US$30 million committed from leading Brazilian asset managers and ongoing discussions with Brazil's development bank BNDES. Offtake talks span Brazil, Europe, and North America, positioning Colossus as a globally relevant supply source. Near-term milestones include imminent environmental approval, a demonstration plant operational by Q1 2026, mineral resource updates by mid-2026, and a definitive feasibility study (DFS) by June 2026.Led by CEO Rafael Moreno, with deep project execution experience, Viridis is developing Colossus to meet growing global demand driven by electric vehicles, renewable energy, and supply chain diversification concerns. The project's combination of high-grade ore, regulatory fast-tracking, operational simplicity, and sustainable practices create a compelling investment thesis for establishing a non-Chinese rare earth supply focused on permanent magnets, with a potential 60-year mine life ensuring long-term value and market resilience.View Viridis Mining & Minerals' company profile: https://www.cruxinvestor.com/companies/viridis-metals-miningSign up for Crux Investor: https://cruxinvestor.com

Cerrado Gold – Q2 2025 Financials And Exploration Initiatives at Minera Don Nicolas, Key Upcoming Development Catalysts At Lagoa Salgada and Mont Sorcier

Play Episode Listen Later Sep 5, 2025 22:03

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 financials and operations, along with the dual-pronged 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec. Q2/25 MDN Operating Highlights: Q2/25 production of 11,437 GEO and AISC of $1,779/oz Unit costs expected to continue to decline as production increases in H2/2025 Q2/25 Adjusted EBITDA of $7.4 million Record heap leach production of 7,864 GEO during the Quarter Underground development at Paloma started with three access portals CIL plant receiving initial contribution from underground development; production expected to ramp up over H2/2025 20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs into H2. The production profile will also keep growing with the underground mining having now commenced. With higher gold prices, the CIL plant continued to process lower-grade stockpiles in Q2/25, but new high-grade material from the underground mining operations will start being blended with it moving forward, and this will increase the average grade throughput at the mill. Another area of future growth will be the 20,000 meter drill program will be a combination of underground exploration work targeting new areas of mineralization and growing the mine life, in addition to surface drilling that is exploring around the open pit resources, as well as identifying additional satellite open-pits at surface. Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile. We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by Q1 2026. Construction is targeted for H2 of 2026, with first production slated for early 2028. We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, 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%. 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.

West Red Lake Gold Mines – Operational and Exploration Update At The Madsen Mine, Along With A Review Of The Rowan Project PEA

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Play Episode Listen Later Aug 19, 2025 29:48

Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us for a wide-ranging discussion on various operational and exploration updates around their 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada. We also review the key metrics and takeaways from the Rowan Project Preliminary Economic Assessment (PEA). In July 2025, three gold pours were made at Madsen, producing a total of 3,800 ounces of gold. Of that, 3,595 ounces were sold at an average price of US$3,320 per oz, which generated CND $16.4 million in revenue. In July the Madsen mine operations team completed sill development and mining in eight (8) areas spread across McVeigh, South Austin, and Austin. Mined material carried an average grade of 8.9 grams per tonne gold. Gwen outlines that the Company currently has a dual focus during the Madsen Mine ramp-up for the balance of 2025. Achieving targeted ramp-up gold ounce production. Instituting new operational efficiencies. These objectives will be reached by continuing to adding new equipment and haul trucks, developing more underground access to high-priority mining areas and stopes, and getting the first phase of Madsen Shaft rehabilitation operational. Additionally, their operations team is working to get the Cemented Rock Fill (CRF) Project in place to convert waste rock into cement to be filled into historic underground voids, which are ideal repositories for this waste rock. Once those objects have been achieved, then the Company will feel confident in declaring commercial production; with an internal target to reach this by year-end. Next, we discussed the exploration strategy moving forward for expanding high-confidence ounces in the South Austin Zone of Madsen, which have seen some bonanza-grade intercepts from drilling throughout this year: SOUTH AUSTIN ZONE EXPLORATION HIGHLIGHTS: Hole MM24D-08-4447-069 - Intersected 6 meters (m) @ 114.26 g/t gold (Au), from 122.0m to 132.6m, Including 0.7m @ 1,609.26 g/t Au, from 130.5m to 131.2m, within a broader high-grade interval of 4.25m @ 282.00 g/t Au Hole MM25D-12-4669-011 - Intersected 5m @ 52.86 g/t Au, from 25.0m to 29.5m, Including 1m @ 213.62 g/t Au, from 26.5m to 27.5m Hole MM25D-12-4669-024 - Intersected 7m @ 48.97 g/t Au, from 5.3m to 24.0m, Including 2m @ 428.83 g/t Au, from 20.5m to 22.5m Hole MM25D-08-4380-011 -Intersected 1m @ 61.51 g/t Au, from 11.0m to 23.1m, Including 1m @ 725.00 g/t Au, from 12m to 13m, Hole MM25D-11-4420-024 Intersected 6.9m @ 36.85 g/t Au, from 79.1m to 86.0m In addition to growing the known areas, there will also be a renewed focus on making new discoveries and following up on the promising earlier-stage drill targets tested in last year's program like the high-grade shoot at Upper 8, the MJ/Wedge area, North Venus, and North Shore. Gwen also highlights how the Fork Deposit will get some more drilling to further define the higher-grade zone and move it up the matrix of areas to potentially come into the mine sequencing in the medium-term. Wrapping up we reviewed NI 43-101 PEA prepared on June 30th, 2025, for a toll milling mine operation at its 100%-owned Rowan project in the Red Lake Gold District of northwestern Ontario, Canada. Rowan PEA Highlights: High-Grade Efficient Mine: Underground mine via long hole retreat method, delivering an average diluted head grade of 8.0 grams per tonne (“g/t”) gold (“Au”), accentuated by 10.4 g/t Au average grade in Year 1. Notable Production: 35,230 oz. average annual Au production over the 5-year mine life from an average mining rate of 385 tonnes per day (“tpd”). Strong Value: $125.3M post-tax Net Present Value (“NPV”) at US$2,500 per oz Au. Post-tax NPV rises to $239M at US$3,250 per oz Au. Low Costs and Strong Returns: US$1,408/oz all-in sustaining cost (“AISC”) and 41.9% post-tax internal rate of return (“IRR”), underscoring the viability of the Company's second potential mine in the region. IRR increases to 81.7% at a US$3,250/oz gold price. Modest Initial Capital: Multiple mills in the area with excess capacity create the opportunity to develop Rowan as a toll milling operation with initial capital of just over $70 million. High Confidence Inventory: PEA mine design includes 63% of mined tonnes and 72% of mined ounces from the Indicated category – provides solid base for transition into prefeasibility study (“PFS”) level assessment. If you have any follow up questions for Gwen or the team over at West Red Lake Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com. In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording, and may choose to buy or sell shares at any time. Click here to follow the latest news from West Red Lake Gold Mines

S10 Ep42: Midweek Takeaway with Colin Bird, Executive Chairman of Bezant Resources (AIM:BZT) #BZT

The Sunday Roast

Play Episode Listen Later Aug 14, 2025 22:41

In this Midweek Takeaway, the team are joined once again by Colin Bird, Chairman of Bezant Resources. We discuss the company's agreement to acquire a 90% stake in Namib Lead and Zinc Mining (NLZM) for US$2.5m plus royalties — a move that secures an existing processing plant and fast-tracks the Hope and Gorob copper-gold project in Namibia by at least two years. The plant will process pre-concentrated ore from Hope and Gorob, with the potential to treat NLZM's zinc-lead-silver ore in future, while reducing haulage costs and environmental impact through dry ore sorting. With the Hope open pit set to produce 8,000 tonnes of contained copper annually at 1.65% CuEq, and resource growth potential along a 97km strike length, an independent model places the project's NPV at US$46.8m with a 63% IRR. Disclaimer & Declaration of Interest This podcast may contain paid promotions, including but not limited to sponsorships, endorsements, or affiliate partnerships. The information, investment views, and recommendations provided are for general informational purposes only and should not be construed as a solicitation to buy or sell any financial products related to the companies discussed. Any opinions or comments are made to the best of the knowledge and belief of the commentators; however, no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion. Listeners are encouraged to perform their own research and consult with a licensed professional before making any financial decisions based on the content of this podcast.

Snowline Gold - PEA Recap & Exploration Update: New Targets And Continued Drilling

Proactive - Interviews for investors

Play Episode Listen Later Aug 12, 2025 22:32

I'm joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for a deep dive into the company's recent milestones, led by the release of the Preliminary Economic Assessment (PEA) for the Valley deposit and ongoing 2025 exploration. Key discussion points: PEA Highlights: 6.8M ounces payable gold over a 20+ year mine life Average annual production of ~544,000 oz gold in first 5 years All-in sustaining costs (AISC) under US$600/oz in early years Post-tax NPV of C$3.37B at $2,150/oz gold, rising to over C$6B at $3,150/oz gold Strong operational efficiency with a strip ratio of 0.14:1 Project Financing & M&A Potential: High early cash flow profile makes the project financeable through multiple pathways. Pre-Feasibility Study (PFS) Work: Engineering, permitting baseline studies, and stakeholder engagement underway to keep development timelines tight. Exploration Updates: 30,000m drill program in 2025 - 20,000m focused on infill and step-outs at Valley, with notable new zones identified. Regional drilling on 7 targets within the district, with visible gold found across multiple reduced intrusion-related systems. Strategic approach to district-scale discovery without sacrificing Valley's development pace. If you have any follow up questions for Scott please email me at Fleck@kereport.com. Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.

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VBX targets growing demand with low risk Wuudagu Bauxite Project

Play Episode Listen Later Aug 12, 2025 4:14

VBX Ltd managing director Ryan de Franck talked with Proactive's Stephen Gunnion about the company's flagship Wuudagu Bauxite Project in northern Australia and its competitive positioning in a tightening global market. De Franck explained that global supply remains heavily reliant on West African bauxite, which accounted for 80% of supply this year, up from 70% last year. Wuudagu offers a “Guinea spec product” but with “very low freight rates and very low geopolitical risk,” making it attractive to end users seeking supply chain diversification. He outlined VBX's recent ASX listing in June, which raised $10 million through a strongly oversubscribed IPO. The funding allows the company to complete on-ground work this year, finalise a definitive feasibility study (DFS) and progress approvals. The project's pre-feasibility study (PFS) delivered an $821 million NPV and a 16-month payback period, supported by high-grade, low-impurity bauxite and short, efficient logistics. Current site work includes drilling, bulk sampling, beneficiation optimisation and environmental review preparation. With global bauxite demand growing at more than 25% annually for two decades, Wuudagu's combination of product quality and strategic location could make it a valuable supply source for the market. Visit Proactive's YouTube channel for more videos, and don't forget to like this video, subscribe to the channel, and enable notifications for future content. #VBXLtd #Bauxite #Mining #WuudaguProject #AustraliaMining #BauxiteMarket #MiningInvestment #ASX #BauxiteExploration #ResourceStocks #CommodityMarkets

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Panther Metals (LON: PALM) Bitcoin, Tailings, and a High-Conviction Pivot

Share Talk LTD

Play Episode Listen Later Aug 8, 2025 13:56

In a recent conversation with Zak Mir from Zak's Traders Café, Panther Metals CEO Darren Hazelwood outlined a strategy unlike any other in the London junior market. The company is not only pursuing brownfield exploration and development in Canada but is also in the process of building out a Bitcoin-backed treasury to avoid dilution, unlock alternative financing, and position itself at the convergence of digital capital and physical assets. Panther's evolution over the past two months reflects a rare attempt to bring the benefits of crypto-native capital models into the resource sector. Hazelwood's goal is clear: to monetise assets, fund development, and protect shareholder value without relying on traditional equity issuance. Whether through tailings cash flow or Bitcoin leverage, Panther is moving with speed and conviction. A Different Kind of Treasury On June 23rd, 2025, Panther announced its intention to build a Bitcoin-backed treasury strategy, initially planning to raise up to £4 million via warrant exercises and a traditional equity raise. This treasury would be used both as a long-term balance sheet asset and as collateral to secure strategic acquisitions such as the Pick Lake deposit. A follow-up RNS on July 30th, 2025 clarified a pivot in this approach. Panther confirmed it would no longer pursue a conventional public raise. Instead, it is developing a Bitcoin-to-equity subscription mechanism. Under this model, investors will be able to subscribe for new shares using Bitcoin. The BTC will be converted into GBP immediately prior to settlement, with Panther then repurchasing Bitcoin on-market to maintain treasury exposure. While this still results in dilution, as new shares are issued, it avoids the significant costs typically associated with small-cap placings: no discounting, no broker fees, and no warrants. The strategy aims to maximise capital efficiency and align long-term value creation with Panther's digital-physical asset blend. “It's a company that's moving towards cash-generative activities that will enable us to build our BTC treasury as we go along that curve,” Hazelwood said in the podcast. “We become a natural hedge between the fiat world and the crypto space… all of our commodities are priced and traded in fiat currency. So we sit between the two.” Panther is operationalising this structure with CoinCorner Ltd, a Bitcoin services provider based in the Isle of Man, and Evoke Solutions, a UK-based advisory firm, to ensure secure custody, regulatory compliance, and governance standards. From Ontario to Dubai The treasury strategy is not confined to Panther's London listing. Hazelwood revealed that the company is actively exploring a regulatory base in Dubai, where cryptocurrency ownership per capita is among the highest globally. Calling it “the new Istanbul… a gateway between East and West,” he highlighted the city's appeal for traders, its favourable tax framework, and its increasing status as a bridge between fiat and decentralised capital. The move was flagged again in Panther's July 30th treasury update, where the company also reiterated its focus on maintaining regulatory clarity while expanding its investor base. Back to the Rock While Panther's Bitcoin pivot has drawn significant attention, the company's exploration assets are also showing near-term value. On 31st July, Panther published results from its initial sampling of the Winston tailings in Ontario. The announcement reported high-grade material including 0.814 grams per tonne gold, 21.9 grams per tonne silver, 2.20 percent zinc, 0.20 percent copper, 496 ppm cobalt, and 122 ppm gallium. These findings validate historical assumptions from the 1980s and 1990s, when the original operators focused exclusively on zinc. “Now that gold, if it was in the deposit… it had to have gone in the tailings,” Hazelwood told Zak Mir. “We knew we were only going to scrape the very surface… the grades were phenomenal.” Crucially, the Winston site is a brownfield location with existing infrastructure, including power, roads, fencing, and water handling. The 2021 feasibility study for the adjacent Pick Lake deposit, which hosts the bulk of the Winston Project's resource, valued the site at a pre-tax NPV of C$176 million using conservative pricing assumptions. This setup allows for a near-term cashflow opportunity, with the potential to fund construction of a full processing plant, without diluting shareholders. Managing the Capital Stack Hazelwood believes that combining tailings cashflow with a Bitcoin-backed balance sheet could allow Panther to secure longer-duration debt on improved terms. “There is definitely the potential that this could build the mine, pay for our exploration, and everything else around the site,” he said. The company expects to release further test work results and an engineering review in the coming weeks to advance this thesis. Panther previously confirmed the sampling programme in early July. Insider Commitment Confidence in the strategy is not limited to public statements. On 30th June, Panther disclosed that CEO Darren Hazelwood and Chairman Nicholas O'Reilly had subscribed for a combined £132,000 of new shares at 69 pence, increasing their holdings to 7.06 percent and 1.91 percent respectively. Both purchases were made at or above prevailing market prices at time of purchase ,underscoring belief in Panther's direction and underlying asset value. Despite this progress, the company's market capitalisation remains around £5 million. Hazelwood noted in the interview that such a low valuation leaves Panther exposed. “This is a very, very clear story now,” he said. “It's easy to understand. I guess my biggest fear would be a potential takeover of us where we currently sit.” A Model in Motion Panther's attempt to straddle the worlds of resource development and decentralised finance is ambitious. The Bitcoin-for-equity mechanism still needs to pass regulatory review, and Winston tailings economics must be validated through formal metallurgical analysis. But with clear execution on its early-stage promises, a strong management stake, and a capital model designed to reduce dilution, Panther may be pioneering a new playbook for junior resource companies. As Hazelwood put it, “It's all happening at Panther.” Investors may want to pay attention, before the story gets priced in.

Small Cap Breaking News: Don't Miss Today's Top Headlines 08/06/2025

Play Episode Listen Later Aug 6, 2025 15:14

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Small Cap Breaking News: Don't Miss Today's Top Headlines 07/31/2025

Play Episode Listen Later Jul 31, 2025 16:32

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Cerrado Gold – Q2 2025 Operations at Minera Don Nicolas, Key Upcoming Catalysts At Lagoa Salgada and Mont Sorcier

Play Episode Listen Later Jul 28, 2025 21:35

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 operations and 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec. Q2 2025 M.D.N. Operating Highlights: Gold Equivalent Ounce ("GEO") Production of 11,437 GEO for the 2nd Quarter 2025 Underground Development has commenced and production set to ramp up in H2/2025 Expanded crushing and agglomeration capacity should expand tonnages to the leach pads and improve recoveries at the Heap Leach operation 2025 Production Guidance of 55,000 - 60,000 GEO remains in place, production weighted to H2 2025 as underground ramps up 20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. We discuss the positive impact that the newly installed secondary crusher has brought to production starting at the tail-end of Q2, but then will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased. The production profile will also keep growing in Q3 with the underground mining having now commenced. With higher gold prices, the CIL plant continued to process lower-grade stockpiles and is planned to continue processing low grade stockpiles through Q2/25, after which it will be blended with new high-grade material from the underground mining operations, and this will increase the average grade throughput at the mill. Another area of future growth will be the 20,000 meter drill program that is exploring the open pit resources, as well as identifying for more satellite open-pits at surface. Having gone underground, there is also now the potential for underground exploration work to begin targeting new areas of mineralization or further defining existing areas of mineralization. Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile. We also discuss the 2 areas that will be addressed in the resubmission of their Environmental Impact Assessment (EIA) where approval is expected after upcoming political elections, and there will be an optimized Feasibility Study released in Q3, a construction decision by year end or early next year. Construction is targeted for Q2 of 2026, with first production slated for H2 2027.* We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, 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%. 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.

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AI, Oil, and Bicycle Blindspots - with Josh Holtz, CEO of Pixel-Paws.ai

CEO Blindspots

Play Episode Listen Later Jul 25, 2025 41:02

What do AI, oil, and bicycle blindspots have in common? Pixel Paws CEO Josh Holtz reveals how spotting them—from whale oil innovations to GenAI as an "electric bike for the mind"—sparked his leap from chemical engineering at Dow to building AI-powered pet toys that enhance lives. ==============CEO Blindspots® Podcast Guest:⁠⁠ ⁠⁠ Josh Holtz, CEO of Pixel-Paws.aiJosh Holtz, CEO of Pixel-Paws.ai is a leader who operates at the intersection of chemical engineering, artificial intelligence, and high-stakes business opportunities. With a foundation in chemical engineering and an evolving expertise in computer science, he possesses a rare ability to identify and act on critical blind spots in complex manufacturing and market environments.While at Dow, Josh led a multidisciplinary team in a fast-track project to launch a new hand sanitizer at the start of the Covid-19 pandemic. In just six weeks, his team brought the product to market, a feat of innovation and timely execution that resulted in an $8.1 million revenue impact and earned recognition from Dow's CEO. His talent for uncovering hidden value is further demonstrated by his work as a co-inventor of a patented computer vision algorithm targeting a $5 million NPV use case. Josh is currently channeling this forward-thinking approach into a project to bring a 4x patent pending revolutionary AI cat toy to market called Pixel Paws AI. It uses computer vision and image projection to create virtual reality environments that respond to input from the cat and deliver a first of its kind user interface for a video game tailored to domesticated animals.

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New Found Gold (TSXV:NFG) - PEA Reveals Phased Approach to Funding Production

Play Episode Listen Later Jul 21, 2025 39:07

Interview with Keith Boyle, CEO of New Found Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-a-model-for-responsible-mining-development-7373Recording date: 17th July 2025New Found Gold Corporation (TSXV:NFG) has released its first preliminary economic assessment for the Queensway Gold Project in Newfoundland, presenting an innovative three-phase development strategy designed to minimize capital requirements while maximizing investor returns. The approach marks a strategic shift toward early cash generation rather than traditional large-scale mine development.The company plans to produce 1.5 million ounces of gold over a 15-year mine life with all-in sustaining costs of $1,256 per ounce. CEO Keith Boyle emphasized the strategy's focus on internal rate of return over net present value, stating: "We sacrificed NPV for IRR. In phasing the approach, we really pushed out that big production number because the capital cost of the small starter is much more attractive to us and much better fit for our shareholders."Phase one involves constructing a 700 ton-per-day operation requiring $155 million in capital expenditure, utilizing a toll mill in Newfoundland for five years. This initial phase will produce 69,000 ounces annually, generating substantial margins of approximately $2,000 per ounce at current gold prices. The second phase scales up significantly with a 7,000 ton-per-day processing plant beginning construction in years three and four, commencing production in year five at 172,000 ounces annually.The project demonstrates exceptional economics, delivering $742 million net present value with 56% internal rate of return at $2,500 gold assumptions. At current spot prices around $3,300, the IRR exceeds 100%, showcasing the project's leverage to gold price movements.New Found Gold benefits from exceptional infrastructure proximity, located one hour from Gander, Newfoundland. The company expects rapid permitting based on government support targeting five mines by 2030, with recent examples showing 10.5-month approval timelines. Additional upside comes from active drill programs at Dropkick and other targets, plus underground development adding 230,000 ounces as a "sweetener" to the open pit operation.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

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

Small Cap Breaking News: Don't Miss Today's Top Headlines 07/09/2025

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Play Episode Listen Later Jul 9, 2025 17:31

Highland Copper (TSXV: HI) - Fully Permitted US Copper Developer Targets 2026 Construction Decision

Play Episode Listen Later Jun 24, 2025 35:48

Interview with Barry O'Shea, CEO, Highland CopperRecording date: 18th June, 2025Highland Copper Company emerges as one of the most compelling investment opportunities in the U.S. critical minerals sector, operating a fully permitted copper development project positioned to address America's growing strategic mineral shortage. Led by CEO Barry O'Shea, who brings 15 years of mining finance expertise including successful value creation at Fiore Gold, the company's Copperwood project in Michigan's Upper Peninsula represents a rare construction-ready copper mine in domestic U.S. markets.The project's economics demonstrate exceptional leverage to copper prices. At $4 per pound copper, Copperwood delivers $170 million NPV with 18% IRR, but at $5 copper, NPV jumps dramatically to $510 million—a 300% increase from just 25% higher copper prices. This sensitivity positions Highland Copper to benefit significantly from ongoing copper market tightness and the metal's critical role in electrification and defense applications.Highland Copper's competitive advantage extends beyond economics to its regulatory position. Unlike competitors facing years of permitting uncertainty, Copperwood holds all seven required Michigan state permits and operates on private land, eliminating federal NEPA process delays. This fully permitted status, combined with 22 formal government resolutions of support and a proposed $50 million state grant, creates unprecedented government backing for a private mining venture.The company's capital structure reflects institutional confidence, anchored by Orion Mine Finance's 28% equity stake, which provides both patient capital and a clear path to construction financing. With targeting a construction decision by first half 2026 and an 11-year initial mine life producing 30,000 tons of copper annually, Highland Copper addresses the urgent need for domestic copper production.As O'Shea emphasizes, "What the US needs now is projects that can be built and not ones that are sitting at first drill hole." This construction-ready status positions Highland Copper as a strategic play on America's industrial renaissance and energy security objectives, making it a standout opportunity in the critical minerals space.Learn more: https://www.cruxinvestor.com/companies/highland-copperSign up for Crux Investor: https://cruxinvestor.com

US Gold Corp – Value Proposition At The Fully Permitted Shovel-ready CK Gold-Copper Development Project in Wyoming and Keystone Gold Project in Nevada

Play Episode Listen Later Jun 20, 2025 34:45

Luke Norman, Co-Founder and Chairman of US Gold Corp. (NSADAQ:USAU), joins me to reintroduce the value proposition at the Company's flagship, fully-permitted, and shovel-ready CK Gold-Copper Project in Wyoming, the upcoming catalysts, as well as the significant underappreciated value in their secondary Keystone Gold Project in Nevada. We start by discussing the 1.6 million gold equivalent ounces of resources, broken down into roughly 1 million ounces of gold and 260 million pounds of copper. They company is in the process of working towards their Definitive Feasibility Study where they'll demonstrate to the market improved metrics over the prior versions of their Pre-Feasibility Study (PFS). We discussed though that based on the existing PFS, using just a $4.30 copper price and $2,500 gold price that the after-tax NPV of the project is $532Million with a 39.4% IRR and a payback period of 1.63 years. As it stands today there is a10-year mine life, projecting to produce an average of 110,000 gold equivalent ounces per annum, with an All-In Sustaining Cost of $937, an upfront capex of $277Million, and sustaining capital of $13Million per year. Those metrics will all be getting updated in the DFS due out in Q4. Additionally, Luke highlights how their granite is actually very high spec, and a saleable product with several interested parties interested in off-taking this material, so that is even more considerable value above and beyond the gold and copper resources. One other unique feature of the project that we discuss, is that after the pit has been mined out, as part of the mine closure process, it will be turned into a large water storage facility for the surrounding area and state park, and keeps them from having to build larger dams to flood that surrounding area. Next we shift over the value potential of their Keystone Gold Project in Nevada, which is located along the same mineral trend as Nevada Gold Mine's Cortez Complex. This property has many similarities to this well-endowed district, with the same kind of pathfinder arsenic mineralization with the gold found in these Carlin-gold type systems, as well as the Wenban rock formations. Luke was very constructive of their potential to unlock more value in the project. Wrapping up we discussed the key members of the management team and board of directors, the financial health of the company, the tight share structure, solid analyst coverage, plan to work on the capex financing, and other key upcoming catalysts over the balance of the next several months. If you have any follow up questions for Luke regarding US Gold Corp, then please email me at Shad@kereport.com. Click here to follow the most recent news from US Gold Corp

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Cerrado Gold – Q1 2025 Financials and Operations at Minera Don Nicolas, Value Proposition of Lagoa Salgada and Mont Sorcier

Dig Deep – The Mining Podcast Podcast

Play Episode Listen Later Jun 19, 2025 27:08

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q1 2025 operations and financials at Minera Don Nicolas in Argentina, the transformative recent acquisition 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. Q1 2025 M.D.N. Operating Highlights: Q1/25 production of 11,163 Gold Equivalent Ounces (GEOs) Full year guidance of 55,000-60,000 GEOs maintained Adjusted EBITDA of $4.8 million for Q1, 2025 and Cash balance over US$20m AISC of $1,932/oz; Unit costs set to decline as production increases (target AISC US$1,500-1,700/oz ) Record heap leach production of 6,897 GEO During the Quarter Secondary crusher operational and underground development started Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. We discuss the positive impact that the newly installed secondary crusher will bring to production starting at the tail-end of Q2, but then on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased. The production profile will start growing in Q3 with the underground mining having now commenced. With higher gold prices, the CIL plant continued to process lower-grade stockpiles and is planned to continue processing low grade stockpiles through Q2/25, after which it will be blended with new high-grade material from the underground mining operations, and this will increase the average grade throughput at the mill. Another area of future growth will be the 20,000 meter drill program to start exploring the open pit resources, as well as identifying for more satellite open-pits at surface. Having gone underground, there is also now the potential for underground exploration work to begin targeting new areas of mineralization or further defining existing areas of mineralization. Next we unpacked the recent 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 the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile. The Environmental Impact Assessment approval expected imminently, and there will be an optimized Feasibility Study released in Q3, a construction decision in Q4 of 2025. Construction is targeted for early 2016, with first production slated for H2 2027. We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, 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%. 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.

Community Engagement and Sustainable Mining: A Deep Dive with Beowulf Mining's CEO Ed Bowie

Play Episode Listen Later Jun 18, 2025 21:10

In this episode, we have a returning guest who appeared back in November 2023 (Episode 392). Ed Bowie, CEO and Director at Beowulf Mining, a listed junior miner with a diversified portfolio of development-stage projects in iron ore, graphite, gold, and base metal projects in Sweden, Finland, and Kosovo. With an exploration geology background, Ed has over 20 years of experience in the natural resources sector, having worked in corporate, advisory, and fund management roles and across a broad range of commodities and jurisdictions. Ed is going to give us an update on the company and its projects, details around community engagement, the support they receive from the EU, and the commodity price outlook. KEY TAKEAWAYS The Kallak project is currently undergoing a pre-feasibility study, with recent metallurgical tests confirming the ability to produce a high-grade, low-impurity iron ore concentrate. A slurry pipeline solution has been proposed to minimize community impact and logistical challenges. Community engagement is central to Beowulf's development plans. The company prioritizes minimizing impacts on local stakeholders, particularly reindeer herders, and aims to secure a social license to operate through transparent communication and collaboration. The pre-feasibility study for the Graphintech project has shown promising results, with plans to produce 25,000 tons of anode material annually. The project has a projected NPV of €924 million for phase one and over €2 billion for a potential phase two expansion. Despite market fluctuations, the demand for high-quality iron ore and battery minerals is expected to rise, particularly as the steel industry shifts towards lower carbon technologies. BEST MOMENTS "We can produce an extremely high grade, low impurity concentrate suitable for decarbonizing the steel industry. So critical for the green transition in that respect." "The solution that we've come up with is a slurry pipeline... it would be unseen, unheard, wouldn't impact local communities, no safety risks on the road." "We intend to be a completely independent part of the supply chain, no dependence on China whatsoever." "The awareness of the importance of raw materials and raw materials supply chains is... now everybody is aware of it." VALUABLE RESOURCES Mail: rob@mining-international.org LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/ X: https://twitter.com/MiningRobTyson YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast Web: http://www.mining-international.org This episode is sponsored by Hawcroft, leaders in property risk management since 1992. They offer: Insurance risk surveys recognised as an industry standard Construction risk reviews Asset criticality assessments and more Working across over 600 sites globally, Hawcroft supports mining, processing, smelting, power, refining, ports, and rail operations. For bespoke property risk management services, visit www.hawcroft.com GUEST SOCIALS www.beowulfmining.com www.jokkmokkiron.se https://www.grafintec.fi/en/etusivu-en/ LinkedIn: https://www.linkedin.com/company/beowulf-mining-plc-bem-/ X: https://x.com/BeowulfMining CONTACT METHOD rob@mining-international.org https://www.linkedin.com/in/rob-tyson-3a26a68/ Podcast Description Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people's experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics. This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

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Northisle Copper & Gold (TSXV:NCX) - $2B NPV Project Signals Significant Value Gap at Current Prices

Play Episode Listen Later Jun 12, 2025 26:56

Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-long-life-high-margin-canadian-project-6739Recording date: 5th June 2025Northisle Copper & Gold is positioning itself as a premier copper-gold development story, combining exceptional project economics with strategic board additions that signal institutional credibility. Led by President and CEO Sam Lee, the company has assembled a world-class team to advance what it characterizes as an extraordinary project trading at significant discount to its underlying value.The company's preliminary economic assessment reveals compelling fundamentals: a CAD$2 billion NPV after tax with 45% internal rate of return over 29 years at conservative metal prices. At current spot prices of $4.60 copper and $2,900 gold, the economics expand to a remarkable CAD$3.7 billion NPV. Despite these metrics, Northisle trades at approximately $250 million market capitalization, representing just 0.1 times net asset value.Strategic board appointments underscore the project's institutional appeal. Alex Davidson, a 30-year Barrick Gold executive vice president instrumental in identifying major global gold projects, brings unparalleled operational expertise. "If there's a major gold project in this world, Alex has touched it somehow," Lee noted. Complementing Davidson's experience, Dr. Pablo Mejia, former VP of Exploration at Ero Copper, contributes AI-driven geological analysis capabilities to unlock value from the project's extensive 60-year database.The company has engineered a phased development strategy that prioritizes high-grade, high-margin zones delivering 70% EBITDA margins. This approach, following the successful Teck Resources model, uses early gold production of 200,000 ounces annually to fund broader district development across a 35-kilometer porphyry system.Northisle's systematic exploration approach has delivered consistent results, with four consecutive phases generating a 3:1 return ratio—each $7 million drilling program translating to $25-30 million market capitalization increases. This disciplined execution, combined with strong political support for Canadian critical mineral development and strategic tidewater access on Vancouver Island, positions Northisle as a compelling investment opportunity in an increasingly strategic sector.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Better Than PSA? How MyProstateScore 2.0 (MPS 2.0) with Dr. Jeffrey Tosoian

The Dr. Geo Podcast

Play Episode Listen Later Jun 3, 2025 59:43

Are we entering a new era of prostate cancer testing? In this episode, Dr. Geo speaks with Dr. Jeffrey Tosoian—urologist, researcher, and lead author behind MyProstateScore 2.0 (MPS 2.0)—a cutting-edge urine test that may outperform PSA and even MRI in identifying clinically significant prostate cancer.

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Skeena Gold & Silver (TSX:SKE): Permits, Refinancing, and Feasibility - Catalysts Lining Up.

Play Episode Listen Later May 31, 2025 32:38

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

Corporate Finance Explained | Strategic Capital Allocation

FinPod

Play Episode Listen Later May 27, 2025 18:30

How do companies decide where to invest, when to return cash to shareholders, or when to take bold risks on new technologies? In this episode of Corporate Finance Explained, we break down capital allocation, the art and science behind a company's biggest money decisions.From ROI and NPV to multi-billion dollar bets on streaming, cloud computing, and biotech, this deep dive features case studies from Amazon, Apple, Microsoft, Netflix, Pfizer, and more. Learn how capital allocation drives long-term value, and how to spot it in your own company or investments.In this episode, you'll learn:What capital allocation really means and why it mattersThe key metrics (ROI, NPV, IRR) behind investment decisionsReal-world strategies from Amazon (AWS), Apple (stock buybacks), and Microsoft (Azure)Warren Buffett's approach to acquisitions at Berkshire HathawayHow companies like Netflix, Disney, Intel, and Pfizer made bold capital betsHow to evaluate capital allocation as an FP&A analyst or investorWho this episode is for:This episode is for finance professionals, FP&A analysts, investors, and business strategists who want to understand how capital allocation decisions shape value creation. It's also valuable for anyone making or analyzing investment decisions—inside a company or in the stock market.

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Canada Nickel (TSXV:CNC) - Alternative Financing Advances World-Class Nickel District

Play Episode Listen Later May 16, 2025 27:54

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

Negative Pressure Ventilation for Bronchiolitis with Dr. Omar Alibrahim -- Part 2

PedsCrit

Play Episode Listen Later May 12, 2025 33:24

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.

AGORACOM Talks | Small Cap Weekly Roundup: Standout Companies of the Week Ending May 9, 2025!

Play Episode Listen Later May 9, 2025 14:36

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

TriStar Gold - Updated Pre-Feasibility Study at Castelo de Sonhos Project; 40% After-Tax IRR & $603M NPV at $2,200 Gold

Play Episode Listen Later May 9, 2025 11:42

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.

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Negative Pressure Ventilation for Bronchiolitis with Dr. Omar Alibrahim -- Part 1

PedsCrit

Play Episode Listen Later May 5, 2025 34:52

Small Cap Breaking News: Don't Miss Today's Top Headlines 05/05/2025

Play Episode Listen Later May 5, 2025 12:49

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Cerrado Gold – Full-Year 2024 Financials and Operations at Minera Don Nicolas, Value Proposition of Lagoa Salgada, and Optionality At Mont Sorcier

Play Episode Listen Later May 2, 2025 19:51

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.

Can We Trust a Negative Biparametric MRI? Insights From a Systematic Review and Meta-analysis

AJR Podcast Series

Play Episode Listen Later Apr 22, 2025 14:29

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.

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Coda Minerals (ASX:COD) - Copper-Cobalt Project Demonstrates Robust Economics in Study

Play Episode Listen Later Apr 22, 2025 49:14

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

Hugh Agro on the PEA for Revival Gold's Mercur Project

Mining Stock Daily

Play Episode Listen Later Apr 2, 2025 13:38

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.

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Hot Chili (TSXV:HCH) - Water Business with $1B NPV to Fund Copper Project

Play Episode Listen Later Apr 1, 2025 46:25

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

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What's New at CFI: Making Effective Business Decisions

FinPod

Play Episode Listen Later Mar 25, 2025 14:41

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.

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Troilus Gold (TSX:TLG) - $700M Debt Secured for Quebec Gold-Copper Mine

Play Episode Listen Later Mar 17, 2025 19:39

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

Newcore Gold (TSXV:NCAU) - Ghana Project Shows 92% IRR & Expands Drilling

Play Episode Listen Later Mar 16, 2025 42:24

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

Gilbert Clark on Meridian Mining's Cabaçal VMS Preliminary Feasibility Study Published Today

Mining Stock Daily

Play Episode Listen Later Mar 10, 2025 18:10

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.

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Northisle Copper & Gold (TSXV:NCX) - Long-Life, High-Margin Canadian Project