Company Interviews

Interview with Gregory Martyr, Executive Chairman of Capital Metals PLC Recording date: 1st May 2024 Capital Metals (AIM:CMET) is an intriguing investment opportunity in the mineral sands space, with its high-grade Eastern Minerals Project located on the east coast of Sri Lanka. The project boasts a resource of over 17 million tons at an impressive grade of 17%, making it one of the highest-grade mineral sands projects globally. The company aims to produce ilmenite (50% of revenue), zircon (20% of revenue), rutile, and garnet through a four-stage process, with a modest capex of approximately $80 million for the first 10 years. The project's economics are compelling, with a base case valuation of $155 million and an upside case of $235 million, compared to the current market cap of just $15 million. Despite recent challenges, including a dispute with a former minister and the economic crisis in Sri Lanka, Capital Metals has persevered and strengthened its position. The company is now well-funded, with $2.5 million in the bank, and is in advanced discussions with potential partners, LB Group and Sheffield Resources, to secure funding for the project's development. The agreement with the chosen partner will involve a 50% stake in the project in exchange for funding Capital Metals into production. This deal is expected to be announced by mid-May 2024, with the goal of reaching a final investment decision (FID) by Q1 2025 and commencing production in the first quarter of 2026. Capital Metals has a lean corporate structure and a strong shareholder base that has supported the company through recent challenges. The company's management team, led by Executive Chairman Greg Marr, brings extensive experience in the resources sector and is focused on delivering value to shareholders. The Eastern Minerals Project benefits from a simple, well-established mining process and strong demand for its products, particularly ilmenite, which will be sold primarily to pigment producers in China. The company is committed to maintaining its social license to operate and has plans to contribute to local communities through job creation, infrastructure improvements, and education initiatives. In conclusion, Capital Metals presents a compelling investment case, with a high-grade, long-life mineral sands resource, a clear path to production, and significant upside potential. As the company secures funding and advances the Eastern Minerals Project, investors may be well-positioned to benefit from the growing demand for mineral sands and the project's attractive economics. — View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metals Sign up for Crux Investor: https://cruxinvestor.com

Jon Bey, CEO of Standard Uranium Ltd. (TSXV:STND) and Wayne Heili, MD of Peninsula Energy Ltd. (ASX:PEN) Recording date: 25th April 2024 The uranium market is poised for significant growth, driven by increasing global demand for clean, reliable nuclear energy. As the world seeks to combat climate change and meet rising electricity needs, nuclear power is emerging as a critical part of the solution. This creates a compelling opportunity for investors to position in high-quality uranium companies that are advancing projects towards production. Two companies that stand out in this regard are Standard Uranium and Peninsula Energy. Standard Uranium is a project generator focused on the prolific Athabasca Basin in Canada. The company has assembled a portfolio of drill-ready projects and is actively advancing them using a capital-efficient model. By partnering with other companies to fund exploration, Standard Uranium is able to minimize dilution while retaining upside exposure to potential discoveries. As CEO Jon Bey explains, Standard Uranium's approach is to extensively de-risk projects before seeking partners. This includes staking prospective ground, identifying drill targets, securing permits, and signing agreements with First Nations. The result is a turnkey operation that is highly attractive to partners and investors alike. With four projects set to be drilled this year using other companies' money, Standard Uranium offers multiple shots on goal for a major discovery. Peninsula Energy, meanwhile, is focused on bringing its Lance project in Wyoming into production. Lance hosts a robust resource of 54 million pounds, with the potential for significant expansion. The project benefits from existing infrastructure, a licensed production area, and a supportive jurisdiction. Peninsula is currently investing in a plant expansion that will enable it to produce up to 2 million pounds per year, with initial production targeted for late 2024. As CEO Wayne Heili points out, Peninsula's all-in sustaining costs are expected to be in the low $40s per pound. With the uranium spot price currently around $90 per pound and long-term contracts being signed at even higher levels, Lance is well-positioned to generate strong margins and cash flow. The company has a clear path to production and a management team with a track record of delivering results. Both Standard Uranium and Peninsula Energy are led by experienced executives who have a deep understanding of the uranium market. This is critical in an industry where expertise and relationships are essential for success. With a combined decades of experience in exploration, development, and operations, the management teams at these companies are well-equipped to navigate the challenges and opportunities ahead. From a macro perspective, the uranium market appears to be in the early stages of a prolonged bull market. Years of low prices have led to supply cutbacks and underinvestment, even as demand has continued to rise. This has created a structural deficit that is only now starting to be reflected in the market. As utilities scramble to secure long-term supply and financial players enter the market, the potential for further price appreciation is significant. In this environment, investors should look for companies with high-quality assets, experienced management teams, and a clear path to value creation. Standard Uranium and Peninsula Energy check all of these boxes, offering exposure to both exploration upside and near-term production. While patience may be required as the uranium bull market plays out, the potential rewards for positioning early could be substantial. — Learn more: https://cruxinvestor.com/companies/standard-uranium https://cruxinvestor.com/companies/peninsula-energy https://cruxinvestor.com/categories/commodities/uranium Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd. Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-poised-for-growth-in-africa-beyond-5246 Recording date: 24th April 2024 Perseus Mining, an Australian gold producer focused on operating mines and development projects in Africa, continues to deliver solid performance while executing a balanced growth strategy. The company's recent quarterly results showcase its operational strength, while the acquisition of OreCorp's Nyanzaga project in Tanzania project will provide a clear path for future growth. In Q1, Perseus produced 127,471 ounces of gold at an all-in sustaining cost of just over $1,000 per ounce, generating a robust margin of $934 per ounce. This translated to a notional cash flow of US$19 million for the quarter, further bolstering the company's already strong financial position. With over US$700 million in cash and no debt, Perseus is well-positioned to fund its growth initiatives and navigate potential market challenges. The acquisition of the Nyanzaga project will mark a significant milestone for Perseus. On April 17th, Perseus passed 90% ownership of OreCorp, and on April 18th, the company commenced compulsorily acquiring all outstanding shares in OreCorp. The offer closed on 19 April 2024. Perseus’s senior management team has engaged with senior government official, key stakeholders and employees in Tanzania, all of whom have confirmed their strong support for Perseus’s investment in Tanzania and their commitment to helping Perseus achieve its aim of commencing commercial production of gold from the Nyanzaga Gold Mine. In addition to the Nyanzaga, Perseus is actively reassessing optimization opportunities at its existing assets, particularly the Edikan mine in Ghana. By re-evaluating past decisions in light of the current high gold price environment, the company aims to enhance margins and returns from these operations. Perseus has articulated a clear growth strategy, targeting a portfolio of at least four long-life mines with an ore reserve inventory of 10 to 12 million ounces. The company will pursue this goal through a combination of exploration, acquisitions, and development, funded by its strong cash position and ongoing cash generation from operations. Investors should also take note of Perseus' disciplined approach to capital allocation. The company aims to return surplus cash to shareholders through dividends, with a current policy targeting an annualized yield of 1% and the potential for additional bonus dividends. However, Perseus remains open to other capital management options, such as capital returns or share buybacks, and will carefully evaluate these alternatives to maximize shareholder value. With a consistent track record of operational performance, a strong financial position, a clear growth pipeline, and an experienced management team, Perseus Mining presents a compelling investment case in the gold mining sector. As the company continues to execute its strategy and unlock value from its assets, investors may find Perseus an attractive opportunity for exposure to a growing, financially robust African gold producer. — View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-mining Sign up for Crux Investor: https://cruxinvestor.com

Interview with Morgan Poliquin, President & CEO of Almadex Minerals Ltd. Our previous interview: https://www.cruxinvestor.com/posts/almadex-minerals-dex-north-american-gold-silver-exploration-2196 Recording date: 24th April 2024 Morgan Poliquin, President and CEO of Almadex Minerals, discussed the company's unique approach to mineral exploration and value creation during an interview with Matthew Gordon. Almadex Minerals is focused on early-stage exploration, primarily targeting large copper and gold porphyry deposits in the Western United States. The company's strategy is to generate new exploration opportunities through a combination of big-picture geologic ideas and advanced exploration techniques. Almadex Minerals differentiates itself from other prospect generators by having sufficient capital and its own diamond drilling capacity, which reduces the cost of the most expensive and critical stage of exploration: drilling. This allows the company to test their projects independently without giving away the upside potential through joint ventures or option agreements, unless strategically beneficial. The company's exploration approach involves identifying areas that have been overlooked or under-explored due to the historical focus on near-surface oxide gold deposits in the Western United States. By utilizing advanced exploration techniques, such as the Terespec instrument, Almadex Minerals can quickly and inexpensively identify the most prospective targets for porphyry copper-gold deposits. This enables the company to efficiently allocate resources and minimize the risk of wasting time and money on less promising projects. Almadex Minerals' current portfolio includes several early-stage projects that have been carefully selected based on their potential to host large mineral deposits. The company plans to aggressively advance these projects to the drill stage while also drilling at least one property, called Paradise, where they have identified a well-defined target indicative of a porphyry system. In addition to its early-stage exploration projects, Almadex Minerals holds a portfolio of securities valued at around CAD 1 million and several early-stage NSRs (net smelter returns). The company also has a legacy zinc-silver project in Southern Yukon with a 43-101 resource, which could be monetized in the future when zinc prices improve. Investors can expect updates on the advancement of Almadex Minerals' early-stage projects, with several potentially reaching the drill target stage this year. The company also plans to commence drilling at its Paradise Project in Nevada, pending permitting and logistics. If successful in making a discovery, Almadex Minerals would seek to partner with a developer or major mining company to further advance the project, as the company's focus remains on early-stage exploration and discovery rather than mine development. — View Almadex Minerals' company profile: https://www.cruxinvestor.com/companies/almadex-minerals Sign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp. Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-metallurgical-test-reduces-operating-costs-dfs-in-2025-4378 Recording date: 22nd April 2024 Marimaca Copper presents a compelling investment opportunity as it advances its flagship Marimaca oxide copper project in Chile towards production. With a robust project, experienced leadership, and exposure to an increasingly supply-constrained copper market, Marimaca is well-positioned to deliver significant shareholder value in the near-term. The wholly-owned Marimaca project is a shallow open pit oxide copper deposit with low technical risk and modest capital requirements. A Definitive Feasibility Study (DFS) is expected by Q4 2024 and will further refine the project's economics, with management targeting sub-$500M initial capex – a rarity in an industry dominated by multi-billion dollar developments. Marimaca is taking a proactive approach to permitting and project execution to minimize risk and establish a clear path to construction and production. They are building an experienced owners' team and have partnered with top-tier engineering firm Ausenco to instill confidence in their ability to deliver. Exploration work will continue in parallel with project development, providing opportunities to further expand the resource base and extend the mine life through regional targets. With strong cash management, Marimaca is able to simultaneously advance its flagship asset while testing compelling greenfield targets to build out its long-term growth pipeline. The company is operating against an extremely favorable copper market backdrop. A dearth of new mine supply, declining grades, and growing demand from electrification are expected to sustain a structural deficit and support strong prices in the medium-term. CEO Hayden Locke believes copper has "one of the best setups of any commodity" with the potential for "spectacular price appreciation in the next 5-10 years." As one of the few projects capable of delivering production by mid-decade, Marimaca is poised to capitalize on this window of opportunity. Near-term catalysts for the stock include the delivery of the DFS, submission of permits, conversion of resources to reserves, and exploration results. Investors should also watch for potential strategic partnerships or financing agreements as the company seeks to secure funding through to production. In summary, Marimaca Copper presents a derisked path to near-term copper production, with a management team, asset base, and market setup that is well-aligned for success. As the company looks to transition from explorer to developer to producer in the coming years, it offers investors a unique opportunity to gain exposure to a critical metal of the future and the potential for significant value creation. View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copper Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Mike Jones, MD of Impact Minerals Ltd. Our previous interview: https://www.cruxinvestor.com/posts/impact-minerals-asxipt-surging-demand-for-hpa-investment-4477 Recording date: 22nd April 2024 Impact Minerals (ASX:IPT) is an emerging player in the high purity alumina (HPA) market, developing the Lake Hope project in Western Australia. HPA is a critical material for the global energy transition, with applications in lithium-ion batteries, LEDs, sapphire glass, semiconductors, and catalysts. As the demand for clean energy technologies continues to grow, Impact Minerals is well-positioned to capitalize on the increasing need for HPA. The Lake Hope project boasts unique advantages that set Impact Minerals apart from its competitors. The deposit is located in the top two meters of a salt lake, allowing for simple and cost-effective mining operations. The fine particle size of the clay at Lake Hope provides a high surface area, enabling efficient processing and extraction of HPA. These natural advantages, combined with the company's innovative processing routes, position Impact Minerals to become one of the lowest-cost HPA producers globally. Impact Minerals has developed two cutting-edge processing routes: the sulfate process and the low-temperature (LTL) process. The sulfate process, designed by the company's geologist, Rolland Gottard, uses sulfuric acid to extract HPA from the clay. This process formed the basis for the scoping study released in November 2023, which demonstrated Impact Minerals' potential to achieve industry-leading low production costs. The LTL process, a more recent development, utilizes a different set of reagents and has the potential to further reduce capital and operating costs by eliminating one stage of the production process. The global HPA market is expected to experience significant growth in the coming years, with a projected compound annual growth rate (CAGR) of 20% by the end of the decade. This growth will be primarily driven by the increasing demand for LEDs, which Impact Minerals plans to target as its primary application for HPA. The LED industry is expanding rapidly, fueled by the adoption of energy-efficient lighting solutions, smart screens, and displays. Government regulations, such as the ban on incandescent light bulbs in the United States, further support the growth of the LED market and, consequently, the demand for HPA. Impact Minerals is making steady progress in advancing the Lake Hope project. The company is currently conducting feasibility studies, with the pre-feasibility study (PFS) expected to be completed by the end of 2024. The PFS will include a decision on which processing route to pursue for the 10,000 ton per annum HPA plant. Following the PFS, Impact Minerals will commence the definitive feasibility study (DFS), with completion targeted for the end of 2025. In parallel, the company plans to initiate marketing efforts by mid-2024, engaging with potential end-users in the LED industry to secure off-take agreements and partnerships. Investors seeking exposure to the growing HPA market should consider Impact Minerals for its unique advantages, innovative processing technologies, and strategic focus on the expanding LED sector. With a strong management team, led by Dr. Mike Jones, and a clear path to low-cost production, Impact Minerals is poised to become a significant player in the global HPA supply chain. As the company continues to advance the Lake Hope project and approach commercial production, it presents a compelling investment opportunity in the critical materials space, offering the potential for substantial returns in the years to come. View Impact Minerals' company profile: https://www.cruxinvestor.com/companies/impact-minerals Sign up for Crux Investor: https://cruxinvestor.com

Interview with Louis-Pierre Gignac, President & CEO of G Mining Ventures. Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-producing-gold-by-year-end-4938 Recording date: 23rd April 2024 G Mining Ventures, led by President and CEO Louis-Pierre Gignac, has announced a merger with Reunion Gold to acquire the Oko West project in Guyana. This strategic move aligns with G Mining's goal of becoming an intermediate gold producer, targeting an annual production of 500,000 ounces. The Tocantinzinho mine, currently under construction by G Mining, is 89% complete and expected to start producing gold within the next three months. With an average annual production of 175,000 ounces, Tocantinzinho is projected to generate over $200 million in cash flow per year. The merger with Reunion Gold will enable G Mining to redeploy this cash flow towards the development of Oko West, minimizing shareholder dilution. Gignac and his team have conducted extensive due diligence on the Oko West project, including site visits and meetings with the President of Guyana. The Guyanese government has expressed strong support for the mining industry and the swift development of Oko West. G Mining's management expertise, coupled with the financial backing of major shareholders La Mancha and Franco, who have committed $25 million each to support early works, positions the company well to advance the project rapidly. Despite concerns about the "Venezuela factor" and a longstanding boundary dispute, G Mining remains confident in the stability of Guyana's mining sector. The dispute is expected to be resolved through international courts, with support from key players such as Brazil, the United States, and European nations. The merger between G Mining and Reunion Gold is expected to close in the beginning of the third quarter, following a shareholder vote. As part of the transaction, a spin-off company will be created to hold Reunion's exploration assets in French Guiana and Suriname, with G Mining retaining a 19.9% stake and the option to maintain its pro-rata share in future funding rounds. Gignac sees potential for the Oko West project to produce 200,000 ounces of gold annually, with a combination of open-pit and underground mining. The company plans to refine the trade-offs between the two mining methods and optimize the timing of underground development. The high-grade underground resource, with an average grade of 3 grams per tonne, is expected to complement the open-pit operation and create significant value. G Mining's institutional shareholders have responded positively to the merger announcement, recognizing the strategic fit and the company's ability to leverage its expertise and systems in developing the Oko West project. With a strong track record of building mines in the Guiana Shield and a network of experienced Guyanese expats, G Mining is well-positioned to integrate the Reunion Gold team and advance the project seamlessly. As gold prices continue to rise, reaching nearly $2,400 per ounce, the timing of this merger and the anticipated start of gold production at Tocantinzinho appears to be ideal for G Mining Ventures and its shareholders. The company's strong financial position, experienced management team, and strategic partnerships place it in an excellent position to capitalize on the growing demand for gold and create significant value for investors in the years ahead. — Learn more: https://cruxinvestor.com/companies/g-mining-ventures Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chairman & CEO Paul Huet, Karora Resources and Wayne Bramwell, Managing Director of Westgold Resources. Our previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-westgold-merger-creates-gold-powerhouse-5192 Recording date: 19th April 2024 Karora Resources and Westgold have announced a merger that will create Australia's third largest gold company, with annual production of 400,000 to 450,000 ounces. The combined entity will have a proven management team, a focus on profitable ounces, and significant organic growth potential. The merged company brings together two teams that have successfully executed operational turnarounds in recent years. Karora Chairman and CEO Paul Andre Huet praised his counterpart, saying, "What an amazing journey, only in this for two years...What a better man - you don't want this in the best person to run our company. That's the kind of person we want. Don't worry so much about making the ounces every time. Worry about making money." Under Wayne Bramwell's leadership, Westgold has pivoted from a "myopic focus on producing gold at all costs" to a more sustainable model centered on margin and free cash flow. By shutting down money-losing mines, redeploying resources, and empowering site teams, Bramwell and his team have generated positive cash flow for five straight quarters. The merger will allow the combined company to apply this cash flow focus to Karora's assets, which include the high-potential Beta Hunt mine. Bramwell sees an opportunity to reduce contracting costs by deploying Westgold's extensive mining fleet. "Removing those contractors and driving the cost out, replacing them with the expanded Westgold resources is going to be a quick win," he explained. The combined company will also have significant organic growth potential. Westgold is acquiring additional drill rigs, with plans to "give at least three to Steve Devlin and the team at Beta Hunt to basically start beating the hell out of that asset," according to Bramwell. Huet noted that the company's free cash flow generation will allow it to both pay dividends and reinvest in high-return projects. Given the shared focus on profitable growth and the existing relationships between the Karora and Westgold teams, the companies expect a smooth integration focused initially on back-office synergies and learning the combined asset base. "You probably won't start to see the real market-visible integration until probably the second or the third quarter," said Bramwell. For investors, the merged company presents a compelling opportunity to gain exposure to a leading mid-tier gold producer with scale, free cash flow, and organic growth. The combined management team has a demonstrated track record of operational execution and margin-focused decision-making. With a larger profile and potential index inclusion on the horizon, the company appears well-positioned for a re-rating as the gold industry continues to consolidate. While the merger is not without risks, including the inherent challenges of integrating two companies, the strategic rationale is sound and the potential rewards are significant. As Huet put it, "Watch what happens with the rerate when the ASX 200 comes in, when the GDX comes in, all those ETFs comes in. People will see, wow, this is one heck of a great story. This is a great company led by a great man." — Learn more: https://cruxinvestor.com/companies/karora-resources https://www.cruxinvestor.com/companies/westgold-resources-limited Sign up for Crux Investor: https://cruxinvestor.com

Interview with Interview with Mark Chalmers, President & CEO of Energy Fuels Inc. Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-amexuuuu-riding-the-uranium-wave-preparation-for-rare-earths-rebound-5019 Recording date: 21st April 2024 The recently announced merger between Energy Fuels and Base Resources is a transformative transaction that significantly enhances Energy Fuels' position in the rare earths sector. By acquiring the Toliara heavy mineral sands project in Madagascar, Energy Fuels gains access to a world-class asset with the potential to be a long-life, low-cost source of monazite feedstock for its growing rare earths business. The Toliara project boasts an impressive 1.4 million ton monazite resource, with an additional 800,000 ton inferred resource, making it one of the largest undeveloped deposits globally. Importantly, the monazite is contained within the heavy mineral sands at an average grade of 2%, which is relatively high and should enable low-cost extraction as a byproduct of the titanium and zircon production. Based on the DFS and PFS studies completed by Base Resources, the Toliara project has the potential to produce 22,000 tons of monazite per year over a multi-decade mine life. At full production, this could generate annual EBITDA of $350-400 million, making it a financially robust operation even before considering the rare earths upside. For Energy Fuels, securing access to this large-scale, long-life monazite supply is a key step in its strategy to become a leading global rare earths producer. The company is already in the process of commissioning its Phase 1 rare earths separation circuit at the White Mesa Mill in Utah, which will have the capacity to process 2,500 tons of monazite per year. With the addition of Toliara, Energy Fuels will have enough feedstock to support a much larger Phase 2 and 3 expansion, potentially positioning it as one of the largest non-Chinese rare earths producers. Another benefit of the transaction is the addition of Base Resources' experienced management team and operating expertise. Base has a proven track record of developing and operating heavy mineral sands projects, most notably the Kwale mine in Kenya which has been a consistent cash flow generator. This should help de-risk the development of Toliara and provide valuable knowledge sharing as Energy Fuels ramps up its own rare earths operations. From a macro perspective, the merger also enhances Energy Fuels' geopolitical positioning. With the US and other Western countries increasingly focused on securing critical mineral supply chains outside of China, having a large-scale rare earths project in Madagascar helps diversify global production. Energy Fuels' White Mesa Mill in Utah is the only licensed and operating conventional uranium mill in the US, making it a strategic asset for domestic processing of uranium and rare earths. The combination of US processing capabilities and non-Chinese monazite feedstock should be highly attractive to Western governments and end-users looking to shore up rare earths supplies. Overall, the merger with Base Resources checks a lot of boxes for Energy Fuels. It provides a large, long-life source of low-cost monazite feedstock to fuel the company's rare earths ambitions. It adds geographic diversity and operating expertise in heavy mineral sands. And it enhances the company's positioning as a strategic Western supplier of critical materials. For shareholders, the transaction brings significant rare earths exposure and growth potential, complementing Energy Fuels' existing uranium business. As the world focuses on electrification and decarbonization, Energy Fuels is positioning itself to be a key player in supplying the necessary critical minerals, which should create meaningful value over time. — Learn more: https://cruxinvestor.com/companies/energy-fuels Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO fo G2 Goldfields Inc. Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-advancing-a-new-high-grade-gold-district-in-guyana-5065 Recording date: 18th April 2024 G2 Goldfields (TSXV:GTWO) presents a compelling opportunity for investors looking for exposure to a high-grade gold story in a mining-friendly jurisdiction. The company's flagship project in Guyana boasts a recently updated resource of over 2 million ounces of gold, including an impressive high-grade component. In an interview with CEO Dan Noone, he highlighted G2's focus on expanding the resource through aggressive exploration drilling. The company plans to drill 75,000 meters this year with five rigs to grow the resource along the mineralized trend extending from the main OKO Main and Ghanie zones. Noone sees strong potential to define significant near-surface ounces in the OKO Northwest, Tracy, and Aremu areas, which could enhance the project's economics and appeal to a potential acquirer. G2 Goldfields is also taking proactive steps to streamline the timeline to production and maximize the project's value for an eventual takeover. Initiatives include launching a two-year environmental baseline study, conducting metallurgical testing, and storing drill core on site. Noone believes consolidation of the district is likely, with G2's southern neighbor Reunion Gold a potential acquisition target by a major in the near-term. The interview also touched on the state of the broader gold market, with Noone noting increasing interest from retail and generalist investors, particularly in Europe and Asia. While North American investors have been slower to embrace the gold story, G2 Goldfields sees the makings of a genuine bull market. As sentiment toward gold continues to improve, G2 Goldfields appears well-positioned to benefit. With a large, high-grade resource base in a sought-after jurisdiction, a strong exploration pipeline, and strategic initiatives to drive value, the company offers investors a timely opportunity to gain leveraged exposure to a rising gold price. The investment case for G2 Goldfields is further bolstered by the company's attractive valuation relative to peers and the potential for a near-term catalyst in the form of a district consolidation. With several majors already invested in Guyana, G2 could emerge as a prime takeover target as it continues to grow its resource and advance the project. In summary, G2 Goldfields represents a highly prospective gold exploration and development story in a favorable jurisdiction. As the company expands its high-grade resource and works to maximize the project's value, shareholders stand to benefit from a re-rating in the market and the potential for a lucrative takeout. G2 Goldfields warrants a closer look from investors seeking exposure to an under-the-radar gold opportunity with significant upside potential. View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfields Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd. Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-pru-burgeoning-production-growth-targets-in-focus-600 Recording date: 12th April 2024 Perseus Mining (ASX/TSX:PRU) is hitting its stride as a rising mid-tier gold producer, with a clear strategy to grow production and mine life at its West African operations while expanding into new frontiers through the Nyanzaga acquisition in Tanzania and a strategic alliance in the Arabian-Nubian Shield. In a recent interview, Chairman and CEO Jeff Quartermaine outlined Perseus' multipronged approach to create value in a rising gold price environment. While optimizing its existing Ghana and Côte d'Ivoire mines remains the core focus, Perseus is pursuing an ambitious growth agenda to boost its scale and longevity. The centerpiece is the Nyanzaga project in Tanzania, acquired from OreCorp. Quartermaine sees potential to significantly expand the mine's throughput and life compared to OreCorp's plans, targeting first production in 2025. With $450-500 million in development capex funded from its balance sheet, Nanzaga offers a clear path to growth at attractive economics. Investors will be eyeing upcoming catalysts including infill drilling to expand resources, completion of engineering and design work, and resettlement milestones. "Nyanzaga could be a lot better than people expected, just like Yaouré which also had its naysayers," Quartermaine remarked, referencing Perseus' Ivorian mine which has exceeded expectations. Equally exciting is Perseus' new frontier in the Arabian-Nubian Shield through a strategic alliance with Saudi conglomerate Ajlan Brothers. Quartermaine believes the partnership's combination of Perseus' technical expertise and Ajlan's regional clout and funding heft is a "potential game-changer" in this prospective but underexplored region. One early initiative could see the partners join forces to develop Perseus' Meyas Sand gold project in Sudan, reducing Perseus' solo risk. More broadly, Quartermaine hinted at a rich deal pipeline that could meaningfully move the needle for Perseus. "This could be a case of 2 and 2 equals 6 rather than 4 or 5." Of course, delivering from Perseus' existing mines remains the top priority. Quartermaine highlighted efforts to extend mine lives at the Edikan and Sissingué operations through near-mine exploration, cost optimization to process lower-grade ore, and expanding pits using higher gold price assumptions. With Perseus' strong track record of reserve replacement and a motivated workforce aligned to keep mines running longer, investors can have confidence in the company's base case. The pieces are falling into place for Perseus to potentially re-rate and narrow its valuation discount to peers. Quartermaine attributed the gap to outdated perceptions around its African operating base and history of short mine lives - factors the company has addressed head-on with its recent growth initiatives. As Nyanzaga advances towards production and the Ajlan partnership bears fruit, Perseus' growth potential should become more apparent. With leverage to a rising gold price and a proven team at the helm, Perseus offers a compelling risk-reward proposition for investors seeking a disciplined growth story in the gold sector. — View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-mining Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jordan Trimble, President, CEO & Director of Skyharbour Resources. Recording date: 17th April 2024 Skyharbour Resources is a high-grade uranium explorer and prospect generator with 29 projects in the Athabasca Basin in Northern Saskatchewan. They have built one of the largest project portfolios in the region and have seven partner companies advancing other projects. The CEO, Jordan Trimble, has been working in the mining industry for 14 years and has a background in finance and entrepreneurship. The company follows a prospect generator model, where they acquire and incubate uranium projects and bring in partner companies to fund exploration and advance the projects. They have structured earning option agreements with their partners, where the partners have to spend a certain amount on exploration and make cash and share payments to earn a stake in the projects. Skyharbour benefits by owning equity in the partner companies and retaining a minority interest and potentially an NSR royalty on the projects. They have already completed three out of seven earnings with their partner companies, potentially bringing in $80 million in combined project consideration. The company has also focused on their two co-flagship projects, Russell and Moore, which are located near the MacArthur River Mine and the Key Lake Mill. They recently raised $6.3 million in flow-through financing to fund their drilling programs at these projects. Skyharbour Resources is focused on uranium exploration in the Athabasca Basin in Canada. They have two main projects: the Moore Lake project and the Preston project. The company follows a hybrid model, combining self-funded exploration with strategic partnerships and joint ventures. They have a strong treasury and receive cash and stock payments from their partner companies. Skyharbour is currently conducting a winter drill program at the Russell project, with the goal of making a new high-grade discovery. They are also planning to drill at the Moore Lake project to expand and infill the high-grade zones. The company believes that the current uranium market conditions are favorable for exploration and expects to see a higher valuation and lower cost of capital if they are successful in their drilling programs. — Learn more: https://cruxinvestor.com/companies/skyharbour-resources Sign up for Crux Investor: https://cruxinvestor.com

Interview with Max Porterfield, President & CEO of Callinex Mines Inc. Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-unlocking-high-grade-copper-potential-with-innovative-exploration-approach-5040 Recording date: 17th April 2024 Callinex Mines (TSX-V:CNX) is a mineral exploration company focused on advancing its portfolio of high-grade copper-gold-rich volcanogenic massive sulfide (VMS) discoveries in the Flin Flon Greenstone Belt of Manitoba, Canada. With a century of production history and well-established mining infrastructure, the Flin Flon district presents a compelling opportunity for new discoveries, and Callinex is well-positioned to capitalize on this potential. The company's flagship Pine Bay project has been the focus of innovative exploration techniques, particularly the use of magnetotellurics (MT) surveys, which have proven crucial in identifying hidden alteration systems associated with VMS deposits. Recent MT survey results have revealed a significant new resistivity low anomaly spanning 700 by 1,100 meters between the interpreted Pine Bay and Rainbow horizons, presenting a compelling untested exploration target. Callinex's near-term plans include expansion drilling at the high-grade Flin Flon discovery, targeting higher grades at depth, and drill testing the edges of the new MT anomalies. Positive drill results from these initiatives could significantly expand the size and scale of the known discoveries and potentially lead to new near-surface finds, enhancing the economic potential of the project. Investors can anticipate a steady stream of news flow in the coming weeks and months as Callinex awaits the results of additional MT survey lines and continues to advance its exploration efforts. The company's strong technical team, led by President & CEO Max Porterfield, has a proven track record of success in the district and is committed to creating value through discovery. Callinex is well-funded, with approximately six months of working capital available, and is poised to benefit from the rising global demand for copper and gold, driven by the transition to clean energy and electrification. As market sentiment improves and base metal prices continue to rise, the company's high-grade VMS projects could command higher valuations and generate increased investor interest. Furthermore, as Callinex continues to deliver exploration success and de-risk its projects, the company may attract interest from larger mining companies seeking to secure high-quality copper-gold assets. Strategic partnerships or acquisitions could provide significant value creation opportunities for shareholders. In conclusion, Callinex Mines represents a compelling investment opportunity in the junior mining sector, with its strategic land position in the prolific Flin Flon mining district, innovative exploration approach, and potential for near-term value creation. As the company continues to unlock the value of its Pine Bay project and advance its other exploration initiatives, investors can anticipate significant upside potential. With a strong technical team, favorable market conditions, and a robust pipeline of high-grade copper-gold targets, Callinex is well-positioned to emerge as a leading explorer in the Flin Flon district and deliver outstanding returns for shareholders. — Learn more: https://cruxinvestor.com/companies/callinex-mines Sign up for Crux Investor: https://cruxinvestor.com

Interview with Eric Zaunscherb, Chairman of Critical Elements Lithium (TSX-V:CRE), Terry Lynch, CEO of Power Nickel (TSX-V:PNPN) and Brendan Yurik, CEO of Electric Royalties (TSX-V:ELEC) Recording date: 16th April 2024 The battery metals sector is at a critical juncture, with recovering demand and constrained supply fundamentals diverging from depressed equity valuations. This was the key takeaway from a recent roundtable discussion featuring the CEOs of Critical Elements Lithium (CRE.V), Power Nickel (PNPN.V), and Electric Royalties (ELEC.V). Lithium prices have pulled back significantly from their 2022 highs, but Eric Zaunscherb, CEO of Critical Elements, believes the market is bottoming. "We're already seeing a bottoming of the market in terms of the spot [prices] that everyone follows," he noted, pointing to the wide differential between reported spot prices and recent auction results. He sees structurally higher prices as necessary to incentivize new supply to meet growing EV and energy storage market demand. Critical Elements is advancing the Rose Lithium-Tantalum Project in Quebec, one of the most advanced large hard rock lithium projects globally. With a 17-year mine life and high-purity spodumene concentrate that could command a premium price, Rose is well-positioned to help fill the lithium supply gap. The company is finalizing project financing and aims to start construction this year. In the nickel market, Power Nickel CEO Terry Lynch sees a tale of two markets. The high-purity Class 1 nickel used in batteries trades at a premium in Europe and North America compared to the lower-grade material prevalent in the seaborne market. He believes nickel miners in Canada are insulated from price volatility, especially given the strict sourcing requirements for EV tax credits under the US Inflation Reduction Act. Power Nickel recently announced a potentially game-changing discovery at its NISK nickel-copper-PGM-gold project in Quebec. The Copernick Zone returned high grades over wide widths in initial drilling, and a feasibility study for a stand-alone refinery is also underway. Power Nickel could accelerate development by producing finished nickel and cobalt products. Electric Royalties offers a compelling option for investors seeking diversified exposure to the battery metals theme. The company has quickly assembled a portfolio of 71 royalties across 9 clean energy metals, with several expected to start generating cash flow in 2024. CEO Brandon Munro believes the company is significantly undervalued, with a market cap of less than C$30 million compared to expected annual royalty payments of C$7 million from just one asset. While risks remain, including a potential recession or renewed COVID lockdowns, the fundamentals for battery metals are clearly improving. Investors should focus on quality projects in stable jurisdictions with experienced management teams and look for opportunities to gain exposure at attractive valuations. Critical Elements and Power Nickel stand out for their high-grade, scalable projects in Quebec, while Electric Royalties offers diversification across a broad portfolio of advanced-stage royalties. With the electrification trend accelerating and supply struggling to keep pace, the disconnect between battery metal fundamentals and equity valuations appears unsustainable. As the market rerates, investors positioned in quality names could be rewarded with significant upside. The CEOs at the roundtable were unanimous in their bullish outlook - the question is not if, but when the market will reflect the underlying reality. — Learn more: https://cruxinvestor.com/companies/critical-elements-lithium https://cruxinvestor.com/companies/power-nickel https://cruxinvestor.com/companies/electric-royalties Sign up for Crux Investor: https://cruxinvestor.com

Interview with Warwick Smith, Director & CEO of American Pacific Mining Corp. Recording date: 15th April 2024 American Pacific Mining Corp. offers investors compelling exposure to high-grade copper and gold assets in mining-friendly U.S. jurisdictions. The company's portfolio is headlined by the Palmer VMS project in Alaska and the Madison skarn-porphyry project in Montana. At Palmer, American Pacific has attracted a major partner in Japanese smelting company Dowa Metals & Mining. DOWA is aggressively advancing the project, with plans to spend C$17 million (US$12.8 million) on exploration in 2024. The company is targeting the expansion of the existing 14 million tonne high-grade copper-zinc-gold-silver resource, as well as testing multiple untested prospects across the property. Recent drilling has yielded exceptional results, including 23 meters grading 11% copper equivalent. American Pacific is well-positioned to benefit from this aggressive partner-funded program, while retaining a meaningful 32% stake in the project. At Madison, American Pacific recently regained 100% ownership of the project following the amicable dissolution of a joint venture with mining major Rio Tinto. Past drilling has intersected high-grade skarn mineralization, such as 14m @ 12 g/t gold and 0.5m @ 146 g/t gold. The company is now planning a $2 million drilling program to follow up on these results and test deeper porphyry targets. If successful, Madison has the potential to become a flagship asset for American Pacific. Beyond Palmer and Madison, American Pacific holds a portfolio of earlier-stage projects in Nevada. The company is actively seeking joint venture partners to advance these assets, providing additional optionality for investors. American Pacific is well-funded to advance its key projects, with $6.5 million in working capital. The company's tight share structure and strong institutional backing, including from mining financier and major shareholder Michael Gentile, provide a solid foundation for growth. Looking ahead, American Pacific appears well-positioned to benefit from a rising commodity price environment. The global shift towards electrification and renewable energy is expected to drive strong demand for copper, while gold looks well-supported by persistent inflation and geopolitical risks. As CEO Warwick Smith explains, "The world's going to go green through copper… If the world's going to go green, it's going green through copper." With an active exploration program planned for 2024, American Pacific offers investors multiple potential catalysts for share price appreciation. If the company is successful in expanding the high-grade resources at Palmer and Madison, it may be able to attract a major mining company to acquire and advance these projects. As a well-funded junior with quality assets in tier-one jurisdictions, American Pacific stands out as a compelling speculative opportunity in the junior copper and gold space. View American Pacific Mining's company profile: https://www.cruxinvestor.com/companies/american-pacific-mining-corp Sign up for Crux Investor: https://cruxinvestor.com

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

Interview with Mike Hodgson, CEO of Serabi Gold Our previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lse-srb-unlocking-value-through-high-grade-gold-mining-and-sustainable-practices-5018 Recording date: 16th April 2024 Serabi Gold (LSE: SRB, TSX: SBI), led by CEO Mike Hodgson, is making steady progress advancing its two Brazilian gold assets, the Palito Mining Complex and Coringa Project, both located in the prolific Tapajos region. Despite facing permitting delays and financial constraints in recent years, Serabi has persevered and is now well-positioned to deliver significant production growth. A key tailwind currently is the surging gold price, not just in US dollars but also Brazilian Reais. At over R$12,000/oz, gold is trading at all-time highs in Brazil. With the majority of Serabi's costs in Reais, this provides a huge margin expansion opportunity. "If gold price goes up in Reais, it goes right to the bottom line," explains CEO Mike Hodgson. This is timely as Serabi ramps up production, especially at Coringa. Key milestones are the installation of a crushing circuit in early Q3 and the addition of an ore sorter by end of Q3. The ore sorter will allow processing of stockpiles to produce a high-grade plant feed. "In Q4 we're going to have a bumper quarter with lots of stockpile to put through that ore sorter," notes Hodgson. Looking ahead, Serabi sees a clear pathway to grow to 60,000 oz/year and potentially beyond. The keys are the Coringa ramp-up, debottlenecking and expansion at Palito, and modest capital expenditures. An updated resource, reserve, and PEA is planned for Q3 to support this. While Serabi's near-term focus is on production growth, it also sees strong potential for new discoveries nearby. A recent 12-month exploration alliance with Vale allowed Serabi to advance several promising gold prospects with $2.5M of funding. Targets like Calico have the potential to become new Palito-type high-grade deposits. The investment case for Serabi is compelling: For investors seeking a growing gold producer with a clear path to production and margin growth, Serabi Gold presents an attractive opportunity. With key catalysts pending, the company is poised for an exciting year ahead. — Learn more: https://cruxinvestor.com/companies/serabi-gold Sign up for Crux Investor: https://cruxinvestor.com

Recording date: 15 April 2024 As the world accelerates its transition to electric vehicles (EVs) and renewable energy, securing reliable supplies of critical battery metals like nickel and rare earth elements (REEs) is becoming increasingly important. However, mining companies focused on these metals face significant challenges in attracting investor capital, largely due to China's dominance in the REE market and new nickel supply from Indonesia. In a recent panel discussion, CEOs from three companies advancing nickel and REE projects – Namibia Critical Metals, Nordic Nickel, and Alaska Energy Metals – shared their perspectives on the outlook for these critical metals and how they are navigating the challenging financing environment. One key takeaway is the growing role of strategic partnerships and alternative financing sources. With traditional equity markets proving challenging, companies are increasingly looking to partner with larger mining companies, downstream players like EV manufacturers, and government agencies to fund project advancement. Examples include Nordic Nickel's partnership with BHP and Namibia Critical Metals' joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC). Another critical theme is the importance of environmental, social, and governance (ESG) practices, particularly in earning social license to operate. Early, sustained, and authentic community engagement was highlighted as essential to de-risking projects and securing the broad stakeholder support needed to move projects forward. The panelists also discussed the role of recycling, agreeing that while it will be important, it cannot replace the need for significant new primary production, at least in the near to medium term. "You can't recycle what hasn't been mined in the first place," emphasized Alaska Energy Metals CEO Greg Beischer. For investors, the panelists suggested focusing on companies with advanced, well-located projects in stable jurisdictions to mitigate development and geopolitical risk. They also recommended considering a portfolio approach to gain diversified exposure across the battery metals suite and taking a long-term view, as near-term volatility is likely but the underlying demand growth and supply deficits are expected to reward patient investors. Overall, while the investment landscape for nickel and REEs remains challenging, the long-term fundamentals are compelling. With the right strategies around partnerships, ESG, and jurisdiction selection, companies like Namibia Critical Metals, Nordic Nickel, and Alaska Energy Metals are well-positioned to help meet the growing demand for these critical metals and deliver value for their stakeholders. — Learn more: https://www.cruxinvestor.com/categories/commodities/nickel https://www.cruxinvestor.com/categories/commodities/ree Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd. Previous interview: https://www.cruxinvestor.com/posts/perseus-mining-pru-burgeoning-production-growth-targets-in-focus-600 Recording date: 12th April 2024 Perseus Mining, an Australian-listed company focused solely on gold production in Africa, offers investors a compelling proposition: exposure to growing production and cash flow from a portfolio of operating mines and development projects, managed by a team with a proven track record of disciplined capital allocation and operational execution. The company currently operates three mines - two in Côte d'Ivoire and one in Ghana - which form a solid foundation for its near-term growth plans. Perseus recently made a takeover bid to acquire OreCorp and its Nyanzaga project in Tanzania, highlighting its ability to patiently capitalize on accretive opportunities. As CEO Jeff Quartermaine explains, Perseus had evaluated OreCorp several times in the past but had the discipline to wait until the timing and terms were right. This disciplined approach is a key tenet of Perseus' strategy. Rather than chasing production growth for its own sake, the company is firmly focused on margin expansion and cash generation on a per-ounce basis. "Really it's about making cash - cash per share, cash per ounce - and that's the focus of our attention," emphasizes Quartermaine. This mindset has allowed Perseus to deliver strong financial results, with consistent profitability and a rock-solid balance sheet featuring zero debt and ample cash reserves. Perseus' strong financial position gives it flexibility to continue growing its production base, both through organic project development and opportunistic M&A. Importantly though, the company will stay true to its value-focused approach. Quartermaine notes that in the gold industry, many companies have destroyed shareholder value through undisciplined deals and poor capital allocation - mistakes that Perseus is determined to avoid. The company's all-cash offer for OreCorp, for example, allows it to maintain a strong balance sheet and avoid dilution for existing shareholders. In addition to its disciplined growth strategy, Perseus also stands out for its expertise in operating successfully in Africa. While the continent is sometimes painted with a broad brush, Quartermaine emphasizes that each country is unique, with distinct cultural, religious, and historical nuances that must be navigated. Perseus' approach is to maintain a clear, uncompromising set of core values - teamwork, integrity, commitment, and achievement - while still having the flexibility to adapt its model to local circumstances when needed. This has allowed the company to build strong government and community relationships in its operating jurisdictions. While Perseus is benefiting from the current high gold price environment and the associated margin expansion, the company is also taking steps to protect itself should prices decline. Perseus maintains a hedge book covering 25% of its production over a three-year period, using a disciplined approach of selling into its lowest-priced hedges and replacing them with higher prices as the opportunity arises. This downside protection, combined with Perseus' low operating costs and diversification across three mines, helps to derisk the investment case. For investors, Perseus offers a unique value proposition in the gold sector. The company's focus on disciplined growth, cost control, and cash generation, combined with its proven expertise in operating in Africa, makes it well-positioned to deliver strong shareholder returns across the gold price cycle. With a solid foundation of producing assets, a pipeline of growth projects, and a management team aligned with shareholder interests, Perseus is an attractive option for investors seeking exposure to African gold production without excessive risk. As the company continues to execute on its strategy, it is poised to...

Interview with Hugh Agro, President & CEO of Revival Gold Inc. Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-large-gold-resource-base-with-exploration-upside-in-idaho-5020 Recording date: 11th April 2024 Revival Gold (TSXV:RVG) has announced a transformational acquisition of the Mercur Gold Project in Utah through its purchase of Ensign Minerals. The deal catapults Revival Gold into the ranks of leading U.S. gold developers with the third-largest resource base in the US with 6.2 million gold ounces. The Mercur acquisition aligns perfectly with Revival's strategy of pursuing gold projects in the U.S. with a history of mining and exploration. It brings a significant resource in a Tier-1 jurisdiction, increasing Revival's heap leach resource by over 60% at a cost of just one-third of its market capitalization. Mercur boasts a pit-constrained inferred resource of 1.6 million ounces grading 6 g/t gold. The project sits in the prolific Carlin and Bingham Canyon gold trends of Utah, which have produced over 50 million cumulative ounces. Revival sees immense exploration upside across Mercur's 6,000-hectare land package and plans to digitize a trove of legacy data to identify new targets. Revival aims to leverage Mercur's private land status to expedite permitting and development timelines. The project's arid climate and limited water requirements could allow construction to begin within three years. To fund the acquisition and advance both Mercur and its existing Beartrack-Arnett project, Revival is raising C$7 million. The company plans a 50/50 capital allocation, with Mercur being advanced to a PEA by Q1 2025 and Beartrack-Arnett progressing through permitting and exploration. The Mercur acquisition gives Revival improved financial flexibility, with initial payments starting in 2026 and production-based payments thereafter. This aligns the cost structure with Revival's development timeline and future cash flows. Revival is now uniquely positioned to become a mid-tier U.S. gold producer, with a target of 150,000 ounces per year from two heap leach assets. With a clear path to production, robust economics, and significant exploration upside, Revival Gold offers exposure to a rapidly advancing gold developer with multiple catalysts on the horizon. As the Mercur acquisition closes and Revival executes on its strategic vision, the company is poised for a re-rating towards its intrinsic value. View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-inc Sign up for Crux Investor: https://cruxinvestor.com