Interview with Sam Hartmann, VP Exploration of F3 Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-high-grade-potential-in-the-athabasca-basin-5574

Recording date: 18th July 2024

F3 Uranium Corp is emerging as a promising player in the uranium exploration sector, focusing on its Patterson Lake North (PLN) project in Saskatchewan's prolific Athabasca Basin. The company's recent discovery of the high-grade JR Zone has positioned it at the forefront of uranium exploration, attracting investor attention amid growing global demand for clean energy sources.

Led by an experienced management team with a track record of successful uranium discoveries, F3 Uranium is capitalizing on its expertise in the Athabasca Basin. The company's Vice President of Exploration, Sam Hartmann, brings valuable experience from previous ventures, including the discovery of the Triple R deposit at Patterson Lake South.

The JR Zone discovery at PLN represents a significant milestone for F3 Uranium. With intercepts as high as 31% uranium over two meters, the zone demonstrates the potential for a substantial high-grade uranium resource. The company is actively exploring the PLN project, with approximately 160 drill holes completed to date, focusing on both delineating the JR Zone and identifying additional mineralized areas within the property.

F3 Uranium's exploration strategy involves a systematic approach to drilling and geophysical surveys. The company is targeting areas along strike from the JR Zone and parallel conductive trends with similar geological characteristics. This methodical approach aims to maximize the chances of making new discoveries while managing exploration costs effectively.

In a strategic move to unlock shareholder value, F3 Uranium is spinning out 17 exploration properties into a new company called F4 Uranium. This transaction, expected to be completed by mid-August 2024, will allow F3 to focus its resources on developing the PLN project while providing shareholders with exposure to a diverse portfolio of uranium exploration properties through F4 Uranium.

Financially, F3 Uranium is well-positioned to continue its aggressive exploration program. The company recently closed a $10 million flow-through financing and has a total of about $30 million in cash. This strong financial position enables F3 to maintain a steady exploration pace without the immediate need for additional financing.

The uranium sector has seen increased interest in recent years, driven by growing recognition of nuclear energy's role in achieving global clean energy goals. While uranium prices have shown volatility, the long-term outlook remains positive due to increasing demand and constrained supply.

Key potential catalysts for F3 Uranium include expansion of the JR Zone, discovery of new mineralized zones at PLN, release of an initial resource estimate for the JR Zone, completion of the F4 Uranium spin-out, and potential strategic partnerships or investments from major uranium players.

However, investors should be aware of the risks associated with uranium exploration, including exploration uncertainty, uranium price volatility, regulatory and environmental concerns, capital intensity, and market sentiment fluctuations.

F3 Uranium represents an opportunity for investors seeking exposure to the uranium exploration sector, particularly those with a higher risk tolerance. The company's high-grade discovery, strong cash position, and experienced management team position it favorably to capitalize on the growing demand for uranium. As the global push for clean energy intensifies, F3 Uranium could play a crucial role in securing the fuel supply for future nuclear power generation.

View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corp

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Interview with Paul Barrett, CEO of Pathfinder Minerals, soon to be Rome Resources.

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-tsxvrmr-promising-play-in-the-critical-tin-market-5612

Recording date: 18th July 2024

*Rome Resources: Unlocking Tin's Potential in the Tech-Driven Future*

Pathfinder Minerals, soon to be renamed from Rome Resources following a reverse takeover targeted for 26th July 2024, is positioning itself as a key player in the burgeoning tin market. The company's focus on high-grade tin exploration in the Democratic Republic of Congo (DRC) offers investors a unique opportunity to gain exposure to a critical mineral that's becoming increasingly essential in our technology-driven world.

The company's primary project is strategically located adjacent to Alpha Min's successful tin operation, suggesting significant geological potential. Initial drilling has already revealed promising results, with tin grades reaching up to 13% - far exceeding the global average of around 0.5%. This high-grade nature of the deposit could potentially translate into more efficient and cost-effective mining operations in the future.

Rome Resources is currently embarking on an ambitious drilling program, planning to complete 16-20 core holes up to 300 meters in depth across two main prospects: Kaii and Monaga. This £1.3 million program is expected to provide crucial data for a resource assessment, scheduled for completion by early 2024. This assessment will be a key milestone for investors, offering a clearer picture of the project's potential and informing the company's future strategy.

The macro-environment for tin appears favourable, with industry projections suggesting a substantial supply deficit from 2025 onwards. This shortfall is driven by the critical role of metal in advanced technologies, particularly in AI and electronics. As Paul Barrett, CEO of Rome Resources, notes, "Tin is very much... it's almost the most impacted critical mineral in terms of demand for the electric... the AI and advanced electronics." This growing demand and supply constraints in traditional tin-producing countries could potentially increase tin prices in the coming years.

Rome Resources benefits from an experienced management team with a track record of successful discoveries and monetisation in the DRC. This local expertise is crucial for navigating the complexities of operating in the region and could provide a significant competitive advantage.
Another key strength is the company's strategic flexibility. Depending on the results of the initial drilling program and market conditions, Rome Resources could choose to continue exploration, monetise the project through a sale or joint venture, or proceed with advanced studies to further de-risk the project.

For investors, Rome Resources offers a speculative play in the critical minerals sector with several potential catalysts on the horizon. The upcoming drilling results and resource assessment could be significant value inflexion points. However, it's important to note the risks associated with early-stage mining projects and the challenges of operating in the DRC.

Starting with a market capitalisation of around £14 million, Rome Resources has significant growth potential if it can successfully define and develop its tin resources. Securing reliable tin supplies will become increasingly important as the world embraces AI, advanced electronics, and electric vehicles. Companies like Rome Resources, focused on exploring and developing high-grade tin deposits, will likely play a crucial role in meeting this demand.

In conclusion, for investors seeking exposure to the critical minerals space and willing to accept the associated risks, Rome Resources presents an intriguing opportunity to benefit from tin's growing importance in our technological future.

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View Rome Resources' company profile: https://www.cruxinvestor.com/companies/rome-resources

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Interview with Darrin Campbell, President & CEO of Namibia Critical Metals Inc.

Recording date: 16th July 2024

Namibia Critical Metals (TSXV:NMI) is positioning itself as a significant player in the heavy rare earth elements (REE) sector with its Lofdal project in Namibia. The company's focus on dysprosium and terbium, two critical elements for permanent magnets used in electric vehicles and wind turbines, sets it apart in the REE market.

Key highlights of the investment case include:
Strategic Resource: The Lofdal project primarily contains dysprosium and terbium, which make up about 85% of the project's rare earth basket. These are among the highest-value rare earths, critical for green technologies.

Significant Resource Expansion: Recent exploration has dramatically increased the resource estimate from 6,000 tons to 94,000 tons of contained Total Rare Earth Oxides (TREO), extending the potential mine life to about 20 years.

JOGMEC Partnership: A joint venture with JOGMEC, a Japanese government agency, provides funding and potential access to Japanese industrial partners. JOGMEC is investing up to $20 million to earn a 50% interest in the project.

Advanced Stage: A Preliminary Feasibility Study (PFS) is expected in October 2024, with a Definitive Feasibility Study (DFS) to follow in about 10 months.

Favorable Jurisdiction: Namibia offers a stable, mining-friendly environment with experience in handling slightly radioactive materials.

Flexible Ownership Structure: NMI has the option to maintain a 44% interest or be diluted to a minimum 21% carried interest, potentially allowing progression to production with minimal dilution.
Market Timing: While rare earth prices are currently at 10-year lows, industry experts anticipate a recovery, potentially coinciding with Lofdal's development timeline.

Supply Chain Diversification: As a non-Chinese source of heavy rare earths, Lofdal could play a crucial role in diversifying global supply chains.

The company faces challenges, including current low rare earth prices and the technical complexities of rare earth processing. However, the involvement of JOGMEC and the project's advanced stage mitigate some of these risks.

Upcoming catalysts include the release of the PFS in October 2024, completion of the DFS in 2025, and potential partnerships with Japanese industrial companies. The global push for clean energy and technology could also drive increased demand for heavy rare earths.

CEO Darrin Campbell believes the current market presents an opportunity, stating, "I think now is a good time to hedge against what's expected to be rapidly rising rare earth prices over the next decade."

With 65% insider ownership, management interests appear well-aligned with shareholders. The company's unique structure offers significant optionality, potentially allowing it to reach production with minimal further dilution.

Investors should consider Namibia Critical Metals as a long-term play on the critical minerals sector, particularly in heavy rare earths essential for green technologies. While the project offers substantial potential, investors should be aware of the inherent risks in junior mining companies and the volatility of rare earth markets. As the company approaches key milestones and the rare earth market potentially recovers, Namibia Critical Metals could see significant value creation, offering an intriguing opportunity for investors looking to gain exposure to the critical minerals sector.

View Namibia Critical Metals' company profile: https://www.cruxinvestor.com/companies/namibia-critical-metals-inc

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