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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Interview with Mark Selby, CEO of Canada Nickel

Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-nickel-mega-district-opens-up-us-markets-5401

Recording date: 17th July 2024

Canada Nickel Company (TSX-V: CNC) is rapidly emerging as a key player in the global nickel market, strategically positioned to meet the growing demand for responsibly sourced battery materials. The company is advancing its flagship Crawford Nickel project while simultaneously unlocking the potential of the broader Timmins Nickel District in Ontario, Canada.

The company recently announced a significant milestone with the release of its maiden resource estimate for the Deloro property, marking the first of seven additional resources expected by Q1 2025. This expansion strategy underscores Canada Nickel's vision to establish Timmins as a world-class nickel sulfide district, with a land package covering approximately ten times the geophysical footprint of Crawford.

Crawford itself is already considered one of the world's largest undeveloped nickel sulfide deposits. The project is progressing through Front-End Engineering Design (FEED), optimizing its development plan and preparing for long-lead equipment orders. Permitting is advancing, with federal approvals anticipated by mid-2025, aligning with the company's target for a construction decision.

Recent market dynamics have created a favorable backdrop for Canada Nickel's projects. BHP's decision to shut down its Western Australia nickel operations until at least 2027 has significant implications for global supply. Combined with geopolitical constraints on Russian and Chinese production, this leaves a substantial gap in the nickel sulfide market that Crawford and Canada Nickel's other projects are well-positioned to fill.

The company is pursuing an innovative financing strategy to minimize dilution at the parent company level while securing necessary capital. This approach includes targeting project-level equity, leveraging Canadian government incentives for critical minerals and carbon capture, and exploring strategic partnerships. CEO Selby emphasizes the unique opportunity presented by current market conditions and government support for critical minerals development.

Canada Nickel's focus on producing "clean, green nickel" aligns with growing demands for environmentally responsible mining practices. The company's ultramafic deposits have the added benefit of natural carbon sequestration properties, potentially offering a significant competitive advantage in the evolving battery supply chain.

Investors should be aware of several potential catalysts over the next 12-18 months, including additional resource estimates from regional properties, advancement of Crawford engineering, progress on permitting milestones, and potential announcements related to project financing and strategic partnerships.

While challenges remain in terms of project execution and market volatility, Canada Nickel's strategic approach to developing a world-class nickel district in a stable jurisdiction creates a compelling value proposition. As the electric vehicle revolution drives demand for battery materials, the company's focus on responsible nickel production could prove increasingly attractive to both investors and end-users.

For investors considering exposure to the critical minerals sector, Canada Nickel offers a unique opportunity to participate in the development of a potentially transformative nickel supply source. However, as with any pre-production mining company, thorough due diligence is essential, and investors should carefully consider their risk tolerance when evaluating an investment in Canada Nickel.

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View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickel

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Interview with Hayden Locke, President & CEO of Marimaca Copper

Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxvmari-drilling-to-further-expand-resources-5641

Recording date: 16th July 2024

Marimaca Copper, developer of the Marimaca Oxide project in Northern Chile, has announced a significant financing deal that positions the company for accelerated growth. Assore International Holdings, an international arm of South African mining business, has agreed to acquire a majority of Tembo Capital's ownership stake and invest additional capital at a 15% premium to the current share price. The C$68 Million strategic investment not only strengthens Marimaca's financial position but also brings on board a strategic partner with deep mining expertise.

The deal, priced at $4.50 per share, follows a pattern of premium investments in Marimaca, with Mitsubishi previously investing at $4.31 per share. This trend of above-market investments signals strong confidence in the project's potential and the scarcity of high-quality copper development opportunities in the current market.

Hayden Locke, President and CEO of Marimaca Copper, emphasized the strategic importance of this funding: "We're very excited that Assore is on board. They've got a deep mining heritage, very strong financially. They understand what we're trying to achieve, and they're very keen to back us for the next phase."

The new capital will be deployed across several critical areas: detailed design and engineering, crucial for minimizing the risk of cost overruns during construction, advancement of the debt financing process, completion of any remaining technical work, expansion of exploration activities, fully funded under the new agreement, and building a robust owner's team with significant project development experience.

Marimaca's management has identified key risk areas, including geotechnical challenges, labor productivity, and execution risk. The new funding allows the company to address these concerns through increased engineering definition and the assembly of an experienced project team.
The investment comes at a time of growing demand for copper, driven by the global energy transition and electrification trends. With few high-quality copper projects in the development pipeline, Marimaca's advanced-stage project in a stable mining jurisdiction positions the company favorably in the market.

For investors, this deal presents several potential advantages:

• Reduced financing risk, with the company now funded through to Final Investment Decision (FID),
• Validation of the project's value through premium-priced investments from industry players,
• Potential for value creation through both project development and exploration activities, and
• Exposure to the bullish copper market outlook.

Locke summarized the company's focus moving forward: "We've got to deliver the DFS, we've got to deliver the financing, we've got to deliver the detail design and engineering, we've got to put together the management team, and then we've got to go through the process of building it."

As Marimaca Copper advances its project towards production and expands its exploration efforts, it presents an intriguing opportunity for investors seeking exposure to the copper sector. The company's ability to attract premium investments, coupled with its strategic approach to project de-risking and value creation, positions it as a noteworthy player in the copper development space.

Learn more: https://cruxinvestor.com/companies/marimaca-copper

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Interview with Mike Hodgson, CEO of Serabi Gold.

Our previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-double-production-with-innovative-low-capex-coringa-growth-plan-5396

Recording date: 16th July 2024

Serabi Gold plc (AIM: SRB, TSX: SBI) is emerging as a compelling investment opportunity in the junior gold mining sector, with operations centered in the prolific Tapajos region of northern Brazil. The company's growth trajectory and strategic positioning make it an attractive prospect for investors seeking exposure to gold production with significant upside potential.

At the heart of Serabi's appeal is its ambitious production growth plan. Currently producing 38,000-40,000 ounces of gold annually, the company aims to increase this to over 60,000 ounces per annum by 2026. This growth is primarily driven by the development of the Coringa project, which is expected to nearly double the company's consolidated production by late 2025 or early 2026. Importantly, this expansion is planned with a relatively modest capital expenditure of $15 million, highlighting Serabi's efficient approach to growth.

The company's operational foundation is solid, with over a decade of continuous gold production from its Palito Complex. This track record demonstrates Serabi's ability to operate successfully in Brazil and provides a stable base for future expansion. The management team, with deep experience in Brazilian operations, has shown its project development expertise by delivering the Palito Complex on time and on budget.

Serabi's growth strategy extends beyond its current operations. The company holds 84,000 hectares of exploration tenements in the highly prospective and under-explored Tapajos gold district. This vast land package offers significant potential for new gold discoveries, which could further boost Serabi's resource base and production capacity. The company is actively pursuing near-mine exploration at both Palito and Coringa, targeting 1 million ounces of gold resources at each project.

From a financial perspective, Serabi is well-positioned to execute its growth plans. The company maintains a strong balance sheet with a net cash position and no long-term debt. A $5 million working capital facility further bolsters its liquidity. As production increases and economies of scale are realised, Serabi anticipates a reduction in its All-In Sustaining Costs (AISC) to less than $1,400 per ounce of gold by 2026, which should drive improved profitability and cash flow generation.

Investors should also note Serabi's commitment to ESG principles. The company has established strong relationships with local communities, directly employing over 700 people, with more than 70% from the surrounding areas. This focus on local engagement and development contributes to Serabi's social license to operate and aligns with growing investor emphasis on responsible mining practices.
Looking ahead, Serabi has articulated a vision to become a 100,000-200,000 ounce per year junior gold producer through a combination of organic growth and strategic corporate opportunities. This ambition, coupled with the company's increasing presence in capital markets, suggests potential for significant value creation and a possible valuation re-rating in the future.

For investors, Serabi Gold offers exposure to a growing gold producer with a clear path to increased production, strong exploration upside, and a solid financial foundation. The company's focus on operational excellence, coupled with its strategic landholdings in a promising gold district, positions it well to capitalise on favorable gold market conditions. As Serabi advances its growth plans and continues to deliver on its objectives, it represents an intriguing opportunity for those looking to invest in the junior gold mining sector.

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Learn more: https://cruxinvestor.com/companies/serabi-gold

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Interview with Gavin Chamberlain, CEO of Bannerman Energy

Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-asxbmn-targeting-significant-uranium-production-in-2027-5526

Recording date: 15th July 2024

Bannerman Energy, an Australian-based uranium development company, is making significant strides in advancing its Etango project in Namibia, positioning itself to capitalize on the growing global demand for clean energy sources. Recent developments and strategic planning have strengthened the company's potential in the uranium market, offering an intriguing opportunity for investors interested in the sector.

The company has recently achieved crucial milestones in project development, completing both the access road and construction water supply pipeline on time and within budget. These infrastructure achievements are critical for the project's progression and demonstrate Bannerman's ability to execute on key objectives.

Water security, a common concern for mining operations in arid regions, has been comprehensively addressed by Bannerman. The company has secured water supply for both the construction phase and future operations, implementing a two-pronged approach. For construction, a separate pipeline connected to the existing supply has been established. For long-term operations, on-site storage capacity has been increased to 10 days' worth of water, mitigating potential supply disruptions.

Bannerman is now focusing on critical earthworks, including the construction of the heap leach pad, ripios dump, and primary crusher. The company has taken proactive steps to mitigate risks associated with these complex components, such as securing experienced personnel who have worked on similar projects.

Looking ahead, Bannerman aims to reach a final investment decision (FID) by the end of the year, with the ultimate goal of bringing uranium to market by 2027. This timeline aligns well with projected increases in global uranium demand, potentially positioning the company to capitalize on favorable market conditions.

The macro environment for uranium appears increasingly positive. The global push for clean energy solutions has reignited interest in nuclear power, driven by factors such as the need for low-carbon baseload power, energy security concerns, and technological advancements in reactor design. However, investors should be aware of the cyclical nature of the uranium market and the potential for price volatility.

Namibia's government has demonstrated strong support for the uranium sector, with plans for a second desalination plant that could benefit Bannerman and other projects in the region. This infrastructure investment signals a commitment to the industry's growth in the country.

While Bannerman's progress is promising, investors should consider potential risks, including project execution challenges, market fluctuations, and regulatory changes. The success of the project will depend on effective management, favorable market conditions, and a supportive regulatory environment.

For investors seeking exposure to the uranium sector and the broader clean energy transition, Bannerman Energy presents an interesting opportunity. The company's strategic positioning in Namibia, progress on key infrastructure, and alignment with growing uranium demand make it a noteworthy player in the industry.

However, as with any mining development project, thorough due diligence is essential. Investors should closely monitor project milestones, uranium market trends, and Namibian political developments. Bannerman Energy could be considered as part of a diversified approach to investing in the uranium sector, balancing the potential for high rewards with the inherent risks of mining development projects.

View Bannerman Energy's company profile: https://www.cruxinvestor.com/companies/bannerman-energy

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Interview with Alan Carter, President and CEO of Cabral Gold

Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-near-term-production-on-12moz-cui-cui-gold-project-in-brazil-pfs-by-july-5454

Recording date: 15th July 2024

Cabral Gold is a junior mining company with a promising gold project in Northern Brazil that deserves investor attention. The company's flagship Cuiú Cuiú project is strategically located adjacent to G Mining's Tocantinzinho project, soon to be Brazil's third-largest gold mine. This proximity suggests favorable geology and potential infrastructure advantages.

Key Investment Highlights:

Substantial Resource Base: Cabral has already established indicated and inferred resources of nearly 1.2 million ounces of gold at Cuiú Cuiú. Recent high-grade drilling results, including an impressive intercept of 11 meters at 33 grams per ton of gold, suggest significant potential for resource expansion.

District-Scale Potential: The project area boasts 45 gold targets outside the existing known deposits, indicating substantial exploration upside. CEO Alan Carter notes that the soil anomaly at Cuiú Cuiú is seven times larger than that of the neighboring Tocantinzinho project.

Two-Stage Development Strategy: Cabral is pursuing a pragmatic approach to development: a) Stage 1 focuses on near-term production from oxide mineralization, which is typically easier and less costly to mine and process. b) Stage 2 aims to use cash flow from oxide production to fund exploration of the project's primary (hard-rock) potential, where management believes multi-million-ounce deposits may be found.

Pre-Feasibility Study Nearing Completion: The upcoming PFS will provide crucial economic data for investors to assess the project's viability, including capital expenditure estimates, operating costs, and potential production rates.

Experienced Management Team: Cabral has recently strengthened its leadership, bringing in professionals with significant experience in gold exploration and production, including former executives from major companies like Newmont.

Potential for Organic Growth: The company plans to start with a modest operation and expand as more resources are defined, potentially reducing initial capital requirements and financial risk.

Investors should also consider the following risks:

Exploration Risk: Despite promising results, discovering economically viable deposits is not guaranteed.

Development and Operational Challenges: Moving from exploration to production involves numerous hurdles.

Financing Risk: Junior miners often require multiple funding rounds, which can dilute existing shareholders.

Gold Price Volatility: Project economics heavily depend on gold prices.

Geopolitical and Regulatory Risks: Operating in Brazil exposes the company to potential political and regulatory changes.

Cabral Gold represents an intriguing opportunity for investors seeking exposure to the gold sector with the potential for significant upside. The company's strategic location, substantial existing resources, and district-scale potential offer leverage to gold prices and exploration success.

However, as with any junior mining investment, thorough due diligence is essential, and investors should be prepared for potential volatility. The upcoming Pre-Feasibility Study will be a crucial milestone, providing investors with critical economic data to assess the project's viability.

As CEO Alan Carter states, "Cuiú Cuiú is going to ultimately be a mine. It'll be a big one, but it's going to take time, and it's going to take money." This encapsulates both the potential and the challenges inherent in developing a major gold project in today's environment.

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View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-gold

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