Company Interviews Crux Investor

Interview with Robin Dunbar, President & CEO of Grid Metals Corp.
Our previous interview: https://www.cruxinvestor.com/posts/grid-metals-tsxvgrdm-50-million-plan-to-unlock-high-grade-lithium-mine-4516
Recording date: 30th May 2024
Grid Metals Corp. (TSXV:GRDM) is a compelling investment opportunity in the critical minerals space. The Canadian exploration and development company is advancing two highly prospective battery metal projects in mining-friendly Manitoba.
Grid's flagship asset is the Donner Lake lithium project. Donner Lake hosts a 7 million tonne spodumene resource which is modest in size but boasts strong grade consistency and favorable mineralogy. The real opportunity lies in Donner Lake's proximity to existing infrastructure. Grid is pursuing toll milling agreements with nearby facilities as an alternative to constructing a concentrator on site. This strategy could slash years off the development timeline and save hundreds of millions in capex.
Permitting is a key near-term catalyst for Donner Lake. Grid expects to secure an advanced exploration permit imminently, allowing for development activities. The company is targeting a full mining permit in H1 2025, positioning it to move quickly into production in a recovering lithium price environment.
While Donner Lake is the near-term focus, Grid's MM nickel-copper project offers significant upside. The MM Project has a 47.7Mt resource with 317 million pounds of copper, 263 million pounds of nickel and 452,000 ounces of combined palladium, platinum and gold, with an estimated $4 billion worth of metals in-pit. Grid sees potential to expand the resource to 80-100Mt, which would make it attractive for a major mining company to get involved.
Upcoming catalysts for MM include exploration results from drilling planned for late summer/fall 2024. Grid will also look to bring in a strategic partner to help develop the asset once it reaches critical mass.
The company's projects are located in Manitoba, one of the world's top mining jurisdictions. Manitoba boasts excellent infrastructure, a streamlined permitting process, and a long history of mining. This combination of asset quality and jurisdiction safety is a key competitive advantage for Grid.
Importantly, Grid's assets are a fit for the times. The global transition to clean energy is driving unprecedented demand for critical minerals like lithium, nickel and copper. Localizing supply chains has become a priority for western governments and automakers. Grid aims to be part of the build-out of a North American battery metals supply chain to meet this need.
Grid Metals currently has a market capitalization of just C$15 million. This valuation appears far too low based on the quality of the company's assets, the strength of its management team, and the significant upside potential offered by upcoming catalysts. As the company advances its projects and proves out their potential, there is strong potential for a re-rating of the stock.
In summary, Grid Metals offers investors a unique way to play the critical minerals boom. With two quality assets in a top jurisdiction, a pragmatic development approach, and multiple near-term catalysts, the company is well positioned to create value in the rapidly growing battery metals space. As CEO Robin Dunbar stated, "The industry and market are going to wake up to this." Grid Metals may just be one of the best-kept secrets in the junior mining space, but it likely won't stay that way for long.
View Grid Metals' company profile: https://www.cruxinvestor.com/companies/grid-metals-corp
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Interview with Robin Tolbert, VP Exploration, and Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.
Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-leveraging-the-rising-copper-gold-market-on-path-to-production-5205
Recording date: 29th May 2024
NorthIsle Copper and Gold is advancing a significant copper-gold porphyry project on northern Vancouver Island in British Columbia. The project boasts an impressive resource base, with over 4.9 million ounces of indicated gold resources and approximately 2.5 billion pounds of indicated copper resources. This forms a strong foundation to build upon in a rising commodity price environment.
With copper and gold prices at attractive levels, NorthIsle is taking steps to grow the project further and optimize the potential development scenario. The company is currently undertaking trade-off studies to determine the optimal path forward, with a focus on delineating a potential starter pit operation on the higher-grade Red Dog and Northwest Expo zones.
CEO Sam Lee highlighted the opportunity in a recent interview, stating, "We obviously saw recent highs on not only copper and gold, it's to grow the project right, it's to make it bigger, it's to make it obviously better, and that's what we are doing through the drill right now."
This year's 10,000 meter drill program is following up on successful programs in 2022 and 2023 and will target high-grade zones that could enhance the overall project economics. VP Exploration Robin Tolbert sees big potential, especially at Northwest Expo.
"At Northwest Expo, we have of course the resource in there, which is where those red drill holes are," said Tolbert. "What we find is the mineralization to the south, which is to the left, is very high grade but that currently is in the inferred category. We are planning to drill seven holes through this red area which is the high grade, and that will increase the grade and tonnage of high grade."
A key advantage for NorthIsle is the existing infrastructure in the area, including power, roads, and port facilities, thanks to the historical BHP Island Copper mine that operated in the 1970s. This is a major benefit that could allow the project to be advanced efficiently. While a lot of work is going into expanding and upgrading resources at known zones, NorthIsle also sees tremendous blue sky exploration potential on the wider property package. Initial drilling at the Pemberton Hills target indicates a very large porphyry system could be present, and this area will see more drilling in 2024.
For investors bullish on copper and gold, NorthIsle presents a compelling opportunity, with a large existing resource base in a top-tier jurisdiction, ongoing drilling to expand high-grade zones, and district-scale upside potential. With demand for copper forecast to grow significantly in the coming years, NorthIsle is well positioned to create value as it continues to advance and de-risk this major project.
View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-gold
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Interview with Todd Ross, MD & CEO of Nordic Nickel Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/nordic-nickel-asxnnl-pursuing-high-grade-nickel-in-finland-4675
Recording date: 24 May 2024
Nordic Nickel (ASX:NNL) is an emerging nickel explorer focused on developing projects in the Central Lapland Greenstone Belt (CLGB) of Finland. With the EU aggressively pushing to build a domestic battery metals supply chain to feed its booming electric vehicle (EV) industry, Nordic appears well positioned to help fill the looming nickel gap.
The company's flagship asset is the Pulju project. Pulju already hosts a resource of over 400 million tonnes grading 0.21% nickel, 0.01% cobalt, for over 1,000,000 tonnes of contained nickel and 47,000 tonnes of contained cobalt. Notably, mineralization starts at surface and remains open, offering potential for further growth.
Nordic is actively advancing Pulju along the development curve. Key near-term catalysts include metallurgical test results to optimize recoveries and concentrate grades, along with a scoping study to define project economics. In parallel, Nordic is conducting regional exploration to make additional discoveries in this fertile nickel belt.
According to CEO Todd Ross, the company is also pursuing strategic initiatives to build out its portfolio and create shareholder value. These include prospect generation to acquire additional battery metal assets in Finland, potential spin-outs or joint ventures for non-core projects, and selective earn-in deals.
The investment case for Nordic is underpinned by the powerful macro tailwinds driving nickel demand. Europe in particular is facing a structural shortage of the metal as it looks to ramp up EV production. The EU is targeting 30 million EVs by 2030, which will require nickel supply to increase more than tenfold from current levels. However, Europe has limited domestic nickel production today, leaving it heavily reliant on imports. To address this, Brussels is enacting policies like the Critical Raw Materials Act to spur local mining of battery metals. The EU is backing this up with billions of euros in investment support.
This combination of rising nickel demand and a concerted policy push has sparked a race to launch new nickel operations in Europe. As one of the few nickel explorers with an established resource in a top tier jurisdiction, Nordic appears well placed to capitalize.
Key potential catalysts for Nordic over the coming 12 months include: Metallurgical test work results (Q2 2024), scoping study on Pulju project (H2 2024), exploration results from regional drilling and sampling programs, further delineation of nickel targets across project portfolio, and potential strategic partnerships or offtake agreements.
While still an early-stage explorer, Nordic offers investors leveraged exposure to the themes of nickel demand growth, security of supply, and the European battery metals rush. With a large resource base, prospective land package, and active work programs, the company appears to be laying the groundwork to create value on multiple fronts. As such, Nordic may be worth a closer look for risk-tolerant investors seeking to gain exposure to the accelerating EV story.
View Nordic Nickel's company profile: https://www.cruxinvestor.com/companies/nordic-nickel
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Interview with Timothy Froude, President & CEO of Sokoman Minerals Corp.
Our previous interview: https://www.cruxinvestor.com/posts/sokoman-minerals-sic-moosehead-drilling-gold-kraken-li-drilling-in-q2-2992
Recording date: 24th May 2024
Sokoman Minerals Corp. (TSXV:SIC) is positioning itself for a major new gold discovery in Newfoundland, Canada. With high-grade drill results from its flagship Moosehead project, a large drill program about to commence, and an innovative approach to bulk sampling, Sokoman offers investors a compelling exploration story in an emerging gold district.
Moosehead has consistently delivered bonanza-grade gold intercepts, including recent results of 10.25 meters of 84.7 g/t gold and 12.4 meters of 44.1 g/t gold from the Footwall Splay zone. To efficiently extract a bulk sample from this high-grade zone, Sokoman has partnered with Novamera Inc. to utilize their proprietary technology. This innovative approach will surgically extract the high-grade core of the vein with minimal dilution and environmental impact.
An 8,000-10,000 meter drill program is set to begin at Moosehead in the coming weeks. Priority targets include the Footwall Splay and the recently discovered 552 Zone. The company also plans to test the deeper potential of the gold system with several 800-1000m holes. Sokoman believes these could be "game-changers" for the project.
Meanwhile, exploration is ramping up at the earlier-stage Fleur de Lys project. 2024 prospecting uncovered numerous angular, gold-bearing boulders up to several meters in size, which points to a nearby bedrock source. An initial 2,000m drill program aims to make a new discovery here starting in July.
Sokoman is well-funded for its 2024 exploration plans with over 10,000m of drilling across two projects. The company's prospective land package in the emerging gold district of Newfoundland, proven management team, and depressed valuation provide the right ingredients for a potential re-rating on exploration success.
The broader market backdrop appears supportive for gold exploration companies. The gold price remains near all-time highs despite recent volatility, incentivizing miners to replace reserves and grow production. Many view Newfoundland as an underexplored region with strong geological potential.
In this environment, Sokoman Minerals offers investors leveraged exposure to new gold discoveries in a premier jurisdiction. Steady news flow from drilling and bulk sampling should provide plenty of catalysts in the year ahead. With a proven ability to discover high-grade gold, an innovative approach to exploration, and a strong treasury to fund its plans, Sokoman is well positioned to create significant value for shareholders.
View Sokoman Minerals' company profile: https://www.cruxinvestor.com/companies/sokoman-minerals-corp
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Interview with Fabian Baker, MD of Kingsrose Mining Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/kingsrose-mining-krm-bhp-backed-team-scandinavian-nickel-assets-cash-2952
Recording date: 22nd May 2024
Scandinavian-focused explorer Kingsrose Mining (ASX:KRM) has emerged as a compelling battery metals investment opportunity following the announcement of a landmark exploration alliance with global mining giant BHP. The deal will see BHP sole fund up to US$30M over four years for Kingsrose to explore for new nickel and copper discoveries in the highly prospective but underexplored regions of Finland and Norway.
The alliance adopts an innovative three-stage structure which aligns the interests of both parties while overcoming many of the drawbacks of typical junior-major joint ventures. BHP can earn up to a 75% stake in selected projects by sole funding an additional US$36M, but Kingsrose will retain majority ownership and operatorship of any projects BHP does not earn into. This provides Kingsrose with substantial funding to undertake systematic regional exploration for battery metals, with no near-term dilution and significant project-level control and upside.
The BHP deal evolved out of Kingsrose's participation in the major's "Xplor" accelerator program which sought to combine the agility and technical capabilities of high-quality juniors with the funding and expertise of a major to drive new discoveries. Kingsrose was one of just seven companies globally selected from hundreds of applicants, underlining the strengths of its technical team and geological concepts.
In parallel with the BHP alliance, Kingsrose is advancing two high-grade, 100%-owned projects in Scandinavia. The Penikat PGE project in Finland hosts a 25km outcropping zone of shallow, high-grade mineralization with multi-million ounce potential. Kingsrose is finalizing permits for first drilling after recently completing key environmental surveys.
In Norway, Kingsrose is earning up to 80% of the Råna nickel-copper project, which covers a formerly producing high-grade mine with very limited modern exploration. Initial drilling has hit significant new zones of massive sulfides outside the historic mine, with a 1.6km prospective horizon and multiple untested EM conductors highlighting the potential.
The combination of advanced, 100%-owned projects and the BHP-backed exploration initiative positions Kingsrose as one of the ASX's most attractive pure-play battery metals explorers. With a market cap of just $40M and around $10M in cash, the company appears significantly undervalued given the scale of its opportunity and the backing of the world's largest miner.
Europe's rapidly growing need for local, secure supply of the raw materials crucial to the energy transition is expected to put a strong premium on projects which can meet this need. Kingsrose's assets in the Tier-1 mining jurisdictions of Finland and Norway are strategically located to supply the European battery supply chain, with excellent infrastructure, low sovereign risk and strong government support.
Led by a proven management team and now with the financial backing and technical endorsement of BHP, Kingsrose is well placed to deliver significant shareholder value as it builds a leading battery metals exploration business. With multiple near-term catalysts expected from both its wholly-owned projects and the BHP alliance, Kingsrose stands out as a compelling investment opportunity in the high-growth battery metals space.
View Kingsrose Mining's company profile: https://www.cruxinvestor.com/companies/kingsrose-mining
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Interview with Justin Reid, CEO of Troilus Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-charging-ahead-with-resource-expansion-and-restart-4245
Recording date: 23rd May 2024
Troilus Gold Corp (TSX:TLG) offers investors a compelling opportunity to gain exposure to a large-scale, advanced-stage gold-copper project in the top-tier mining jurisdiction of Quebec, Canada. The company recently released a positive feasibility study on its wholly-owned Troilus project, outlining a robust 22-year mining operation with strong economics and free cash flow generation potential.
The study envisions a 50,000 tonne per day open pit mine producing an average gold production of 244,600 ounces, 17.3 million pounds of copper and 446,700 ounces of silver annually over a 22-year mine life. All-in sustaining costs are estimated at $1,148/oz AuEq, putting Troilus among the lower half of the industry cost curve. The initial capex of $1.08 billion is reasonable for a project of this scale, with a chunk of the costs already covered by existing infrastructure.
From an economic standpoint, the feasibility study delivers a base case after-tax NPV5% of $885 million and 14% IRR at $1,950/oz gold. While the IRR is on the low end, CEO Justin Reid argues that the market is undervaluing the true long-term cash flow potential of the asset. Over the life-of-mine, Troilus is estimated to generate a cumulative $2.2 billion in free cash flow at conservative gold prices and over $3.5 billion at spot prices, with annual FCF averaging $150-200 million. This FCF profile is very attractive for a company with a current market cap of just $150 million.
To fund mine construction, Troilus is pursuing multiple avenues including potentially bringing in a strategic partner, securing offtake and stream financing, and tapping debt from Quebec government institutions. Management believes they can raise a significant portion of the required capital while limiting equity dilution. They are already in active discussions with several interested parties.
The Troilus project benefits from its location in the Frotet-Evans greenstone belt, a prolific mining district that hosts several large gold and base metal deposits. As a past-producing mine, Troilus already has extensive infrastructure in place including power, roads, and a tailings facility. This reduces both capex and development risk.
Importantly, the current mine plan and economics are based on only about half of the project's 13 million ounce resource base. Management sees good potential to further expand the resource and extend the mine life through additional drilling, providing production and cash flow upside.
With a multi-decade production profile, substantial free cash flow generation potential, a strategic land package, and a depressed valuation, Troilus Gold offers a compelling risk-reward proposition for long-term investors  out of its large-scale, low-cost mine to deliver significant returns to shareholders.
View Troilus Gold's company profile: https://www.cruxinvestor.com/companies/troilus-gold
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