Company Interviews Crux Investor

Interview with Frank Basa, President & CEO of Coniagas Battery Materials Inc.
Recording date: 6th June 2024
Coniagas Battery Metals (TSXV:COS) is a newly listed junior explorer spinning out of a previous company to focus on nickel, copper, cobalt and PGMs in Quebec, Canada. With a tight share structure, experienced management team, and promising early-stage exploration results, the company offers speculative exposure to the high-demand battery metals space.
Coniagas' key asset saw 17,000 meters of drilling outlining potential for a significant 30-60 million tonne high-grade copper resource, though not yet 43-101 compliant. Early drill intercepts include 30 meters of 2.6% copper equivalent, showcasing the potential for an economic discovery. The mineralization remains open for expansion along strike and at depth.
Management is particularly excited about the potential for a deeper Graal zone to host even higher grades over wider intervals. CEO Frank Basa likens the Graal zone to a "martini glass" shape that could deliver pretty results. Additional major drill campaign is set to begin in the next 2-3 months to test this deeper target and expand the known mineralization.
Despite the prospective geology and upcoming catalysts, Coniagas trades at a significant discount to peers. At a $3.5 million market cap, the company is valued far below neighboring companies like Power Nickel at $116 million. This valuation gap could quickly close if Coniagas is able to replicate the exploration success of its peers.
Coniagas is structured to maximize shareholder upside and minimize dilution. The company has only 5.2 million of its 30 million shares free trading, with the rest held in escrow to be released over three years. This means any positive developments could drive an outsized move in the stock.
The company also operates with a lean corporate structure, with management owning significant skin in the game through stock options. This aligns the team with shareholders and keeps costs down to focus spending on drilling. As Basa puts it, "the reality is for exploration and uh all the money goes on the ground."
The company's main asset is still at an early stage, while metallurgy, permitting, and capital costs are also uncertain at this point. Like any junior explorer, Coniagas will rely on continued access to capital markets to fund its activities.
For speculative investors bullish on battery metals and able to tolerate volatility, Coniagas presents a timely opportunity. The company is poised to kick off an ambitious drill campaign in a top jurisdiction, backstopped by a tight share structure and experienced management team. If the drills start turning up high-grade nickel and copper, Coniagas shareholders could be well-rewarded. But as always, thorough due diligence is essential and position sizing should be kept modest to reflect the risks.
In a world rapidly shifting to electric vehicles and clean energy, new supplies of battery metals are desperately needed. Coniagas Battery Metals aims to help fill that gap and create value for shareholders in the process. With drills set to start turning and a rock-bottom valuation, now may be the time for risk-tolerant investors to take a closer look at this high-potential battery metals play.
View Coniagas Battery Metals' company profile: https://www.cruxinvestor.com/companies/coniagas-battery-metals
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Interview with Maura Kolb, President, and Trey Wasser, CEO of Dryden Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-expands-early-high-grade-finds-of-gold-occurrences-5164
Recording date: 5th June 2024
Dryden Gold Corp (TSXV:DRY) is an emerging gold exploration company with a district-scale land package in the underexplored Dryden Gold camp of Northwest Ontario. The company has consolidated over 60,000 hectares of prospective ground and made a high-grade gold discovery at its flagship project.
Dryden Gold's initial drill campaign returned spectacular high-grade intercepts of 3.17 g/t gold over 4.00 meters including 19.34 g/t gold over 0.65 meters, and 26.11 g/t gold over 3.16 m, including 79.80 g/t gold over 0.33 m. These results confirm a large, high-grade gold system with the potential for multiple mineralized shoots.
The Dryden project benefits from excellent infrastructure, with the Trans-Canada Highway and power lines running through the property. The project is located in a well-established mining jurisdiction, with the town of Dryden providing a local workforce and services.
With ~C$3 million in working capital, a tight share structure (~50 million shares outstanding), and an aggressive exploration campaign underway, Dryden Gold is well positioned to deliver ongoing discovery success. The company's drill program confirmed the potential for a significant high-grade deposit, with mineralization remaining open in all directions and at depth.
Dryden also plans to re-log and sample over 20,000 meters of historical drill core - an inexpensive way to potentially generate additional discoveries. Dryden has assembled a deep pipeline of brownfield and greenfield targets across its district-scale land package. Sampling has returned high-grade gold from multiple targets which remain largely untested. Recent prospecting has also identified a new greenfield discovery at the Hinman target.
Overall, Dryden Gold offers investors exposure to an exciting high-grade gold discovery in a Tier 1 jurisdiction. With a large land package, a growing resource, and multiple discovery opportunities, Dryden has the potential to become a major gold story in the making.
The company's strong management team, tight share structure, and backing from prominent mining investors provide a solid foundation for ongoing growth and value creation. Investors looking for high-grade gold discovery upside should strongly consider Dryden Gold Corp. 
With several potential catalysts on the horizon - including succeeding drill results, re-logging program results, and regional target testing - Dryden is entering an exciting period of growth and discovery. The company's valuation remains attractive at current levels, providing investors with a compelling entry point ahead of upcoming news flow.
View Dryden Gold's company profile: https://www.cruxinvestor.com/companies/dryden-gold
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Interview with Victor Cantore, President & CEO of Amex Exploration Inc.
Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-systematically-advancing-perron-towards-production-4535
Recording date: 5th June 2024
Amex Exploration (TSXV:AMX) is an emerging gold explorer and developer with a potential world-class discovery on its hands at the Perron project in Quebec's prolific Abitibi region. With a series of high-grade gold zones, upcoming catalysts, and district-scale exploration upside, Amex offers a compelling opportunity for investors to gain exposure to a new gold story in a Tier-1 jurisdiction.
The Perron project is anchored by the High Grade Zone (HGZ), which has delivered drill intercepts of 4.30 m of 23.81 g/t , 6.55 m of 9.57 g/t and numerous other 10+ g/t gold hits. Critically, this high-grade mineralization shows excellent continuity over a 1km strike length and remains open in all directions. The HGZ is characterised by a sub-vertical geometry that is ideal for low-cost, high-productivity underground bulk mining methods.
To demonstrate the economic potential of Perron, Amex is working towards delivering a maiden mineral resource estimate (MRE) in the near-term, followed by a preliminary economic assessment (PEA). The MRE will provide a first look at the potential size and grade of the deposit, while the PEA will lay out the anticipated mining scenario and project economics.
Importantly, metallurgical testing indicates the gold at Perron is amenable to simple, low-cost processing methods with high recovery rates. Initial testing on the HGZ returned 99% gold recovery using just gravity separation, while testing on the broader mineralized package achieved 95% recovery with a conventional gravity-flotation-cyanidation flowsheet.
While the MRE and PEA represent key milestones, they are still just a snapshot in time for a project with considerable exploration upside. Perron hosts over 20 km of prospective gold-bearing structures, with limited drilling outside of the HGZ area to date. Additionally, the volcanic rocks to the south of the HGZ, which are considered highly prospective for new gold discoveries, remain largely untested.
As Amex continues to advance and de-risk Perron, the project is likely to attract attention as a potential acquisition target. Amex's strategic shareholder, Eldorado Gold (9.9% ownership stake), could be a natural acquirer given their existing presence in the region. With a market cap of ~C$160M, Amex trades at a substantial discount to the potential value of the Perron project based on peer comparisons. 
As upcoming catalysts like the MRE and PEA help to crystallize this value, Amex could be poised for a significant re-rating. The company is well-funded to deliver these milestones with five drills turning to drive further discovery.
In summary, Amex Exploration represents a unique opportunity to gain exposure to a high-grade, district-scale gold discovery in the making at an attractive valuation. With a world-class asset, upcoming catalysts, and significant exploration upside, Amex is well-positioned to emerge as Quebec's next big gold story.
View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-exploration
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Interview with Terry Lynch, CEO of Power Nickel
Our previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-growing-high-grade-resource-4918
Recording date: 4th June 2024
Power Nickel (TSXV:PNPN) is a junior mining company that has made a remarkable discovery at its NISK project in Quebec's Abitibi region. The recently uncovered Lion Zone has emerged as a game-changer for the company, boasting exceptionally high-grade nickel, copper, platinum group metals (PGMs), gold, and silver mineralization.
Drill results from the Lion Zone have been outstanding, with numerous holes yielding grades ranging from 3% to an astounding 30% copper equivalent over substantial widths. Importantly, the mineralization starts at surface and has been defined to a depth of 275m, with the main zone spanning 100m in width. The company estimates that the Lion Zone could already host a couple million tonnes of high-grade material, with significant potential for expansion.
Power Nickel's CEO, Terry Lynch, believes that there are likely multiple high-grade shoots that could be connected to the main NISK nickel sulfide body, located 5-12km away. In parallel with drilling, Power Nickel is collaborating with CVMR, the world's largest private nickel refinery, on metallurgical testing to potentially produce high-purity nickel powder. This value-added product could command a substantial premium over standard nickel concentrate, significantly enhancing project economics.
Power Nickel is well-funded to aggressively advance the NISK project, having recently raised $2M and benefiting from the exercise of in-the-money warrants. The company's strong shareholder base includes at least 11 billionaires and major mining investors such as Robert Friedland, providing both validation and financial support.
The company is launching a $2.4M, 30,000m drill program focused on the Lion Zone, with the goal of delineating a multi-million ounce gold equivalent resource by summer. Investors can anticipate a steady stream of drill results and key catalysts over the next 6-12 months.
With a tight share structure and low market capitalization (~C$30M), Power Nickel offers investors substantial leverage to exploration success. The company's partnership with CVMR and its location in a top mining jurisdiction further de-risk the project and enhance its appeal.
As the global demand for critical minerals continues to surge, driven by the accelerating trends of decarbonization and electrification, companies like Power Nickel that can make significant discoveries and quickly advance them to production are well-positioned to create substantial shareholder value.
View Power Nickel's company profile: https://www.cruxinvestor.com/companies/power-nickel
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Interview with Chris Frostad, President & CEO of Purepoint Uraniumm
Our previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-athabasca-basin-discovery-potential-with-tier-1-backing-5041
Recording date: 5th June 2024
Purepoint Uranium Group (TSXV:PTU) is a uranium exploration company laser-focused on making a transformative high-grade discovery in the world-class Athabasca Basin of northern Saskatchewan, Canada. With an extensive portfolio of drill-ready projects, strategic partnerships with industry leaders Cameco and Orano, Purepoint offers speculative investors compelling exposure to the potential for a re-rating uranium discovery against an increasingly bullish uranium market backdrop.
The Athabasca Basin is widely regarded as the world's premier uranium jurisdiction, hosting the highest grade deposits on the planet with an average resource grade of 2% U3O8 (compared to a global average of 0.2% U3O8). The region has been the site of multiple major discoveries over the past two decades, including Cameco's McArthur River, NextGen Energy's Arrow, and IsoEnergy's Hurricane zone. These deposits are not only high-grade but also relatively shallow and amenable to conventional mining methods.
Purepoint has spent the past decade assembling a dominant land position in the Athabasca Basin and advancing its projects up the exploration pipeline. The company's flagship projects are held in joint ventures with uranium giants Cameco and Orano, including Hook Lake (adjacent to Fission's Triple R deposit) and Smart Lake (adjacent to Cameco's McArthur River mine). These JV partnerships provide Purepoint with financial and technical support while validating the prospectivity of the company's ground.
Purepoint is also advancing a pipeline of 100%-owned projects, including Red Willow, Henday Lake, and Umpherville Project. The most advanced is the 100%-owned Turnor Lake project, which is located adjacent to IsoEnergy's Hurricane zone discovery. Past drilling at Hurricane has returned some of the best uranium intersections globally, including 38.8% U3O8 over 7.5 meters. Purepoint is currently conducting a 3,000 meter drill program at Turner Lake to follow up on high-priority geophysical targets along the same structural corridor that hosts Hurricane.
The company takes a systematic, data-driven approach to exploration that leverages modern geophysical and geochemical techniques to identify drill targets with the highest probability of success. This approach has already yielded success, with previous drill programs intersecting high-grade uranium mineralization at Hook Lake and Smart Lake. With over $35 million invested in exploration across its projects to date and an estimated $8 million in working capital, Purepoint is well funded to continue aggressively exploring its Athabasca Basin portfolio.
The company is led by a highly experienced management team and board with a track record of exploration success in the Athabasca Basin. President & CEO Chris Frostad has with over 35 years of experience in the mining industry, including senior roles with major mining and technology companies. With the uranium market in the early stages of a major bull market driven by growing demand for carbon-free nuclear energy and a structural supply deficit, Purepoint is well positioned to capitalize on rising uranium prices and the renewed investor interest in uranium equities. As the company continues to advance its portfolio of high-grade uranium projects in the world-class Athabasca Basin, Purepoint offers compelling high-risk, high-reward exposure to the next world-class uranium discovery.
View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-inc
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Interview with Ian Fraser, VP Exploration & CEO of Fathom Nickel Inc.
Recording date: 4th June 2024
Fathom Nickel Inc. (CSE:FNI), a Calgary-based exploration company, presents a unique investment opportunity for those seeking exposure to the rapidly growing nickel market. The company's focus on high-grade nickel projects in the stable and mining-friendly jurisdiction of Saskatchewan, Canada, positions it well to capitalize on the increasing demand for this critical metal driven by the global shift towards electrification and decarbonization.
Fathom Nickel's primary assets include the Albert Lake project, which hosts the historic Rottenstone mine with impressive grades of 3% nickel, 2% copper, and up to 10 g/t of platinum group elements (PGEs), and the recently acquired Gochager Lake project. The company has made significant progress in understanding the high-grade mineralization at Gochager Lake, with 16 drillholes totaling 5,543 meters have been completed to date and results of 2.43% Ni, 0.51% Cu and 0.18% Co.
Led by CEO Ian Fraser, a geologist with over 35 years of experience, Fathom Nickel's management team has a proven track record of exploration success and value creation. The company plans to focus its exploration efforts on the Gochager Lake project over the next 12 months, aiming to drill 10,000 to 15,000 meters to further delineate the deposit and build upon the historic resource estimate of 4 million tons grading 3% nickel.
Since going public in May 2021, Fathom Nickel has raised over $20 million to fund its exploration activities. Despite recent market volatility, the company remains focused on allocating capital efficiently and minimizing dilution for shareholders. As the nickel market is expected to face significant supply deficits in the coming years, Fathom Nickel's high-grade projects and strong management team make it an attractive takeover target for larger mining companies seeking to secure high-quality nickel assets.
The outlook for the nickel market is promising, driven by the growing demand for electric vehicles and the need for secure, domestic supply chains. As governments and corporations set ambitious targets for reducing greenhouse gas emissions, the need for sustainable and ethically sourced nickel is becoming increasingly critical. Fathom Nickel's projects in Saskatchewan are well-positioned to benefit from this growing demand, particularly given the proximity to the United States and the increasing focus on North American supply chain security.
In conclusion, Fathom Nickel represents a compelling investment opportunity for those looking to gain exposure to the growing nickel market. With high-grade projects, an experienced management team, and a favorable jurisdiction, the company is poised to create value through exploration success and potential M&A. As the world transitions to a low-carbon future, Fathom Nickel is well-positioned to play a significant role in supplying the critical metals needed to power this transformation.
View Fathom Nickel's company profile: https://www.cruxinvestor.com/companies/fathom-nickel
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