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-5019Recording date: 21st April 2024The 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-fuelsSign 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-5065Recording date: 18th April 2024G2 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-goldfieldsSign 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-600Recording date: 12th April 2024Perseus 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-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Jordan Trimble, President, CEO & Director of Skyharbour Resources.Recording date: 17th April 2024Skyharbour 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-resourcesSign 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-5040Recording date: 17th April 2024Callinex 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-minesSign 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 2024The 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-lithiumhttps://cruxinvestor.com/companies/power-nickelhttps://cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Warwick Smith, Director & CEO of American Pacific Mining Corp.Recording date: 15th April 2024American 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-corpSign 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-3044Recording date: 16th April 2024Coda 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-ltdSign 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:Proven management team with deep Brazilian experiencePath to 60,000 oz/year production from two minesExposure to record high gold prices in Brazilian ReaisPending Q3 permit and PEA milestones to de-risk assetsStrategic land position in prolific gold belt with discovery potentialIncreasingly self-funded growth from expanding marginsWhile Serabi has overcome challenges in recent years, it is now in a strong position to realize its projects' potential. "All being well, we'll have a pivotal Q3 with the PEA done, full permits received, and the ore sorter switched on," concludes Hodgson. "That will be a real milestone for us."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 2024As 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/nickelhttps://www.cruxinvestor.com/categories/commodities/reeSign 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-600Recording date: 12th April 2024Perseus 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 generate significant value for its stakeholders in the years ahead.—View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

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-5020Recording date: 11th April 2024Revival 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-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Rick Van Nieuwenhuyse, President & CEO of Contango Ore Inc.Recording date: 10th April 2024Contango Ore (AMEX:CTGO) is on the cusp of a major transformation as it prepares to bring the high-grade Manh Choh gold project in Alaska into production in July 2024. The company owns a 30% stake in Manh Choh through a joint venture with major producer Kinross Gold, which is providing a unique opportunity for Contango to transition from explorer to producer with minimal capex.The key to Contango's strategy is leveraging excess capacity at Kinross' nearby Fort Knox mill to process ore from Manh Choh. This innovative approach eliminates the need for Contango to permit and finance a standalone processing facility, dramatically accelerating the timeline and reducing execution risk.Contango expects Manh Choh to produce 65,000 ounces of gold per year at a very low cash cost of $1100/oz. With 40% of production hedged and the balance sold at spot prices, Contango anticipates generating approximately $75 million in annual free cash flow assuming a realized gold price around $2200/oz. This represents a game-changing influx of cash for a company with a market cap of just US$200 million.Longer-term, Contango sees significant potential to grow production and extend the mine life at Manh Choh through drilling. The company is also advancing the 100%-owned Lucky Shot project in Alaska, which has a historical high-grade resource and the potential for 500,000 additional ounces. Like Manh Choh, ore from Lucky Shot could be processed at Fort Knox, providing a template for a scalable, repeatable development model across the region.Contango Ore offers investors a rare opportunity to gain exposure to a near-term gold producer at a deeply discounted valuation. With $75 million in expected annual free cash flow from Manh Choh, shares are trading at less than 3x cash flow. As the company executes its "hybrid royalty model" and demonstrates proof of concept, there is potential for a significant re-rating of the stock.The company is led by a proven management team with a track record of value creation in the region. CEO Rick Van Nieuwenhuyse and his team have developed multiple successful projects in Alaska and the Yukon, including the donlin Gold project during his tenure at NovaGold. The expected free cash flow will provide the fuel for Contango to pay down debt, accelerate exploration and development at Lucky Shot, and potentially acquire additional assets that fit its unique development model. For investors looking for exposure to a rapidly growing, high-margin gold producer in a Tier-1 jurisdiction, Contango Ore checks all the boxes. As the company begins generating meaningful cash flow in the second half of 2024, the stock appears poised for a significant re-rating.View Contango Ore's company profile: https://www.cruxinvestor.com/companies/contango-oreSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-funded-fast-tracked-copper-gold-project-5168Recording date: 10th April 2024Northisle Copper & Gold (TSXV:NCX) presents a compelling investment case as a deeply undervalued copper-gold developer poised to benefit from increasingly favorable market conditions. The company's flagship North Island Project, located in mining-friendly British Columbia, Canada, boasts a large-scale resource base with a robust PEA (Preliminary Economic Assessment) and extensive exploration upside across a district-scale land package.The PEA outlines a 22-year open pit mining operation producing an average of 100 million lbs of copper and 100,000 oz of gold annually, with an after-tax NPV(8%) of $1.1 billion and 19% IRR using conservative metal price assumptions. Notably, the study is based on just a portion of the project's indicated resources containing 4.9 million ounces of gold and 2.5 billion pounds of copper, with substantial expansion potential through ongoing drilling.NorthIsle is well-positioned to capitalize on the strong copper and gold price environment, driven by increasing demand, constrained supply, and macro tailwinds. As gold establishes a higher trading range above $2,000/oz and copper prices rise on electrification and renewable energy trends, the company stands to benefit from significant margin expansion and increased investor interest in the sector.CEO Sam Lee highlighted the attractiveness of the North Island Project as a long-life asset in a low-risk jurisdiction, offering investors exposure to multiple commodity cycles. With a 22-year mine life based on current resources and potential to extend beyond 30-40 years, the project is a rare opportunity in a tier-one jurisdiction like British Columbia.NorthIsle has proactively mitigated development risks by securing project consent agreements with local First Nations and leveraging the project's access to existing infrastructure. These key advantages position the company to expedite the path to production and be at the forefront of the next generation of Canadian copper-gold mines.As the company continues to advance the North Island Project through resource expansion drilling, pre-feasibility studies, and permitting, there is potential for substantial re-rating and value creation. With a strong balance sheet, an experienced management team, and a clear path forward in a rising copper-gold market, NorthIsle Copper & Gold offers investors a timely opportunity to gain leveraged exposure to a high-quality, long-life asset with district-scale potential. As the company continues to execute on its strategy and unlock the value of the North Island Project, patient investors stand to be rewarded in the years ahead.View NorthIsle Copper & Gold company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Diane R. Garrett, President & CEO of Hycroft MiningRecording date: 10th April 2024Hycroft Mining (NASDAQ: HYMC) presents a compelling investment opportunity for those seeking exposure to gold and silver through a large, scalable project in a top-tier mining jurisdiction. The company's flagship asset, located in Nevada, boasts a significant resource base containing over 10 million ounces of gold and 500 million ounces of silver.While Hycroft was previously envisioned as a large-scale, low-grade operation, a recent high-grade silver discovery has the potential to be a game-changer for the project. This discovery, which remains open for expansion, could allow for the development of a smaller, higher-grade mine with lower upfront capital costs and improved economics.The Hycroft management team, led by CEO Diane Garrett, has a proven track record of value creation in the mining industry. Many team members were involved in the success of Rarecan Resources' Ocampo mine, which saw its market value increase more than 60-fold under their leadership before being acquired. This experience in advancing projects from exploration to production bodes well for Hycroft's prospects.In addition to its gold and silver resources, Hycroft is evaluating the potential to produce sulfuric acid as a byproduct, which could be sold to nearby lithium mines. This could provide a significant additional revenue stream and further enhance the project's economics.Despite these attractive attributes, Hycroft currently trades at a substantial discount to the value of its underlying resources due to its debt position and early-stage nature. The company has an enterprise value of approximately $200 million, compared to a resource base worth several times that amount at current metal prices. While this valuation gap may present an opportunity, investors must carefully weigh the risks associated with the company's debt load and the need for additional capital to advance the project.The macro backdrop for gold appears highly favorable, with a combination of inflation concerns, geopolitical instability, central bank buying, and supply constraints potentially driving prices higher in the coming years. As a gold mining equity, Hycroft offers investors the potential for leveraged exposure to rising gold prices, albeit with the additional risks inherent in mining investments.Investors considering Hycroft should monitor the company's progress in several key areas. These include the results of ongoing drilling to expand and define the high-grade discovery, updated economic studies on the potential impact of this higher-grade mineralization, and management's efforts to address the company's debt position and attract institutional investors.In conclusion, Hycroft Mining represents an intriguing opportunity for investors seeking exposure to gold and silver through a large, scalable project in a premier mining jurisdiction. With a significant resource base, a potentially game-changing high-grade discovery, and a management team with a track record of value creation, Hycroft appears well-positioned to benefit from a rising gold price environment. However, investors must carefully consider the risks associated with the company's debt position and the inherent challenges of mine development before making an investment decision.—View Hycroft Mining Holding's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO of Vista GoldRecording date: 9th April 2024Vista Gold Corp (TSX:VGZ) is an advanced stage gold developer focused on maximizing shareholder value from its 100%-owned Mt Todd project in Australia's Northern Territory. With a substantial 7 million ounce reserve, Mt Todd offers significant unlocked value in a Tier 1 jurisdiction.The company is pursuing an innovative approach to developing Mt Todd in stages. By starting with a smaller scale 150-200k ounce per year operation, Vista can reduce initial capex requirements to less than $350 million while still generating substantial cash flow. This could make the project appealing to a broader universe of financial and strategic partners.Even at the smaller production scale, Mt Todd's all-in sustaining costs are expected to be competitive at $1,100-1,200 per ounce, generating robust margins at current gold prices. The project retains significant expansion potential for the future while Vista's management is committed to minimizing shareholder dilution throughout the development process. With 121 million shares outstanding currently, Vista offers investors a tightly held vehicle to gain leveraged exposure to gold.In parallel with its staged development strategy, Vista is investing in drilling to further optimize the Mt Todd mine plan. The current program aims to better define shallow, high-grade zones that could be mined at a lower strip ratio in the early years of operation. This has the potential to significantly improve project economics and returns.Several key catalysts could drive a re-rating of Vista's shares over the next 12-18 months. These include the release of an updated feasibility study on the staged development plan, a construction decision, securing of development financing, and announcement of a strategic partner.Tying it all together is a highly supportive macro backdrop for gold. With persistent inflation, elevated geopolitical risks, and a lack of compelling alternatives, gold appears poised for a sustained bull market in the years ahead. In this environment, advanced-stage developers like Vista could be among the biggest beneficiaries.Vista Gold offers a unique and compelling investment proposition for those looking to gain leveraged exposure to the gold market. With a world-class asset, a disciplined management team, and multiple upcoming catalysts, the company appears poised to unlock significant shareholder value in the months and years ahead.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Chairman & CEO Paul Huet, and EVP Corporate Development, Oliver TurnerOur previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-positioned-for-growth-as-mid-tier-australian-gold-producer-4977Recording date: 9th April 2024Karora Resources, a growing mid-tier gold producer with operations in Western Australia, has announced a transformative merger of equals with Westgold Resources. The combined company will have a pro-forma market capitalization of A$2.2 billion and will be the third largest gold producer in Australia with annual production of 400,000 to 450,000 ounces.Under the terms of the deal, Karora shareholders will own 49.9% of the combined entity and receive A$5.90 per share in total consideration, representing a significant premium to Karora's recent trading price. The consideration consists of A$5.15 per share in Westgold stock, A$0.60 per share in cash, and A$0.15 per share in SpinCo equity.The merger brings together two complementary businesses with a shared focus on operational excellence, financial strength, and sustainable returns for shareholders. Karora's portfolio includes the high-grade Beta Hunt underground mine and the Higginsville processing plant, while Westgold owns three production centers in the Central Murchison region of Western Australia.By combining their operations, the merged company expects to realize significant synergies through optimizing mine plans, equipment utilization, procurement and overhead costs. The larger scale will also provide opportunities to accelerate exploration and advance high-potential development projects like Spargos and Mount Henry.Importantly, the merged entity will be 100% unhedged, providing full exposure to the current strength in the Australian dollar gold price. With over A$300 million in cash and a strong balance sheet, the company will have the financial flexibility to invest in growth while also implementing a sustainable dividend policy. Westgold has already announced its intention to pay an annualized dividend of A$0.07 per share, equivalent to a 1% yield.The merger has been unanimously approved by the Boards of Directors of both companies and is expected to close in the third quarter of 2023. Upon completion, the combined company will have an enhanced profile in the Australian market with index inclusion in the ASX200 and ASX300, which should drive increased trading liquidity and institutional ownership.For Karora shareholders, the merger provides an immediate uplift in value and exposure to a larger, more liquid and profitable producer. The combined company will be led by an experienced management team with a proven track record of value creation, including Westgold Managing Director Wayne Bramwell and Karora Chairman and CEO Paul Andre Huet.In a joint statement, Mr. Bramwell and Mr. Huet commented: "This merger is a transformational moment for both companies. By combining our assets, people and expertise, we are creating a leading Australian gold producer with the scale, synergies and financial strength to deliver superior returns for our shareholders. We are excited to begin this next chapter as one team with one mission."With a rising gold price, a major merger catalyst, and a commitment to sustainable shareholder returns, Karora Resources presents a compelling investment opportunity in the Australian gold sector. The stock offers exposure to a growing, profitable and soon-to-be dividend-paying producer with significant upside potential as the benefits of the merger are realized in the coming years.—Learn more: https://cruxinvestor.com/companies/karora-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Neil Young, MD & CEO of Elixir Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/elixir-energy-asxexr-drilling-for-big-gas-in-australia-3282Recording date: 8th April 2024Elixir Energy (ASX:EXR) is an Australian energy company on the verge of proving up a significant new gas resource in Queensland's gas-rich Bowen Basin. With strong macro tailwinds driving Eastern Australia's gas market and encouraging results from recent drilling, Elixir offers investors exposure to a potential high-impact gas play as it moves into a key appraisal phase over the coming months.The company's flagship asset is its 100%-owned Nomgon IX CBM PSC, located in a highly prospective yet underexplored portion of the Bowen Basin. This region has a rich history of coal and gas production and features established export infrastructure, including pipeline connectivity and nearby LNG export terminals.Elixir's recent drilling program has delivered highly encouraging results, confirming the presence of a significant in-place gas resource. A deep exploration well drilled in late 2022 encountered an unexpected gas kick from a previously unknown conventional sand formation, with lab analysis confirming reservoir characteristics analogous to the prolific Perth Basin. The same well also intersected deep coals with very high gas content of 34 cubic meters per ton, pointing to substantial unconventional resource potential.The company is now gearing up for a crucial stimulation and flow testing program, set to commence in May-June 2024. This will be a key catalyst for the stock, with successful tests potentially demonstrating commercial flow rates and paving the way for initial booking of contingent resources.Importantly, achieving commercial gas flows would also likely trigger farm-out discussions with larger industry players. Elixir is already engaged in discussions with several parties, spanning nearby operators looking to build regional exposure, US players with key technical expertise, and Asian gas buyers seeking equity gas supply. Securing a larger partner to fund appraisal and development activities would represent a major de-risking event and validation of the play's potential.The Bowen Basin asset appears well-placed to capitalize on a rapidly tightening East Coast gas market. With legacy conventional fields in decline, the Eastern Australian market has swung from surplus to deficit, with prices recently spiking to nearly US$10/mcf. This structural undersupply is set to persist, driven by strong demand from gas-fired power generation, industrial users, and LNG exports. As a frontier play in a low-risk jurisdiction, Elixir's project has potential to attract premium pricing and generate strong returns even at relatively modest production rates by global standards.With a major resource already confirmed and key catalysts approaching, Elixir appears to be approaching an inflection point. Positive flow test results and a farm-out deal over the coming months could see the market ascribe significant value to the Bowen Basin asset for the first time. And with a rising gas price environment providing a tailwind, Elixir is well placed to emerge as a key source of new supply into Australia's East Coast gas market over the years ahead.View Elixir Energy's company profile: https://www.cruxinvestor.com/companies/elixir-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Bradley Rourke, President & CEO of Scottie Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/scottie-resources-tsxvscot-progressing-towards-gold-resource-estimate-4787Recording date: 8th April 2024Scottie Resources (TSXV:SCOT) presents a compelling investment opportunity in the high-grade gold exploration space. The company has consolidated a significant land package around the past-producing Scottie Gold Mine in British Columbia's Golden Triangle, one of the world's premier mining jurisdictions. With a major endorsement from gold royalty company Franco Nevada and a rising gold price environment, Scottie is well-positioned for resource growth and a major discovery.Scottie has drilled over 60,000 meters to date, returning bonanza grade gold intercepts near surface. Drill results at the Blueberry Zone have hit intercepts of 13.9 g/t gold over 7.00 metres and 59.2 g/t gold over 1.25 metres, highlighting the potential for a multi-million ounce deposit. CEO Brad Rourke is confident in the ability to define a two million ounce high-grade resource in the near-term with substantial upside potential.In a strong vote of confidence, Franco-Nevada recently invested an $8.1 million royalty deal and $1.5 million equity placement into Scottie. This strategic investment provides third-party validation of the project's potential.Scottie benefits from a Tier-1 location, surrounded by major gold miners and developers in the Golden Triangle. The project is road accessible with the high-grade mineralization starting at surface, making it a highly attractive takeover target. Rourke believes M&A is on the horizon, noting "All those bigger companies around us are running out of ore. We have the ability to potentially provide them a lot of high-grade ounces right at surface."Following the Franco-Nevada deal and recent financing, Scottie is well-funded for two years of aggressive exploration. The company plans to expand the known zones and make new discoveries, with over $12 million in the treasury.With a rising gold price, producers will be increasingly acquisitive to replenish reserves and resources. High-grade ounces in a top tier jurisdiction will command a premium. As Rourke stated, "We're positioned exceptionally well to potentially provide them a lot of high-grade ounces right at surface in a mining-friendly area."In summary, Scottie Resources offers investors a unique opportunity to gain exposure to a high-grade gold discovery in a world-class mining jurisdiction. With a major endorsement from Franco Nevada, a tight share structure, and rising gold price - Scottie has all the key ingredients for a successful investment. Drill results over the next 12-24 months could be game-changing for the company. Scottie is a prime takeout target and positioned to be part of the next wave of M&A in the gold sector.View Scottie Resources' company profile: https://www.cruxinvestor.com/companies/scottie-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Bo Sears, CEO, and David Minchin, Chairman of Helix ExplorationRecording date: 8th April 2024Helix Exploration, a helium exploration company, recently made its debut on the London Stock Exchange, successfully raising £7.5 million to fund its exploration activities in Montana. The company, led by CEO Bo Sears and Chairman David Minchin, aims to capitalize on the growing demand for helium, a critical component in various industries such as MRI, semiconductor manufacturing, and fiber optics.Helix's primary focus is the Ingomar Dome project in Montana, which has been substantially de-risked by historical drilling. The project area has several historical wells that have proven the subsurface structure and identified gas in all target reservoir horizons. The Hillerson 1 well, drilled in the 1940s, found 195 feet of gas in the Amsden formation, the topmost of the company's stacked plays. Another well drilled 30 years later identified 175 feet of gas in the Charles formation, while the Treasure 18-1 well, located 6.5 miles off the crest of the closure, found 145 feet of gas in the Charles formation and 10-26 feet of gas in the Flathead formation, the main reservoir horizon for helium across the Montana helium fairway.Helix plans to drill an appraisal well at Ingomar Dome in Q3 2023, with the option to complete a second appraisal well before moving into the feasibility stage. The company has received quotes for about $2.5 million to drill and test a vertical well down to 8,000 feet, which can test all the stacked reservoirs in one well. The data obtained from the appraisal well will be used to design a bespoke pressure swing adsorption plant, tailored to the gas composition and flow rates.The company is considering various financing options for its pressure swing adsorption plant, which is estimated to cost between $12.5 and $15 million. The plant is expected to produce around 55,000 MCF of compressed helium gas per year at a 1.5% feed grade. With a selling price of $550 per MCF and an OPEX cost of $50 per MCF, Helix anticipates a cash flow of $25 million before royalties and taxes from a single modular plant. David Minchin, the company's Chairman, noted, "If the equity market isn't open for us, and the best way to maintain NPV per share is to look at non-dilutionary funding, there's lots of options available to us." These options include debt, leasing, and pre-selling helium to buyers who are willing to pay now for helium delivery in 12 months.The global helium market is currently facing a critical shortage, with prices increasing by an average of 20% CAGR over the last decade. The market is dominated by an oligopoly of major industrial gas companies, none of which are actively exploring for helium. Bo Sears emphasized the importance of new helium supplies, stating, "Any helium found is going to help, especially in the United States, fill those supply gaps that continue to arise." The majority of helium supply comes as a byproduct of natural gas production, with the LaBarge field in Wyoming and the North Field in Qatar providing over 50% of the world's helium. However, these sources are not driven by the economics of helium, and expansions to existing facilities have been repeatedly delayed.Investors should consider Helix Exploration as a potential opportunity to gain exposure to the growing demand for helium and the potential for significant returns in a market facing critical shortages. The company's experienced management team, substantially de-risked Ingomar Dome project, and various financing options for its pressure swing adsorption plant position Helix well for success in the helium market.—Learn more: https://www.cruxinvestor.com/companies/helix-explorationSign up for Crux Investor: https://cruxinvestor.com