Interview with Blake Hylands, CEO, Lithium Ionic

Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-low-cost-brazil-mine-ready-for-2027-production-as-market-rebalances-8304

Recording date: 9th December 2025

Lithium Ionic is positioning itself to capitalize on a dramatic market recovery as lithium prices have tripled since mid-2025, driven by energy storage demand exceeding initial projections. CEO Blake Hylands reports the company's stock has doubled during this period but remains "massively undervalued" relative to improving fundamentals and the company's proximity to construction.

The company is advancing its Brazilian lithium project with a manageable $191 million capital requirement and industry-leading economics. At $600 all-in sustaining costs, the project maintains profitability even when spot prices dipped to $800-900, providing crucial downside protection that higher-cost competitors lack. Current spot prices around $1,200 offer healthy margins, with the project's feasibility study using conservative assumptions below today's pricing.

Hylands emphasised that 2026 represents a transformational year, with construction targeted to begin by mid-year. The company has assembled the experienced "Sigma team" that successfully built the Sigma Lithium project, providing execution credibility and enabling an 18-24 month timeline to production once construction commences. This speed advantage is significant, as competing projects remain 5-10 years from production.

Progress on project financing has accelerated substantially, with the company "being inundated with offtake and prepay opportunities" as market participants rush to secure future supply. Multiple lenders have expressed interest in financing the entire project, with discussions spanning China, North America, and other jurisdictions. The financing structure will incorporate near-term debt followed by lower-cost options including export credit agencies and government-backed facilities.

The permitting process is advancing through new regional procedures, with strong federal and state government support. Both financing and permits are expected to conclude early in 2026, clearing the path for construction. Hylands set clear accountability metrics, stating "anything less than that, I'd be disappointed" regarding the company's ability to announce financing completion, permit approval, and construction commencement by year-end 2026.

Learn more: https://www.cruxinvestor.com/companies/lithium-ionic-corp

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Studer, interim CEO, Kingman Minerals

Recording date: 9th December 2025

Kingman Minerals Ltd. is advancing plans to revive a 140-year-old gold and silver mine in Arizona's Mohave County, with exploration work set to commence in early 2026. Under the leadership of interim CEO Simon Studer, the company recently completed an oversubscribed $1.5 million financing round that brings total treasury to $2.1 million—sufficient to fund the year's entire exploration program.

The Rosebud Mine, discovered in the 1880s and active during the 1920s and 1930s, has yielded remarkably high-grade results in recent sampling. Underground channel samples collected in 2020 revealed values up to 688 grams per ton gold from material left behind by earlier operators. Historical drilling has shown grades ranging from 9-13 grams per ton over 2-meter intervals, though no modern compliant resource estimate currently exists.

What makes this opportunity particularly intriguing is that previous operators exclusively focused on the shallow oxide zone above 100 meters depth, never systematically exploring the deeper sulfide mineralization that could represent the bulk of the deposit. The property shows evidence of at least eight distinct sub-parallel vein structures, most of which remain inadequately tested.

The 2026 exploration program begins with drone-based magnetometry in mid-December 2025, covering the entire 590-hectare Mohave project area. This geophysical work will provide 3D structural modeling to optimize drill targeting. Drilling is scheduled to begin in Q1 2026, initially testing strike extensions of the two most productive historic veins before expanding to parallel structures.

With approximately 42 million shares outstanding and a market capitalization around $4 million, management believes the company is significantly undervalued relative to its high-grade potential and production history. The combination of proven mineralization, systematic modern exploration approach, and 60% insider ownership creates what Studer characterizes as a compelling risk-reward proposition in the junior gold exploration space, particularly given Arizona's favorable mining jurisdiction and existing underground infrastructure.

Learn more: https://www.cruxinvestor.com/companies/kingman-minerals

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Allan Ritchie, Executive Chairman & CEO and David Ward, Managing Director of Adavale Resources

Recording date: 9th December 2025

Adavale Resources Limited (ASX: ADD) has emerged as a compelling Australian gold story, having transformed a A$900,000 acquisition into a 115,000-ounce JORC resource at the London-Victoria project in just nine months. The former BHP gold mine in New South Wales' prolific Lachlan Fold Belt is now the focus of an aggressive exploration and development program led by a management team with significant skin in the game.

Executive Chairman Allan Ritchie and newly appointed Managing Director David Ward have structured the company to maximize shareholder alignment. All four directors collectively own over 5% of Adavale and take their remuneration exclusively in shares rather than cash, ensuring minimal corporate overhead. This approach is backed by cornerstone investor Gleneden, who holds 20% of the company and brings decades of resources sector expertise.

The technical progress at London-Victoria has been impressive. Phase 1 drilling delivered standout results including 48 meters at 0.82 grams per ton gold, with high-grade zones of 25 meters at 1.2 g/t located 100 meters below the existing pit. Significantly, this intercept occurred outside the current resource envelope, indicating substantial expansion potential. Ward's historical knowledge of the site—having worked for the previous operator—combined with the recent discovery of hundreds of historic BHP grade control maps, is accelerating targeting accuracy.

The company employs a dual-strategy approach: advancing London-Victoria toward near-term production through tolling agreements with nearby Alkane Resources' Tomingley facility (50km away), while systematically exploring five greenfields licenses for epithermal and porphyry discoveries. Surface samples at the Ashes prospect have returned up to 10 grams per ton gold, demonstrating early-stage promise.

With Phase 2 drilling currently underway at a cost-effective A$350,000 for 13-14 holes, Adavale is executing a capital-efficient program that maintains multiple pathways to value creation in a favorable gold price environment exceeding A$4,000 per ounce.

Learn more: https://www.cruxinvestor.com/companies/adavale-resources

Sign up for Crux Investor: https://cruxinvestor.com