Interview with Daniel Major, CEO of GoviEx Uranium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/goviex-uranium-tsxvgxu-positioning-for-production-in-2028-5872

Recording date: 29th January 2025

Goviex Uranium (TSXV: GXU) presents a timely opportunity for investors to gain exposure to the next uranium bull market through its flagship Muntanga project in Zambia. With a recently completed bankable feasibility study (BFS) demonstrating robust project economics, Goviex is well-positioned to bring a significant new source of uranium production online just as the market is projected to swing into a widening supply deficit.

The Muntanga BFS, released in January 2025, confirms the viability of a large-scale, low-cost, open-pit uranium mining operation. The study outlines a straightforward mining and processing plan, utilizing conventional open pit truck and shovel mining to feed an on-off heap leach circuit. Muntanga benefits from several key advantages that contribute to its strong economic profile:

• High-grade, near-surface mineralization hosted in soft, porous sandstones allows for low-strip-ratio mining and coarse crushing to a P80 of 25 millimeters. This reduces mining and processing costs compared to many other uranium projects.
• The on-off heap leach process achieves quick leach cycles and high recoveries exceeding 90%, further enhancing project economics. The leach circuit has been designed to handle Zambia's seasonal rainfall patterns, with multiple pads to optimize loading, leaching, rinsing, and unloading cycles.
• Ready access to key infrastructure, including roads, water, and hydroelectric power, streamlines project development and reduces initial capital costs. Goviex can focus its efforts and capital on the core mining and processing facilities.
• Mining permits have already been secured, significantly de-risking the project. The company expects to receive final environmental approvals within 6 months of submitting its environmental and social impact assessment, which is planned for the end of Q1 2023.
• Strong local community support provides Goviex with a social license to operate. The company is working closely with local stakeholders to implement a fair and equitable relocation plan for a small number of households, with the aim of maximizing employment and economic development opportunities for the wider community.

With a robust BFS in hand, Goviex is now shifting its focus to securing project financing and long-term offtake agreements. The company is seeing strong interest from lenders, particularly South African banks that have recently returned to mining finance. Goviex is pursuing a mix of debt and equity financing, with the aim of minimizing dilution while maintaining a conservative capital structure.

On the offtake front, Goviex is leveraging its relationships with global nuclear utilities to negotiate long-term contracts with pricing that reflects the emerging supply deficit in the uranium market. The company is taking a flexible approach to contracting, with a willingness to commit a portion of its production to market-related pricing mechanisms that provide exposure to rising spot prices.

For investors, Goviex presents a compelling opportunity to gain leveraged exposure to the next leg up in the uranium market cycle. With a large, low-cost, advanced-stage project in a mining-friendly jurisdiction, Goviex is well-positioned to become a leading supplier of uranium as demand from nuclear energy grows. While risks remain, particularly around securing financing in a challenging market environment, the potential rewards for investors who position themselves ahead of the next uranium bull market are substantial.

In conclusion, Goviex Uranium offers investors a unique opportunity to participate in the development of a world-class uranium deposit just as the market is poised for a significant upturn. With a strong project economics, an experienced management team, and a clear path to production, Goviex is a company to watch in the uranium space.

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View GoviEx Uranium's company profile: https://www.cruxinvestor.com/companies/goviex-uranium

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Interview with Jeff Quartermaine, Managing Director & CEO, Perseus Mining

Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-q3-results-show-strong-gold-production-cashflow-growth-6128

Recording date: 28th of January, 2025

Perseus Mining has reported exceptional quarterly performance, producing 132,419 ounces of gold at an industry-competitive all-in sustaining cost (AISC) of US$1,127 per ounce. The company's operational efficiency has maintained its position as one of the lowest-cost gold producers, generating an operating cash flow of US$173 million for the quarter.

The Australian-listed miner, operating three mines in West Africa, ended 2024 with a robust balance sheet of approximately A$1 billion (US$704 million) in cash and bullion. CEO Jeff Quartermaine has outlined a strategic approach to capital allocation, balancing organic growth projects, shareholder returns through dividends and buybacks, and potential acquisitions.

Perseus is advancing several growth initiatives across its portfolio. The company has approved underground development at its Edikan mine in Ghana, with contractor mobilization scheduled for April 2025. In Tanzania, Perseus is nearing a final investment decision on the Nyanzaga project, targeting first gold production in early 2027, subject to government negotiations on fiscal terms.

The company is actively working to extend mine life across its operations, including Edikan, Sissingué, and Yaouré, through near-mine exploration. However, Quartermaine acknowledges the need to balance growth with cost considerations, noting that expanding operations using higher gold price assumptions would impact unit costs.

A cornerstone of Perseus's strategy is its commitment to host communities and countries. Quartermaine emphasizes the importance of equitable benefit sharing, recognizing that local stakeholders "reasonably expect to get their fair share of the benefit of their resources." The company maintains that social license to operate through responsible ESG practices is fundamental to long-term success, regardless of changing market sentiments.

Looking ahead, Perseus's investment thesis rests on several key pillars: its competitive cost structure, strong balance sheet, organic growth potential, and proven track record in West Africa. The company's disciplined approach to capital allocation and growth, coupled with its commitment to stakeholder engagement, positions it well for sustainable long-term growth.

The broader macroeconomic environment appears supportive of gold, with factors such as geopolitical tensions, inflation concerns, and potential monetary policy shifts potentially providing a favorable backdrop for the sector. However, Perseus maintains its focus on operational excellence and cost management, rather than relying on gold price movements to drive profitability.

Learn more: https://cruxinvestor.com/companies/perseus-mining

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Interview with Jean-Marc Lulin, President and CEO, Azimut Exploration

Recording date: 27th of January, 2025

Azimut Exploration (TSXV: AZM), under the leadership of President and CEO Jean-Marc Lulin, is a Quebec-based mineral exploration company pursuing a diversified strategy across gold, antimony, nickel, copper, PGEs, and lithium. The company has built its portfolio through systematic project generation and strategic partnerships, maintaining one of the industry's lowest share dilution rates at just 2.2 million shares issued annually over its history.

The company's flagship Elmer gold project hosts a near-surface resource of over 300,000 indicated ounces and 500,000 inferred ounces at approximately 2.0 g/t Au. Management sees significant potential to expand this resource and is considering bringing in a partner to advance the project.

Azimut's recent Wabamisk antimony-gold discovery has emerged as a key focus, with a 5,000-meter drill program currently underway. The project shows promise for high-grade antimony mineralization near surface with potential for gold-rich zones at depth. Additionally, the company recently identified a promising lithium target on the Wabamisk property.

The Kukamas nickel-copper-PGE project, under option to Polish mining giant KGHM, represents another significant opportunity. Initial drilling has returned promising results from Kambalda-style mineralization similar to deposits found in Western Australia. KGHM can earn a 70% interest by completing a preliminary economic assessment.

Azimut's business model combines self-funded exploration with strategic partnerships, having signed 38 option agreements with 19 different companies to date. This approach helps mitigate exploration risk while maintaining significant upside potential for shareholders. The company currently maintains a strong financial position with approximately C$11 million in working capital.

Looking ahead, Azimut has positioned itself to capitalize on both the battery metals boom and precious metals market through its diversified portfolio. The company's projects in Quebec, a mining-friendly jurisdiction, offer exposure to critical minerals needed for the global electrification trend, as well as traditional precious metals exploration.

Azimut's systematic approach to project generation, combined with its disciplined capital management and strong partnerships, has created a solid foundation for potential discovery success. With multiple active drill programs planned and a well-funded treasury, the company appears positioned to deliver significant exploration catalysts in the near term while maintaining its commitment to minimal share dilution.

Learn more: https://www.cruxinvestor.com/companies/azimut-exploration

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