Interview with Dan Wilton, CEO of First Mining Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-ceo-believes-they-are-a-standout-in-a-dwindling-field-of-advanced-assets-6314

Recording date: 4th February 2025

First Mining Gold (TSX: FF) is strategically positioned with two of Canada's largest undeveloped gold projects - Springpole in Ontario and Duparquet in Quebec. Each project boasts over 5 million ounces of gold resources, placing them in the coveted "world-class" category at a time when such large-scale development projects are becoming increasingly scarce in Canada.

The company's flagship Springpole project is advancing through the final stages of the federal Environmental Assessment process, with approval anticipated by the end of 2025. The Duparquet project, located in Quebec's prolific Abitibi gold belt, is also progressing with an environmental impact study underway.

The timing appears favorable for First Mining, as the gold mining industry faces a significant challenge in replenishing reserves. Recent years have seen six major gold mines built in Canada, with Osisko's Windfall project becoming the seventh to enter construction. This development surge has left few large-scale projects in the pipeline, creating a potential supply gap that major producers will need to address.

The scarcity of advanced gold projects, particularly those exceeding 5 million ounces, has driven up valuations in recent transactions. Projects of this scale in Canada have consistently commanded prices of $500 million or more, even before securing final permits. Notable examples include Newcrest Mining's $2.8 billion acquisition of Brucejack and Kirkland Lake Gold's $4.9 billion purchase of Detour Lake.

Despite these comparable transactions, First Mining's market capitalization stands at just C$150 million, suggesting potential upside as the company progresses through key permitting milestones. The company has demonstrated capital efficiency by raising over $60 million through non-dilutive means over the past five years, including asset sales, royalty creation, and strategic partnerships.

CEO Dan Wilton believes the industry is approaching a critical juncture, noting that only three projects are likely to secure approvals and permits for construction before 2030, with Springpole among them. This scarcity, combined with depleting reserves at major producers and a strong gold price environment, creates a compelling opportunity for First Mining.

The current market dynamics, characterized by rising gold prices amid economic uncertainty and major producers' urgent need to replenish reserves, provide a supportive backdrop for advanced gold developers. With two large-scale projects advancing through permitting in tier-one jurisdictions, First Mining offers investors exposure to this emerging opportunity in the gold sector.

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Interview with Mark Chalmers, President & CEO of Energy Fuels

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyse-uuuu-multi-phase-plan-to-overcome-us-critical-minerals-shortage-6377

Recording date: 3rd February 2025

Energy Fuels (NYSE: UUUU) is emerging as a unique way for investors to gain exposure to two of the most critical inputs to the clean energy transition - uranium and rare earth elements. As the leading US-based uranium producer with a growing rare earths business, Energy Fuels offers significant upside potential that the market appears to be overlooking.

On the uranium side, Energy Fuels is the leading US-based producer with about 1 million pounds per year of current production and a path to 2-6 million pounds over the next several years from a combination of its own mines, toll milling agreements, alternate feed, and ore purchases. This flexible "hub and spoke" model positions Energy Fuels to be the dominant uranium supplier to the US nuclear fleet, which requires about 50 million pounds per year, much of which is currently imported.

The company's rare earth elements business, based at its White Mesa Mill in Utah, is ramping up to produce rare earth carbonates and oxides vital for electric vehicle motors and wind turbine generators. Energy Fuels began producing a high purity mixed rare earth carbonate in 2021 and is now moving towards individual separated rare earth oxides with a definitive feasibility study underway to expand capacity 5-10x by 2027. Successful execution would establish Energy Fuels as the first major US-based rare earths processor.

The macro backdrop for Energy Fuels could hardly be more favorable. Governments around the world are embracing nuclear power as a 24/7 zero-carbon energy source, supporting robust growth in uranium demand for the foreseeable future. Meanwhile, the US and other Western nations are rushing to build domestic critical mineral supply chains after decades of relying on China, which currently controls 80%+ of rare earths production and processing. This is driving government support and capital into the sector.

Despite this compelling setup, Energy Fuels trades at a significant discount to its uranium peers and the market is essentially ascribing no value to the rare earths business. The company's uranium assets alone are worth more than the current enterprise value based on most price to net asset value estimates. That means investors can gain exposure to a strategic US rare earths producer essentially for free at current valuations - a mispricing that is unlikely to persist as commercial contracts are signed.

Energy Fuels' recent deal with the Navajo Nation to transport ore and assist with mine cleanup shows strong stakeholder relationships and de-risks the investment case. When combined with the company's first mover status and deep technical know-how, Energy Fuels stands out as a compelling way to play the global energy transition and rising geopolitical importance of critical minerals supply chains. Energy investors with a long-term time horizon should consider adding exposure at these levels before the market catches on to the opportunity.

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Learn more: https://cruxinvestor.com/companies/energy-fuels

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Interview with Michael Konnert, President & CEO of Vizsla Silver Corp.

Our previous interview: https://www.cruxinvestor.com/posts/vizsla-silver-tsxvvzla-all-known-questions-answered-6110

Recording date: 3rd February 2025

Vizsla Silver represents a unique investment opportunity in the silver sector, combining robust financials, clear development momentum, and significant growth potential. The company's recent transition from explorer to developer has been backed by several strategic decisions that differentiate it from peers in the precious metals space.

At the core of Vizsla's investment case is its financial strength, with approximately C$130 million (US$90+ million) in treasury. This substantial cash position wasn't just opportunistic fundraising - it represents a deliberate strategy to de-risk the project's development pathway and provide flexibility in execution timing. As CEO Michael Konnert emphasizes, this approach ensures the company won't face pressure for discounted financings at crucial development stages.

The company's flagship project in Sinaloa, Mexico, demonstrates compelling economics with an industry-leading NPV to CAPEX ratio of 5x. Recent resource growth of 43% in the Measured & Indicated category, now totaling over 222 million ounces, provides strong foundational support for the upcoming feasibility study. The project's sub-$9 AISC positions it to generate substantial margins across various silver price scenarios.

Development progress is evident in the ongoing test mine, which represents more than just exploration - it's the permanent production access being developed ahead of schedule. This strategic approach to development, learning from successful predecessors like SilverCrest, aims to de-risk the crucial startup phase by building significant ore stockpiles before mill construction begins.

Near-term catalysts include the feasibility study expected in the second half of 2025, ongoing permitting progress, and potential construction commencement in the first half of 2026. The company targets production for the second half of 2027, with project payback potentially as quick as six months at current silver prices.

Beyond the initial development project, Vizsla offers substantial exploration upside across its expanded 30,000-hectare land package in the Sinaloa Silver Belt. The company's strategy of district consolidation, rather than external M&A, focuses value creation within a proven geological terrain.
What makes Vizsla particularly compelling in the current market is the scarcity of quality silver development projects. As Konnert notes, "There's really only a handful of development stories at all in silver, and there's really only a small few, Vizsla certainly included, that have any real economic value."

This positioning, combined with silver's positive supply-demand dynamics and its role as both a precious and industrial metal, creates a unique investment opportunity in the silver sector.

For investors seeking exposure to silver with a clear path to production, strong management execution, and multiple avenues for value creation, Vizsla presents a compelling investment case backed by substantial financial resources and strategic development planning.

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Learn more: https://cruxinvestor.com/companies/vizsla-silver-corp

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Interview with Maura Kolb, President of Dryden Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-drilling-high-grade-gold-over-30-gt-in-the-heart-of-historic-gold-camp-6252

Recording date: 30th January 2025

Dryden Gold is ramping up exploration at its Gold Rock project in Northwestern Ontario, backed by a fully-funded $5.8 million budget for 2025. The company recently secured a strategic $3.38 million investment from Centerra Gold, providing strong validation of its systematic exploration approach and district-scale potential.

Recent drilling at the company's Elora zone has yielded promising results, including intersections of 6 g/t Au over 12 meters. Unlike typical vein-hosted deposits in the region, mineralization at Elora occurs within shear zones, potentially indicating greater continuity and scale. The company's geological team has identified striking similarities between the Gold Rock camp and the prolific Red Lake district, particularly in structural controls and mineralization styles.

Surface sampling across regional targets has produced impressive results, with values up to 34 g/t Au at the Hyndman target and historical samples reaching 617 g/t Au at Sherridon. The company has systematically prioritized these targets based on grade potential, size potential, and exploration feasibility.

President Maura Kolb emphasizes the company's methodical approach to exploration: "Grade is always King, so that's forefront and foremost something we rate everything on." This disciplined strategy, modeled after major mining companies, has been instrumental in attracting strategic investment.

Drilling is scheduled to resume February 10th, focusing on expanding the Elora zone both at depth and along strike. Current drilling reaches approximately 250 meters depth, with plans to test deeper extensions. Step-out drilling will target the northeast extension towards a historical high-grade mine that averaged 14 g/t Au, located approximately one kilometer along trend.

The company has allocated 36% of its 2025 budget to test high-priority regional targets, providing multiple opportunities for discovery. This balanced approach between advancing the known Elora zone and testing regional targets aligns with Centerra Gold's investment mandate to pursue both brownfield and regional exploration opportunities.

In a challenging market for junior explorers, Dryden Gold stands out with its strong treasury, systematic exploration approach, and strategic backing. The company's focus on high-grade gold in a premier jurisdiction, combined with its experienced management team and methodical approach to target generation, positions it well for potential discovery success in 2025.

View Dryden Gold's company profile: https://www.cruxinvestor.com/companies/dryden-gold

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Interview with Alain Lambert, CEO of Prismo Metals Inc.

Recording date: 30th January 2025

Prismo Metals (CSE:PRIZ) is advancing its flagship Hot Breccia copper project in Arizona, where the company aims to test a large geophysical anomaly that could represent a significant porphyry copper and skarn system. The project, located in a prolific copper mining district, sits just 40 kilometers from Resolution, one of the world's largest undeveloped copper deposits.

Led by CEO Alain Lambert, Prismo has identified what it believes could be a major copper system at Hot Breccia. The project was previously explored by Kennecott (a Rio Tinto subsidiary) in the 1970s, but historical drilling didn't reach sufficient depths to test the heart of the system. Recent surface sampling has returned values up to 5.6% copper in mineralized fragments, which the company interprets as evidence of a deeper porphyry system.

The company has completed surface mapping, geophysical surveys, and obtained necessary permits for a planned 5,000-meter initial drill program. Prismo has also employed artificial intelligence to reprocess geophysical data, which has helped refine drill targets. While the company had hoped to raise $3 million to begin drilling in early 2024, challenging market conditions have delayed the financing.

Beyond Hot Breccia, Prismo holds two projects in Mexico: Palos Verdes, a silver project adjacent to Vizsla Silver's holdings in Sinaloa state, and Los Pavitos, a gold property in Sonora. However, the company's primary focus remains on Hot Breccia, where success could attract interest from major mining companies already operating in the region, including Rio Tinto, BHP, Freeport-McMoRan, and Grupo Mexico.

The project's location in Arizona provides significant advantages, including excellent infrastructure, proximity to existing mines and smelters, and a supportive mining jurisdiction. This positioning could prove crucial as global copper demand continues to rise, driven by the energy transition and electrification trends. Industry forecasts suggest a potential 10-million-tonne annual copper shortfall by 2035, highlighting the need for new copper discoveries.

Prismo's strategy is focused on discovery rather than development. As Lambert states, "It's going to be a big boy game at the end. We want to find the prize and let somebody else develop it." This approach aligns with the company's goal of delivering value through exploration success and potentially selling to or partnering with a major mining company for development.

The company is fully permitted and has a drilling contractor lined up, ready to begin work once financing is secured.

Learn more: https://www.cruxinvestor.com/companies/prismo-metals

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Interview with Duncan Craib, MD & CEO of Boss Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/boss-energy-boe-47-irr-australian-uranium-producer-1150

Recording date: 31st January 2025

Boss Energy (ASX:BOE), an Australian-based uranium producer, is strategically positioned to capitalize on rising uranium prices through its ownership of the Honeymoon mine in South Australia and a 30% stake in Encore Energy's Alesa mine in Texas.

Under CEO Duncan Craib's leadership, Boss Energy is executing a measured production ramp-up at Honeymoon, targeting 850,000 pounds through June 2025, scaling to 1.6 million pounds by June 2026, and reaching full capacity of 2.45 million pounds annually by June 2027. The company's restart of Honeymoon leverages existing infrastructure and permits, enabling a faster and more cost-effective return to production compared to greenfield projects.

A key aspect of Boss Energy's strategy is its conservative approach to long-term contracts. With only 16% of production currently contracted, the company maintains flexibility to capitalize on expected uranium price increases. This unhedged position reflects management's confidence in the market outlook, as uranium prices rose 48.25% from 2023's average to the end of 2024.

The company's financial position is robust, with no debt and a valuable carried-forward tax loss position. As an in-situ recovery (ISR) producer, Boss Energy benefits from relatively low operating costs, positioning it to generate significant cash flow from 2026 onwards.

Beyond Honeymoon's current operations, Boss Energy is evaluating growth opportunities through satellite deposits and potential M&A activities. While maintaining strict discipline in asset evaluation, the company is open to various mining methods, including open pit and underground operations.

The broader uranium market context supports Boss Energy's strategy. Growing recognition of nuclear power's role in decarbonization, combined with years of underinvestment in new mines, has created a supply deficit. Many uranium developers are struggling to meet projected timelines, which CEO Craib believes will drive prices higher to incentivize new production.

Craib emphasizes the company's focus on delivering shareholder returns: "We want to build a solid footing and be corporately responsible and really deliver returns to shareholders and stakeholders alike."

With its early-mover advantage, low-cost production profile, and strategic approach to market exposure, Boss Energy represents a compelling opportunity in the uranium sector. The company's disciplined expansion strategy and strong financial position make it well-placed to benefit from the growing recognition of nuclear power's role in the global energy transition.

View Boss Energy's company profile: https://www.cruxinvestor.com/companies/boss-energy

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Interview with Ari Sussman, Executive Chairman of Collective Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/collective-mining-tsxcnl-unearthing-a-polymetallic-giant-in-colombias-mineral-rich-landscape-5931

Recording date: 28th January 2025

Collective Mining is making significant strides at its flagship Guayabales project in Colombia, following a successful 2024 marked by the discovery of the high-grade Ramp Zone within the Apollo target area. The company plans its largest drilling campaign to date in 2025, with 60,000 meters of drilling fully funded by its US$40 million cash position.

The newly discovered Ramp Zone has yielded impressive early results, including intercepts of 57 meters at 8.11 g/t gold equivalent (including 18 meters at 20 g/t) and 15 meters at 20 g/t gold equivalent. The zone is characterized by a "reduced" mineral assemblage with high-grade gold associated with bismuth and tellurium, a signature distinct from the upper portions of the deposit.

A strategic advantage of the Ramp Zone is its location, starting approximately 1,000 meters below surface at the exact elevation where a future access tunnel would be constructed. This positioning enables gravity-assisted mining, potentially reducing operational costs by allowing ore to be dropped down shoots rather than hauled up by trucks.

The project shows similarities to the adjacent Marmato mine owned by Aris Mining, which hosts 6.3 million ounces at 2.5 g/t gold. Early indications suggest the Ramp Zone could deliver higher grades due to favorable host rock characteristics and vein overprinting.

CEO Ari Sussman envisions Guayabales becoming a major gold camp, with potential for multiple deposits across a 5x5km area. The company aims to define at least 10 million ounces of high-grade gold capable of producing over 400,000 ounces annually. Including the adjacent Marmato mine, Sussman sees potential for the broader area to ultimately host 30 million ounces of gold.

The project benefits from its location in Colombia's mining-friendly coffee region, with access to inexpensive hydropower, skilled labor, and established infrastructure. The permitting process is streamlined, requiring only 10 months by law.

While Collective Mining is positioning itself as a potential takeover target for major gold producers, the company is simultaneously preparing to develop the project independently if necessary. This includes advancing ESG initiatives and sustainability work to reduce lead time for any future development.

The investment thesis is strengthened by the project's location in an emerging gold district, strong financial position, and experienced management team with a track record of success through Continental Gold. With the current scarcity of major gold discoveries globally, Collective Mining represents a significant opportunity in the gold sector.

View Collective Mining's company profile: https://www.cruxinvestor.com/companies/collective-mining

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Interview with Justin Reid, CEO of Troilus Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-multi-decade-gold-copper-mine-with-c2b-npv-potential-5431

Recording date: 30th January 2025

Troilus Gold is advancing one of North America's most significant gold and copper development projects, positioned at a crucial time when new mine supply is scarce and metal prices are strengthening. The Quebec-based project, with 13 million ounces equivalent in resources, represents a rare opportunity for investors to gain exposure to a large-scale development story in a tier-one jurisdiction.

The project's economics are compelling, particularly in the current market environment. At $2,000 gold, the operation is projected to generate $150 million US in annual free cash flow, with that figure rising to approximately $300 million US at current gold prices. This scalability in the project's economics provides investors with significant leverage to metal prices while maintaining robust returns even at more conservative price assumptions.

What sets Troilus apart from many development peers is its strong financial backing and clear path to funding. The company has secured $1.3 billion in letters of intent from European Export Credit Agencies and Export Development Canada, with plans to take on $700-850 million in debt. This level of financial support is particularly noteworthy and is driven largely by the project's strategic copper component. European smelters, facing critical concentrate shortages due to the loss of major suppliers like Copper Panama, view Troilus as a vital future source of supply. As CEO Justin Reid emphasizes, "Copper's going to fund this, gold's going to drive the value."

The development risk profile is mitigated by several factors. Being a brownfield site provides approximately $500 million in infrastructure savings and simplifies the permitting process. The company has assembled an experienced technical team, including recent additions of Andy Frontin as operations manager and Denis Rivard for project development. The engagement of BBA for detailed engineering, leveraging their experience with similar projects like Detour and Malartic, further strengthens the technical execution plan.

The project also benefits from its location in Quebec, a premier mining jurisdiction, and the current macroeconomic environment. With costs denominated in Canadian dollars and revenue in US dollars, the operation stands to benefit from current currency dynamics. As Reid notes, "Selling our product in US dollars are costs in Canadian dollars. Right now, I want leverage to Canadian gold miners who are actually benefiting from the current economy."

For investors, Troilus offers multiple potential catalysts and value creation opportunities. The company's critical minerals status enhances access to government support and strategic financing options. The project's scale and strategic importance make it a potential acquisition target for major producers seeking growth. Furthermore, ongoing detailed engineering work is already identifying opportunities for optimization beyond the feasibility study base case, while the property maintains exploration upside potential.

With 70% institutional ownership, strong financial backing, and clear development milestones ahead, Troilus represents a compelling opportunity for investors seeking exposure to both gold and critical minerals in a tier-one jurisdiction. The company's systematic de-risking approach, combined with strategic importance in the copper market, positions it well for potential revaluation as it advances toward production.

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View Troilus Gold's company profile: https://www.cruxinvestor.com/companies/troilus-gold

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