Company Interviews

Interview with Farhad Abasov, Chairman, Millennial Potash
Our previous interview: https://www.cruxinvestor.com/posts/millennial-potash-tsx-vmlp-the-worlds-next-low-cost-potash-producer-6383
Recording date: 15th June 2026
Millennial Potash is advancing a large-scale potash project in Gabon that it positions among the world’s largest undeveloped deposits. The company has defined an estimated 6 billion tonnes of measured, indicated, and inferred resources from drilling across just 4% of its 1,500 square kilometer licence area, leaving significant potential for further expansion. This scale, combined with a relatively low projected cost structure and proximity to key agricultural markets, underpins the project’s investment appeal.
A central component of the project’s development is support from the US International Development Finance Corporation (DFC), which has provided a $3 million grant for feasibility work and may offer construction debt financing, subject to project milestones. Additional backing from US government entities reflects growing strategic interest in diversifying global potash supply, which is currently concentrated among a small number of countries. Millennial aims to complete feasibility and environmental studies by early 2027, secure full financing by mid-2027, and begin construction later that year using solution mining, a lower-capex method than traditional underground mining.
The company is targeting a capital structure with 60–65% debt to limit equity dilution and is seeking off-take agreements tied to upfront financial participation rather than simple purchase contracts. At the same time, management is exploring strategic partnerships or acquisition opportunities, drawing on its track record of selling previous potash projects to major industry players.
Infrastructure development, including access to an existing port and a proposed deepwater facility, could support scaling production from an initial 800,000 tonnes annually to as much as 4–5 million tonnes over time. Positioned near underserved African markets and major importers like Brazil, the project aligns with broader trends toward supply diversification in the global fertilizer sector.
Learn more: https://www.cruxinvestor.com/companies/millennial-potash-corp
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Interview with Eric Zaunscherb, Chairman, Critical Elements Lithium
Our previous interview: https://www.cruxinvestor.com/posts/critical-elements-lithium-tsxvcre-high-value-rose-project-on-the-path-to-fid-3510
Recording date: 16th June 2026
Critical Elements Lithium is positioning itself as a standout developer in the recovering lithium sector, anchored by its fully permitted Rose Lithium-Tantalum project in Quebec. Unlike many peers, the company has already cleared two major development hurdles: environmental approvals and a formal agreement with the Cree Nation. This significantly shortens its path to production and reduces execution risk.
A 2023 feasibility study outlines robust project economics, including annual production of 200,000 tonnes of spodumene concentrate, a net present value of US$2.2 billion, a 66% internal rate of return, and a rapid 1.8-year payback period. These estimates are based on conservative pricing assumptions below current market levels, suggesting additional upside as lithium prices recover.
Beyond its flagship asset, Critical Elements is actively advancing exploration at the nearby Rose West discovery. Early drilling has already expanded the deposit footprint multiple times, and ongoing work is expected to further grow the resource. Importantly, Rose West can be integrated into the existing project without requiring separate permitting, potentially enhancing long-term production and project value.
The company also holds a strategic 20% carried interest in the Nisk Joint Venture, alongside equity in partner Power Metallic. This exposure provides additional upside through a polymetallic discovery that is not fully reflected in Critical Elements’ current valuation.
Despite its strong fundamentals, the company trades at a significant discount to peers and analyst targets, largely due to uncertainty around project financing. However, with a well-defined asset, supportive infrastructure, and multiple growth drivers, Critical Elements is positioned for a potential re-rating as the lithium market improves and financing clarity emerges.
Learn more: https://www.cruxinvestor.com/companies/critical-elements-lithium
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Interview with Tim Harrison, Managing Director, Ionic Rare Earths 
Our previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earth-asxixr-advanced-recycler-targets-china-free-heavy-rare-earth-supply-7871
Recording date: 16th June 2026
Ionic Rare Earths is advancing its position in the rapidly evolving global rare earth supply chain, driven by Western efforts to reduce reliance on China following export restrictions imposed in 2025. At the center of its strategy is a demonstration-scale recycling and separation facility in Belfast, which processes end-of-life magnets and manufacturing waste into separated rare earth oxides. A key milestone has been the successful validation of these recycled materials in a Ford motor—an industry first for a recycler—alongside a commercial supply agreement with US-based Advanced Magnet Lab, which serves defense-related applications.
Although the Belfast plant currently produces only about 10 tonnes of separated oxides annually, it has demonstrated the ability to recover a broad range of elements, including high-value heavy rare earths such as dysprosium, terbium, and yttrium. Prices for these materials have surged sharply since China’s restrictions, in some cases increasing multiple times over, significantly strengthening the project’s economic outlook.
A 2024 feasibility study for a larger £85 million Belfast facility projected annual output of 400 tonnes, with a post-tax net present value exceeding $500 million and an internal rate of return above 40%. Management believes current market conditions could further enhance these returns, though updated figures have not yet been released. The company has secured a £12 million UK government grant and is targeting a final investment decision by September 2026, contingent on completing funding and securing supply and offtake agreements.
Looking ahead, Ionic plans to replicate its modular recycling model internationally, prioritizing the United States, where significant investment in domestic magnet manufacturing is expected to generate substantial recyclable waste. The company favors joint ventures to retain control over its technology and material flows. While promising, key risks remain, including scaling production, securing full project financing, and finalizing commercial agreements.
Learn more: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltd
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Interview with Andrew Dennan, CEO of Halo Minerals
Recording date: 16th June 2026
Halo Minerals has emerged as a unique opportunity within the junior mining sector by focusing on the reprocessing of historical mine tailings rather than pursuing conventional greenfield mine development. Its flagship Playa Verde Project in Chile aims to recover copper and gold from legacy tailings deposits while simultaneously addressing a long-standing environmental liability.
The company's most important achievement to date is securing approval of the project's Environmental Impact Assessment (EIA). For mining projects in Chile, permitting is often one of the largest barriers to development, creating uncertainty around timelines and project viability. With the EIA approved and formal written resolution received, Halo has substantially reduced a key project risk and can now focus on financing, engineering, and execution.
The economics outlined in the recently published Competent Person's Report are compelling. The Playa Verde Project contains ore reserves of 32.2 million tonnes grading 0.25% copper, representing approximately 80,000 tonnes of contained copper. Using assumptions of US$5.30 per pound copper and US$4,300 per ounce gold, the project generates a post-tax NPV10 of approximately US$154 million and an estimated IRR of around 51%. These metrics compare favorably with the company's current valuation and suggest meaningful leverage to successful project development.
Importantly, Halo is not relying on experimental technology. Management intends to utilize well-established dredging, flotation, and SX-EW processing methods that have been deployed successfully across the mining industry for decades. This reduces technical uncertainty and may improve financing prospects compared with projects dependent on novel extraction technologies.
The broader copper market also provides supportive macroeconomic conditions. Demand continues to rise due to electrification, electric vehicle adoption, renewable energy infrastructure, and the expansion of AI-related data centres. At the same time, many industry analysts forecast structural supply deficits over the coming decade as permitting challenges and capital intensity limit the pace of new mine development. Tailings reprocessing projects such as Playa Verde offer a potentially faster route to supplying additional copper to the market.
Another notable aspect of the investment case is management's financing strategy. Rather than relying heavily on equity issuance, Halo intends to pursue a combination of offtake agreements, vendor financing, royalty and streaming transactions, and project debt. If successfully executed, this approach could reduce shareholder dilution relative to many junior mining peers.
Investors should nevertheless recognize the risks. The company remains pre-FID and must still secure financing and operating partners. Playa Verde currently represents the primary source of near-term value, creating concentration risk. Commodity price volatility, financing market conditions, and execution challenges could all affect outcomes.
Looking ahead, the most important catalysts include completion of the updated feasibility study, finalization of financing arrangements, selection of operating partners, and progress toward a final investment decision targeted for late 2026. Success on these fronts would move Halo closer to its goal of first production in 2028 and provide a clearer indication of whether the project's attractive economics can be translated into shareholder value.
Learn more: https://cruxinvestor.com
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Interview with Alan Carter, President & CEO of Cabral Gold Inc.
Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-undervalued-investment-series-with-alan-carter-9745
Recording date: 16th June 2026
Cabral Gold is nearing production at its phase one heap leach operation in the Cuiu Cuiu gold district in northern Brazil, with construction more than 70% complete and on track for commissioning in the third quarter of 2026 and commercial output in the fourth quarter. The project is fully funded through a 353 kg gold loan (approximately $45 million) from its largest shareholder, carrying a 39-month term and 10% interest, with repayments beginning at the end of 2026.
The operation is designed to process 3,000 tons of ore per day from near-surface, free-digging oxide material, which avoids the need for drilling, blasting, and complex processing. This contributes to relatively low operating costs and strong projected economics. Despite rising diesel prices and a stronger Brazilian real, the company estimates margins of $3,000 per ounce at current gold prices, with first-year production expected to reach 25,000 ounces.
Infill drilling across approximately 160 holes has largely confirmed the resource model outlined in the 2025 preliminary feasibility study, with some higher-grade results, including an intercept of 25 metres at 7.5 g/t gold from surface. Early mining grades are expected to exceed life-of-mine averages, further supporting near-term profitability.
Beyond initial production, Cabral is advancing a broader district-scale strategy. The company now controls six known deposits, up from three in 2022, and is actively drilling with six rigs to expand its resource base, targeting an updated estimate by the end of 2026. Notably, around 75% of the district’s gold is believed to lie in hard rock beneath the oxide layer, forming the basis for a larger phase two development.
Cabral’s approach emphasizes self-funded growth, using cash flow from phase one to support expansion, reducing reliance on equity dilution while maintaining exposure to significant exploration upside.
Learn more: https://www.cruxinvestor.com/companies/cabral-gold
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