Company Interviews

Interview with Shaun Bunn, Managing Director, Empire Metals
Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-australian-giant-targets-supply-gap-in-restructuring-titanium-market-8489
Recording date: 26th June 2026
Empire Metals is advancing its wholly owned Pitfield titanium project in Western Australia, positioning it as one of the largest and potentially lowest-cost titanium ore systems globally. Discovered around three years ago, Pitfield has rapidly progressed from exploration to development planning, supported by a large, shallow, and high-grade ore body. Recent drilling has further improved average grades—now estimated at roughly seven times typical mineral sands deposits—with an updated Mineral Resource Estimate expected in the third quarter of 2026.
A major milestone came in June 2026 with the release of an integrated process flow sheet outlining how ore will be converted into high-purity titanium dioxide (TiO2) pigment at a single site. The process combines conventional and novel steps, beginning with scrubbing, screening, and flotation to remove up to 90% of waste material before leaching. The remaining concentrate undergoes a low-temperature sulfuric acid leach, achieving high titanium recovery rates of around 98%. The process also enables recovery of alumina from kaolin as a co-product, improving overall project economics while allowing partial recycling of reagents.
Engineering and cost studies are now underway, with key decisions pending on power supply, acid sourcing, and plant design. The company aims to deliver clear capital and operating cost guidance by early 2027. Rather than competing with low-cost Chinese producers, which dominate about 60% of global TiO2 supply, Empire Metals is targeting premium pigment markets in paints and coatings, where customers pay higher prices for quality and supply security.
The broader market backdrop supports this strategy. Global TiO2 demand stands at 8–9 million tonnes annually and continues to grow steadily, while Western producers face rising costs and financial pressure. With strong infrastructure access, a scalable resource, and a focus on high-margin markets, Pitfield is positioned as a potential new entrant in a tightening global titanium supply chain.
Learn more: https://www.cruxinvestor.com/companies/empire-metals
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Interview with Raymond Ashley, President and COO, F3 Uranium 
Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-corp-tsxvfuu-resource-milestone-growth-drilling-ma-discussions-9473
Recording date: 27th June 2026
F3 Uranium is advancing exploration at its Patterson Lake North (PLN) project in Saskatchewan’s Athabasca Basin, combining an established high-grade resource with a discovery that could reshape regional exploration models. The company’s JR Zone, discovered in 2022, hosts an estimated 11.8 million pounds of uranium at 4.41% U3O8, with a particularly rich core of 10.8 million pounds grading 12.23%. This places it among the higher-grade uranium resources globally and confirms PLN as a meaningful asset in a district known for world-class deposits.
More recently, the Tetra Zone discovery has challenged a long-standing assumption in Athabasca exploration—that economic uranium deposits require graphite- and sulfide-bearing conductive structures. Tetra contains high-grade uranium despite lacking these features, demonstrating that mineralization can occur in previously overlooked geological settings. This finding significantly expands the exploration potential of PLN, particularly within the Clearwater domain, an area historically ignored due to the absence of electromagnetic conductors.
Scientific analysis shows that both JR and Tetra share identical uranium ages, mineralogy, and alteration signatures, indicating they formed from the same large-scale hydrothermal system despite being 13 kilometres apart. This suggests the mineralizing system extends across a much broader area than previously recognized.
To adapt, F3 is testing resistivity surveying as an alternative targeting method, supported by geochemical and gravity data. A 4,000-metre drill program beginning in July 2026 will test multiple new targets across the property. Backed by approximately $23 million in funding through 2027, the company is positioned to sustain aggressive exploration.
Strategically, PLN lies about 25 kilometres from planned milling infrastructure at Arrow and Triple R, potentially allowing future deposits to serve as satellite feed. This proximity lowers development thresholds and enhances the project’s attractiveness to potential partners amid growing global demand for nuclear energy.
Learn more: https://www.cruxinvestor.com/companies/f3-uranium-corp
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Interview with Bart Jaworski, CEO, Group Eleven Resources
Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-18m-funds-70000m-drill-program-10059
Recording date: 27th June 2025
Group Eleven Resources is advancing one of Ireland’s most significant recent mineral discoveries at its Ballywire project in County Limerick, where an intensive 70,000-metre drilling campaign is underway using five rigs. Four rigs are focused on Ballywire, while a fifth is testing the nearby Stonepark property. The company has outlined a rapidly expanding zinc-lead-silver system extending over 3.2 kilometres, alongside a newly confirmed, deeper copper-silver zone that adds both scale and complexity to the deposit.
Drilling has identified a steeply dipping copper-silver “feeder” system beneath the flat-lying zinc horizon, consistent with Mississippi Valley Type deposit models. This deeper zone has now been traced across 430 metres and remains open, suggesting further expansion potential. In addition, a secondary southwest-trending massive sulphide zone has emerged, indicating the possibility of greater overall tonnage than initially expected.
Ballywire stands out for its exceptional grades, particularly in silver. Assays commonly range from 50 to 150 grams per tonne, with peak values reaching as high as 4,200 grams per tonne. A standout intercept reported in early 2026 included 52 metres of mineralisation with exceptionally high silver content, alongside notable copper values. These results position the project among the most high-grade discoveries of its type globally.
The company estimates a potential 24-fold exploration upside based on multiple untested gravity anomalies along a 6-kilometre trend, as well as additional parallel structures and depth extensions. With approximately C$18 million in funding, Group Eleven is well-positioned to continue drilling through 2027 and aims to deliver a maiden mineral resource estimate within 12 to 18 months.
Situated in a stable and mining-friendly jurisdiction, Ballywire benefits from growing industry interest in Ireland’s mineral sector, driven by strong demand for zinc, copper, and silver in electrification and energy transition technologies.
Learn more: https://www.cruxinvestor.com/companies/group-eleven-resources-corp
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Interview with Nolan Peterson, CEO, Atlas Salt
Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-undervalued-investment-series-with-nolan-peterson-9831
Recording date: 25th June 2026
Atlas Salt is advancing its Great Atlantic Salt Project in Newfoundland from planning into execution after raising $25 million in equity over the past year, including a $15 million round completed in June 2026. The funding is being used to accelerate early-stage development such as site preparation, engineering work, and infrastructure setup, allowing the company to reduce project risk ahead of full-scale financing. The project, with an estimated total cost of $590 million, is positioned to address a well-documented shortage of de-icing salt across the northeastern United States, Midwest, and eastern Canada.
The company is structuring a diversified financing package, targeting roughly 60% of capital from senior secured debt, supplemented by subordinate loans, export credit agency support, and equity contributions. Strategic backing includes an $80 million-plus equipment commitment from Sandvik, alongside potential support from Canadian and Swedish export credit agencies. This layered approach reduces reliance on any single funding source while improving financing flexibility.
Atlas operates in a stable, infrastructure-like market. Road salt demand is driven by public safety needs and government procurement, with approximately 10,000 municipal and state buyers purchasing through annual contracts. This structure enables pricing flexibility and avoids dependence on long-term off-take agreements. Unlike many mining projects, the salt deposit offers long-term production without the need for continual resource replacement, supporting predictable cash flows.
Notably, Atlas is currently the only new salt mine in development in North America, giving it a unique competitive advantage amid declining supply from aging operations. Its anticipated low-cost position, supported by access to regulated electricity and favorable labor conditions, further strengthens its market outlook. The project has already attracted Canadian pension funds, reflecting its long-duration, stable return profile.
Learn more: https://www.cruxinvestor.com/companies/atlas-salt
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Interview with Brian Savage, CEO, Electric Metals USA
Recording date: 25th June 2026
Electric Metals USA is advancing the North Star Manganese Project in Minnesota, anchored by the Emily deposit—the highest-grade manganese resource in North America. The company aims to build a fully integrated domestic supply chain producing high-purity manganese sulfate (HPMS) for electric vehicle batteries, electrolytic manganese metal (EMM) for defense-grade steel, and electrolytic manganese dioxide for alkaline batteries. This strategy targets a critical gap: the United States currently relies entirely on imports, largely from China, for all manganese-related materials.
Rather than selling raw ore, Electric Metals is focused on downstream processing, capturing higher-value chemical outputs. A preliminary economic assessment estimates initial mine development costs at approximately $150 million, with HPMS production costs projected to be competitive with Chinese suppliers even without tariff support. A more detailed study, including a 10,000-tonne-per-year EMM circuit, is expected soon and represents a key milestone.
The Emily deposit grades 17.5% manganese and benefits from oxide mineralogy, which simplifies permitting compared to sulfide-based projects. Historical exploration data and recent test work support its development potential, though additional drilling is required to upgrade resource classifications.
The project is also strategically aligned with U.S. national security and industrial policy. Manganese is essential for both emerging battery chemistries and military-grade steel, yet domestic production is nonexistent. Government interest, combined with rising demand from EV manufacturers, strengthens the investment case.
While technical risks remain—particularly scaling HPMS production from laboratory to commercial levels—the company plans to mitigate these through pilot testing and flexible processing options, including third-party ore sourcing if needed.
With a relatively small market capitalization and strong exposure to critical mineral supply chains, Electric Metals USA represents an early-stage but potentially significant player in reshaping U.S. manganese independence.
Learn more: https://www.cruxinvestor.com/companies/nevada-silver
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