Company Interviews

Interview with Andrew Dornan, Executive Director of James Bay MineralsOur previous interview: https://www.cruxinvestor.com/posts/james-bay-minerals-asxjby-exploring-in-quebecs-lithium-hot-spot-4478Recording date: 27th of November, 2024James Bay Minerals has transformed into a gold investment opportunity through its acquisition of the advanced-stage Independence Gold Project in Nevada's prolific Battle Mountain Region. The project boasts a substantial resource of 1.18 million ounces of gold, including a high-grade portion of nearly 800,000 ounces at 6.53 g/t Au.The project's strategic location, adjacent to the major Phoenix mine operated by Nevada Gold Mines (Newmont/Barrick JV), provides key advantages. These include a streamlined 8-12 month permitting process and excellent infrastructure.James Bay Minerals sees strong potential to grow the resource through near-surface expansion drilling and delineation of the deeper high-grade skarn zone. The skarn has been defined on only 25% of the prospective area to date, highlighting the potential for significant resource growth.The Company is pursuing a two-pronged approach to advance the project and build value. Near-surface resources provide a pathway to near-term production via a low-cost heap leach operation. In parallel, drilling will target the high-grade skarn, aiming to delineate an underground resource to support a standalone operation or significantly enhance open pit economics.James Bay Minerals is led by an experienced management team and board with a strong track record of value creation in the mining sector. The Company also maintains its James Bay lithium assets, providing long-term optionality on the battery metals story.Near-term catalysts for James Bay Minerals include drill results, resource updates, economic studies and permitting milestones. At a market capitalization of just A$24.5 million, the stock has ample room for movement as the Independence Gold story gains traction.Learn more: https://www.cruxinvestor.com/companies/james-bay-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Marcel Robillard, President & CEO of Puma Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/puma-exploration-tsxvpuma-the-next-major-high-grade-gold-discovery-in-new-brunswick-5142Recording date: 26th November 2024Puma Exploration, a junior gold explorer, has made significant progress at its Williams Brook project in New Brunswick, Canada by securing major gold producer Kinross Gold as a partner. In October 2024, Puma signed an option agreement allowing Kinross to earn up to a 65% stake in Williams Brook by spending $16.5 million on exploration over 5 years, with a firm $2 million commitment in year 1 including 5,000 meters of drilling.Puma CEO Marcel Robillard sees Kinross' involvement as a strong validation of the project's potential, stating, "They are really believers of Williams Brook holding some nice decent ounces." With $12 million spent by Puma to date and encouraging drill results, Robillard believes they've just "hit the tip of the iceberg."Under the deal terms, Puma remains project operator, directing the exploration work while leveraging Kinross' funding and expertise. Puma receives a 10-15% management fee on the exploration spending, helping to minimize dilution for shareholders.Puma has also acquired the nearby McKenzie gold project, covering 30,000 hectares of prospective ground, to explore in parallel with Williams Brook. Field work at McKenzie will begin in spring 2025, alongside a Kinross-funded 5,000m drill program at Williams Brook, with drilling at McKenzie slated for the fall.The investment thesis for Puma includes the significant discovery potential in the underexplored jurisdiction, a de-risked flagship project with a major partner, a fully funded drill program with potential catalysts, a second 100%-owned project for additional upside, and an experienced management team with a track record of success.With a strong gold price environment supporting exploration and discovery, Puma is well positioned for growth with good working capital and $2 million of committed spending from Kinross in 2025. At a market capitalization of just over C$12 million, Puma offers significant upside potential as it advances both Williams Brook and McKenzie in the coming year. View Puma Exploration's company profile: https://www.cruxinvestor.com/companies/puma-exploration-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of Atha Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-north-americas-largest-uranium-exploration-portfolio-6037Recording date: 25th November 2024ATHA Energy, a uranium exploration company with an extensive land portfolio, is making strategic advancements in a market poised for significant growth. With over 8.5 million acres across Canada’s premier uranium jurisdictions, including the Athabasca and Thelon Basins, ATHA’s flagship Angilak project in Nunavut is at the forefront of its development strategy. The project has a historical resource of 43 million pounds (Mlbs) of uranium at an average grade of 0.69% U₃O₈, with exploration indicating the potential to expand that resource to an upper target of 98 Mlbs.The Angilak project is a standout asset, offering both scalability and development advantages. Located in Nunavut, a mining-friendly jurisdiction where 47% of GDP is mining-related, the project benefits from existing supply chains and infrastructure established by neighboring operators like Agnico Eagle. Unlike many deeper uranium deposits, Angilak’s mineralization begins at or near the surface, reducing development complexity and costs. “At Angilak, [the resource] comes right to surface—it’s sub-cropping,” noted ATHA CEO Troy Boisjoli, highlighting this key advantage.ATHA’s leadership team brings extensive uranium experience, including expertise from Cameco and NexGen. Boisjoli, who served as Chief Geologist at Cameco’s Eagle Point Mine, sees parallels between Angilak and his previous operations. He emphasized, “Eagle Point had a very similar profile to Angilak—70 million pounds remaining at 0.7%.” The team’s capability spans early-stage exploration through to operational development, positioning ATHA to efficiently de-risk and scale its assets.The company employs a disciplined capital allocation strategy, directing 70% of its resources toward Angilak while investing the remaining 30% in discovery-stage projects like the Gemini property in Saskatchewan and other generative opportunities. This approach ensures near-term growth and a robust pipeline of future prospects, mitigating risks associated with reliance on a single project. Assay results from Gemini are expected in Q1 2025, adding another layer of potential upside.ATHA’s timing aligns with a favorable uranium market. The industry is experiencing a resurgence, driven by long-term contracting cycles, growing nuclear energy adoption, and limited supply. As Boisjoli observed, “We’re entering a long-term contracting cycle similar to 2006, when demand significantly outpaced supply and created upward pressure on uranium prices.” Recent production challenges from competitors like Paladin and Peninsula highlight the market’s tightness and underscore the need for scalable, high-quality assets like Angilak.Angilak’s exploration results further enhance its appeal. A 10,000-meter drill program conducted in 2023 demonstrated mineralization across all 25 holes, validating the resource’s growth potential. Boisjoli emphasized ATHA’s rigorous approach, which relies on hard data rather than speculative geophysical targets, ensuring confidence in the project’s scalability.For investors, ATHA Energy presents a compelling case. With a flagship asset primed for resource expansion, a seasoned leadership team, and a disciplined approach to exploration and development, ATHA is well-positioned to capitalize on the growing uranium market. The combination of timing, expertise, and a diversified asset base offers a unique opportunity for those seeking exposure to this generational uranium opportunity.—Learn more: https://cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Interview with David Rhodes, Executive Chairman of Empress Royalty Corp.Our previous interview: https://www.cruxinvestor.com/posts/empress-royalty-tsxvempr-rapid-revenue-growth-on-gold-and-silver-stream-scaling-to-larger-deals-5970Recording date: 23rd November 2024Empress Royalty Corp (TSXV:EMPR) is an emerging precious metals royalty and streaming company. The Chairman believes that despite strong revenue growth and a solid portfolio of cash-flowing assets, Empress trades at a significant discount to its peers, with a market cap of just US$35 million.The company's business model involves creating bespoke royalties and streams by investing in near-production assets where it can add value. This approach has proven successful, with Empress reporting revenue of US$5.4 million in Q3 2024 and expecting to exceed US$6 million for the full year. The company projects revenue to surpass US$10 million in 2025 based on its existing assets, which include producing mines in Mexico, Mozambique, Peru and South Africa.Empress' cornerstone asset is the Tahuehueto silver project in Mexico, which is expected to reach commercial production in Q4 2024. The company also holds a gold stream on the Galaxy mine in South Africa, which is undergoing an expansion to reduce costs and increase revenue. With cash flow from operations and available credit, Empress is well-positioned to make additional accretive investments and further grow its revenue base.According to David Rhodes, Executive Chair, Empress trades at a significant discount to peers, with comparable royalty and streaming companies trading at an average of 25x operating cash flow. Even at a conservative multiple of 10x cash flow, Empress' projected 2025 revenue implies a fair market cap several times higher than its current valuation. This valuation disconnect provides investors with an attractive entry point and significant upside potential as the company executes its growth strategy.Empress benefits from an experienced management team and strategic partnerships, including a relationship with Endeavour Financial, which provides a strong pipeline of potential investment opportunities. If the revenue growth story plays out and the market takes notice as all predicted by Rhodes, Empress shares have strong re-rating potential to trade more in line with peer valuations.In the current macroeconomic environment of high inflation, geopolitical tensions, and economic uncertainty, precious metals are attracting significant investor interest as safe-haven assets. Royalty and streaming companies like Empress provide an attractive way to gain exposure to rising gold and silver prices with a lower risk profile than mining operators. As investors increasingly turn to precious metals as portfolio hedges, companies with growth prospects, like Empress, present an interesting investment opportunity.View Empress Royalty's company profile: https://www.cruxinvestor.com/companies/empress-royaltySign up for Crux Investor: https://cruxinvestor.com