Company Interviews

Interview with Bart Jaworski, CEO of Group Eleven Resources
Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-ballywire-germanium-grades-jump-on-new-assays-11918
Recording date: 13th October 2026
Group Eleven Resources has added 270 metres to the 1,600-metre high-grade strike at its Ballywire discovery in Ireland, a 17% increase. The step-out hole, the first on a new drill fence, returned nearly 6.5 metres of 7.9% zinc-lead and 14 g/t silver. That included close to 3 metres of 11% zinc-lead and a 1-metre core grading 22% with nearly an ounce of silver. Copper-silver mineralisation also appeared beneath the zinc horizon. Ballywire sits about 20 kilometres from Glencore’s Pallas Green deposit.
About 420 metres away, a second step-out into undrilled ground intersected 30 metres of nearly 4% zinc-lead. That interval included 7 metres of 10% zinc-lead with more than an ounce of silver. The drill rods became stuck at 421 metres, so the hole only touched the start of the underlying copper-silver zone. Elsewhere, hole 61 extended copper-silver mineralisation 120 metres down dip, with 7.7 metres of about an ounce of silver and 0.8% copper.
Taken together, CEO Bart Jaworski says the results significantly de-risk the southwest trend the company first identified in March.
The broader thesis rests on scale. So far, the discovery covers only one of four gravity anomalies along a 6-kilometre trend. Possible northern and southern parallel trends add further upside, as does copper consistently showing up beneath the zinc. Jaworski describes the deposit as a hybrid of classic Irish zinc and the copper-silver style of the past-producing Gortdrum mine. He argues this setup reduces metallurgical risk, because the metal zones are naturally separated and there are no oxides.
Funding is in place. A C$12 million bought deal in April underwrites a fully funded 70,000-metre, four-rig programme over two years, with about 51,000 metres at Ballywire. Sixteen holes are currently in progress. Management expects to decide on timing for a maiden resource estimate within 12 to 18 months. Metallurgical work and germanium economics are additional catalysts still ahead.
—
Learn more: https://cruxinvestor.com
Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Sapan Ghai, CCO of Sovereign Metals Ltd.
Recording date: 8th October 2026
Sovereign Metals Limited is developing the Kasiya project in Malawi, which the company describes as the world’s largest rutile deposit. Kasiya also contains a large graphite co-product and a heavy rare earth concentrate identified during recent test work. Chief Commercial Officer Sapan Ghai outlined how the project’s commercial and funding strategy has changed over the past year.
The most significant change is the role of the US government. Ghai said the US State Department and other agencies approached Sovereign roughly nine months ago. Their focus was on how Kasiya’s minerals could be processed in Malawi into products suitable for US aerospace, defence and industrial end uses. Ghai has since briefed policy makers, including the White House Council of Economic Advisers. He described the Washington engagement as covering offtakes, funding and knowledge sharing. His position is that if the US wants Kasiya’s minerals, it should help finance the build.
The second change is Rio Tinto’s step back. Rio Tinto invested roughly A$60 million and built its stake to just under 20%, but has declined to take on operatorship. Ghai attributes this entirely to Rio Tinto’s new strategy, which concentrates on copper, aluminium, iron ore and lithium. He stressed that no technical red flags were raised. The DFS was completed with Rio Tinto’s input, and Ghai expects outcomes within plus or minus 5% to 10% of its estimates. Former Rio Tinto staff have joined Sovereign, and the company’s build team has constructed around a dozen mines in Africa.
On offtakes, most rutile is expected to go to Japan for titanium metal production. That route connects Kasiya to an established supply chain serving US aerospace and defence primes. Ghai said a leading Japanese titanium producer has confirmed the rutile can be used for all end purposes. Around 70% of Kasiya’s graphite is refractory grade, used in electric arc furnaces. Sovereign holds a non-binding marketing arrangement with Traxys North America for US sales. Traxys participates in Project Vault, the US critical minerals stockpile initiative. Rare earth offtake discussions are at an early stage.
The funding plan is the central investment question. Ghai’s working assumption is peak funding of about $750 million. Around $450 million would come from DFIs such as the IFC, DFC and AFC, and about $300 million from equity and offtake-linked finance. The company wants equity to be the final piece, after permitting, binding offtakes and a FEED study are complete. Ghai targets that position by the end of Q1 or in Q2 2027, with a financing solution tabled within six to nine months.
The heavy rare earth stream adds optionality. Scoping-level work suggests a roughly $30 million add-on could generate around $80 million a year in profit over 23 years. Ghai estimates Kasiya could meet about 35% of US yttrium requirements.
Learn more: https://www.cruxinvestor.com/companies/sovereign-metals
Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLC
Our previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-deeper-drilling-points-to-bigger-copper-system-11059
Recording date: 8th October 2026
Cobra Resources plc (LSE:COBR) is a South Australian explorer advancing two projects: the Manna Hill Copper Project in the Nackara Arc and the Wudinna rare earth project, which targets in situ recovery. This summary covers Manna Hill, where the company reported a material drilling update on October 2026.
The update concerns a slim-line RC programme designed as a fast, low-cost test of lateral extent. After 23 holes and around 2,000m of drilling, Cobra has extended copper anomalism at the Blue Rose prospect a further 600m west, lifting the known corridor from 1.6km to beyond 2.2km of strike. At Blue Rose West, hole MHRC0029 intersected anomalous copper over 32m from 52m, with coarse chalcopyrite logged in chips.
The programme also found copper in two skarn units not previously drilled. Shadow Rose, about 300m south of Blue Rose, returned up to 60m of continuous copper anomalism in each of two holes, with oxide copper from around 10m depth. Neptune Rose, about 500m north, intersected copper sulphides at two depths in hole MHRC0024. All three zones remain open, and up to 35 holes remain to be drilled.
The important caveat is that no grades have been reported. The observations are visual and pXRF-based, and the company explicitly warns they are not a substitute for assays. First results from ALS are expected within four to six weeks. Investors should treat the update as evidence of geological footprint, not of economic grade. Reported intervals are also downhole lengths, and true widths are expected to be narrower.
The grade benchmark comes from earlier work. Historic hole RABR822 returned 47m at 2.2% Cu and 0.76 g/t Au from 11m, and Cobra's January 2026 drilling returned 74m at 1.02% Cu and 0.25 g/t Au from 70m. CEO and Managing Director Rupert Verco said he hopes current results will be similar to those reported in March.
Management has stated ambitious scale goals. Verco said the board believes the skarn system could deliver more than 1 million tonnes of contained copper and that a porphyry at depth could take the total above 5 million tonnes. No resource has been estimated, and these figures should be read as aspirations.
Cobra's strategy is to build a shallow skarn inventory first, then fund deeper porphyry exploration from a higher valuation to reduce dilution. Diamond drilling earlier in 2026 logged hydrothermal breccia, anhydrite veining and potassic-associated copper, which the company interprets as evidence of a porphyry source. The current campaign also tests the Anabama Hill and Netley Hill porphyry targets.
On the corporate side, Cobra has a £47.7 million market capitalisation at 4.2p as of 18 August 2026. It will hold 6.45 million Barton Gold shares at final settlement and is due A$9.5 million in further payments.
Key watch-items are first assays, eastern Shadow Rose drilling more than 2km from current holes, results from Anabama Hill and Netley Hill, and follow-up diamond drilling at Blue Rose.
Learn more: https://www.cruxinvestor.com/companies/cobra-resources
Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Blake Hylands, CEO of Lithium Ionic Corp.
Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-non-core-asset-sale-injects-30m-to-fast-track-bandeira-11443
Recording date: 24th September 2026
Lithium Ionic Corp. (TSXV:LTH) is a Canadian lithium developer advancing the Bandeira hard-rock lithium project in Minas Gerais, Brazil. The project sits in an established lithium district, alongside Sigma Lithium's Grota do Cirilo operation and the CBL Cachoeira mine, which has produced lithium since 1991. CEO Blake Hylands outlined how the company plans to move Bandeira from engineering into construction.
The company's financial position has improved materially. Lithium Ionic has closed the sale of its non-core Salinas asset, and Hylands said it now holds almost C$30 million in cash after closing costs. The company's presentation showed roughly C$12 million at the end of March 2026. The sale also delivered a 2% royalty and a further US$7.5 million deferred payment still to be received. This cash funds engineering and pre-construction work while permitting and financing are completed.
Permitting is the key near-term catalyst. Hylands said the federal process is being finalised, which will return the project to the state committee for a vote expected to begin within about two months. The company is targeting permits in hand by the end of 2026. The permit has not yet been granted. The construction licence application was first submitted in November 2023.
Bandeira's economics are built on a low capital requirement. The September 2025 feasibility study estimated initial capital of US$191 million, including contingency, supporting a post-tax NPV of US$1.45 billion and a 61% post-tax IRR. These figures used Fastmarkets forecast pricing, with a near-term assumption of US$1,392 per tonne of SC6. The project is designed to produce an average of 177,000 tonnes of spodumene concentrate per year over an 18.5-year mine life. Hylands said spot prices are currently between US$2,000 and US$2,500 per tonne. At those levels, he estimates the NPV is closer to US$2 billion with an IRR near 100%. The company's January 2026 sensitivity at a US$2,515 per tonne spot price showed a US$1.8 billion NPV and a 102% IRR.
Offtake terms provide downside protection. Binding five-year agreements with Yahua Group and Grand Chen, signed in March 2026, are priced at market with no discount and a floor of US$1,000 per tonne. Hylands estimated all-in sustaining costs at about US$650 per tonne, meaning the company would be profitable on every tonne sold under the agreements. A US$20 million prepayment tied to the offtake will be released at the final investment decision.
On financing, management expects 60% to 65% of the roughly US$191 million to US$200 million requirement to come from debt. Institutional shareholders have signalled interest in the equity portion, which Hylands expects to be modest and ideally raised at a higher share price after key catalysts.
The timeline targets permits and substantial financing progress by the end of 2026, with long-lead items ordered and construction beginning thereafter. Production is targeted for the end of 2027 or early 2028. Key risks include permitting delays, the terms and timing of debt financing, construction cost inflation and spodumene price volatility.
View Lithium Ionic's company profile: https://www.cruxinvestor.com/companies/lithium-ionic-corp
Sign up for Crux Investor: https://cruxinvestor.com/subscribe