Interview with Clinton Booth, Managing Director of Green Critical Minerals Ltd.

Recording date: 29th July 2025

Green Critical Minerals (GCM) has executed a strategic transformation from traditional mineral exploration to advanced technology manufacturing, positioning itself at the forefront of the rapidly expanding thermal management market. Under Managing Director Clinton Booth's leadership, the company has acquired Very High Density (VHD) graphite technology that addresses a critical challenge in modern computing: efficiently cooling increasingly powerful microchips in data centers and high-performance computing applications.

The technology represents a significant breakthrough in thermal management. VHD graphite can handle 300W of power demand compared to just 200W for traditional copper and aluminum heat sinks of identical design when operating at 70 degrees—a 50% performance improvement. This enhanced capability directly translates to reduced cooling costs, lower electricity consumption, and decreased water usage for data center operators, who typically spend 30-40% of their operating costs on cooling systems.

GCM's market opportunity is substantial and growing rapidly. The heat sink market for data centers alone was valued at $17 billion in 2023, while Nvidia's chip sales to the data center sector exploded from approximately $4 billion in 2023 to over $40 billion in 2024, demonstrating the explosive growth driving demand for advanced thermal solutions.

The company has developed a dual-channel go-to-market strategy targeting immediate revenue through online retailers and industrial suppliers, followed by high-volume contracts with data center and semiconductor customers. GCM's modular manufacturing approach requires only $500,000 per production module and can scale capacity 6-8 times within 3-6 months, targeting 40% gross margins.

Following a $7 million capital raise in June 2025 anchored by Terra Capital, GCM is well-positioned to capitalize on the intersection of AI growth and energy efficiency demands. The company targets first revenue in the first half of 2026, with strategic partnerships including GreenSquareDC providing real-world validation opportunities in the sustainability-focused data center market.

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Interview with Francis Macdonald, Director & CEO of Li-FT Power Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvlift-pioneering-lithium-exploration-in-canadas-yellowknife-region-5667

Recording date: 8th August 2025

Li FT Power (TSXV: LIFT) is taking an aggressive contrarian approach during the lithium market downturn, investing heavily in development activities while competitors have retreated or ceased operations. CEO Francis MacDonald has positioned the company for the anticipated market recovery through strategic leadership additions and substantial capital commitments.

The appointment of Anthony Peter Tse as chairman represents a significant strategic evolution. Tse's background as former CEO of Galaxy Resources, which transformed into Arcadium before being acquired by Rio Tinto for $6.7 billion, brings extensive lithium industry networks and operational expertise. "His background in lithium is pretty extensive and having operated a spodumene mine and also been involved in the downstream refining and conversion part of it," MacDonald noted.

Li FT Power is committing $7 million toward environmental baseline studies for its Yellowknife lithium project, a substantial investment for an exploration-stage company. This strategic decision addresses Canada's primary mining bottleneck - the permitting process, which requires two years of baseline data before environmental assessment can begin. The company aims to position itself "at the front of the line" when market conditions improve.

The Yellowknife project hosts a resource exceeding 50 million tons and features potential processing advantages through Dense Media Separation technology. This gravity-based approach leverages the density difference between spodumene and waste rock, potentially reducing operating costs compared to conventional flotation processing.

MacDonald remains optimistic about lithium fundamentals, citing 30% growth in electric vehicle sales and 60% growth in battery storage applications, driving overall lithium demand growth of approximately 20% annually. Recent lithium price increases of 30% from multi-year lows suggest the prolonged downturn may be ending.

Li FT Power's downstream integration opportunities around Edmonton, Alberta, offer additional value creation potential, taking advantage of existing chemical infrastructure and competitive operating costs in the region.

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Recording date: 5th August 2025

The global mining sector has reached a critical juncture in Q2 2025, driven by exceptional financial performance and fundamental policy shifts that signal a multi-year bull cycle ahead. Major gold producers delivered record-breaking results that have forced institutional investors to take notice, while government policy changes in key Western nations provide unprecedented structural support for the industry.

Leading the charge, Newmont Corporation achieved what may be its best quarter in company history, generating $2.99 billion in EBITDA and $1.3 billion in free cash flow at an average gold price of $3,320 per ounce. This translates to approximately $32 million in daily EBITDA and $18 million in daily free cash flow. Agnico Eagle demonstrated even superior efficiency, producing $2 billion in EBITDA and $1.3 billion in free cash flow while operating at roughly half of Newmont's production volume.

These exceptional results have created compelling investment dynamics. Agnico Eagle's current $8 billion annual EBITDA run rate makes it Canada's third-largest company by this metric, surpassing major banks and technology companies. This dramatic shift is forcing generalist portfolio managers to buy mining stocks to avoid significant tracking error against their benchmarks.

Simultaneously, both Australia and the United States have implemented price floor mechanisms for critical minerals and defense-critical metals. This represents a fundamental reversal from decades of policy neglect, acknowledging that Western nations effectively "exported pollution" to China while allowing it to build dominant refining capacity. China now controls approximately 66% of global copper flows and maintains near-monopolistic positions in rare earths, tungsten, and antimony.

Record profitability is enabling major M&A activity, exemplified by Royal Gold's $1 billion streaming deal with First Quantum at attractive mid-50% valuation multiples. This transaction demonstrates how mining companies are deploying their substantial cash flows for strategic growth, with the sector itself representing the largest pool of available investment capital.

The convergence of exceptional profitability, supportive government policies, and forced institutional participation suggests the mining sector is experiencing a generational revaluation rather than a typical cyclical upturn, positioning it for sustained outperformance across multiple years.

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Interview with Paul Ténière, CEO of Lafleur Minerals Inc.

Recording date: 4th August 2025

Lafleur Minerals Incorporated is emerging as a compelling opportunity in Quebec's prolific Abitibi gold belt, where CEO Paul Ténière is executing a strategic plan to become a near-term gold producer through recently acquired mining assets from Monarch Mining's bankruptcy proceedings in 2024.

The company's foundation rests on two key acquisitions: the Swanson gold project containing approximately 200,000 ounces of gold, and the Beacon gold mill, a fully refurbished processing facility. The Swanson deposit, located 50-60 kilometers north of Val-d'Or, sits on an existing mining lease originally granted to Agnico Eagle in 2009, significantly reducing typical permitting timelines that can extend for years.

Lafleur's near-term production strategy centers on bulk sampling 80,000-100,000 tons at Swanson for processing at the Beacon mill. This approach serves multiple objectives: metallurgical testing, revenue generation, and operational experience while maintaining capital efficiency. The company plans to implement ore sorting technology to enhance grade and reduce transportation costs.

The Beacon mill represents a critical strategic advantage, having been completely refurbished by Monarch with a $20 million CAD investment before the bankruptcy. With capacity ranging from 750-1,000 tons per day and potential expansion to 2,000-5,000 tons per day, the mill requires only $5-6 million CAD to restart operations.

Beyond immediate production, Lafleur targets regional consolidation across its expanded 180-square-kilometer land package, aiming to exceed one million ounces through systematic exploration of additional deposits including Bartec and Jolin targets. The company also sees opportunity in custom milling services, capitalizing on limited regional processing capacity.

Operating in an environment where gold has risen from $1,800 to above $3,300 per ounce since acquisition, Lafleur exemplifies how higher prices are revitalizing previously sub-economic deposits, particularly those with existing infrastructure and streamlined development pathways in established mining districts.

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Interview with Nic Earner, Managing Director & CEO of Alkane Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/alkane-mandalay-merger-reshapes-mid-tier-gold-landscape-7155

Recording date: 8th August 2025

Alkane Resources (ASX:ALK) has successfully completed its transformative merger with Mandalay Resources, establishing a dual ASX and TSX-listed gold and antimony producer operating three mines across Australia and Sweden. The strategic combination creates a mid-tier producer generating over 160,000 gold equivalent ounces annually with robust cash flow of nearly $100 million over the past twelve months.

The merged entity operates geographically diversified assets including the Tomingley gold mine in New South Wales, Costerfield gold and antimony mine in Victoria, and Björkdal gold mine in northern Sweden. This diversification across premier mining jurisdictions provides operational stability while reducing single-asset dependency risks that plague many smaller producers.

Management has outlined a clear three-pillar growth strategy focused on maximizing value from existing operations, pursuing strategic acquisitions of 80-120,000 ounce annual producers, and achieving market re-rating through enhanced scale and liquidity. CEO Nic Earner emphasized the company's commitment to operational excellence, noting "We have a culture within the group of making sure we deliver on guidance," with Alkane meeting production targets in all but one year since 2014.

The merger provides significant financial strength with pro forma cash of A$218 million and no meaningful debt obligations, enabling flexible capital allocation for organic growth and strategic acquisitions. Near-term catalysts include completing highway relocation at Tomingley, developing the True Blue extension at Costerfield, and optimizing higher-grade opportunities at Björkdal, supported by a $40 million annual near-mine exploration budget.

Management believes the combined entity's production profile and cash generation capabilities position it for valuation re-rating, with peer comparisons suggesting companies of similar scale typically trade above 1.4-1.5 billion Australian dollars in market capitalization. The dual listing strategy aims to broaden the investor base and improve liquidity, potentially facilitating inclusion in relevant mining indices and access to passive investment flows.

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Interview with Andrew Ferrier, Managing Director of Global Uranium & Enrichment

Recording date: 23rd July 2025

Global Uranium (ASX:GUE) has emerged as a compelling investment opportunity in the rapidly evolving uranium sector, strategically positioned to capitalize on America's growing need for domestic uranium production. Led by managing director Andrew Ferrier, the company has assembled a portfolio of assets and partnerships that address critical gaps in the US nuclear fuel supply chain.

The centerpiece of Global Uranium's strategy is the Pine Ridge project, a massive 70,000-acre uranium property in Wyoming's prestigious Powder River Basin. Acquired through a 50/50 joint venture with NASDAQ-listed Snow Lake for US$22.5 million, the project targets 24-51 million pounds of uranium potential, positioning it among the basin's top development opportunities. The strategic location, sitting between Cameco's Smith Ranch facility and Energy Fuels' northern operations, provides exceptional infrastructure advantages and geological confidence.

Global Uranium's competitive edge stems from proven permitting expertise that many uranium developers lack. Ferrier's team previously navigated the complex regulatory process to permit the Reno Creek uranium project, bringing rare technical knowledge to an industry where permitting failures have derailed numerous competitors. This expertise has already enabled rapid progress, with exploration permits secured and drilling operations commenced targeting a JORC resource by Q4 2025.

The company's investment strategy extends beyond traditional mining through its 22% stake in Ubaryon, a cutting-edge uranium enrichment technology company recently backed by Urenco, the Western world's largest enrichment operator. This partnership validates Ubaryon's chemical enrichment process, which could revolutionize nuclear fuel processing by bypassing traditional conversion steps.

With geopolitical tensions highlighting America's dangerous dependence on foreign uranium supplies, Global Uranium's domestic focus aligns perfectly with government priorities for energy security. As Ferrier notes, "The environment is very ripe in the US to support domestic production of US uranium," positioning the company at the forefront of America's uranium renaissance.

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Interview with Pat Ryan, Chairman & CEO of UCore Rare Metals Inc.

Recording date: 2nd August 2025

Ucore Rare Metals (TSXV:UCU) is positioning itself at the forefront of Western efforts to challenge China's overwhelming dominance in rare earth processing, a sector where the Asian giant controls 95% of global refining capacity. Led by automotive industry veteran Pat Ryan, the Canadian company has developed proprietary technology to process the critical materials that form the backbone of modern technology, from electric vehicle motors to defense systems.

The strategic imperative driving Ucore's mission has never been more urgent. China's recent restrictions on rare earth exports and reports of authorities confiscating passports of processing experts underscore the weaponization of supply chain control. "We're bringing the mid-market of the rare earth stream, the supply chain, and making sure that those building blocks of technology connect the mine upstream and the magnet makers downstream," Ryan explains.

Ucore's technological breakthrough centers on their RapidSX system, which revolutionizes traditional rare earth processing. Unlike massive Chinese solvent extraction plants that span football fields, RapidSX uses column-based technology requiring only one-third the space and operating as a closed system. This innovation translates to dramatic capital efficiency – their Louisiana facility will cost $65 million compared to $300 million for conventional plants.

The company has secured substantial validation through $18.4 million in U.S. Department of Defense grants, complemented by $15.5 million CAD raised from institutional investors in a funding round that closed within 24 hours. This backing supports their Louisiana commercial facility targeting mid-2026 production, focusing on heavy rare earths like dysprosium and terbium that China has restricted and Western defense applications desperately need.

With permanent magnet demand projected to grow 200% by decade's end, driven increasingly by robotics and artificial intelligence applications, Ucore's timing appears optimal. Their modular, scalable approach allows incremental capacity additions while serving diverse customer requirements across the Western supply chain that governments are now prioritizing for national security reasons.

View Ucore Rare Metals' company profile: https://www.cruxinvestor.com/companies/ucore-rare-metals-inc

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Interview with Simon Marcotte, President & CEO of Northern Superior Resource Inc.

Our previous interview: https://www.cruxinvestor.com/posts/northern-superior-resources-tsxvsup-high-grade-gold-found-below-planned-open-pit-7259

Recording date: 30th July 2025

Northern Superior Resources (TSXV: SUP) is emerging as the dominant player in Canada's Chibougamau gold camp through strategic consolidation and exceptional drilling results. The company recently reported outstanding intercepts at its flagship Philibert project, including 11.99 g/t Au over 9.1 metres with a spectacular 101 g/t Au over 1.0 metre, demonstrating world-class grades near surface.

CEO Simon Marcotte believes Chibougamau represents "the next big gold camp to be built" in Canada. The company has successfully transformed the camp's ownership structure from five different companies three years ago to essentially two players: Northern Superior and IAMGOLD Corporation. This consolidation creates the foundation for an efficient hub-and-spoke operation where multiple pits can feed a single processing facility.

The strategic positioning becomes particularly compelling given Northern Superior's proximity to IAMGOLD's Nelligan project, located just 9 kilometers away. IAMGOLD has publicly indicated that Chibougamau represents their next growth area, viewing the region as "a camp" rather than individual projects. This alignment creates significant potential for joint development or acquisition scenarios.

Recent acquisitions including Hazeur, Monster Lake East, and Monster Lake West have expanded Northern Superior's land package to over 68,000 hectares. The company has also discovered high-grade mineralization beneath its existing Philibert pit, providing a unique development scenario where open pit mining generates cash flow while accessing deeper, higher-grade material.

Northern Superior maintains a clean capital structure following three consecutive warrant-free financings, including a recent $5 million raise. With a combined resource base exceeding 3.3 million ounces across multiple projects and significant blue-sky exploration potential, the company appears well-positioned to capitalize on what Marcotte describes as "the only camp of this size that has yet to be controlled or owned by a major."

View Northern Superior Resources: https://www.cruxinvestor.com/companies/northern-superior-resources-inc

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