CruxCasts
Alex Edmans #02 - Is Your Belief System Under Attack?

Alex Edmans #02 - Is Your Belief System Under Attack?

July 31, 2020

Conversation with Professor Alex Edmans, author of 'Grow the Pie: How Great Companies Deliver Both Purpose and Profit,' and Professor of Finance at London Business School.

 

Confirmation bias affects us every day of the week in politics, health, racism and investing. We look at how confirmation bias affects our ability to make good investment decisions. And what can we do to make better investment decisions? We learn from Alex that there are ways we can change how we approach decision making.

 

So when doing our due diligence what do we believe? Alex gives fascinating real life examples of how people behave under circumstances. How does social media affect us? And how can we benefit if we get it right?

 

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Uranium Insider #16 - Back to Basics

Uranium Insider #16 - Back to Basics

July 31, 2020

In our latest chat with Justin Huhn, the Uranium Insider, we discuss the House Appropriations Committee's decision on the Uranium Reserve Fund. What are the expectations for the Cameco and Kazatomprom quarterlies? And getting back to basics for Uranium investing - we talk about the full cycle as more investors join the Uranium thesis.

 

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Canada Nickel (CNC) - Tesla Wants Clean Nickel - NetZero Nickel

Canada Nickel (CNC) - Tesla Wants Clean Nickel - NetZero Nickel

July 31, 2020

Interview with Mark Selby, CEO of Canada Nickel (TSX-V: CNC)

 

Now, here's something that some nickel commentators know about, but very few of them seem to talk about.

 

Let's talk about 'Clean Nickel & Dirty Nickel'. Elon Musk wants nickel. he wants it efficient and clean. large funds are bound to follow this lead. As will other automotive manufacturers.

 

Not all nickel is equal. We've discussed at length the advantages of disadvantages of nickel sulfide and nickel laterite, with both possessing different costs: high-cost mining (sulphide), low-cost mining (laterite), high-cost processing (laterite - +US$1Bn HPAL projects) and low-cost processing (sulphide - simple smelting). https://cruxinvestor.com/opinions/class-1-class-2-why-does-it-matter-for-investors/

 

However, the element that many are forgetting to this story regards the environmental footprint of nickel sulphide and nickel laterite; are laterite projects dirty? Is this a complete game-changer in the wake of Elon Musk's quarterly conference call requesting that nickel investors produce as much green, efficient and sustainable nickel as possible?

 

Selby's company, Canada Nickel Corp, has recently applied for a trademark: NetZero. This represents the Crawford Nickel Sulfide Project. Crawford is the 11th largest nickel sulphide resource in the world after just over 6-months of development. Not only is it a low-cost, global-scale asset, but it also has the potential to be carbon neutral during production. With EV manufacturers and regulators assessing their supply chains with a great deal more scrutiny nowadays, does this put Crawford into a league of its own? How will the big funds react? Have laterite projects just gone to the back of the queue?

Company page: https://canadanickel.com 

 

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Deep-South Resources (DSM) - Namibian Copper Player needs Capital to Deliver Growth

Deep-South Resources (DSM) - Namibian Copper Player needs Capital to Deliver Growth

July 31, 2020

Interview with Pierre Léveillé, President & CEO of Deep-South Resources (TSX-V: DSM)

 

Deep-South Resources has a large copper asset, the Haib project, in Namibia, serendipitously, in the deep South of the country.

 

The recent copper price revival can only be good news for Deep-South Resources, but its pockets are anything but deep right now. It needs to provide the market with some certainty that it can raise sufficient capital to get Haib into production, churning out copper.

 

With copper on the up, Deep-South Resources has the potential to time its entry nicely, and investors will be hoping the management team has the skillset to progress the copper project in an accelerated timeframe.

 

Company Page: https://www.deepsouthresources.com/

 

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Elemental Royalties - Classic Royalty Story: Start Small, Grow Big!

Elemental Royalties - Classic Royalty Story: Start Small, Grow Big!

July 30, 2020

Interview with Frederick Bell, Managing Director of Elemental Royalties

 

A royalty company with "good quality producing assets from day 1."

 

This is the latest royalty company to emerge onto the CVE. It has been trading privately for the last 3-years, and it has a portfolio of 6 royalties spanning across North America, South America, Africa and Australia. It seems to be the standard royalty story: start small, grow big.

 

The North American market generally values royalty companies with this conventional model highly, and Elemental Royalties' focus on precious metals is sure to add further momentum in this current gold bull run.

 

Bell is young and smart, but he will need to convince investors that their capital is best invested in Elemental Royalties rather than some of the other promising junior royalty companies with a precious-metals slant that are currently making waves.

 

Company Page: http://www.elementalroyalties.com/

 

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Pensana Rare Earths (PM8) - Breaking the Chinese REE Monopoly… with a Chinese Partner?

Pensana Rare Earths (PM8) - Breaking the Chinese REE Monopoly… with a Chinese Partner?

July 30, 2020

Interview with Paul Atherley, Chairman of Pensana Rare Earths (ASX: PM8)

 

Pensana Rare Earths is, you guessed it, a rare earths company. Its Longonjo NdPr project is situated in Angola.

 

Whilst the company is fairly new, founded in 2006 and listed in 2007, the market isn't attributing much value to it right now. The share price had been totally stagnant until 2018. Since 2018, the share price risen, but the company is still valued considerably less than its peers. What discount factor is in play here?

 

Pensana Rare Earths has recently received investment from the Angolan Sovereign Fund and has formed partnerships with some Chinese companies. Are investors concerned about the prospect of Chinese control? China controls the vast majority of the world's rare earth elements production, so considering Pensana Rare Earths had the opportunity to operate outside this monopoly, why has it opted for a Chinese partner?

 

Company Page: https://www.pensanametals.com/index.php/en/ 

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KORE Mining (KORE) - Californian Permitting Holding Back Sprott-Driven Gold Play?

KORE Mining (KORE) - Californian Permitting Holding Back Sprott-Driven Gold Play?

July 29, 2020

Interview with Scott Trebilcock, President & CEO of KORE Mining (TSX-V: KORE)

 

There is plenty to like about this story: low-cost, mid-tier gold production possibilities; Eric Sprott's involvement; possible monetisation from 3 other assets; and a strong and consistent management team who deliver on promises.

 

However, there are areas of concern. While the share price has seen some major momentum recently, KORE Mining is still valued much lower than its gold mining peers, despite an encouraging PEA for flagship Californian gold project, Imperial. Concerns around the Californian permitting process alongside ineffective marketing and investors' poor understanding of the story are all difficulties that KORE Mining's management team will have to tackle to creative accretive value for shareholders. They have lots of skin in the game, so one would expect them to address these issues with a sense of urgency.

 

What did you make of Scott Trebilcock and gold explorer, KORE Mining? How long will this gold bull market continue? Comment below and we will respond.

 

Company page: https://www.koremining.com/

 

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Blackstone Minerals (BSX) - Hot Nickel Play Accelerating Timelines

Blackstone Minerals (BSX) - Hot Nickel Play Accelerating Timelines

July 29, 2020

Interview with Scott Williamson, Managing Director of Blackstone Minerals (ASX:BSX)

 

We've spoken to Williamson several timers now and he is a straight-talker who answers our questions.

 

Blackstone Minerals is an Asian nickel explorer and developer targeting massive sulfides in Asia. The main focus right now is on the company's Vietnamese nickel project. It is low-cost, high-grade and district-scale with the potential of feeding the developing hub of battery manufacturing, Asia, with a large amount of the nickel it needs to grow. The company recently made a deal with EcoPro, a giant Korean cathode manufacturer. This has given Blackstone Minerals plenty of knowledge but also plenty of deliverables.

 

The company needs to have a PFS out in the next 9-months, followed by a bankable study with construction being earmarked for 2022. It's an extremely aggressive plan, and with US$7M in the bank, can Williamson and his experienced team deliver it? Is it even the right timeframe to be looking at in light of c current nickel prices? Will Blackstone Minerals hit the nickel market uptick at the right moment?

 

Company page: http://blackstoneminerals.com.au/

 

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Mark Selby #08 - Tesla, “Produce more Nickel. We will give you long-term contracts

Mark Selby #08 - Tesla, “Produce more Nickel. We will give you long-term contracts

July 26, 2020

Our weekly Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC) will help you stay ahead. Stay up to date by listening to our weekly market roundup on Nickel.

 

So, what events have transpired in the exciting world of nickel this week? Price movements are at the top of the list: nickel has gone from a low of c. US$11,000/t up to US$13,430/t today. It did actually hit a peak of US$13,512/t last week, but Selby attributes this to nickel trading in synergy with some momentum drivers around the Shanghai Index.

 

Just as the nickel price was starting to recede, Elon Musk, the figure of ultimate encouragement for nickel/battery metals investors, has told nickel miners to produce as more nickel in his quarterly call. He's clearly gearing up to go big and kickstart the EV revolution in style. After launching the mid-tier Model 3, Musk needs this to be the cash cow for his company. Many have regarded Tesla stock as immensely overvalued given sales figures, but the c. $35,000 Model 3 could be a real gamechanger, building on the success of the Model S and Model X; I'll hold off on the Cybertruck for now.

 

Major subsidisation packages in Europe alongside European vehicle manufacturers investing €250B in EV infrastructure, and the Chinese EV space needing to be rejuvenated are both reasons for nickel producers to be accelerating their production timeframes. After touching on some of the macro thematics beneath the surface of the nickel space, such as the immense difficulties surrounding the production of the huge amount of nickel that may be needed in the next decade, we touch on one of our favourite gold production stories, Karora Resources (TSX: KRR). Selby is already an expert on the Dumont Nickel-Cobalt Project, having developed and de-risked it substantially during his tenure of CEO of RNC Minerals. Karora Resources has sold its remaining interest in Dumont (28%) to Waterton for some cash upfront and a residual payout based on a future sale. The 3 low-grade, bulk-tonnage, advanced nickel projects have all been acquired in the last 6 weeks. BHP, OZ Minerals and Waterton have all moved to secure projects early. Is this a major sign of things to come? Time to pile into nickel?

 

Company page: https://canadanickel.com/

 

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Cypress Development (CYP) - Advanced, Large & Complicated Lithium Clay

Cypress Development (CYP) - Advanced, Large & Complicated Lithium Clay

July 26, 2020

Interview with Bill Willoughby, CEO of Cypress Development Corp. (TSX-V:CYP) 

 

There has been talk of lithium, like uranium, being used as a strategic commodity by the US administration in recent months as the world looks towards the EV revolution. However, despite these bullish whispers within the lithium space, there is very little capital currently available for new lithium projects. Will this be to the detriment of a small lithium junior like Cypress Development?

 

Cypress Development is a lithium clay development company that has recently published a positive PFS. Unfortunately for the company, the CAPEX is quite large, and this is likely to increase the company's difficulties around getting financed.

 

The first deliverable will be to get the lithium pilot plant funded. Will Willoughby opt for a strategic partner, or is an equity raise the best way to go?

 

Company Page: https://www.cypressdevelopmentcorp.com/

 

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