Platinum Group Metals Explode Higher as Physical Demand Overwhelms Supply

Interview with Troy Boisjoli, CEO of ATHA Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-district-scale-uranium-discovery-potential-in-untested-basin-7260Recording date: 27th June 2025ATHA Energy Corp. (TSXV: SASK) has delivered significant exploration results from its Angilak Uranium Project in Nunavut, Canada, marking a pivotal breakthrough for the uranium exploration company. The results from the first two drill holes of their 2025 exploration program demonstrate both new discovery potential and continued expansion of their established resource base.The company's maiden drill hole at the KU Discovery Target successfully intersected uranium mineralization within the previously undrilled Angikuni Basin, validating years of systematic geological work. The hole intersected 7.1 meters of composite mineralization, including 0.7 meters of high-grade uranium with radioactivity readings reaching 18,490 counts per second. CEO Troy Boisjoli emphasized the significance: "First hole along a 31 km long trend across a basin with no drilling in it and we hit mineralization in the first hole."Concurrent with the new discovery, ATHA successfully extended mineralization at their flagship Lac 50 deposit, which hosts a historic resource of 43 million pounds of uranium at 0.69% grade. The drilling extended mineralization approximately 100 meters down-dip, demonstrating the deposit remains open and unconstrained.The geological features encountered bear striking similarities to the world-class Athabasca Basin, home to some of the highest-grade uranium deposits globally. The drill hole intersected a 23-meter-wide graphitic fault zone with approximately 90 meters of structural offset, conditions historically associated with significant uranium deposits.ATHA's management team brings proven uranium development experience from Cameco and NexGen operations, providing execution capability for advancing projects through development stages. The exploration success occurs against strengthening uranium market fundamentals, with CEO Boisjoli noting: "The absolute reality is that we do not have enough pounds at a significant scale to meet demand."The 2025 exploration program comprises approximately 10,000 meters of diamond drilling, focusing on expanding the Lac 50 footprint while systematically testing regional targets along the 31-kilometer trend.View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Recording date: 25th June 2025Compass, episode 20Tether, the company behind the USDT stablecoin, has acquired a 37.8% stake in Elemental Altus Royalties Corp, marking a significant development for the mining royalty sector. The transaction, executed at $1.55 per share through purchases from La Mancha and another shareholder, and grants Tether the right to acquire up to 51.8% of the company.The investment brings unprecedented financial firepower to the mining space. Tether generates over $5 billion annually in cash flow from its $100+ billion in deposits, which are invested in U.S. treasuries yielding 4-5%. To contextualize this scale, Tether's annual revenue is five times larger than Franco Nevada's $1 billion revenue, positioning it as a potentially transformative force in mining sector capital allocation.This move aligns with Tether's hard asset philosophy and anti-fiat currency stance. The company already operates a gold-backed stablecoin and holds approximately seven tons of physical gold, making mining royalties a logical expansion area. Importantly, Tether retained Elemental's existing management team, including CEO Frederick Bell and CFO David Baker, signaling a disciplined approach focused on fundamental value creation rather than aggressive growth at any cost.The market response has been positive, with Elemental's stock price rising from $1.55 to $1.80 following the announcement. Industry observers believe this could trigger broader rerating of mid-tier royalty companies as cryptocurrency-derived capital enters the sector. The transaction represents potential crossover between cryptocurrency and precious metals investors, both sharing anti-fiat currency philosophies.For the mining industry, this development addresses persistent capital constraints and introduces substantial new liquidity. The investment likely represents the beginning of Tether's mining sector involvement, with potential for additional investments across the value chain as the company seeks hard asset exposure for its massive cash flows.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, President & CEO of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/gold-copper-developers-disciplined-approach-to-project-advancement-7086Recording date: 25th June 2025Revival Gold (TSXV:RVG) is accelerating development of its Mercur gold project in Utah, positioning itself as a near-term producer in response to favorable market conditions and regulatory advantages. The company's strategic decision to prioritize Mercur over its larger Beartrack Arnett asset in Idaho centers on the Utah project's location on private land, which enables a faster two-year permitting timeline compared to federal land requirements.The Mercur project targets 100,000 ounces of annual gold production through open-pit heap leach operations, with construction planned for early 2028. CEO Hugh Agro emphasized the project's advantages, noting existing infrastructure proximity to a 40,000-person town eliminates the need for worker camps while providing immediate road access and office facilities.Revival Gold has launched an aggressive 13,000-meter drilling program to convert 40% of Mercur's inferred resources to measured and indicated categories while exploring expansion opportunities. The deposit represents a historically significant Carlin-type system, the first identified in the United States, with artisanal mining previously producing one million ounces at seven grams per ton.The company's valuation proposition appears compelling, trading at 0.15 times price-to-net asset value with Mercur alone carrying $750 million NAV at $3,000 gold. This represents substantial upside potential, with historical precedent suggesting developer valuations can reach 60-80 cents per dollar of underlying NAV once in production.Revival Gold's broader strategy encompasses a 6 million ounce resource base across both Utah and Idaho projects, offering organic growth without external acquisitions. The management team brings extensive mining experience from major companies including Hecla and Eldorado, with a demonstrated track record of delivering projects on time and budget.The favorable gold price environment, driven by central bank diversification away from US dollar reserves, provides additional support for the company's development timeline and project economics as it advances toward production.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Christopher Taylor, Chairman, and Claudia Tornquist, President & CEO ,of Kodiak Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-bc-porphyry-explorer-advances-from-discovery-to-resource-stage-in-2025-6573Recording date: 25th June 2025Kodiak Copper Corp (TSXV: KDK) has announced a significant milestone with its maiden mineral resource estimate for the MPD copper-gold project in British Columbia, marking the culmination of six years of systematic exploration. The resource encompasses four of seven identified mineralized zones, revealing 300 million tons of mineralization grading 0.42% copper equivalent for indicated resources and 0.33% for inferred resources.The scale of the discovery positions MPD among British Columbia's significant copper deposits. Founder and Chairman Christopher Taylor noted that using equivalent cutoff grades to nearby mines, the project contains "between 2 and 3 billion pounds of copper equivalent roughly, and that's worth more than $10 billion in the ground in resource." This substantial resource base provides the foundation for what could become a major mining operation in the region.Despite the impressive resource scale, Kodiak trades at approximately $50 million market capitalization, presenting what management views as a significant valuation disconnect. President and CEO Claudia Tornquist highlighted this opportunity, noting that comparable British Columbia copper companies with established resources "trade at 150 million, 200 million or more."The timing appears strategically advantageous given the global copper supply shortage. Tornquist emphasized that "the pipeline of projects, of exploration projects, development projects in the copper sector are at an all-time low," while demand accelerates from AI infrastructure and renewable energy transitions.Looking ahead, Kodiak expects to complete its full seven-zone resource estimate by year-end, with the remaining southern zones containing significant near-surface, high-grade mineralization. The company has secured funding for 5,500 meters of additional drilling, with results expected through autumn.Given the project's scale and characteristics, management anticipates eventual acquisition by a major mining company, as porphyry projects of this magnitude typically require major company involvement for development. The maiden resource provides the concrete numbers necessary for institutional evaluation and potential merger and acquisition discussions.View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Barry O'Shea, CEO, Highland CopperRecording date: 18th June, 2025Highland Copper Company emerges as one of the most compelling investment opportunities in the U.S. critical minerals sector, operating a fully permitted copper development project positioned to address America's growing strategic mineral shortage. Led by CEO Barry O'Shea, who brings 15 years of mining finance expertise including successful value creation at Fiore Gold, the company's Copperwood project in Michigan's Upper Peninsula represents a rare construction-ready copper mine in domestic U.S. markets.The project's economics demonstrate exceptional leverage to copper prices. At $4 per pound copper, Copperwood delivers $170 million NPV with 18% IRR, but at $5 copper, NPV jumps dramatically to $510 million—a 300% increase from just 25% higher copper prices. This sensitivity positions Highland Copper to benefit significantly from ongoing copper market tightness and the metal's critical role in electrification and defense applications.Highland Copper's competitive advantage extends beyond economics to its regulatory position. Unlike competitors facing years of permitting uncertainty, Copperwood holds all seven required Michigan state permits and operates on private land, eliminating federal NEPA process delays. This fully permitted status, combined with 22 formal government resolutions of support and a proposed $50 million state grant, creates unprecedented government backing for a private mining venture.The company's capital structure reflects institutional confidence, anchored by Orion Mine Finance's 28% equity stake, which provides both patient capital and a clear path to construction financing. With targeting a construction decision by first half 2026 and an 11-year initial mine life producing 30,000 tons of copper annually, Highland Copper addresses the urgent need for domestic copper production.As O'Shea emphasizes, "What the US needs now is projects that can be built and not ones that are sitting at first drill hole." This construction-ready status positions Highland Copper as a strategic play on America's industrial renaissance and energy security objectives, making it a standout opportunity in the critical minerals space.Learn more: https://www.cruxinvestor.com/companies/highland-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO, Metals ExplorationOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-gold-producer-targets-500m-annual-cash-flow-by-2028-6846Recording date: 18th June, 2025Metals Exploration is executing a strategic transformation from a single-asset gold producer to a diversified mining company operating across the Philippines and Nicaragua. The company's Runruno mine in the Philippines currently generates $96 million in annual free cash flow while producing 70,000-80,000 ounces of gold, providing the financial foundation for aggressive expansion plans.The centerpiece of this growth strategy is the January 2025 acquisition of Condor Gold in Nicaragua, where Metals Exploration is rapidly constructing a new gold mine targeting 140,000 ounces annually by Q4 2026. Unlike previous development attempts constrained by external financing requirements, the company is using internal cash flows to optimize mine design, targeting 1.4 million tons annually compared to Condor's original 880,000-ton plan.CEO Darren Bowden brings 17 years of South American mining experience, positioning the company to navigate challenging jurisdictions where political risk perception creates entry barriers for competitors. The team has quickly established credibility in Nicaragua, securing contracts with the country's four largest companies and demonstrating operational progress that previous management failed to achieve over 12 years.In the Philippines, Metals Exploration is advancing multiple opportunities to extend operations beyond Runruno's 2026 closure. The most immediate prospect involves a VMS deposit 20 kilometers away containing zinc, copper, and gold mineralization. The company plans to repurpose existing plant infrastructure with a $20 million investment, targeting $1 billion in annual revenue by 2028.The investment thesis centers on exceptional cash flow generation, production growth from 70,000 to 140,000+ ounces annually, and significant cost advantages in both jurisdictions. Operating debt-free with drilling costs approximately 75% below US levels, Metals Exploration maintains financial flexibility while advancing multiple development pathways.With gold prices above $3,500 providing substantial margins and the company's self-funded approach eliminating dilution risk, Metals Exploration represents a compelling growth story in underexplored, politically complex markets where operational expertise creates competitive advantages.Learn more: https://www.cruxinvestor.com/companies/metals-exploration-plcSign up for Crux Investor: https://cruxinvestor.com

Recording date: 18th June, 2025 The platinum group metals (PGMs) sector is experiencing a significant rally driven by fundamental supply-demand imbalances and emerging physical demand from China. Since May 1st, platinum has surged 33% while palladium has gained 12.5%, marking a notable shift in markets that had been in deficit for years without corresponding price appreciation.According to investment firm Olive Resource Capital, both platinum and palladium have operated in substantial deficits exceeding 500,000 ounces annually since 2022-2023, representing approximately 5% of their respective markets. The global palladium market totals roughly 9 million ounces annually, while platinum demand reaches about 7 million ounces, making these concentrated markets particularly sensitive to supply-demand shifts.The current catalyst appears to be genuine physical demand from China, where investors are substituting PGMs for gold purchases, creating actual warehouse drawdowns rather than paper trading. This physical buying is removing metal from available supply, creating tangible market tightness. The substitution effect extends beyond investment to jewelry markets, where platinum's discount to gold attracts price-conscious consumers.Supply-side pressures are intensifying structural constraints. South Africa, which produces 56% of global platinum, faces ongoing mine rationalization as deep, labor-intensive operations struggle with profitability at recent price levels. Meanwhile, Russia, contributing 26% of palladium supply, has been liquidating inventory to fund military operations, creating near-term oversupply but longer-term supply concerns.Industrial demand remains robust despite electric vehicle growth. Hybrid vehicles actually require more PGM content than traditional engines due to thermal management needs, while broader industrial applications for emissions reduction continue expanding.The combination of persistent deficits, Chinese physical demand, South African supply rationalization, and stable industrial consumption has created conditions for sustained price appreciation. With only 18 months of above-ground platinum inventory and mine development timelines extending 7-10 years, supply response capabilities appear limited, potentially supporting a multi-year bull market in PGMs.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Moody, President & CEO of Pan Global Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-advancing-towards-maiden-copper-resource-7130Recording date: 20th June 2025Pan Global Resources (TSXV:PGZ) has delivered impressive operational and market performance in 2025, with CEO Tim Moody reporting a 50% share price increase driven by significant exploration breakthroughs at the company's Spanish copper-gold projects. The Vancouver-based mining company has strategically positioned itself in Spain's prolific Iberian Pyrite Belt, where recent drilling results are reshaping investor perceptions of the portfolio's potential.The company's most notable achievement centers on the Cármenes project in northern Spain, where initial drilling at the Providencia target has uncovered previously unknown gold mineralization extending well beyond historical mining operations. The discovery includes impressive intersections of 46 meters at 1.1 grams per tonne gold, alongside high-grade copper-cobalt-nickel zones approaching 3% copper equivalent over 4-meter intervals."All three holes have hit gold, which wasn't known before, wasn't extracted before, but over quite wide intervals," Moody explained, emphasizing the unexpected nature of the discovery. The geological system appears to be extensive, with one intersection spanning 110 meters of consistent gold mineralization, indicating significant scale potential for future resource development.Pan Global has dramatically expanded its exploration opportunity through helicopter-borne geophysical surveys, identifying 20-30 additional targets across a 3-4 kilometer area around the initial discovery. This systematic approach has multiplied the company's prospects at minimal incremental cost, creating a robust pipeline for continued exploration.Meanwhile, the flagship Escacena copper project continues advancing toward a maiden resource estimate in the second half of next year. The project offers superior metallurgical characteristics compared to regional peers, with higher recoveries and concentrate grades translating to enhanced per-unit value.The company's strategic positioning has been further validated by the recent mining permit approval for neighboring Grupo Mexico's project, reinforcing Spain's supportive regulatory environment. With multiple near-term catalysts including drilling results expected within 6-8 weeks, Pan Global appears well-positioned to capitalize on favorable copper market fundamentals and European Union strategic mineral initiatives.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO of New Found GoldRecording date: 13th June, 2025New Found Gold Corporation has undergone significant leadership changes and adopted a development-focused approach under new management. The company appointed Keith Boyle as CEO in January 2025, following a complete board changeover in December 2024. Boyle brings four decades of mining experience and a track record of developing eight previous projects, describing his team as "mine builders."The company's flagship asset spans 110 kilometers in Newfoundland, containing 1.4 million ounces of indicated gold resources and 600,000 ounces of inferred resources. What sets this deposit apart is its exceptional grade distribution, with 75% of ounces concentrated in just 25% of the tonnage. This characteristic enables selective mining approaches that can prioritize high-grade material early in the mine life, supporting rapid cash flow generation.New Found Gold recently secured $63 million through a bought-deal financing led by major shareholder Eric Sprott, who maintained his 19% stake and committed an additional $20 million. This financial backing provides adequate capital to advance through development studies and supports the company's 80/20 capital allocation strategy - directing 80% toward project advancement and 20% toward high-grade exploration targets.The company benefits from strong government support, with Newfoundland targeting five new mines by 2030, and enjoys robust community backing through quarterly stakeholder meetings. Located just 15 kilometers from Gander, the project has access to skilled labor, with 80,000 people living within an hour's drive, many of whom are experienced mining professionals currently working fly-in/fly-out rotations elsewhere.A preliminary economic assessment due by June 2025 will provide the first comprehensive economic evaluation, examining various development scenarios including toll milling arrangements and optimal mine sequencing. The deposit's surface accessibility and visible high-grade zones reduce geological uncertainty, while multiple vein clusters offer flexibility in development approaches. This combination of proven management, high-grade accessible resources, and supportive operating environment positions New Found Gold to capitalize on favorable gold sector dynamics.Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Bo Sears, CEO of Helix ExplorationOur previous interview: https://www.cruxinvestor.com/posts/helix-exploration-lsehex-strategic-producer-targets-us-helium-supply-gap-6513Recording date: 18th June, 2025Helix Exploration presents a compelling investment opportunity as a self-funded helium producer positioned to begin commercial production by end of summer 2025. CEO Bo Sears leads a company with 355 million cubic feet of recoverable helium reserves in Montana's Rudyard Field, demonstrating a perfect drilling success rate with three productive wells from three attempts. The company's processing plant is two-thirds complete with critical membrane units arriving from Europe, positioning Helix to capitalize on helium's unique market characteristics where "there is no substitute for most of helium's applications by virtue of its atomic properties," as Sears explains.Unlike typical resource companies requiring continuous equity raises, Helix maintains a self-funding growth model that eliminates dilution risk while providing operational flexibility. The company projects $4 million gross annual revenue per well at $500 per thousand cubic feet helium pricing, with substantial margins driven by efficient drilling operations and low variable costs primarily related to compression power. This economic model supports organic expansion through cash flow generation rather than dilutive financing, a significant advantage in today's challenging capital markets.The strategic value of North American helium production has increased due to geopolitical tensions affecting major supply sources. With ongoing conflicts near Qatar's North Pars Field, US-based production offers supply security that supports long-term pricing stability. Helium's applications span from MRI machines to semiconductor manufacturing, creating inelastic demand that provides pricing power unavailable in substitutable commodities. As Sears notes, "you can't replace helium with hydrogen for obvious purposes. Think Hindenburg, right? On up the food chain to the MRI machines and the semiconductor manufacturing, there is no other element that can do what Helium does."Helix demonstrates operational excellence through strategic well spacing that allows one well to drain an entire square mile section, minimizing development costs while maximizing recovery. The company's partnerships with established operators Wacoda and Treasure State Drilling provide operational expertise while maintaining cost control. Infrastructure advantages include reliable power access, excellent road networks, and proximity to end markets, with a gathering system design that allows efficient integration of additional wells as production scales.Traditional exploration risks have been substantially reduced through proven reserves, successful drilling results, and an immediate production timeline. Management's 25+ years of industry experience and focus on operational benchmarks differentiate Helix from competitors facing execution challenges. The combination of immediate production timeline, self-funded growth capability, proven reserves, and exposure to a strategic commodity with inelastic demand creates a unique value proposition for investors seeking commodity exposure with limited downside and substantial upside potential in an essential but underappreciated sector.—Learn more: www.cruxinvestor.com/companies/helix-explorationSign up for Crux Investor: https://cruxinvestor.com