My notes from the Crux interview earlier this week for those interested. Should be out on you tube in coming days. Not the most interesting interview but some useful bits of info.

Intro

• Roughly 18 minutes (of which uranium was about 2 minutes, despite the behind the scenes suggesting it was a focus)
• 'soon to be produced' at end of next year
• Steve has been very busy
• Lithium market running very strongly in terms of fundamentals/price, lithium supply chain expanding significantly

Financials/DFS/Etc

• Near construction ready (still) and right place and right time
• Aiming to complete finance over the next few months
• Aim is construction by end of year
• Aim is production by end of 2022
• Downstream supply chain want to support upstream development
• Existing and new customers are showing a lot of interest
• Over coming months - complete all offtakes and complete finance
• FID goals sooner rather than later
• Driver is increasing price.Steve is hearing 700 US/t current price
• Customers need product urgently
• Are people nervous about future large amount of supply coming - Steve does not think so - there is a shortage of supply and it will get worse so price will rise. Its taken the world 50 years to get to current supply levels and now needs to triple in 3 years
• Financing:
  • 40% offtake in place
  • Over demand exists for the remaining 60% - enquiries from all over the world
  • Focus was significantly debt package - BUT now with level of support from new and existing customers so finance now likely to come primarily from customer financing
  • This is why the IRR, NVP numbers have not come out - but they will come out next quarter
• Quick build - 12-15 months from FID to production
• FID will be in Q3
• Long lead items - not ordered yet, but when FID lands contracts will be very much nearly in place, employment happening etc
• Employment - much easier to get good quality skills as its not FIFO
• No producer currently on ASX less than 2 Billion MC

Uranium

• Uranium is hot / of the moment
• CXO has high quality JORC compliant assets 9 million pounds
• Plus the exploration play in SA - could double the jorc
• They want to find a pathway to make these active - this will be a 'corporate or separate pathway'
• R&D happening in the background to try extend resources
• Only news will be corporate activity news - expect this to be in this year.

Gold

• How's is gold project? - yeah good….
• Gold exploration manager has been bought on board
• Drilling starts in a couple of weeks.

Attached is my understanding of what 2021 could look like based on recent company announcements, presentations and interviews.  Will be a massive year that should see significnat resource updgrades, a positive FID and maybe even some dirt being turned for construction.

Yeah i agree. This will be a multi year hold, that sees significant resource expansion, move into production, free cash flow in 24 months. Plus some really exciting gold, silver, copper and uraniun assets.  I am in at sub 5c so many bags already but I can see this one being special.

I agree Rhasma and the market has finally woken up to CXO. Big news with Yahua signing an supply deal with Tesla.  CXO has a binding offtake with Yahua and Yahua own 7% of CXO (so no prizes for guessing where Yahua will get there raw material from).