Grizzle Critical Minerals Roundtable (Summary Notes)
A few weeks ago we hosted our critical minerals roundtable and are coming to you today with a detailed summary of everything the speakers discussed.
The conference left us with some key takeaways about the supply, demand and price outlook for many of the most in demand commodities today and is well worth a read.
Panelists Include:
Mark Bishop Lafleche – CEO, Ecora Resources (royalty and streaming company focused on critical minerals such as copper, cobalt, rare earths, uranium and others)
Terry Lynch – CEO, Power Metallic (explorer focused on nickel, copper and platinum group metals)
Corey Dias – CEO, Anfield Energy (uranium developer)
Christian Easterday – CEO, Hot Chili (copper developer)
Rob Weir – VP Corporate Development, Lithium Royalty Corporation (lithium royalty owner)
Aurora Davidson – CEO, Amerigo Resources (copper producer)
Focus:
1. Macro and Demand Trends – Where the market is headed, and the outlook for both demand, supply and prices.
2. Supply & Capital Challenges – What companies are doing to meet demand and are they doing enough?
3. Company Specific Catalysts & Summaries
1. Demand Outlook
A. The Case for Copper
Metal: Copper
Speakers: Christian Easterday, Aurora Davidson
Copper is indispensable to electricity transmission, renewable energy infrastructure, and electric vehicles.
Christian Easterday emphasized that over the next 25 years, the world must produce more copper than in all of human history to meet energy transition targets.
Rising electrification and global infrastructure spending, especially in emerging markets, is straining existing copper supply chains.
Speakers agreed that there is a critical underinvestment in exploration, particularly for copper and nickel, despite growing global demand.
Exploration budgets peaked in 2011 and have not returned to those levels.
The shortage of large, new discoveries is alarming given that mines take decades to bring online.
Without a significant increase in exploration activity, the sector risks running out of projects that can replace aging mines.
Industry experts noted that investor reluctance and regulatory delays have compounded this issue, creating a looming gap between supply and future demand.
B. Uranium and U.S. Nuclear Security
Commodity: Uranium
Speaker: Corey Dias
Uranium demand is rising globally as countries reconsider nuclear energy as a clean, reliable option.
The U.S. currently imports over 90% of its uranium. This creates strategic vulnerability.
Dias outlined how Anfield Energy’s Shootaring Mill can act as a “domestic cornerstone” for nuclear fuel supply.
The U.S. government has implemented procurement programs and subsidies to secure local uranium sources.
C. Lithium Market Volatility and Recovery
Metal: Lithium
Speaker: Rob Weir
While lithium prices corrected from all-time highs in 2022–2023, they remain well above historical averages.
Rob Weir pointed to sustained demand growth from battery manufacturing and EVs.
Lithium Royalty Corporation is positioned across low-cost assets with Tier 1 operators.
The company anticipates the supply side will remain fragmented, while OEMs (original equipment manufacturers) increasingly secure supply directly from miners.
D. Importance of Nickel for EV Batteries
Metal: Nickel
Speaker: Terry Lynch
North American electric vehicle manufacturers prefer nickel sulfide deposits for cleaner battery chemistry.
Lynch noted that sulfide processing is lower cost and produces fewer carbon emissions than laterite.
Power Metallic's “Nisk” project in Quebec benefits from cheap hydropower and a supportive regulatory environment.
The company is working closely with First Nations and the provincial government to fast-track development.
E. Geopolitics and National Resource Control
Metals: All discussed (uranium, copper, lithium, nickel)
Speakers: All
Governments across the U.S., Canada, and Europe are moving to reclaim control of critical mineral supply chains.
This includes using tariffs, domestic content rules, defense acts, and funding to reduce reliance on foreign-controlled sources.
The panel believes this realignment will last decades and represent a “generational opportunity” for investors and developers in the West.
Speakers believe The American government is now fully awake to this challenge and will act quickly and significantly to counter it.
2. Supply and Capital Deployment
A. Financing Constraints in Mining
Metals: All
Speakers: Marc Bishop Lafleche, Terry Lynch, Rob Weir
Traditional financing for mining projects, such as equity or bank debt, has become more difficult due to market volatility.
Royalty financing has become an increasingly popular alternative. This model allows investors to receive a percentage of a mine’s revenue in exchange for upfront capital.
Royalty-based investment is less risky for the miner and offers a stable return for the financier.
Companies like Ecora are able to step in where traditional funding sources have paused, especially for projects nearing development but not yet producing.
These flexible financing tools are helping unlock mineral supply that would otherwise be delayed.
B. Long Lead Times to Production
Metals: Uranium, copper, lithium
Speakers: Corey Dias, Christian Easterday
Mines are not “turnkey” businesses. A project may take 7–15 years from discovery to first production.
Even with permits, construction, infrastructure (e.g., roads, water), and community approval take time.
Anfield benefits from its permitted mill. Hot Chili is investing in desalination to address water supply.
Downstream capacity (processing plants, smelters, battery factories) is often a bigger constraint than the mine itself.
C. United States Executive Orders
Metals: Uranium
Speaker: Corey Dias
For the first time, companies like Anfield Energy are experiencing meaningful alignment between federal agencies and industry.
Recent executive orders have directed U.S. agencies to prioritize domestic uranium development to ensure energy security.
The Department of Energy and Bureau of Land Management are now accelerating permitting timelines for eligible projects.
These actions reduce the risk for developers and speed up the timeline from exploration to production.
Dias emphasized that Anfield’s experience is not unique, and other U.S.-based uranium developers are expected to benefit from the same streamlined process.
D. Social License to Operate
Metals: Nickel, copper
Speakers: Terry Lynch, Christian Easterday
Public and First Nations support is increasingly important.
Projects that meet environmental and social standards attract more stable investment and faster permitting.
Hot Chili’s use of seawater and solar energy is a model for sustainable development.
Terry Lynch said community involvement from day one improves transparency and reduces conflict.
E. Fragile Lithium Supply
Metal: Lithium
Speaker: Rob Weir
Despite forecasts of surplus, many lithium producers are under severe financial strain.
Several mines are requesting government relief, including export rebates and reduced royalty payments.
Chinese operator CATL closed a mine that generated significant waste and required extensive processing, signaling growing concern over sustainability and profitability.
Analysts suggest that if one more large-scale project shuts down, the market may swing back into a supply deficit, pushing prices higher.
Rob discussed how this fragility reflects the broader reality that lithium remains in high demand but is challenging to produce at scale profitably.
3. Company-Specific Highlights
Power Metallic
Metals: Nickel, copper, cobalt, platinum group metals
Speaker: Terry Lynch
Nisk Project in Quebec is one of the highest-grade undeveloped nickel sulfide assets in Canada.
Drilling and metallurgical work are advancing; initial resource estimate is expected soon.
Power Metallic is aiming to drill 100,000 meters by 2026 to significantly expand its known resource.
The polymetallic system contains roughly equal parts copper, nickel, and platinum group metals, which diversifies the company’s revenue streams.
Future plans include acquiring more land, advancing exploration technologies, and preparing for feasibility studies.
Lynch noted that discoveries of this type are rare and historically associated with some of the world’s most valuable mines.
The company’s low capital intensity and location near hydroelectric power are key differentiators.
Anfield Energy
Commodity: Uranium
Speaker: Corey Dias
Anfield owns Shootaring Mill in Utah – one of only three licensed uranium mills in the U.S. This is a key strategic asset and larger companies have been circling and acquiring shares in private and public transactions.
The mill can serve as a hub for regional uranium deposits including Velvet-Wood and other Utah properties.
The company is a potential beneficiary of Department of Energy uranium contracts.
Aims to restart production within two years and expand reserve base concurrently.
The company has applied for listing on the NASDAQ stock exchange to access broader capital markets and attract institutional investors.
Dias emphasized that Anfield’s progress reflects broader policy support and a rare window of opportunity in the nuclear fuel cycle.
Ecora Resources
Metals: Copper, cobalt, vanadium, nickel
Speaker: Mark Bishop Lafleche
Almost fully transitioned away from thermal coal to a clean-energy portfolio.
Discount to NAV implies the company is in decline, when it instead expects royalty income to grow 70% over the next 5 years, a potential opportunity for investors.
Starting in 2025, Ecora expects a strong increase in free cash flow as base metal royalties come online.
Owns royalties on 10+ development-stage projects expected to start producing between 2025–2027.
Business model provides inflation-protected, commodity-linked cash flows.
Ecora’s diversified portfolio allows it to benefit from growth in multiple sectors simultaneously, including electric vehicles, wind, and solar infrastructure.
Amerigo Resources
Metal: Copper
Speaker: Aurora Davidson
Processes tailings from El Teniente, one of the world’s largest copper mines.
Generates cash flow from “recycled” copper, reducing environmental footprint.
Has returned >90% of free cash flow to shareholders since 2021.
Debt-free status expected by end of 2025.
Amerigo follows a disciplined capital return strategy, balancing regular quarterly dividends with opportunistic share repurchases.
Lithium Royalty Corporation
Metal: Lithium
Speaker: Rob Weir
Lithium Royalty Corporation owns 35 royalties, but the market currently assigns zero value to most of them due to price volatility.
Focuses on Tier 1 operators and low-cost, high-quality projects.
The company expects significant cash flow from its Brazilian and Australian royalties beginning in 2025.
A recent sale of a small royalty stake for 28 million U.S. dollars provided capital for share repurchases.
The company believes its undervalued assets could offer large returns as lithium prices stabilize or recover.
Weir noted that well-positioned royalties can generate high returns even in uncertain markets due to their fixed percentage structure.
Hot Chili
Metal: Copper
Speaker: Christian Easterday
Costa Fuego is a 2-billion-pound copper project in Chile, one of the largest not owned by a major and has an estimated 20–30 year mine life potential.
Water supply is a critical factor in Chile, and Hot Chili is developing a dedicated desalination system through its Huasco Water initiative.
The company is in advanced discussions with potential partners to co-develop both the copper project and the water infrastructure.
Easterday emphasized that the project’s large scale, secure water supply, and long life make it one of the most attractive copper opportunities in the world.
Aims to begin construction readiness by 2026 pending final permits.