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    Richard Niehuser • ROTH Capital Partners

    Richard Niehuser's questions to TRX Gold Corp (TRX) leadership

    Richard Niehuser's questions to TRX Gold Corp (TRX) leadership • Q2 2025

    Question

    Richard Niehuser of ROTH Capital Partners inquired about the open pit potential at the Anfield exploration site, the filing timeline for the new PEA, the metallurgy of sulfide ores, and the status of negotiations regarding the government's joint venture share.

    Answer

    Stephen Mullowney (executive) confirmed that Anfield has shallow, open pit potential and that the PEA would be filed within 45 days. COO Richard Boffey clarified that the sulfide ore is not refractory and can be processed with standard grinding and flotation techniques. Regarding the government joint venture, Stephen Mullowney stated that negotiations are ongoing but are proceeding at a government pace, influenced by an election cycle.

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    Richard Niehuser's questions to TRX Gold Corp (TRX) leadership • Q4 2024

    Question

    Richard Niehuser asked about TRX Gold's commitment to funding growth via operating cash flow versus external equity, and inquired about the production timeline for the newly discovered Stamford Bridge zone and the potential shift to underground mining.

    Answer

    Executive Stephen Mullowney confirmed the current plan is to reinvest cash flow, citing the 55/45 JV structure as a key reason. He noted that significant infill drilling is required before the Stamford Bridge zone can be added to the resource plan, with timing dependent on cash flow. He clarified that a shift to underground mining is a longer-term strategy, likely 5-7 years away, which would occur when open-pit stripping costs become uneconomical.

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    Richard Niehuser's questions to American Resources Corp (AREC) leadership

    Richard Niehuser's questions to American Resources Corp (AREC) leadership • Q1 2024

    Question

    Richard Niehuser of ROTH Capital Partners asked for a timeline on meaningful production from the Marion facility, the scalability of the technology, and the potential for ReElement's process to be applied to lithium brines.

    Answer

    Chairman and CEO Mark Jensen explained that while the Marion facility just received its Certificate of Occupancy, the company is expanding capacity at its Noblesville facility in the interim, with a goal to have Marion operational within the calendar year. Jensen confirmed the technology's modularity allows for scaling and that it is highly effective for brines, capable of simplifying existing DLE flow sheets by replacing multiple steps and reducing partner CapEx and OpEx.

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    Richard Niehuser's questions to American Resources Corp (AREC) leadership • Q4 2023

    Question

    Inquired about the basis of cost competition with China, the operational status of American Carbon mines, expected revenue timing for carbon and rare earth products, the progress of the U.S. circular rare earth economy, and the production timeline for the Marion facility.

    Answer

    The company competes with China on a direct dollar-for-dollar cost basis, not including environmental credits, due to superior technology. American Carbon mines (Carnegie and Wyoming) are currently in development and not operating but are positioned to ramp up production timed with the spin-off. Q1 revenue will be low, with a significant ramp-up expected in Q2 from both carbon and ReElement. The circular economy is being built through key partnerships for end-of-life materials. The Marion facility is already producing lithium carbonate daily for customer qualification, with sales beginning.

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