Capacitor Metals, a private company that holds the Blue River tantalum-niobium project in east-central British Columbia, near the town of Valemount. The property was acquired from Commerce Resources in 2024, and the conversation covers the company’s plan to go public on the Canadian Securities Exchange, the state of the project’s historic resource and studies, First Nations engagement, and financing.

TL;DR

Capacitor Metals is still a private company sitting on a historic (pre-2013, not compliant with current NI 43-101 standards under the company itself) tantalum-niobium resource at the Upper Fir deposit, with no new drilling done since taking over the project. CEO Grove said the company is targeting a listing on the CSE this fall, pending completion of an audit, an already-published technical report, and a financing of roughly C$5 million at 25 cents a share with a two-year warrant, which would put the company’s market cap at around C$20 million at that price. No new drilling is currently planned. Work is instead focused on a gap analysis by SRK Consulting to determine whether the project can move straight to a prefeasibility study, along with metallurgical test work aimed at separating tantalum from niobium without using hydrofluoric acid.

What have they done for shareholders lately?

Grove said the company has an internal scoping study from SRK Consulting and has engaged the firm to do a gap analysis to determine what is needed before a prefeasibility study can proceed. He described ongoing metallurgical work with SGS Canada under metallurgist Michelle Robert, aimed at producing a tantalum-niobium flotation concentrate, and said the company supplied over a tonne of material to a Horizon Europe-funded research program called Bloom in early 2025 for work on improving recoveries. He also mentioned a separate, smaller-scale trial in 2018 with metallurgist Alexander Krupin testing a process that uses ammonium fluoride instead of hydrofluoric acid to separate tantalum and niobium, which he said the company would like to fund further. On the regulatory side, he said the company has been meeting with the Simpcw First Nation, whose territory covers the project, and is waiting on a rescheduled meeting to sign an updated agreement and get an update on the Nation’s environmental assessment work.

How much money do they have and what are they spending it on?

The company is currently raising money through a financing priced at 25 cents a share with a two-year warrant, targeting about C$5 million. Grove said that amount should cover most of the prefeasibility work, the back end of metallurgical testing including the Krupin process, and the costs of getting listed. He separately estimated that satisfying all requirements up to a mining permit application, roughly 18 months out by his estimate, could cost closer to C$15 million in total, though he said the company does not want to raise that much at the current low share price. He also noted the company previously raised about C$500,000 in a founders round at 2 cents a share in 2024, and paid Commerce Resources 20 million shares (valued at 5 cents each) for the project itself.

Upcoming catalysts

Corporate: filing a prospectus with the BC Securities Commission and an application to list on the CSE, targeted for roughly the next four weeks from the interview, with listing hoped for early fall. Completion of the current C$5 million financing. A follow-up meeting with the Simpcw First Nation to sign an updated letter of expectations and get an update on the Nation-led environmental assessment. Technical: results from the SRK Consulting gap analysis, which will determine whether the project moves to a prefeasibility study or requires more drilling. Production of a tantalum-niobium flotation concentrate sample (10 to 20 kg mentioned) from the SGS metallurgical program. Possible additional funding decision from the US Department of Defense-linked Defense Industrial Base Consortium, which Grove said has told the company its application met program requirements but has not committed capital.

Risks

CEO Chris Grove named raising capital as the main near-term risk, since the company still needs to close its current financing to fund listing costs and technical work. The project’s resource and prior economic study are both historic and would need updating to meet current standards, and the SRK gap analysis outcome, including whether more drilling is required, is still unknown. First Nations engagement is ongoing but not finalized, with a scheduled meeting on the updated agreement having already been postponed once. Separating tantalum from niobium in a commercially viable way is a newer aspect of the economics that has not been proven at scale. Potential funding from the US defense consortium remains uncertain, and Grove said current US-Canada relations make that outcome less predictable.

Capacitor Metals CEO Interview

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