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Brunswick Exploration is a lithium-focused junior advancing the Mirage pegmatite project in Québec toward a maiden resource while pursuing greenfield discoveries in Greenland (drill-ready) and a Québec program at Anata with government co-funding. In this interview, Killian and I talked about stock overhang/insider buying dynamics, the lithium market outlook and timing to balance, Mirage targets, geometry, overburden/strip, alteration near a fault (cookeite) and its impact, metallurgy, drilling results, 2026 geochem, the boulder-field work, capital allocation/dilution strategies, Greenland permitting, local support, drill timing, and the broader strategy to maintain discovery breadth rather than a single-asset focus.
TLTW
- Strategy
Brunswick is running a barbell strategy where they want to deliver a defendable Mirage MRE around year-end while continuing greenfields to maximize discovery torque per dollar. Management refuses to over-spend on Mirage tonnage right now to avoid dilution, so limited infill may be added only where step-outs risk exclusion from the model. The aim is to enter the upcycle with more than one mine-scale option instead of a single “pray-for-the-cycle” asset. - Lithium Macro
Balance returns via demand growth, not supply cuts. Single-asset producers won’t voluntarily shut, as grid-scale storage tied to solar/wind and China’s heavy EV/heavy-truck uptake keep the load growing. Base case is market re-balances 2026–2028 (likely 2027), with price floor seen above prior-cycle lows. - Mirage
The internal target for the project is ~50Mt at >1% with geometry having to do the heavy lifting. Thin-dyke swarms at margins may still be bulk-mineable if dilution is managed, and alteration to cookeite near a fault is local and treated as waste. A mis-oriented 4 to 5km step-out missed, but 2026 soils/tills aim to vector under a shallow lake and toward a still-unsourced boulder field. - Metallurgy
Preliminary work indicates DMS amenability with a ~70% recovery target, which could avoid grinding, flotation and a second tailings stream and thus materially lowering capex/opex. Internal sensitivities show that each step away from DMS-only (to DMS+flotation, then flotation-only) could knock ~5–10% off IRR and ~US$100m off NPV (all else equal). Killian thinks the project is still financeable with flotation if needed, but further up the cost curve. - Money
The current ~C$3m working capital funds the MRE, according to Killian, as well as metallurgy and near-term fieldwork into 2026, aided by Québec cost-share at Anata. Recent lack of market buying is attributed to continuous activity/blackouts. Share price stuck in 10 to 15¢, largely due to an overhang from a financing with a LIFE component, according to Mr. Charles.
Brunswick Exploration CEO Interview With Killian Charles
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