By Lucijan Valkovic | Triangle Investor.

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As governments around the world compete to secure supplies of copper, uranium, rare earth elements, nickel, cobalt and other strategic minerals, the importance of new mineral discoveries is increasingly extending beyond traditional supply-and-demand dynamics.

Geopolitics, electrification, artificial intelligence, defence spending and the need to strengthen domestic supply chains are all reshaping the global mining landscape.

Against this backdrop, Eastport Critical Metals Corp. (TSXV: EVI; OTCQB: EVIIF) is building a portfolio of critical-mineral exploration assets in Botswana, one of Africa's established mining jurisdictions.

We talked with Daniel Major, who recently took over as CEO of Eastport, discussed the company's strategy, Botswana's mining environment and the exploration potential across the company's portfolio.

Major brings extensive experience in African mining and uranium, and his arrival comes at an important stage for Eastport. The company has six projects covering copper, uranium, rare earth elements, nickel, cobalt, PGMs and diamonds, with different assets at different stages of exploration.

The central theme of the strategy is straightforward: advance multiple projects while allocating capital toward the targets where relatively modest exploration spending could potentially create significant value.

“They’re all at that leverage point where they’re either nothing or something incredible.”

That approach reflects the inherently asymmetric nature of early-stage mineral exploration, while also recognising the need to remain disciplined about capital allocation.

Critical Minerals Are Becoming a Geopolitical Issue

Major's broader thesis begins with the changing definition of what constitutes a critical mineral.

The number of minerals classified as critical by major jurisdictions has expanded substantially over the years. Major argues that this reflects a much larger structural problem: the mining industry has not invested enough in exploration and mine development to meet the requirements of an increasingly electrified global economy.

Electrification is now affecting virtually every major industrial sector.

Electric vehicles require large quantities of metals. Renewable-energy infrastructure requires metals. Power grids require copper. Data centres require electricity and the infrastructure needed to deliver it. Defence technology is increasingly dependent on sophisticated electronics and advanced materials.

Artificial intelligence adds another layer to the equation because large-scale data centres require substantial amounts of electricity and grid infrastructure.

For Major, this creates a common thread connecting many apparently unrelated commodities.

“Everything is becoming electrified in one way or another.”

The implication is that demand for critical minerals cannot be viewed simply through the lens of individual commodities. Instead, multiple commodity markets are increasingly connected through the broader themes of electrification, infrastructure investment, technology and energy security.

At the same time, supply chains have become increasingly concentrated geographically.

Major pointed to the growing importance of geopolitics in determining access to strategic minerals and highlighted China's significant role in global mineral processing and supply chains.

Copper is an obvious example.

The metal is indispensable to electricity transmission and distribution, making it particularly important as countries expand power grids and electrify transportation and industry. At the same time, new copper mines can take many years to discover, permit, finance and construct.

That creates a strategic incentive for countries and companies to secure future supply before shortages become acute.

“If you want to put your hand on it, you want to make sure it’s coming your way, not somebody else’s way as well.”

This geopolitical competition is one of the reasons Major believes Africa is becoming increasingly important to the global critical-minerals landscape.

Why Botswana?

Botswana has traditionally been associated with diamonds, particularly following the development of the country's major diamond deposits.

But the country is now seeking to broaden its mining sector and attract exploration and development in other commodities.

For Eastport, Botswana provides an unusual combination of geological potential, infrastructure and relatively favourable operating conditions.

Major described his first impressions after returning to Botswana as strikingly different from his experience of the country decades earlier.

The country has developed significant infrastructure, including roads, power and established mining services.

Eastport's current portfolio reflects this infrastructure advantage. The company's projects are spread across Botswana, with several accessible by established roads and located close to existing mining operations or known mineral systems.

The company also sees Botswana's regulatory environment as an important part of the investment case.

Eastport's corporate materials describe Botswana as one of Africa's strongest mining jurisdictions, while the company notes its long history of large-scale mineral development and its strong ranking in international mining-jurisdiction surveys.

For an exploration company, jurisdiction matters because geological potential alone does not create shareholder value. A discovery must eventually move through permitting, financing, development and potentially production.

Major also highlighted Botswana's local workforce and the ability to build teams with experienced local geologists and other professionals.

The country is therefore not simply being used as a geographical base for exploration. Eastport's strategy is built around establishing a long-term Southern African critical-minerals platform.

A Portfolio Built Around Six Different Opportunities

Eastport's current project portfolio consists of six assets:

• Matsitama Copper Project
• Selebi East Nickel-Copper-Cobalt Project
• Semarule Rare Earth Elements Project
• Foley Uranium Project
• Jwaneng Diamond Project
• Keng Nickel-Copper-PGM Project

The projects are at different stages and have different levels of exploration risk.

Eastport's corporate website currently lists Matsitama as its largest project by land position at approximately 1,845 km², followed by Foley at 421 km², Selebi East at 1,232 km², Semarule at 250 km², Keng at approximately 169 km² and Jwaneng at 21.7 km².

Rather than treating every project equally, Major's strategy is to allocate capital according to the potential leverage offered by each exploration programme.

Matsitama: The Flagship Copper Opportunity

The Matsitama Copper Project is the centrepiece of Eastport's portfolio.

According to Eastport, the project covers approximately 1,845 km² across the Matsitama Schist Belt and consists of six licences. The project is adjacent to and along the regional mineralisation trend of several known copper deposits and mines.

The project benefits from substantial historical exploration, including more than 50,000 metres of drilling and extensive geochemical and geophysical datasets. Eastport has identified more than 20 copper exploration targets across the property.

One of the key areas is Nakalakwana Hill, where historical exploration established copper mineralisation.

Recent work has included drilling designed to better understand and define the mineralisation as well as reconnaissance work across larger regional targets.

Another important target is the Copper-Cobra anomaly, a large copper-in-soil anomaly extending for approximately 30 kilometres.

Major's strategy is to move beyond the areas that have already been drilled and investigate the much larger structural and geophysical system.

The company has been using geophysics to identify targets that could represent larger-scale mineralisation beneath the surface.

“We know there’s copper up there, but just it’s everywhere. And there’s copper mines, so that’s key.”

For Eastport, the attraction of Matsitama is therefore not simply the presence of copper. It is the combination of known mineralisation, a large land package, favourable geological structures, historical exploration data and numerous areas that remain underexplored.

Eastport's 2026 operational update reported completion of more than 4,000 metres of diamond and RC drilling across the Matsitama project, including work at Nakalakwana and reconnaissance drilling on regional targets.

Selebi East: Following a Proven Nickel-Copper System

The Selebi East Project is a nickel-copper-cobalt exploration project located approximately seven kilometres east of the historic Selebi Mines.

The significance of the project comes from its location within a well-established mineral district.

The historic Selebi operation produced substantial quantities of copper and nickel, while modern exploration and development activity in the broader area has renewed interest in the district.

Eastport has been conducting soil sampling and geological work designed to identify extensions and analogues to the mineralisation system.

Major described the exploration concept as relatively simple: if the geological indicators used historically to identify mineralisation at Selebi can be traced onto Eastport's ground, the company may have an opportunity to identify additional mineralised structures.

The company has identified targets for follow-up geophysics and drilling.

This is an example of the exploration strategy running through much of Eastport's portfolio: start with a known mineral system, identify the geological characteristics associated with mineralisation and then test whether those characteristics continue onto the company's licences.

Semarule: A Large Rare Earth Elements Target

The Semarule Rare Earth Elements Project is located within the Gaborone-Molepolole corridor and covers approximately 250 km².

Rare earth elements have become increasingly strategic because of their use in permanent magnets, electric motors, electronics, defence technologies and other advanced applications.

Semarule is particularly interesting because of the scale of the geological target.

Eastport has conducted gravity surveys and drilling designed to investigate a large geophysical anomaly.

The company's recent exploration has focused on understanding the geology and determining whether the geophysical anomaly is associated with a significant mineralised body.

Major highlighted an early drill result from the project during the interview, describing a hole that intersected 330 metres at 0.21% total rare earth elements, including the first 48 metres at approximately 0.64%.

He emphasised that additional assays and mineralogical work were still required.

That distinction is important. Early exploration results can demonstrate geological potential, but considerable additional work is required before mineralisation can be translated into a resource or economic project.

The next stage therefore involves additional drilling, assay results and mineralogical and metallurgical work.

The company's exploration programme has already advanced the project considerably from an early-stage conceptual target toward a better-defined geological system. Eastport reported that drilling at Semarule had intersected visual indicators consistent with a possible carbonatite intrusion, including fenite alteration, calcite veining and apatite-rich intervals.

Foley: Uranium Next to Letlhakane

For investors familiar with Major's background, the Foley Uranium Project is particularly noteworthy.

Foley covers approximately 421 km² in central Botswana and is located immediately north of the Letlhakane uranium deposit, owned by Lotus Resources.

The geological setting is important because the area hosts uranium mineralisation associated with palaeochannels and the Karoo sedimentary sequence.

Eastport has been testing geological concepts related to uranium mineralisation at Letlhakane and the surrounding region.

The company completed Phase 1 RC drilling across the project and identified uranium mineralisation within the interpreted channel system.

During the interview, Major described a high-grade zone within the channel and highlighted results reaching approximately 2,000 ppm uranium in one hole, with other holes returning values around 500 ppm.

The company's 2026 operational update reported more than 2,000 metres of Phase 1 RC drilling at Foley across two drill-hole fence lines immediately north of Letlhakane.

Eastport subsequently announced a uranium discovery at Foley in May 2026, followed by additional assay results in June.

For Major, Foley is therefore an asset that requires additional work but does not need to consume a disproportionate amount of capital.

The objective is to understand the channel system better and determine whether the mineralisation can be expanded.

Jwaneng: A Diamond Exploration Target

The Jwaneng Diamond Project is the smallest project in the portfolio by land area, covering approximately 21.7 km².

It is also fundamentally different from Eastport's other assets because it targets diamonds rather than metals.

The project is associated with a kimberlite target close to the world-renowned Jwaneng diamond mine.

Major openly acknowledged that diamonds have not historically been his primary area of expertise. However, Eastport's geological team has identified indicator minerals and geochemical characteristics that support further testing.

The next critical step is drilling.

As Major explained during the interview, the project could change dramatically depending on the outcome of that initial drill test.

This is perhaps the purest example of Eastport's exploration philosophy: a relatively small exploration expenditure can potentially determine whether a geological target becomes a significant discovery or is ultimately abandoned.

Keng: Nickel, Copper and PGMs

The final project in the portfolio is the Keng Nickel, Copper & PGM Project, covering approximately 169 km².

Keng is located on the northern edge of the Molopo Farms Complex, a mafic-ultramafic intrusive complex that has attracted comparisons with the Bushveld Complex in South Africa.

Eastport is investigating the potential for nickel, copper and platinum group element mineralisation.

Historical drilling and geophysical work have provided the basis for a new exploration model.

The company has identified a large nickel-in-soil anomaly associated with a gravity anomaly and subsequently completed electromagnetic work to identify conductive targets.

The company's interpretation focuses on the possibility of massive sulphide feeder systems rather than simply reproducing historical exploration models.

For now, Keng remains a higher-risk exploration opportunity within the portfolio.

A Focused Exploration Strategy Rather Than a Project Generator

With six assets, Eastport could easily become a classic exploration company with too many projects and insufficient capital to advance any of them meaningfully.

Major says that is not the objective.

Eastport intends to advance projects rather than simply generate targets and hand them to other companies.

At the same time, the company is open to corporate transactions when a project no longer fits naturally within Eastport's portfolio.

That could involve a sale, joint venture, spin-out or other transaction.

The underlying principle is that capital should continue to flow toward the projects where it can create the most value.

“You have to keep adding value to these projects.”

This philosophy is particularly important in Africa, where maintaining exploration momentum can be critical to preserving project tenure and building relationships with governments and local communities.

It also means that Eastport's portfolio should not necessarily look the same several years from now.

A discovery could become the company's primary focus, while another project could potentially be transferred to a partner better positioned to develop it.

What Comes Next?

Major's near-term priorities are relatively clear.

Matsitama sits at the top of the list, with additional geophysics and drilling intended to identify larger copper targets across the extensive land package.

Semarule follows closely, particularly as the company works through additional drilling and assays from the large rare-earth target.

Selebi East represents another potentially high-leverage exploration programme, with drilling planned on selected targets.

Foley is expected to receive additional drilling to better understand and follow the uranium-bearing channel system.

The smaller programmes at Jwaneng and Keng require substantially less capital but could potentially generate significant changes in the portfolio if their respective exploration hypotheses are confirmed.

This creates an unusual portfolio structure.

Rather than depending on a single commodity, Eastport has exposure to copper, uranium, rare earths, nickel, cobalt, PGMs and diamonds.

At the same time, the projects are concentrated geographically in Botswana, allowing the company to build knowledge, relationships, infrastructure and operational expertise within one jurisdiction.

The Investment Case Comes Down to Exploration Leverage

The attraction of an exploration company is ultimately tied to what happens between geological potential and a defined economic resource.

Eastport is still operating in that exploration phase across much of its portfolio.

There are no guarantees that any individual target will become an economic deposit.

But the company is attempting to construct a portfolio in which relatively small exploration programmes can potentially produce material changes in the value of individual assets.

The strategy also benefits from Botswana's established mining infrastructure and long history with the natural-resources sector.

Eastport's corporate materials state that cumulative historical and current expenditures across its portfolio are approaching CAD$20 million, while the company has already advanced multiple drilling programmes across copper, rare earths and uranium.

The next phase will be about converting exploration concepts into increasingly well-defined geological targets and, where warranted, resources.

That means assays, drilling, geophysics, metallurgy and eventually economic studies.

For investors watching Eastport, the key question is therefore not simply whether the company has a large portfolio.

It is whether one or more of these projects can make the transition from exploration target to significant mineral discovery.

A Portfolio Positioned for a Changing Critical-Minerals Market

The global critical-minerals market is undergoing a structural transformation.

The combination of electrification, artificial intelligence, grid expansion, defence requirements and geopolitical competition is increasing the strategic importance of mineral supply.

At the same time, the mining industry faces long development timelines and a history of insufficient exploration investment.

Eastport is positioning itself within that broader trend through a concentrated Botswana portfolio.

Matsitama provides the large-scale copper exposure.

Semarule offers rare earth potential.

Foley provides uranium exposure.

Selebi East brings nickel, copper and cobalt.

Keng adds nickel, copper and PGMs.

Jwaneng provides a diamond exploration opportunity.

The portfolio is therefore broad in commodities but concentrated geographically, giving Eastport the opportunity to build a specialised operating platform in Botswana.

For now, the company remains an exploration story.

The coming drill programmes and assay results will determine which of these geological concepts ultimately move forward.

And that is precisely where the leverage lies.

As Major put it when discussing the company's portfolio:

“We have real leverage.”

The next 12 months could therefore be particularly important for Eastport as it continues to test its highest-priority targets and determine where additional capital can generate the greatest exploration value.

For a company operating in a jurisdiction with established mining infrastructure and a portfolio spanning several of the commodities at the centre of the global critical-minerals race, the exploration results will be the ultimate test of the strategy.

This article is based on an interview with Daniel Major, CEO of Eastport Critical Metals, conducted by Triangle Investor. It is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Readers should conduct their own due diligence and consult a qualified financial adviser before making investment decisions.