CruxCasts

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-brazilian-gold-project-advances-toward-mid-2025-production-decision-7194Recording date: 30th July 2025Cabral Gold has released an updated pre-feasibility study (PFS) for its Cuiu Cuiu gold project in northern Brazil, showcasing compelling economics for a staged development approach. The company's Stage 1 operation targets oxide material in the top 60 meters through heap leach processing, requiring $37.7 million in capital expenditure while delivering a 78% IRR and payback period of just 7-8 months at current gold prices. The operation will process 3,000 tons per day, producing approximately 25,000 ounces annually over a 6+ year mine life, generating $50-60 million in pre-tax cash flow yearly.This cash-generative starter operation positions Cabral to self-fund Stage 2 development of the underlying hard rock resources without dilutive equity raises. The company currently holds 1.3 million ounces in indicated and inferred resources, with 300,000 ounces in oxide material and one million ounces in hard rock potential. Management believes the district-scale project could ultimately contain 5-10 million ounces, supported by over 50 unexplored targets and recent high-grade discoveries including 11 meters at 33 grams per ton at Machichie Northeast.Cabral benefits from proximity to G Mining's Tocantinzinho operation, leveraging shared infrastructure including upgraded road access and nearby grid power. The company holds trial mining licenses permitting immediate construction start, with full mining licenses expected by year-end 2025. Three drill rigs are currently expanding the hard rock resource base, with management targeting a resource update when reaching 2-2.5 million ounces to support Stage 2 scoping studies.Financing discussions are advanced with multiple parties interested in a combination of debt, streaming, and limited equity. Construction decision anticipated within three months, followed by 12-month build timeline targeting production in second half 2026. This strategy offers investors near-term cash generation while preserving significant exploration upside in an underexplored gold district.—View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Barnholden, CEO of Luca Mining Corp.Our Previous Interview: https://www.cruxinvestor.com/posts/luca-mining-tsxvluca-growing-significant-value-in-mexico-in-the-new-gold-bull-market-6317Recording date: 25th July 2025Luca Mining has emerged as a compelling turnaround story in the precious metals sector, transforming from financial distress to robust cash generation under CEO Dan Barnholden's leadership. The company operates two mines in Mexico: the Tahuehueto gold-silver mine in northwest Durango and the Campo Marado polymetallic VMS deposit in Guerrero State.The financial transformation has been remarkable. "When I joined we had a million in the bank and we had $18.2 million in debt. Today we sit with almost $25 million cash in the bank and $7.7 million in debt," Barnholden explained, representing a $40 million balance sheet improvement. The company generated $11.7 million in free cash flow during Q1 2025, positioning it to achieve annual forecasts of $30-40 million.Recent exploration success at Campo Marado has validated the company's strategic pivot toward high-grade gold zones. Surface drilling at the La Reforma zone intercepted 15.12 meters of 5.5 grams per ton gold, 150 grams per ton silver, and 8.5% zinc—significantly higher grades than current mining areas. This represents the first surface drilling into La Reforma since 2010, unlocking 15 years of untested potential.Operational improvements have been equally impressive. Campo Marado's mill capacity utilization increased from 60% to near-optimal levels at 2,100 tons per day, while Tahuehueto achieved commercial production in Q1 2025, producing 30,000-35,000 ounces of gold annually.The company's share price has tripled over 12 months, reflecting successful execution and favorable precious metals market conditions. Management is working on mill upgrades to double gold recovery from the current 25-30%, while exploring tailings reprocessing opportunities containing an estimated billion dollars worth of gold.With institutional ownership at just 6%, Luca Mining targets growth to 20% near-term, capitalizing on renewed investor appetite for precious metals exposure during what Barnholden describes as "a bull market for precious metals companies."Learn more: https://www.cruxinvestor.com/companies/luca-mining-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin van der Toorn, President & CEO of Greenheart Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/greenheart-gold-tsxvghrt-target-rich-cash-backed-and-ready-to-drill-7095Recording date: 28th July 2025Greenheart Gold presents a compelling investment opportunity in one of the world's most underexplored yet highly prospective gold regions. The company has rapidly established itself as a systematic explorer across five projects in Suriname and Guyana, advancing three to drill-ready status within just one year of operations. This accelerated development timeline demonstrates both the quality of the geological targets and management's execution capabilities in challenging frontier environments.CEO Justin van der Toorn brings proven Guiana Shield expertise, having previously contributed to projects now employing 400-500 people in active construction phases. This direct regional experience provides invaluable operational knowledge and stakeholder relationships essential for success in these jurisdictions. Vanatorne's hands-on leadership approach, including extended field presence at exploration camps, ensures real-time decision-making and intimate understanding of geological developments across the portfolio.The company's financial position provides significant strategic advantages with approximately $41 million in treasury funding multi-year systematic exploration programs. This substantial cash position eliminates near-term dilution risks and enables patient capital deployment based on geological merit rather than financing constraints. Management has demonstrated disciplined capital allocation, committing to systematic work programs while maintaining flexibility to optimize the project portfolio through selective advancement or divestment.Greenheart Gold's projects are strategically positioned within proven gold districts of the Guiana Shield, including areas proximate to operating mines and historical workings. The company implements rigorous technical standards including comprehensive QAQC protocols, modern analytical techniques, and systematic geological modeling to maximize discovery probability. With diamond drilling commencing at Miura Dam and multiple projects advancing toward drilling phases, the company offers leveraged exposure to discovery potential in a region experiencing renewed exploration interest from major mining companies. The convergence of experienced management, strong financial backing, and systematic technical approach positions Greenheart Gold for value creation through methodical exploration advancement in this highly prospective geological province.—View Greenheart Gold's company profile: https://www.cruxinvestor.com/companies/greenheart-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, President & CEO of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-fast-tracked-for-100k-production-by-2028-7341Recording date: 28th July 2025Revival Gold Inc. (TSXV: RVG) has successfully completed a $29 million Canadian financing round, marking a significant milestone for the gold developer as it advances two major projects in the western United States. The strategic investment was led by EMR Capital, a respected Australian mining investment firm founded by former Rio Tinto executives, who acquired a 12% stake in the company alongside Dundee Corporation's 5% position.The financing structure stands out for its investor-friendly terms, consisting entirely of straight equity without warrants, royalties, or debt instruments. This clean approach preserves Revival Gold's operational flexibility while providing governance benefits through EMR Capital's board representation. CEO Hugh Agro emphasized the significance of attracting such sophisticated investors, noting that EMR Capital "typically buys private assets privately" but was drawn to Revival Gold's team and western US prospects.The capital immediately funds an aggressive 50,000-foot drilling campaign across Revival Gold's flagship projects. At the Mercur project in Utah, the company plans 40,000 feet of drilling focused on converting inferred resources to measured and indicated categories to support a preliminary feasibility study. The program will deploy up to three drill rigs, with metallurgical testing building on previous results that achieved 84% average heap leach recoveries.Revival Gold has established a clear production timeline, targeting Mercur production by 2028 with formal permitting beginning in early 2026. The project benefits from private land ownership and Utah's favorable permitting jurisdiction, factors that attracted the strategic investors seeking "gold in good geography" with a "capital efficient" production model.The successful financing positions Revival Gold among well-funded North American gold developers, raising its pro-forma market capitalization to approximately $150 million Canadian and enhancing institutional accessibility. With substantial resources totaling 4.6+ million ounces across both projects and significant expansion potential, the company is well-positioned to capitalize on strong gold market fundamentals while advancing toward near-term production.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Caedmon Marriott, Managing Director of Western Mines GroupOur previous interview: https://www.cruxinvestor.com/posts/western-mines-asxwmg-building-australias-next-major-nickel-resource-6328Recording date: 28th July 2025Western Mines Group presents a compelling investment opportunity in the nickel sector, combining world-class resource scale with strategic market positioning as the commodity establishes a price floor. The company's Mulga Tank project near Kalgoorlie hosts Australia's largest nickel sulfide deposit, containing 5.3 million tons of nickel across a nearly 2 billion ton resource with 0.27% nickel grades. This positions Western Mines among the world's top 10 nickel deposits by contained metal.The investment thesis centers on three key pillars: exceptional resource quality, strategic timing, and significant exploration upside. The deposit demonstrates superior metallurgical characteristics with four times the sulfur content of comparable Canadian projects and grades 25% higher than peer operations. This sulfur-to-nickel ratio approaching pentlandite composition, combined with enrichment in chalcophile and platinum group elements, supports enhanced processing efficiency and recovery rates. The company's conservative approach using a 0.2% nickel cutoff—double the threshold employed by many competitors—demonstrates disciplined resource estimation practices.Market dynamics strongly favor Western sulfide producers like Western Mines. The nickel price has established a durable floor at $15,000 per ton, with Managing Director Caedmon Marriott noting that "absolutely nobody is making money at these prices," including large-scale Indonesian and Chinese producers. This supply discipline, combined with robust demand growth of 6-7% annually in stainless steel and over 10% in defense applications, creates favorable conditions for price recovery. The battery sector maintains 25-30% growth trajectories in Western markets, supporting long-term structural demand.Environmental regulations are creating additional advantages for Western producers. European battery passport requirements mandate detailed CO2 accounting, with nickel representing 30-35% of an electric vehicle's carbon budget. Western Mines' sulfide operation positions it at the bottom of the CO2 intensity curve, benefiting from increasing preference for "green nickel" and supply chain security considerations as buyers diversify away from Chinese-controlled Indonesian operations.The exploration upside provides significant optionality beyond the established resource. Recent drilling has identified 91 occurrences of massive sulfide evidence, including large immiscible sulfide globules described as "tennis ball-sized." This statistical abundance across limited drilling suggests a substantial massive sulfide system at depth. If Western Mines delineates a "Perseverance-style" deposit of 50 million tons at 2% nickel, it would dramatically accelerate development timelines and enhance project economics. Such a discovery would transform the project from a large-scale, low-grade operation into a hybrid system capable of supporting both high-grade standalone developments and integrated large-scale processing.Operational advantages include Western Australia's stable jurisdiction with established mining infrastructure and government support through exploration incentive schemes totaling $220,000 in recent grants. The deposit's shallow nature, with mineralization beginning at 50-60 meters below surface, and anticipated low strip ratios under 2:1 support cost-effective mining scenarios. The modular development approach, potentially scaling from 10 million to 40 million tons annually, offers risk-managed capital deployment.Current drilling programs focus on resource extension and massive sulfide targeting, with results expected to feed into metallurgical testing and scoping studies in early 2025. Western Mines represents a rare opportunity to access a world-class nickel asset at attractive valuations while the sector remains distressed, positioning investors for significant revaluation as market fundamentals improve and the energy transition accelerates demand for critical battery materials.View Western Mines Group's company profile: https://www.cruxinvestor.com/companies/western-mines-groupSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-african-gold-producer-targets-25m-ounces-over-five-years-7295Recording date: 25th July 2025Perseus Mining's June 2025 quarter results demonstrate the compelling investment case for this African-focused gold producer, with cash and bullion balances reaching $827 million on continued operational excellence. The company delivered 121,237 ounces during the quarter at all-in sustaining costs of $1,417 per ounce, generating substantial margins of $1,560 per ounce at current gold prices. This performance extends Perseus's track record of consistent operational delivery across its three African mines, with full-year production of 496,551 ounces at $1,235 per ounce costs.The company's financial strength provides a solid foundation for growth initiatives while supporting shareholder returns. Perseus has consistently beaten its own cost guidance over multiple years, demonstrating disciplined capital allocation and operational efficiency. CEO Jeff Quartermaine's conservative guidance approach has resulted in the company regularly delivering below the bottom end of cost ranges, building credibility with investors seeking reliable performers in the volatile mining sector.Perseus's growth trajectory centers on the Nyanzaga project in Tanzania, scheduled for January 2027 production startup. Recent drilling results show spectacular intercepts that could significantly extend mine life beyond the current 11-year projection, with potential underground development adding substantial value. The company's five-year outlook demonstrates sustainable production above 500,000 ounces annually, dispelling concerns about production declines.The investment appeal extends beyond operations to strategic positioning. Perseus's diversified African portfolio provides exposure to underexplored geology while management's proven track record of community engagement and government relations mitigates jurisdiction risks. The company's dynamic hedging strategy offers downside protection while preserving upside exposure in the current favorable gold price environment. With strong cash generation, disciplined cost management, and multiple growth catalysts, Perseus Mining presents a compelling opportunity for investors seeking exposure to a well-managed, growing gold producer positioned to capitalize on sustained precious metals demand.—View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Shawn Khunkhun, President & CEO of Dolly Varden Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/dolly-varden-silver-tsxvdv-drilling-to-grow-resources-make-new-discoveries-5506Recording date: 24th July 2025Dolly Varden Silver (TSXV:DV) has transformed from a $20 million exploration company into a near-$500 million entity under CEO Shawn Khunkhun's leadership, delivering exceptional 550% shareholder returns while positioning itself as a top-13 global silver equity. The company operates strategically in British Columbia's Golden Triangle, described by Khunkhun as "the richest 20 kilometers on planet Earth for silver and gold."The timing appears opportune as silver faces unprecedented market dynamics. Industrial demand now consumes 50% of silver production, compared to just 10% a century ago, creating a fundamental shift from traditional precious metals investment patterns. With annual demand exceeding supply by 200 million ounces over five years, the market faces structural deficits that pure-play producers like Dolly Varden are positioned to capitalize upon.Khunkhun's aggressive expansion strategy materialized in May 2025 with three strategic acquisitions that expanded the land package six-fold for merely 3% dilution. "For 3% dilution, we grew by 6,000%," he noted, highlighting exceptional value creation through leveraging $100 million in banked assessment credits.The company's operational excellence includes a 55,000-meter drilling program utilizing innovative directional drilling technology borrowed from oil and gas operations. This approach reduces costs while improving precision, targeting both high-grade silver veins and copper-gold porphyry systems across five past-producing mines.Operating advantages include established infrastructure, supportive local communities experiencing 85% unemployment, and jurisdictional stability in contrast to supply disruptions affecting traditional silver-producing regions like Mexico. With $50 million in cash and recent NYSE listing providing institutional access, Dolly Varden maintains financial flexibility for continued growth.Khunkhun's vision extends beyond exploration: "We're not here to make money. We're here to create wealth. This is not a trade. This is an investment." His ultimate goal involves creating the next major silver producer comparable to Pan-American or Hecla, positioning Dolly Varden among only ten primary silver producers globally in an increasingly supply-constrained market.View Dolly Varden SIlver's company profile: https://www.cruxinvestor.com/companies/dolly-varden-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Quinert, Executive Chairman of West Wits MiningOur previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-wwi-tolling-agreement-brings-production-date-closer-2663Recording date: 23rd July 2025West Wits Mining Limited (ASX:WWI) has released an updated Definitive Feasibility Study for its Qala Shallows gold project in South Africa, revealing dramatically improved economics that position the company as an attractive near-term gold producer. The study shows post-tax Net Present Value increasing from $246 million to $500 million USD, while the internal rate of return reaches 81%.Executive Chairman Michael Quinert attributes these improvements to higher gold price assumptions, rising from $1,850 per ounce to $2,850 per ounce based on Bloomberg consensus, alongside operational optimizations including lowering the cutoff grade from 2 grams per tonne to 1.31 grams per tonne. These changes extend the mine life from 9 to 12 years at steady-state production of 70,000 ounces annually.The company has secured $50 million USD in binding bank funding from ABSA Bank and the Industrial Development Corporation, with definitive legal documents signed. This funding structure significantly reduces dilution risk for shareholders while validating the project through comprehensive third-party due diligence. The debt facility includes standard commercial terms and hedging requirements structured through put options rather than full hedging arrangements.Production timeline has accelerated substantially, with ore extraction possible within eight weeks of recommencing operations. The project benefits from previous development work establishing infrastructure to the second level on ore, while Modi Mining has been engaged for contract mining services based on their extensive platinum field experience.West Wits Mining has secured a four-year evergreen toll treatment agreement with Sibanye-Stillwater, providing processing certainty while maintaining flexibility through multiple alternative options in the region. The company holds over 5 million ounces of resources within a compact footprint, with expansion potential to 200,000 ounces annually through "Project 200."Trading at approximately $75 million market capitalization, West Wits Mining presents compelling re-rating potential as it transitions from developer to producer, supported by improving South African infrastructure and the favorable gold price environment.View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-miningSign up for Crux Investor: https://cruxinvestor.com

 Interview with Trent Mell, CEO of Electra Battery Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/electra-battery-materials-tsxvelbm-ready-to-complete-build-4676Recording date: 22nd July 2025Electra Battery Metals is positioning itself at the forefront of North America's critical mineral security strategy by developing the continent's first cobalt refinery specifically targeting the battery market. The Canadian company's hydrometallurgical facility, located north of Toronto, represents a strategic solution to Western dependence on Chinese mineral processing capabilities.The company's business model centers on a stable tolling arrangement rather than commodity speculation. Through a five-year contract with LG Energy Solution, Electra will process cobalt hydroxide sourced from the Democratic Republic of Congo via partnerships with major mining companies Glencore and ERG. This material, which would otherwise flow to Chinese refineries, will be redirected and processed into battery-grade cobalt sulfate in North America."We've locked in a five-year supply contract with LG on a tolling basis, which provides us the margin that ensures we never go out of business," explained CEO Trent Mell. The arrangement targets approximately $30 million USD in annual EBITDA once the facility reaches full capacity of 6,500 tons, equivalent to supplying roughly one million electric vehicles annually.The project has attracted significant cross-border government support, with $20 million from the U.S. Department of Defense through the Defense Production Act and $20 million CAD from the Canadian government. This backing reflects the strategic importance of onshoring critical mineral supply chains amid growing national security concerns.Beyond the core refinery business, Electra is developing battery recycling capabilities through a joint venture with indigenous partner Aki, targeting black mass processing from battery manufacturers. The company's approach prioritizes predictable cash flows over market volatility, positioning it as a utility-like investment rather than a traditional volatile mining stock.With zero cobalt production currently existing in North America for batteries, Electra's first-mover advantage addresses a critical supply chain gap while supporting both civilian EV adoption and defense applications.View Electra Battery Metals' company proflle: https://www.cruxinvestor.com/companies/electra-battery-metalsSign up for Crux Investor: https://cruxinvestor.com 

Interview withGreg Huffman, CEO of Nuclear FuelsColin Healey, CEO of Premier American Urnaium Inc.Recording date: 21st July 2025The merger between Premier American Uranium and Nuclear Fuels represents a significant consolidation in the US uranium exploration sector, creating what executives position as America's leading exploration and development platform. Nuclear Fuels shareholders will receive 41% ownership of the combined entity, bringing $14 million in cash from their November 2024 financing round to support aggressive exploration programs.The combined company will operate the largest exploration drilling programs of any non-production uranium company in the United States. The Kaycee project in Wyoming alone has committed to over 100,000 feet of drilling in 2025, building on successful 2024 results that included both resource expansion and new discoveries. The project carries an exploration target of 11.5 to 30 million pounds of uranium, while the Cyclone project targets 8-12 million pounds. Combined with existing 43-101 compliant resources at the Sevieta project in New Mexico, the portfolio provides diversified exposure across the development spectrum.Both Wyoming projects benefit from critical proximity to existing licensed uranium processing facilities. Kaycee sits within 20 miles of Christensen Ranch and Nichols Ranch processing facilities, while Cyclone is positioned 12-14 miles from Lost Creek and Sweetwater Mill. This infrastructure access could significantly accelerate development timelines through satellite operations or toll milling arrangements, potentially providing faster cash flow generation compared to building standalone processing facilities.CEO Colin Healey noted the strategic advantage: "11.5 million pounds to me is beyond critical mass to be a satellite. I think that 2-3 years from now when those resources are probably potentially being delineated, the existing processing facilities in the US looking for feed and possibly expansion because there's going to be a push to grow uranium production in the US."The combined entity benefits from significant institutional support, including backing from Sachem Cove, IsoEnergy, and Mega Uranium. Nuclear Fuels maintains a strategic relationship with enCore Energy, one of the largest US uranium producers, which holds a buyback option on the Kaycee project at 2.5 times exploration costs once resources reach 15 million pounds. Rather than limiting upside, executives frame this as providing development partnership optionality and potential funding support.The enlarged company expects inclusion in major uranium ETFs, including URJ, URMM, and potentially URA, which could provide sustained institutional buying pressure. Plans for US listing following the merger target the larger US investor base and improved liquidity, addressing key challenges facing Canadian-listed uranium explorers.The transaction occurs against supportive federal policy tailwinds emphasizing domestic nuclear fuel security. Greg Huffman, CEO of Nuclear Fuels, emphasized: "There's going to be a huge push for domestic to reignite that domestic uranium and nuclear fuel supply chain." This policy support, combined with AI-driven electricity demand growth, positions the combined entity to benefit from anticipated uranium sector re-rating.While the merger creates compelling scale and strategic positioning, uranium exploration carries inherent geological and market risks. Resource targets remain unproven until confirmed through drilling, and cash flow generation remains years away. However, the combination of financial strength, infrastructure access, institutional backing, and supportive policy environment creates multiple value creation pathways for investors seeking exposure to US uranium exploration with significant upside potential.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

With Timothy Foden, Partner at Boies Schiller Flexner LLPRecording date: 21th July, 2025Mining companies facing government interference are increasingly turning to international arbitration as a legal remedy against sovereign risk. Timothy Foden of Boies Schiller Flexner LLP specializes in representing mining companies against states that expropriate assets or deny permits through arbitrary administrative actions, operating across jurisdictions including Poland, Tanzania, Peru, Morocco, and Mexico.The legal framework relies on bilateral and multilateral investment treaties established since the 1950s, which protect foreign investment through binding arbitration mechanisms under international law. Successful claims typically demonstrate that sovereign states acted arbitrarily or violated their own mining codes and administrative laws to disadvantage foreign companies.Boies Schiller Flexner's selective approach has yielded significant results, including a $331 million award against Poland for the Jan Karski coal project and three successful cases against Tanzania. The firm evaluates cases based on five criteria: evidence of legal breaches, substantial sunk costs, witness quality, treaty compliance, and the defendant state's ability to pay awards.Most cases require third-party litigation financing due to junior mining companies' limited resources. Specialist financiers evaluate legal merit and damages potential before funding cases, serving as an additional quality filter. The arbitration process spans approximately two years, with 18 months of written pleadings followed by evidentiary hearings and tribunal deliberation.Damages calculations vary by project stage, with production-ready projects potentially receiving net present value awards, while exploration-stage projects may receive "exploration multiplier" compensation based on sunk costs. Awards are enforceable globally wherever defendant states maintain assets, though collection depends on sovereign financial capacity.The firm currently handles active cases in Morocco, Ethiopia, Montenegro, Mexico, and Poland, while monitoring emerging risks like Ecuador's new per-hectare mining fees. As resource nationalism increases globally, international arbitration provides mining companies with meaningful recourse against sovereign interference, though success requires substantial preparation, financing, and legal expertise.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Frostad, President & CEO of Purepoint UraniumOur previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-partner-cash-funds-big-exploration-programme-6740Recording date: 21st July 2025Purepoint Uranium Group (TSXV:PTU) has announced a major uranium discovery at the Nova zone within their Dorado joint venture project with IsoEnergy, marking a potential transformation from pure exploration company to development prospect. The discovery, located in Saskatchewan's prolific Athabasca Basin, has delivered exceptional results that continue to expand with additional drilling.The Nova zone has produced increasingly robust mineralization, with the company reporting 14 meters of 11,000 counts per second and peak readings exceeding 110,000 counts per second. President and CEO Chris Frostad emphasized the discovery's growth trajectory, noting that initial holes yielded only 4 meters of similar-grade material, demonstrating significant expansion in both width and intensity. A successful 70-meter stepout to the northeast encountered even stronger mineralization, suggesting the discovery extends well beyond isolated pockets.Geologically, the Nova discovery presents unique characteristics that differentiate it from typical Athabasca Basin deposits. Rather than being directly associated with graphite horizons, the mineralization appears structurally controlled and positioned vertically against granite. This structural association aligns with emerging exploration trends in the basin and suggests a potentially new model for uranium mineralization in the region.The partnership with IsoEnergy provides strategic advantages over Purepoint's relationships with major mining companies. The joint venture structure offers greater operational flexibility, entrepreneurial approach, and aggressive development timeline while requiring Purepoint to fund only half of exploration costs. This arrangement amplifies the company's exploration capacity while maintaining significant project ownership.Operational constraints from swampy terrain will pause drilling until January when conditions freeze, but this allows deployment of heavier, more precise equipment while reducing helicopter costs. The discovery emerges amid strengthening uranium markets and growing governmental support for nuclear energy, particularly in the United States, where supply chain security has elevated uranium to strategic resource status.View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Noora Ahola, President & CEO of Mawson Finland Ltd.Recording date: 21st July 2025Mawson Finland, a TSX Venture-listed exploration company, is positioning itself as a compelling investment opportunity through its Rajapalot gold-cobalt project in Northern Finland's established Lapland mining region. The company, which spun out from Mawson Gold in 2023, offers investors exposure to 867,000 ounces of gold and 4,311 tons of cobalt in one of the world's most stable mining jurisdictions.The appointment of CEO Noora Ahola represents a strategic advantage for navigating Finland's complex regulatory environment. Her 12-year tenure with Finnish environmental administration provides crucial insight into permitting processes that often challenge international mining companies. "Working for the authority as an authority was very important. To get that kind of background is good for this job because it's all about the permitting," Ahola explained, emphasizing the importance of regulatory expertise and local community acceptance.Project economics appear increasingly attractive given current market conditions. The 2023 Preliminary Economic Assessment was conducted at $1,700 per ounce gold, while current prices exceed $3,300, suggesting substantial improvement in returns. At $2,000 gold, the internal rate of return increases from 27% to 37%, demonstrating significant leverage to metal price appreciation.Recent drilling campaigns totaling 22.8 kilometers over two winter seasons have identified additional ounces not yet incorporated into resource estimates. The company faces a strategic decision within the next two months between updating the current assessment or advancing directly to prefeasibility study level.The cobalt component provides additional strategic value beyond traditional economics. As a designated EU critical and strategic mineral, cobalt offers potential for accelerated permitting timelines not exceeding 24 months and access to specialized European funding mechanisms. This dual-commodity approach positions Mawson Finland advantageously within European supply chain security initiatives while providing exposure to gold's monetary premium amid ongoing currency debasement concerns.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.Our previous interview: https://www.cruxinvestor.com/posts/the-next-uranium-supercycle-energy-fuels-isoenergy-on-geopolitics-mills-and-market-gaps-7209Recording date: 21st July 2025Energy Fuels (NYSE/TSE) has emerged as a unique critical minerals company, anchored by its position as the largest uranium producer in the United States while strategically expanding into rare earth elements production. Under CEO Mark Chalmers' leadership, the company operates the White Mesa Mill, which serves as a critical processing hub capable of switching between uranium and rare earth campaigns, providing operational flexibility and consistent cash flow generation.The company's rare earth strategy centers on producing both light and heavy rare earth elements, with particular strength in heavies like dysprosium and terbium where China maintains a stranglehold on global supply. Energy Fuels has already achieved commercial production of NDPR oxide and is advancing heavy separations, positioning itself as the third-largest publicly traded rare earth company globally behind MP Materials and Lynas. The fully permitted Donald project in Australia represents a significant strategic asset, offering heavy mineral sands with high-grade rare earth concentrates that can be processed at White Mesa.Recent market recognition has been driven by government support for critical mineral independence, exemplified by Department of Defense and Apple investments in MP Materials. Energy Fuels is well-positioned to benefit from similar government backing, given its proven production capabilities and strategic assets. The company's approach emphasizes building rather than promoting, with demonstrated technical competence across multiple critical mineral streams.The uranium business provides immediate cash flow strength, particularly from the high-grade Pinyon Plain project, which has delivered grades significantly exceeding expectations. With approximately $250 million in working capital and a clear pathway to scaling production across both uranium and rare earths, Energy Fuels offers investors exposure to critical minerals essential for energy transition and national security, backed by operational expertise and a diversified asset base spanning the United States, Australia, and Brazil.—View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Recording date: 21st July 2025AngloGold Ashanti has emerged as one of the most compelling large-cap gold mining investments, delivering exceptional returns while maintaining significant upside potential. The company has generated a remarkable 300% return for investors since trading around $17 per share, now valued at $50 with a $25 billion market capitalization as the world's fourth-largest gold producer.The cornerstone of AngloGold's investment appeal lies in its Arthur Deposit (formerly Silicon-Merlin) in Nevada, representing a rare tier-one greenfield discovery of approximately 16 million ounces. This entirely buried deposit showcases the geological characteristics of a low sulphidation epithermal system with significant expansion potential beyond current estimates. The Nevada project positions AngloGold among the few major miners with substantial organic growth prospects.AngloGold has successfully transformed from a South African-focused company to a globally diversified operation, relocating headquarters to Denver and securing primary listing on the New York Stock Exchange. This strategic repositioning reflects management's commitment to operating in favorable jurisdictions that appeal to international investors.The company's operational excellence shines through its impressive cash generation, producing approximately $8 million in daily free cash flow at current gold prices above $3,300 per ounce. This financial strength enables self-funded development of the Nevada project without dilutive financing. Strategic acquisitions, including Centamin's 500,000-ounce Sukari mine in Egypt and Augusta Gold's Nevada assets, have consolidated over 21 million ounces in the district.Despite this strong performance, AngloGold trades at an approximate 40% discount to peers like Agnico Eagle, with the Nevada project receiving minimal market valuation. The development timeline extends to 2030, with initial production estimates of 100,000-200,000 ounces annually, potentially scaling to one million ounces. For investors seeking exposure to gold mining with immediate cash generation and long-term growth potential, AngloGold Ashanti represents an attractive opportunity in a proven jurisdiction.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Harrison, Managing Director of Ionic Rare EarthsOur previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earths-asxixr-pioneering-sustainable-magnet-recycling-in-the-uk-with-govt-backing-6414Recording date: 21st July 2025Ionic Rare Earths (ASX:IXR) presents a compelling investment opportunity in the strategically critical rare earth elements sector, positioned to capitalize on the fundamental transformation of global supply chains away from Chinese dominance. The company's unique combination of proprietary recycling technology, government backing, and geographic diversification strategy addresses urgent Western supply chain security needs while targeting the most constrained segments of the rare earth market.Following China's April 2025 export restrictions on seven medium and heavy rare earth elements, Ionic has experienced substantial increased inquiry for its dysprosium and terbium production capabilities. The company's Belfast recycling facilities produce separated oxides with consistent quality, differentiating it from competitors who typically produce mixed concentrates. This technology enables magnet manufacturers to achieve specific performance characteristics required for defense applications, electric vehicles, and wind turbine systems.The recent US Department of Defense investment establishing floor pricing for neodymium-praseodymium at $110 per kilogram by MP Materials—representing approximately 100% premiums—demonstrates the strategic priority and improved economics for alternative suppliers. Apple's subsequent supply agreement with MP Materials further validates customer willingness to pay premiums for supply chain security, creating opportunities for complementary suppliers like Ionic.Ionic's proprietary intellectual property for magnet recycling produces separated oxides, enabling precise control over rare earth compositions. The Belfast facility serves as a scalable template for rapid global deployment, reducing development risks and capital requirements for expansion. Managing Director Tim Harrison emphasized: "On recycling, we'll be able to rapidly deploy recycling in Brazil. So what we do in Brazil will be a natural beneficiary of all of the work, all the school fees that have been paid in Belfast."The company's focus on heavy rare earths—dysprosium and terbium—addresses the most strategically valuable and constrained market segment. Unlike mining operations requiring extensive permitting, recycling facilities benefit from streamlined approvals and access to urban waste streams, enabling faster deployment timelines.Ionic operates across multiple jurisdictions, reducing single-country risk while accessing different funding sources. The company has secured £11 million from the UK government's supply chain initiative and is progressing toward additional grant funding through the Advanced Propulsion Centre for the Belfast commercial facility, estimated at £85 million total project cost.The Viridion joint venture in Brazil with Viridis Mining and Minerals combines upstream resources with Ionic's downstream processing capabilities. The partnership is pursuing substantial funding through Brazil's BNDES and FINEP programs, with announcements expected near-term. The company has already demonstrated operational capability by recycling Brazilian-sourced magnets and delivering separated oxides to local supply chain partners.US market expansion represents the largest opportunity, driven by defense spending priorities and reshoring initiatives. The company has been actively engaging Washington DC stakeholders and potential partners throughout 2025.The convergence of geopolitical tensions, supply shortages, and government backing creates unprecedented conditions for value creation in rare earth processing. Ionic's NATO-aligned supply chain positioning enables access to defense contracts with stable, long-term pricing. The strategic importance of rare earths has unlocked government funding mechanisms, reducing traditional project finance risks while customer urgency creates opportunities for advance payment structures and premium pricing.Ionic Rare Earths represents exposure to the structural transformation from cost-optimization to security-prioritization in strategic materials procurement, positioning investors to benefit from the emerging Western rare earth ecosystem.View Ionic Rare Earths' company profile: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Morgan Poliquin, President & CEO of Almadex Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/almadex-minerals-tsxvdex-junior-explorer-targets-blind-copper-gold-porphyries-across-western-us-6553Recording date: 17th July 2025Almadex Minerals (TSXV:DEX) represents a unique proposition in the junior mining sector as a proven prospect generator with a systematic approach to early-stage exploration. Led by CEO Morgan Poliquin, a geological engineer with PhD-level expertise from the University of Exeter's Camborne School of Mines, the company has achieved what over half of exploration companies never accomplish: making actual discoveries.The company's track record includes three major discoveries over 15 years, including the Caballo Blanco discovery that drove the stock to over $2, the successful one-hole Ixtaca discovery in 2010, and the El Cobre copper-gold porphyry discovery in 2016. This success stems from Almadex's focus on magmatic hydrothermal systems, specifically porphyry copper-gold deposits that produce 80% of the world's copper and 25% of its gold.Almadex's competitive advantage lies in its operational capabilities and scientific approach. The company owns six diamond drill rigs, providing cost advantages and operational flexibility that enables rapid decision-making and efficient first-pass drilling. Rather than becoming wedded to individual projects, management employs a "drill to kill" philosophy, quickly moving on from prospects that don't meet geological criteria.The company's geological thesis centers on exploring buried porphyry systems beneath alteration zones or "lithocaps" in the western United States. As Poliquin explains, "What you have to do now is look under cover," targeting hidden deposits as traditional surface discoveries become exhausted.With $12-13 million in cash plus an expected $8 million settlement, Almadex is well-capitalized for systematic drilling across multiple Nevada properties over the next 18 months. This strong financial position, combined with proven discovery capabilities and exposure to copper's growing demand fundamentals, positions the company as a compelling opportunity in the early-stage exploration space.View Almadex Minerals' company profile: https://www.cruxinvestor.com/companies/almadex-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Darrin Campbell, President & CEO of Namibia Critical Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/namibia-critical-metals-tsxvnmi-jv-funded-rare-earth-project-pfs-due-oct-24-5707Recording date: 17th July 2025Namibia Critical Metals (TSXV:NMI) is positioning itself as a critical player in the global supply chain security landscape through development of the Lofdal heavy rare earth project in Namibia. The project represents one of the largest deposits of dysprosium and terbium outside China, targeting annual production of 150 tons of dysprosium and 30 tons of terbium from a compact 1,500-2,000 ton TREO operation.The company's strategic advantage lies in its focus on premium heavy rare earth elements rather than the more common light rare earths. While most projects target neodymium-praseodymium selling at $65 per kilogram, Lofdal's dysprosium commands $250 per kilogram and terbium exceeds $1,000 per kilogram. These elements are essential for high-temperature permanent magnet applications in defense systems, aerospace, and advanced electric vehicle motors.Namibia Critical Metals has secured a transformational partnership with JOGMEC, the Japanese government agency responsible for securing natural resources for Japanese industry. JOGMEC has invested $17 million to earn 40% of the project, with plans to reach 50% ownership through $20 million total investment. The partnership structure offers exceptional optionality for shareholders, including potential full project funding with a 26% carried working interest.Technical development has progressed substantially through 2025, with pilot-scale testing validating the hydrometallurgical flowsheet and XRT/XRF sorting technology demonstrating significant grade enhancement capabilities. The Pre-Feasibility Study remains on track for completion by year-end 2025, with capital expenditure targets under $300 million.The recent US Department of Defense investment in MP Materials, establishing 70% premium floor pricing for rare earths, validates the strategic importance of supply chain security and suggests growing government support for critical minerals projects outside Chinese control. With China controlling approximately 70% of global rare earth production, projects like Lofdal address acute supply vulnerabilities in Western defense and technology industries.View Namibia Critical Metals' company profile: https://www.cruxinvestor.com/companies/namibia-critical-metals-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Sheldon, President & CEO of Go Metals Corp.Recording date: 14th July 2025Go Metals Corp (CSE:GOCO) has emerged as a compelling player in Canada's critical metals exploration sector, positioning itself strategically within the growing demand for copper, cobalt, and nickel. Led by CEO Scott Sheldon and geological partner Harley Slade, this Vancouver-based company has evolved from gold exploration to critical metals since its 2010 establishment, demonstrating adaptability and market awareness.The company's flagship Monster IOCG (Iron Oxide Copper Gold) project in Yukon's Dawson mining district represents its most significant opportunity. Located within a recognized IOCG geological setting, the project offers tier-one potential comparable to world-class deposits like Olympic Dam. Systematic geophysical surveys have identified massive gravity anomalies suggesting substantial mineralization at depth, while surface sampling has revealed encouraging grades with visible cobalt mineralization presenting as "nice pink erythrite blooms."Go Metals' lean two-person structure maximizes capital allocation to exploration activities, reflecting a cost-conscious approach that has yielded results. The company successfully vended its Wels gold project to K2 Gold in 2017, while its HSP project generated significant industry interest in 2023, sparking a million-kilometer staking rush in the surrounding area.Innovation drives the company's exploration strategy through a partnership with MineCompare AI, enhancing geological interpretation and target refinement. As Sheldon noted, "We found that using the AI, as you look at it more as a team member, so something that you can ask questions to and even debate it becomes pretty valuable."The company's diversified portfolio includes additional projects spanning natural hydrogen prospects and a large vanadium-titanium-magnetite discovery, providing multiple pathways to value creation. Operating within Canada's mining-friendly jurisdiction offers political stability and established infrastructure advantages during a period of rising commodity prices and increased focus on critical metals supply security.With copper prices strengthening and global supply chain concerns driving investment toward politically stable mining regions, Go Metals appears well-positioned to capitalize on favorable market conditions while advancing its high-potential exploration portfolio.View Go Metals' company profile: https://www.cruxinvestor.com/companies/go-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO of New Found Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-a-model-for-responsible-mining-development-7373Recording date: 17th July 2025New Found Gold Corporation (TSXV:NFG) has released its first preliminary economic assessment for the Queensway Gold Project in Newfoundland, presenting an innovative three-phase development strategy designed to minimize capital requirements while maximizing investor returns. The approach marks a strategic shift toward early cash generation rather than traditional large-scale mine development.The company plans to produce 1.5 million ounces of gold over a 15-year mine life with all-in sustaining costs of $1,256 per ounce. CEO Keith Boyle emphasized the strategy's focus on internal rate of return over net present value, stating: "We sacrificed NPV for IRR. In phasing the approach, we really pushed out that big production number because the capital cost of the small starter is much more attractive to us and much better fit for our shareholders."Phase one involves constructing a 700 ton-per-day operation requiring $155 million in capital expenditure, utilizing a toll mill in Newfoundland for five years. This initial phase will produce 69,000 ounces annually, generating substantial margins of approximately $2,000 per ounce at current gold prices. The second phase scales up significantly with a 7,000 ton-per-day processing plant beginning construction in years three and four, commencing production in year five at 172,000 ounces annually.The project demonstrates exceptional economics, delivering $742 million net present value with 56% internal rate of return at $2,500 gold assumptions. At current spot prices around $3,300, the IRR exceeds 100%, showcasing the project's leverage to gold price movements.New Found Gold benefits from exceptional infrastructure proximity, located one hour from Gander, Newfoundland. The company expects rapid permitting based on government support targeting five mines by 2030, with recent examples showing 10.5-month approval timelines. Additional upside comes from active drill programs at Dropkick and other targets, plus underground development adding 230,000 ounces as a "sweetener" to the open pit operation.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Kiran Patankar, President & CEO of Maple Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-turnaround-100-ownership-46-leaner-and-agnico-at-its-side-7230Recording date: 18th July 2025Maple Gold Mines (TSXV: MGM) has emerged as a compelling exploration story in Quebec's Abitibi Greenstone Belt following the successful completion of its most substantial drilling program in nearly two years. The company's 2025 winter drilling campaign at its flagship Douay Gold Project delivered exceptional results that validate management's strategy to build a multi-million ounce gold district.The 12,240-meter program achieved a remarkable 100% success rate, with gold mineralization intersected in all 21 holes while coming in under budget at $300 per meter versus $400 budgeted. Standout results included 4.87 g/t gold over 15 meters in the 531 Zone and 2.21 g/t gold over 31 meters in the Nika Zone, representing significant step-outs that extend mineralization 200-600 meters below current resource pit shells.President and CEO Kiran Patankar emphasized the systematic approach: "When you have consistency, when you hit gold in every hole, when you are doing bolder stepouts... having 100% success rate while executing properly, being under budget, having a great cost saving and safety performance, all that stuff is important when you have a major partner."Maple Gold currently controls over 3 million ounces of gold resources at Douay, positioning it among fewer than 20 companies that fully own multi-million ounce projects in Canada. The company is targeting expansion to 5 million ounces through continued exploration, with both high-grade zones remaining open in multiple directions.The development strategy balances scale with economics, envisioning an initial 100,000-150,000 ounce annual operation that leverages current gold prices above $3,300 per ounce. Following restructuring to 100% ownership, Maple Gold maintains strategic partnership benefits with Agnico Eagle while gaining operational control for more efficient capital deployment. With a resource update planned by year-end 2025 and potential preliminary economic assessment by early 2026, the company is well-positioned to advance toward development in Quebec's premier mining jurisdiction.View Maple Gold Mines' company profile: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of ATHA Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-maiden-drill-hole-success-validates-district-scale-uranium-potential-7358Recording date: 18th July 2025ATHA Energy's technical team has demonstrated exceptional discovery capabilities with consecutive high-grade uranium intersections at the Angilak project, validating their systematic exploration approach in Canada's previously untested Angikuni basin. The company's proven ability to translate geological theory into drill bit success positions it as a standout performer in the uranium exploration sector.*Proven Track Record of Discovery Excellence*The exploration team's methodical approach has yielded remarkable results, achieving mineralization in all three initial drill holes along the Rib 9 Iron trend over 400 meters of strike length. This 100% success rate demonstrates the team's ability to accurately target high-probability areas within a previously unexplored basin, a skill that distinguishes experienced explorers from speculative ventures.Led by CEO Troy Bojlet and supported by former Cameco personnel who brought the Cigar Lake mine into production, the team combines decades of Athabasca basin experience with cutting-edge exploration techniques. Their integrated approach utilizing structural geology, geochemistry, and advanced geophysics has compressed typical exploration timelines from years into months while maintaining discovery success.The team's expertise extends beyond individual discoveries to systematic regional understanding. Their comprehensive 12-month generative exploration program acquired extensive geophysical and geochemical data, creating three-dimensional models that accurately predicted drill hole intersections. This predictive capability reduces exploration risk while maximizing discovery potential across the expansive land package.*Technical Innovation Drives Results*ATHA Energy's technical team employs sophisticated modelling techniques, including Maxwell plate modelling of electromagnetic data, to create three-dimensional representations of conductive structures. This advanced approach enables precise targeting of graphitic fault zones that host uranium mineralization, significantly improving drilling efficiency and success rates.The team's ability to rapidly integrate real-time drilling observations with existing geological models allows for dynamic exploration decision-making. As CEO Bojlet explains: "Our understanding of the controls on mineralization here is evolving very rapidly. What would take years typically is being condensed into weeks and months." This accelerated learning curve translates directly into faster discovery timelines and reduced exploration costs.Their systematic de-risking methodology involves ground gravity and electromagnetic surveys before drilling, ensuring high-confidence targets before committing drill budgets. This disciplined approach has produced consistent results, with the recent Lac 50 expansion achieving mineralization in all 25 drill holes during the previous year's program.*Strategic Advantage Through Team Expertise*The team's deep understanding of uranium systems enables the identification of district-scale opportunities often missed by less experienced operators. Their recognition of structural controls across multiple target areas within the Angikuni basin demonstrates the ability to think beyond individual prospects toward comprehensive resource development.Former Cameco personnel bring practical mine development experience rarely found in exploration companies. This operational knowledge provides critical insight into what geological characteristics translate into economic deposits, ensuring exploration efforts focus on commercially viable targets rather than purely academic intersections.The team's proven ability to execute large-scale drilling programs efficiently positions ATHA Energy for accelerated exploration of the extensive Angikuni basin. With only five holes completed from a planned 10,000-meter program, the demonstrated discovery success creates compelling potential for continued value creation as drilling advances across multiple high-priority targets.ATHA Energy's technical team has established itself as a premier uranium exploration group through consistent discovery success, innovative targeting methodologies, and systematic approach to regional exploration. Their proven ability to deliver results in challenging exploration environments provides investors with confidence in continued value creation potential.—View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Lamb, CEO of Myriad Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/us-uranium-sector-gains-under-pro-nuclear-push-7164Recording date: 15th July 2025Myriad Uranium Corp (CSE:M) has unveiled significant value enhancement at its flagship Copper Mountain project in Wyoming, where modern chemical assay techniques are revealing substantially higher uranium grades than historical measurements indicated. The discovery represents a major breakthrough for the company's 100+ million pound uranium potential.CEO Thomas Lamb announced that chemical assays have demonstrated an average 60% grade improvement over 1970s gamma probe measurements, with uranium intervals previously measuring 1,000 parts per million now averaging 1,600+ ppm. This enhancement stems from uranium disequilibrium effects that historical gamma probing methods failed to capture accurately.The Copper Mountain project benefits from extensive historical validation, built upon 2,000 boreholes drilled by Union Pacific in partnership with California Edison during the 1970s. Originally planned as a large-scale conventional uranium mine, the project encompasses seven distinct deposits plus 12-14 additional prospects. The US Department of Energy estimated the broader area could contain up to 200 million pounds of uranium.Beyond grade improvements, Copper Mountain offers exceptional metallurgical advantages. Historical testing demonstrated 90-95% uranium recovery rates using standard leaching techniques, with industry veterans describing the processing as remarkably simple.Myriad's portfolio includes the Red Basin project in New Mexico, featuring high-grade near-surface mineralization ranging from 0.17% to 0.31% uranium. The project sits within a basin the US Geological Survey believes contains up to 45 million pounds of uranium.The company's strategic positioning aligns with emerging uranium demand from technology companies. AI and data center expansion requirements are driving companies like Microsoft, Google, and OpenAI to secure upstream uranium supplies, creating unprecedented sector interest.Myriad is currently processing 1,500 additional samples from recent drilling to further validate the disequilibrium advantages, with results expected to inform expanded resource estimates and development planning.View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Hanson, President & CEO of Surface Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/acme-lithium-acme-despatches-from-the-lithium-front-line-3054Recording date: 14th July 2025Surface Metals (CSE:SUR), formerly Acme Lithium, has successfully executed a strategic transformation that positions the company for value creation across two critical commodity sectors. Under CEO Stephen Hanson's leadership, the company has pivoted from pure lithium exploration to gold development while maintaining its valuable lithium asset foundation.The strategic shift emerged from pragmatic market realities as lithium prices declined and EV demand slowed over the past 18 months. Rather than abandoning the long-term energy transition thesis, Hanson explained the rationale: "As a board and a management team we started to evaluate our assets and say listen we work for the shareholders. Creating shareholder value is my number one priority."The centerpiece of this transformation is the April 2025 acquisition of 90% of the Cimarron gold project in Nevada's renowned Walker Lane trend. Located just 14 miles from Kinross's Round Mountain mine, the property boasts impressive historical data from major companies including Newmont and Echo Bay. Historical intercepts include 26 meters of nearly 5 grams per ton gold, with surface samples reaching 120 grams per ton.The project benefits from Nevada's world-class mining jurisdiction and favorable geology, featuring a shallow epithermal system with mineralization extending to surface. This configuration offers significant cost advantages and exploration potential beyond the existing 50,000-ounce resource, with targets for expansion to over one million ounces.Surface Metals maintains its lithium portfolio as strategic foundation value, including a 300,000-ton lithium carbonate resource in Clayton Valley and successful partnerships like the Snow Lake Energy joint venture in Manitoba. With holding costs of only tens of thousands annually, the company can maintain these assets through market cycles.Trading at approximately $5 million Canadian market cap, Surface Metals offers investors dual commodity exposure at an attractive entry point. The company plans drilling at Cimarron by early 2026, following systematic database modernization and permitting processes that typically require 90-120 days in Nevada's streamlined regulatory environment.View Surface Metals' company profile: https://www.cruxinvestor.com/companies/acme-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Niël Pretorius, CEO of DRDGOLD Ltd.Our previous interview: https://www.cruxinvestor.com/posts/drdgold-nysedrd-gold-recovery-from-historical-tailings-7131Recording date: 15th July 2025As gold prices reach unprecedented levels, DRD Gold CEO Niël Pretorius offers a compelling blueprint for mining leadership during turbulent market conditions. His approach combines conservative capital allocation with strategic opportunism, providing valuable lessons for the broader mining sector.Pretorius identifies a fundamental shift in gold market dynamics over the past four years, where sustained accumulation by non-Western central banks has created new price support mechanisms. This "counter dynamic" has helped gold rebase at higher levels, even during periods of Western market pessimism. For South African producers like DRD Gold, current conditions offer particular advantages through natural currency hedging—producing in rand while selling in US dollars creates what Pretorius calls "a double benefit."The CEO's capital allocation philosophy emphasizes dividend distribution and operational optimization over speculative expansion. "I believe that a business is there to generate cash flow," he states, advocating for full commodity price exposure rather than revenue protection strategies. This approach prioritizes sustainable growth through extending existing mine life by 18-20 years and modest production increases, rather than pursuing headline-grabbing acquisitions.Risk management remains central to Pretorius's strategy. Despite favorable market conditions, he maintains skepticism about price sustainability, advocating for accelerated capital investment while conditions remain favorable. "We know it can change overnight," he warns, emphasizing the importance of building resilience for future volatility.The CEO champions financial transparency, dismissing complex accounting metrics in favor of fundamental questions: profitability, debt levels, and capital coverage capability. His emphasis on practical indicators like insurance coverage demonstrates sophisticated risk assessment beyond traditional financial metrics.Pretorius's leadership philosophy reveals how successful mining executives balance opportunistic investment with conservative risk management, maintaining operational excellence while adapting to evolving market structures. His approach offers investors a framework for evaluating mining leadership quality during periods of unprecedented market conditions.View DRDGOLD's company profile: https://www.cruxinvestor.com/companies/drdgold-limited Sign up for Crux Investor: https://cruxinvestor.com

Interview with Brendan Yurik, CEO of Electric Royalties Ltd.Our previous interview: https://www.cruxinvestor.com/posts/electric-royalties-tsx-v-elec-35-assets-approaching-revenue-potential-in-2025-6322Recording date: 11th July 2025The mining royalty sector is undergoing unprecedented transformation, driven by significant consolidation activity and the entrance of non-traditional capital sources that signal a potential turning point for the long-undervalued industry.The sector's landscape shifted dramatically with Royal Gold's $3.5 billion acquisition of Sandstorm Gold, bringing over 200 royalties under one umbrella and representing a 17 times cash flow multiple. This mega-deal exemplifies the current consolidation wave, with companies seeking diversification benefits through scale rather than single-asset exposure. The transaction contrasts sharply with Franco Nevada's $1 billion investment in the single Cobre Panama asset, highlighting different strategic approaches to risk management.Perhaps more intriguing is the emergence of alternative capital sources in mining investments. Tether, the digital asset company generating $45 billion in annual revenues, has made strategic investments in Elemental Altus, marking a significant departure from traditional mining finance. Similarly, the Pentagon's $400 million investment in Mountain Pass Rare Earths, providing a 10-year offtake agreement at a 70% premium, represents the first concrete sign of U.S. government action to secure critical mineral supply chains.These developments come amid a striking valuation disconnect in the mining sector. Despite metal prices doubling in many cases over recent years, mining valuations remain depressed while broader markets hit new highs. This gap is particularly pronounced among smaller royalty companies, where multiples of 8-12 times contrast with the 15-20 times commanded by larger players.The clean energy metals subsector presents particular opportunity, with companies like Electric Royalties positioning themselves as specialists in battery metals and critical minerals. With minimal competition compared to the crowded precious metals space, these companies benefit from supply scarcity and growing electrification demands.As governments and corporations increasingly recognize the strategic importance of domestic mineral supply chains, the royalty sector appears poised for significant revaluation, particularly for companies with exposure to critical metals essential for the energy transition.View Electric Royalties' company profile:  https://www.cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Tom Hickey, Managing Director, Kenmare ResourcesRecording date: 16th July 2025Kenmare Resources operates one of the world's most significant titanium dioxide mineral sands mines in Mozambique, establishing itself as the third-largest global producer of ilmenite, zircon, and rutile. With nearly 40 years of in-country presence and 20 years in production, the company's Moma mine represents a cornerstone investment in the critical minerals sector, backed by an extraordinary 80-90 year reserve life.The company is currently executing its largest capital investment program in history, allocating $340 million to relocate primary mining operations to the Nataka orebody, which contains 70% of total reserves. This strategic transition, including two new $66 million dredgers and enhanced processing capacity, is expected to increase production by 20% while eliminating long-standing capacity constraints. Managing Director Tom Hickey, who brings extensive natural resources experience from his tenure at Tullow Oil, describes this as "the final major investment required to secure the mine's long-term future."Despite challenging market conditions characterized by oversupply from Chinese concentrate producers, Kenmare maintains exceptional operational resilience. The company achieved 40% EBITDA margins in 2024, demonstrating the effectiveness of its cost optimization strategies and premium product positioning. Market consolidation works in Kenmare's favor, with one customer noting their supplier base contracted from eight to two over seven years, highlighting the value of established, reliable producers.The company's ESG credentials provide additional competitive advantages, with 95% renewable energy usage delivering products with exceptionally low carbon footprints. This positioning becomes increasingly valuable as industrial customers focus on supply chain sustainability.Post-capex completion in 2-3 years, Kenmare expects to generate substantial free cash flow, supporting dividend payments and potential shareholder returns. With strong government relationships in Mozambique and a conservative balance sheet carrying net debt of $80-85 million, the company offers investors exposure to a multi-generational asset in the essential materials sector during a cyclical market trough.Learn more: https://www.cruxinvestor.com/companies/kenmare-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Jason Banducci, VP of Corporate Development & IR of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-nevada-gold-producer-targets-300k-oz-with-60m-war-chest-7268Recording date: 15th July 2025Jason Banducci serves as Vice President of Corporate Development and Investor Relations at Integra Resources, where he oversees business growth initiatives and maintains relationships with the investment community. His professional journey began at TD Bank in lending before pursuing an MBA at Queen's University, which led him to mining investment banking at GMP Securities (later acquired by Stiefel Financial). During his nearly five-year tenure in investment banking, he developed expertise in mergers and acquisitions, capital raising, and deal structuring that would prove invaluable in his current role.Banducci's connection to mining runs deep through his family, as his mother served as CFO of IAMGold for 15 years, exposing him early to the industry's potential and global impact. His transition to Integra Resources came through his work as an investment banker, where he helped former CEO Jason Kosec establish Millennial Precious Metals, raising $24 million for their TSX-V listing. The eventual merger of Millennial Precious Metals with Integra Resources brought Banducci into his current position.In his dual role, Banducci manages corporate development activities including due diligence, transaction structuring, and strategic acquisitions, while simultaneously handling investor relations responsibilities such as creating corporate materials, organizing conferences, and serving as the external face of the company. His most significant achievement has been spearheading Integra Resources' transformation from an exploration and development company to a producing gold company through the strategic acquisition of Florida Canyon mine from Alamos Gold's spin-off of Argonaut assets.This acquisition addressed the fundamental challenge facing development-stage mining companies: the constant need for equity financing due to lack of cash flow. The Florida Canyon mine now generates 15-20 million dollars in annual free cash flow, eliminating the need for regular equity raises and providing capital to advance the company's development projects, Delamar and Nevada North. Banducci views this strategic positioning in Nevada's mining-friendly jurisdiction as optimal for attracting investment capital, particularly given the current focus on geopolitical stability and simple, low-capital heap leach gold projects that appeal to investors seeking exposure to precious metals in stable jurisdictions.—View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO of G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/gold-industry-leaders-confident-in-multi-year-bull-market-cycle-7179Recording date: 17th July 2025G2 Goldfields (TSX: GTWO) has emerged as a compelling takeover target following exceptional drilling results at its New Oko Discovery in Guyana and the strategic exit of AngloGold Ashanti from its 15% shareholding. The company's transformative drill results and cleared acquisition path have positioned it for a competitive sale process in Q4 2025.The New Oko Discovery, located 9 kilometers north of existing resources, has delivered some of the region's best drill results, with hole AMD30 intersecting 60 meters at 5.9 g/t Au, including a spectacular 22.5-meter section grading 9.3 g/t Au. These high-grade intersections demonstrate significant potential for underground mining scenarios and have substantially enhanced the company's resource profile.G2's combined resource base now stands at 3.1 million ounces at 3 grams per tonne across multiple zones. The company is targeting its first preliminary economic assessment (PEA) in Q4 2025, with internal studies suggesting the project could support approximately 350,000 ounces annual production, bringing it within acquisition criteria for most major gold companies.The recent disposal of AngloGold Ashanti's stake removes what many potential acquirers viewed as a blocking position. CEO Dan Noone noted that "having a corporate in there 15% is a bit of a double-edged sword," as other companies perceived it as an obstacle to transactions. The shares were successfully placed with two major European investors, demonstrating strong institutional interest.Management maintains strict discipline regarding strategic direction, planning to avoid the "builder trap" where exploration companies attempt project development themselves. The company's strategy centers on its core competency in exploration and discovery, with plans to initiate a competitive bidding process following PEA completion.G2's positioning aligns with broader gold sector consolidation trends, as major producers seek high-grade, near-term development opportunities in stable jurisdictions. The company's disciplined approach to reaching PEA stage before sale initiation positions it to capitalize on premium valuations driven by competitive acquisition dynamics.View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com

Interview with Matt Filgate, President & CEO of Greenlight Metals Inc.Recording date: 11th July 2025Greenlight Metals (TSXV:GRL) has emerged as the sole active mining explorer in Wisconsin, positioning itself to capitalize on unprecedented demand for domestic copper supply amid the Trump administration's aggressive trade policies. The company is focused on developing high-grade VMS copper deposits in Wisconsin's Penokean volcanic belt, a region that has been dormant for exploration since a 20-year mining moratorium ended in 2017.Under CEO Matt Filgate's leadership, Greenlight has secured the flagship Bend Project, which contains a 4.5 million ton historic resource grading 2% copper and 2.3 grams per ton gold. The company recently acquired critical private land adjacent to the original 330-meter strike length for approximately $250,000, unlocking significant expansion potential. Current drilling aims to grow this resource to 15-20 million tons while maintaining world-class grades.The strategic timing appears optimal as President Trump's announced 50% tariffs on imports create urgent demand for domestic copper supply. "With what's going on with Trump announcing these new 50% tariffs that are coming in on imports, they got to backfill that with domestic supply," Filgate explains. This policy shift, combined with electrification trends and infrastructure development, positions domestic copper projects as increasingly valuable.Wisconsin's regulatory environment has evolved favorably since the 2017 repeal of the mining moratorium and implementation of the Mining for America Act. The company maintains strong relationships with local regulators and government officials through strategically chosen board members, including Steve Donohue, who co-authored the state's mining legislation.Beyond Bend, Greenlight's portfolio includes the high-grade Lobo project, featuring historic intersections of 9 meters at 23% zinc, and several untested electromagnetic anomalies across the belt. With $2.8 million in current funding and a tight shareholder structure including institutional backing from Vestcor and Delbrook, the company is well-positioned to execute its discovery-focused strategy in this underexplored jurisdiction.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Lon Shaver, President of Silvercorp Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silver-demand-rises-as-supply-struggles-to-keep-pace-7082Recording date: 9th July 2025Silvercorp Metals presents a compelling investment opportunity as a proven silver producer positioned to capitalize on favorable market dynamics and structural shifts in silver demand. With nearly two decades of profitable operations in China, the company has demonstrated exceptional operational resilience, maintaining profitability and free cash flow generation even during challenging market conditions.The company's competitive advantage lies in its exceptionally low-cost production structure. With all-in sustaining costs (AISC) of just over $12 per ounce compared to current silver prices trading in the $35-36 range, Silvercorp generates substantial profit margins that provide significant cash generation capacity. This cost efficiency stems from mature operations and operational expertise developed over 20 years of continuous production.President Lon Shaver believes the silver market has entered "a new paradigm" where prices are "unlikely to trade below $30 and more likely to touch $40." This fundamental shift is driven by silver's dual nature as both a precious metal investment vehicle and critical industrial commodity. The convergence of traditional investment demand with accelerating industrial consumption creates multiple demand drivers supporting higher price levels.Silvercorp's growth strategy centers on disciplined geographic diversification while maintaining focus on precious metals production. The company is constructing a new mine in Ecuador, targeting production commencement in 2027. Crucially, this expansion is funded entirely through internally generated cash flows, avoiding shareholder dilution through equity raises. As Shaver explained, "We've built up this cash balance to be able to go out and grow the company, we are self-funding some initial growth programs."The company's financial strength provides strategic flexibility for opportunistic growth. Rather than pursuing aggressive expansion that could strain resources, Silvercorp has built substantial cash reserves from profitable operations. This approach reduces execution risk while maintaining financial flexibility for future opportunities in an industry where management describes the project pipeline as "skinny."Silver's industrial applications continue expanding across solar panels, electric vehicles, electronics, and renewable energy infrastructure. The metal's superior electrical and thermal properties make it irreplaceable in advanced technologies. Simultaneously, monetary policy uncertainty drives investment demand for precious metals, with silver offering accessible entry points compared to gold.Supply constraints compound favorable demand dynamics. New mine development faces increasing regulatory hurdles, extended permitting timelines, and technical challenges. Limited new supply additions benefit established producers like Silvercorp with proven operational capabilities and existing production capacity.Beyond the Ecuador project, Silvercorp maintains strategic optionality through its position in New Pacific Metals, providing exposure to silver growth assets in Bolivia. This structure allows participation in potential future production growth while limiting direct development risks.The silver mining sector's ongoing consolidation creates opportunities for larger, more efficient operators. Silvercorp's scale, operational expertise, and financial strength position it favorably as either a consolidator or strategic partner. The company's nearly two-decade track record of profitable operations across multiple market cycles demonstrates management expertise and operational resilience.For investors seeking exposure to silver's structural growth opportunity, Silvercorp offers established profitability, substantial profit margins, strategic growth initiatives, and financial strength. The combination of low-cost production, geographic diversification, and favorable market fundamentals positions the company to capitalize on what management views as a fundamental shift in silver pricing dynamics.View Silvercorp Metals' company profile: https://www.cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with James McDonald, President & CEO of Kootenay Silver Inc.Our previous interview: https://www.cruxinvestor.com/posts/kootenay-silver-ktn-high-grade-mexican-silver-explorer-and-developerRecording date: 9th July 2025Kootenay Silver (TSXV:KTN) represents a compelling investment opportunity in the emerging silver bull market, combining proven management expertise with high-grade Mexican silver assets positioned for strategic acquisition. The company's recent maiden resource estimate at its flagship Columba project demonstrates institutional-quality assets with significant expansion potential.The 54 million ounce maiden resource at Columba, grading 284 g/t silver, establishes Kootenay Silver among the higher-grade silver developers globally. The resource concentration in three primary vein systems, particularly the D Vein containing over 30 million ounces across 1,200 meters of strike length, provides operational advantages for potential future mining scenarios. Combined with the company's broader portfolio exceeding 300 million ounces across multiple Mexican properties, this scale positions Kootenay Silver as a significant silver platform.Columba's geological setting within a preserved volcanic caldera provides exceptional exploration upside. The minimal surface erosion has preserved the vein system from top to bottom, while drilling has confirmed strong mineralization extending to 540 meters depth with potential for significantly greater vertical extent. The 4-kilometer by 3-kilometer vein system footprint compares favorably to established Mexican silver districts, suggesting district-scale potential.CEO James McDonald's experience co-founding Alamos Gold provides credibility for value creation. The Alamos success story—acquiring 2.2 million ounces for $12.5 million during the gold market bottom and achieving commercial production within six years—demonstrates management's ability to identify and develop undervalued assets. Kootenay Silver employs a similar strategy, advancing discoveries to preliminary economic assessment stage before selling to major mining companies, reducing capital requirements while maintaining upside exposure.The company's $20 million financing enables systematic resource expansion through 50,000 meters of drilling over 2025. The initial 30,000 meters target "low-hanging fruit" by expanding known mineralized zones, providing high-probability success and regular news flow. Management has identified clear milestones, targeting 100 million ounces to attract strategic interest, with serious acquisition discussions typically beginning around 75 million ounces.Kootenay Silver benefits from favorable silver market dynamics as prices break out from multi-year trading ranges. Supply constraints from declining ore grades and limited new discoveries combine with accelerating industrial demand from renewable energy, electric vehicles, and 5G infrastructure. Monetary demand intensifies as central banks maintain expansionary policies and geopolitical tensions drive diversification from traditional assets.Risk-Adjusted ReturnsThe company has de-risked key development factors through established surface access agreements, proximity to major infrastructure, and favorable political developments in Mexico. The drilling-focused strategy requires continued capital access, though the recent financing provides runway through 2025's critical expansion phase.Kootenay Silver offers investors leveraged exposure to silver's emerging bull market through a proven management team advancing high-grade assets toward strategic acquisition. The combination of exceptional resource quality, systematic development approach, and favorable market timing creates multiple pathways for value creation as the company advances toward the scale thresholds that attract major mining company interest.View Kootenay Silver's company profile: https://www.cruxinvestor.com/companies/kootenay-silver-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Joe David, Managing Director of Elementos Ltd.Recording date: 10th July 2025Elementos Limited (ASX:ELT) is positioning itself as a unique player in the critical minerals sector through its vertically integrated tin operation spanning from mine to metal production in Spain. The company's flagship Oropesa project in Andalusia has published a robust Definitive Feasibility Study demonstrating $270 million AUD NPV and 26% internal rate of return using conservative $30,000 per tonne tin pricing, well below current market levels around $33,000.The project's compelling economics stem from a differentiated vertical integration strategy. Elementos has secured a 50% option over a Spanish tin smelter located 220 kilometers from the mine site, enabling the company to capture European tin premiums of approximately $1,000 per tonne above London Metal Exchange prices. This integration transforms typical concentrate sales receiving 92-93% payables into 98-99% recovery through smelting, effectively making European smelting operations cost-neutral while accessing premium pricing.Managing Director Joe David emphasizes the strategic scarcity underlying the investment thesis: "The tin market is only 2% of the copper market... if you included every single tin development project that sit within listed companies on any of the exchanges worldwide, I think you can count them on two hands." This scarcity has intensified due to supply disruptions in Myanmar and reduced Chinese smelter utilization rates dropping to 50% from typical 70-80% levels.The company has made substantial permitting progress in mining-friendly Andalusia, which generates 90% of Spain's metallic mining revenue. Elementos is approaching the public exhibition phase, a significant de-risking milestone requiring regulatory confirmation of project feasibility. The recent Metals X investment provides funding runway while multiple parties across equity, debt, and offtake spectrums have engaged in discussions, reflecting strong commercial interest in the limited global tin development pipeline.Elementos' positioning aligns with the European Union's Critical Raw Materials Act and represents the only proposed vertically integrated primary tin operation in Europe, offering investors exposure to both structural tin supply deficits and Europe's strategic mineral security initiatives.View Elementos' company profile: https://www.cruxinvestor.com/companies/elementos-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolas Paterson, CEO of Atlas Salt Inc.Recording date: 8th July 2025Atlas Salt (TSXV: SALT) presents a compelling value proposition for investors seeking exposure to North America's critical infrastructure mineral supply deficit through a strategically positioned, environmentally sustainable industrial mineral project. Under new CEO Nolan Peterson's leadership, the company is advancing the Great Atlantic Salt project in Newfoundland to address the continent's persistent 10-12 million ton annual deicing salt import dependency.The investment opportunity centers on Atlas Salt's unique positioning to capture market share in a $1.5-2.5 billion annual market characterized by exceptional stability and predictable demand growth. Unlike volatile commodity markets, deicing salt demonstrates consistent 2% annual price appreciation tracking inflation, with periodic 4-5% increases during severe winters that establish new pricing floors. Municipal customers cannot defer winter road maintenance, creating recession-resistant demand that positions salt as an essential infrastructure commodity rather than a cyclical material.The Great Atlantic Salt project's competitive advantages stem from superior geological and geographical positioning. The shallow 200-meter deposit depth enables cost-effective drift mining with conveyor systems, contrasting sharply with competing projects requiring expensive shaft mining at 500-600 meter depths. This fundamental advantage positions Atlas Salt at the lower end of the cost curve while foreign competitors face 3-4x longer shipping timeframes and associated logistics costs that erode their competitive positioning.Project economics demonstrate infrastructure-grade investment characteristics with 34+ years of production generating over $100 million annual free cash flow after tax. The 18.5% after-tax IRR and sub-five-year payback period reflect conservative modeling using bulk deicing salt pricing, providing upside potential through higher-margin retail applications and production optimization initiatives. When contextualized against gold equivalent metrics, the resource represents a 25-35 million ounce deposit, highlighting the project's substantial scale.Environmental leadership distinguishes Atlas Salt within the mining sector through 100% battery electric operations eliminating diesel usage, chemical processing, water consumption, and tailings generation. The operation will produce greenhouse gas emissions equivalent to just four Newfoundland households annually, positioning the company to benefit from increasing ESG investment focus while delivering superior returns through operational efficiency.Strategic infrastructure positioning provides additional competitive moats. Located 3km from deep-water port facilities on the Trans-Canada Highway, the project enables efficient distribution to major northeastern US and eastern Canadian markets. The proximity advantage becomes particularly pronounced during severe weather periods when import logistics face maximum constraints.The financing strategy leverages the project's industrial mineral characteristics to access infrastructure-focused debt providers typically unavailable to traditional mining projects. With total capital requirements of $480 million, Atlas Salt is engaging sovereign wealth funds and institutional lenders attracted to long-term, stable cash flow profiles. The phased development approach mitigates near-term financing pressure while enabling progressive project derisking.Market entry timing provides exceptional opportunity as no new North American salt mines have been constructed in 25-30 years despite growing import dependence. The 2.5 million ton production target represents approximately 25% of current import volumes, positioning Atlas Salt as a meaningful market participant without threatening established supply relationships.Advanced permitting status further derisks the investment proposition. The project has completed environmental assessment approval, eliminating a primary risk factor in Canadian mining development while benefiting from strong community support that reduces regulatory and social license risks.Atlas Salt represents a distinctive opportunity to participate in addressing North America's critical infrastructure mineral deficit while capturing stable, long-term cash flows characteristic of essential industrial minerals. The convergence of market necessity, strategic positioning, environmental leadership, and proven economics creates compelling investment dynamics rarely available in commodity markets.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-copper-cobalt-project-demonstrates-robust-economics-7009Recording date: 8th July 2025Coda Minerals Limited (ASX:COD) represents a compelling investment opportunity in the rapidly strengthening copper market, positioned at the critical intersection of technical innovation, proven management execution, and exceptional infrastructure advantages. The Perth-based company has achieved a transformational metallurgical breakthrough at its Elizabeth Creek copper-cobalt-silver project in South Australia, fundamentally altering the project's economics and development pathway.The company's most significant achievement is the successful development of an ammonium chloride whole ore leaching process that delivers recovery rates exceeding 95%, representing a dramatic improvement from the previous 55% recovery rates at the Windabout deposit. CEO Chris Stevens characterizes this advancement as "effectively free money," highlighting the direct revenue enhancement potential over the mine's life. This breakthrough eliminates a major technical risk while opening possibilities for smaller-scale startup operations with reduced capital requirements and earlier cash flow generation.Elizabeth Creek's robust project economics align closely with recently acquired Australian copper companies, delivering an $802 million NPV post-tax with a 35% IRR based on over one million tons of contained copper equivalent in JORC indicated resources. Critically, 93% of resources are classified as indicated, providing exceptional geological confidence rarely seen at this development stage. These economics become particularly compelling when viewed against recent takeover activity, with Rex Minerals acquired for $393 million, New World Resources subject to competing bids exceeding $230 million, and Xanadu Mines accepting a $160 million offer.Stevens emphasizes the validation from peer transactions: "There is now empirical evidence that companies that are able to do that with credible solid projects with comparable MPVs, comparable IRRs, comparable capexes are being valued over $200 million." This peer group comparison suggests significant value realization potential as Coda advances through its 12-month Pre-Feasibility Study timeline.The company's management team brings proven execution capability, having previously developed 17 projects and transformed Elizabeth Creek from two open pits to five times the original resource base. Stevens notes: "This is a team that has taken, frankly, a bit of a busted project with two open pits, turned it into five times the resources." The team's disciplined approach to capital allocation and project advancement provides confidence in their ability to deliver on development milestones.Elizabeth Creek benefits from exceptional infrastructure advantages that distinguish it from typical remote Australian developments. Located adjacent to BHP's established haulage road with contractual usage rights, the project sits one hour from Roxby Downs and maintains access to power infrastructure and established supply chains. South Australia's streamlined regulatory environment offers additional advantages through its unique iterative approval process.The investment opportunity is enhanced by favorable copper market timing, with prices advancing from $8,000 to over $10,000 per ton while financing availability improves and capital costs reduce. Stevens observes the strategic timing: "I personally think doing that is maybe leaving a party just as it starts to get exciting with the way that copper's moving."Coda maintains strong financial positioning with over $4 million cash and low corporate costs, providing runway to advance critical path items without immediate dilution pressure. The company's critical minerals classification through cobalt credits enhances strategic value while multiple development pathways provide flexibility in capital structure approaches.For investors seeking exposure to the copper supply shortage driven by electrification trends, Coda offers a de-risked entry point with established resources, proven economics, exceptional infrastructure, and experienced management positioned to deliver significant value appreciation through the critical feasibility phase.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Lock, Managing Director of Flagship MineralsRecording date: 8th July 2025Flagship Minerals (ASX:FLG) presents a compelling investment opportunity following its strategic pivot from lithium to gold and copper assets in Chile's established mining jurisdiction. Under Managing Director Paul Lock's leadership, the company has transformed from an exploration entity to a near-development opportunity with the advanced Pantanillo Gold Project as its cornerstone asset.The Pantanillo Gold Project represents exceptional value with 1.05 million ounces of gold resources, featuring 80% measured classification that provides high geological confidence. The project's oxide and mixed mineralization profile makes it ideally suited for heap leach processing, creating favorable development economics. Supported by 20,500 meters of drilling, including substantial diamond drilling, the resource offers immediate expansion potential to 1.75-2 million ounces without additional drilling expenditure through pit shell optimization and cutoff grade adjustments utilizing current gold pricing.Management's strategic positioning leverages proximity to established operations for benchmarking and infrastructure advantages. Rio2's Fenix project, located 35 kilometers north, provides current market validation with proven economics, while Pantanillo offers superior grade characteristics at 0.69 grams per ton—representing 40% higher grade than Rio2's proven and probable reserves. This grade advantage suggests competitive operating cost potential in a proven metallurgical environment.The development timeline targets JORC resource conversion by October-November 2025, followed by pre-feasibility study (PFS) completion by end of 2026. This aggressive but achievable schedule leverages existing geological data and regional project benchmarks to accelerate progression toward production decisions. The target production profile of 100,000 ounces annually over 10 years provides sufficient scale to attract major royalty and streaming companies, addressing management's strategic approach to alternative financing pathways.Lock emphasized the financing strategy: "If we have a pathway to alternate financing and that would be one of the royalty streamers then we beat the Lassonde curve, but that doesn't mean I'm not going to look at traditional equity and so on." This approach positions the company to avoid dilutive equity raises during construction phases while maintaining development control.Chile's mining-friendly regulatory environment provides additional advantages with recent legislation reducing permitting timelines by 30-70%. The jurisdiction's established infrastructure, including three high-quality road access points and proximity to existing power transmission lines, reduces development risks and capital requirements compared to greenfield locations.The company's enterprise value of approximately $12 per ounce represents a significant discount to peer group averages of $90-100 per ounce for companies with similar resource profiles. This 87% valuation discount reflects limited market awareness of the strategic transformation and gold project acquisition, creating substantial revaluation potential as development milestones are achieved.Management's commodity trading and project finance background, combined with established Chilean operational experience, provides execution capability often lacking in junior mining companies. The strategic focus on proven metals markets offers diversified offtake opportunities compared to specialized battery metals facing structural oversupply conditions.Flagship Minerals offers investors exposure to a rare combination of proven resources, near-term development catalysts, infrastructure advantages, and significant valuation disconnect. The company's strategic positioning in Chile's established mining jurisdiction, combined with superior grade characteristics and alternative financing pathways, creates compelling risk-adjusted returns potential for gold-focused investors seeking exposure to advanced development opportunities.Learn more: https://cruxinvestor.com/compamies/flagship-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Andre Liebenberg, Executive Director & CEO of Yellow Cake PLCOur previous interview: https://www.cruxinvestor.com/posts/slow-supply-fast-demand-uraniums-new-investment-reality-7136Recording date: 7th July 2025Yellow Cake presents a compelling pure-play uranium investment opportunity positioned to capitalize on structural supply-demand imbalances in the global uranium market. The London-listed company holds approximately 22 million pounds of physical uranium stored primarily in Canada and France, providing direct exposure to uranium price appreciation without operational mining risks.The investment thesis centers on a fundamental supply deficit that is expected to persist for 3-5 years. Current global uranium production delivers approximately 165 million pounds annually against demand of 180 million pounds and rising, creating an immediate gap of 15 million pounds that is projected to widen as nuclear capacity expansion accelerates globally. China alone is constructing 26-28 reactors simultaneously, while technology companies increasingly turn to nuclear power for reliable, clean electricity to power data centers and artificial intelligence operations.Technology sector involvement represents a transformative catalyst for uranium demand. Amazon's $20 billion commitment to data center complexes alone represents half the market capitalization of the entire uranium sector, highlighting the scale of capital these companies are willing to deploy for energy security. As CEO Andre Liebenberg notes, "If a tech company had to put 20 billion dollars into the mining space, you could build a pretty big project for that." This suggests technology companies possess sufficient resources to directly address supply constraints through upstream investments if fuel security becomes a constraint to their operations.Supply-side constraints appear particularly acute given the limited number of producing jurisdictions. Five countries produce 90% of global uranium, with Kazakhstan accounting for approximately half of world production. Much of this flows to China and Russia, creating a "bifurcated market" where Western utilities face increasing competition for uranium supplies. As Liebenberg explains, "Kazakhstan, half their material goes to China. If you include Russia, it's probably closer to 2/3. Namibia, the two operating mines in Namibia are both owned by the Chinese that goes to China."Critical inventory depletion adds urgency to the supply situation. US utilities now hold approximately two years or less of uranium reserves against an 18-24 month fuel cycle, representing what Liebenberg characterizes as "the low point of their infantry." This follows nearly a decade of utilities contracting below consumption levels, a practice that cannot continue indefinitely. The eventual resumption of utility contracting represents a key catalyst for uranium price appreciation.Yellow Cake's strategic positioning provides multiple competitive advantages. The company's agreement with Kazatomprom allows $100 million annual uranium acquisitions at spot prices through 2027, providing assured access to supply in an increasingly thin market. As Liebenberg observes, "With the spot market today, you saw Sprott raise $200 million and the spot market popped $7 without them spending a penny. It's a very thin and liquid market. So $100 million volume will move the price."The company's track record demonstrates strategy effectiveness. Yellow Cake raised $200 million at IPO when uranium traded at $21 per pound and has grown to over $1.5 billion in market capitalization with uranium at $76 per pound. Liebenberg expresses confidence in continued appreciation: "I'm still of the belief that we could see a doubling in the uranium price. We're sort of partway through that journey."Government policy support for nuclear expansion, including the World Bank's decision to resume nuclear project funding and support from 14 major banks for tripling nuclear capacity, creates favorable regulatory tailwinds. Small modular reactor development adds another demand catalyst, with commercial operation possible by the end of the decade.Yellow Cake PLC offers investors direct uranium exposure through a transparent, risk-controlled business model positioned to benefit from structural supply-demand imbalances and technology sector-driven demand growth over the next 3-5 years.View Yellow Cake's company profile: https://www.cruxinvestor.com/companies/yellow-cake-plcSign up for Crux Investor: https://cruxinvestor.com

Recording date: 8th July 2025Olive Resource Capital's impressive 33% first-half return demonstrates the potential for focused mining investment strategies. The fund's success with three key holdings—Omai Gold Mines, Troilus Gold, and Sailfish Royalties—each delivering over 100% returns, validates the selective positioning approach within the mining sector. Troilus Gold's appreciation from the $30-39 range to $60-70 exemplifies the re-rating potential when mining companies execute development plans or benefit from improved market conditions.Recent transactions, particularly Royal Gold's acquisition of Sandstorm Gold and Horizon Copper, provide concrete valuation frameworks that reveal substantial upside in undervalued royalty companies. The Royal Gold-Sandstorm transaction establishes a concrete methodology for valuing royalty companies at approximately 88% of attributable gold ounces at current spot prices. This approach, focusing on deliverable resources with reasonable certainty, provides more reliable metrics than complex net present value calculations. Historical precedent supports this framework, with similar transactions ranging from 60% to 100% of spot gold value.The 88% valuation metric to Sailfish Royalties reveals approximately 150% upside potential. Based on estimated deliverable resources from San Albino and Spring Valley projects, the company's fair value approaches $350 million, while currently trading at just under $150 million enterprise value. The presence of tier-one development assets may command premium valuations, as royalty companies particularly value growth opportunities on the path to production.Understanding why more M&A doesn't occur reveals both challenges and opportunities. The complex process involves multiple failure points: unrealistic valuations, excessive management compensation demands, structural complexity, and hidden liabilities discovered during due diligence. These challenges protect against hostile takeovers but also create opportunities for investors who can identify logical consolidation candidates before market recognition.The consolidation imperative creates specific investment opportunities: targeting royalty companies with tier-one development assets trading below M&A comparables, identifying management teams with proven M&A experience, and focusing on logical consolidation candidates in established mining districts. Failed transactions often create attractive re-entry opportunities, as companies trade down despite unchanged fundamentals.The sector's fragmentation necessitates fewer, stronger companies rather than the current proliferation of small, poorly capitalized entities. Companies with experienced management teams capable of executing transactions may command premium valuations, while potential targets trading below fair value based on M&A comparables represent attractive opportunities.The mathematical framework demonstrated by recent royalty M&A transactions provides investors with concrete tools for identifying undervalued assets and understanding catalysts that drive substantial returns. While M&A complexity creates execution risk, it also ensures that successful transactions often command significant premiums, benefiting investors who understand these dynamics and position appropriately.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, CEO and President, Marimaca Copper Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-big-discovery-adds-high-grade-scale-7123Recording date: 3rd July, 2025Marimaca Copper Corp has announced a potentially transformational discovery at its Pampa Medina project in Chile's Atacama Desert, with drilling results intersecting some of the highest-grade copper mineralization reported in recent Chilean exploration. The Vancouver-based company's breakthrough drilling campaign has revealed exceptional high-grade copper intersections that represent a rare geological occurrence in Chile.The standout result from hole SMRD-13 delivered 6 meters of 12.0% copper from 594 meters downhole within a broader 26 meters of 4.1% copper, with mineralization consisting primarily of bornite and chalcopyrite hosted in sedimentary units. President and CEO Hayden Locke emphasized the pure copper nature of the discovery, noting "that's all copper. There's no byproducts. There's no gold. There's no silver included in that."What makes this discovery particularly significant is its geological classification as a sediment-hosted manto system, which is exceptionally rare in Chile. VP Exploration Sergio Rivera, with four decades of Chilean copper exploration experience, compared the deposit to world-class systems: "Sergio says he's never seen a deposit like this other than in very small areas in Chile. So his view is that it's much more analogous to the Kupfershiefer in Poland and Germany and then the African sedimentary copper basin."The drilling campaign has successfully defined high-grade mineralization across a 600-meter east-west by 1,000-meter north-south area, with further drilling indicating potential extensions to 1.4 kilometers by 1.2 kilometers. The company achieved a remarkable hit rate, with five out of seven drill holes intersecting high-grade mineralized zones across broad step-out spacing.Despite this exceptional discovery, Marimaca maintains disciplined capital allocation, prioritizing advancement of its Marimaca Oxide Deposit to production while allocating increased exploration budget to define Pampa Medina's full potential. The project benefits from exceptional infrastructure positioning, with proximity to existing mines, powerlines, water pipelines, and minimal permitting risks in Chile's established mining region.Learn more: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Recording date: 2nd July 2025The conventional wisdom about summer doldrums in mining and resource investing deserves significant reconsideration, according to recent analysis by Derek Mcpherson and Sam Pelaez of Olive Resource Capital. Their examination of historical performance data reveals a market environment far more dynamic and opportunity-rich than traditional seasonal assumptions suggest.Historical data from major mining indices contradicts expectations of quiet summer markets. The GDXJ (VanEck Vectors Junior Gold Miners ETF) experienced substantial two-month moves ranging from -8% in 2021 to +12% in 2024 during July-August periods. The TSX Venture Materials Index showed similarly significant volatility, with moves far exceeding typical expectations for supposedly dormant seasonal periods. These figures represent meaningful portfolio impacts when considered against annual return expectations.The summer period's defining characteristic—reduced trading volume—creates unique market dynamics that sophisticated investors can exploit. With fewer market participants active and reduced institutional presence, temporary liquidity gaps can generate attractive entry points for patient investors. Individual selling decisions can create disproportionate price movements, offering opportunities to acquire quality positions at dislocated prices.Despite reduced market attention, corporate activity continues throughout summer months. Companies still release material information including drill results and corporate developments, but with fewer investors paying attention, good news may not receive immediate market recognition. This creates opportunities for prepared investors to position themselves before broader market awareness occurs.The slower pace provides optimal conditions for conducting thorough research and due diligence. Enhanced access to management teams and reduced daily market noise allow for comprehensive analysis of potential investments and portfolio repositioning. However, investors must remain vigilant, as summer periods also represent common timing for companies to release negative developments when market attention is minimal.Rather than a dormant season, summer represents an actively strategic period requiring balanced approach of relaxation, research, and vigilant monitoring for both opportunities and risks.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of ATHA Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-district-scale-uranium-discovery-potential-in-untested-basin-7260Recording date: 27th June 2025ATHA Energy Corp. (TSXV: SASK) has delivered significant exploration results from its Angilak Uranium Project in Nunavut, Canada, marking a pivotal breakthrough for the uranium exploration company. The results from the first two drill holes of their 2025 exploration program demonstrate both new discovery potential and continued expansion of their established resource base.The company's maiden drill hole at the KU Discovery Target successfully intersected uranium mineralization within the previously undrilled Angikuni Basin, validating years of systematic geological work. The hole intersected 7.1 meters of composite mineralization, including 0.7 meters of high-grade uranium with radioactivity readings reaching 18,490 counts per second. CEO Troy Boisjoli emphasized the significance: "First hole along a 31 km long trend across a basin with no drilling in it and we hit mineralization in the first hole."Concurrent with the new discovery, ATHA successfully extended mineralization at their flagship Lac 50 deposit, which hosts a historic resource of 43 million pounds of uranium at 0.69% grade. The drilling extended mineralization approximately 100 meters down-dip, demonstrating the deposit remains open and unconstrained.The geological features encountered bear striking similarities to the world-class Athabasca Basin, home to some of the highest-grade uranium deposits globally. The drill hole intersected a 23-meter-wide graphitic fault zone with approximately 90 meters of structural offset, conditions historically associated with significant uranium deposits.ATHA's management team brings proven uranium development experience from Cameco and NexGen operations, providing execution capability for advancing projects through development stages. The exploration success occurs against strengthening uranium market fundamentals, with CEO Boisjoli noting: "The absolute reality is that we do not have enough pounds at a significant scale to meet demand."The 2025 exploration program comprises approximately 10,000 meters of diamond drilling, focusing on expanding the Lac 50 footprint while systematically testing regional targets along the 31-kilometer trend.View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-drill-program-reveals-high-grade-gold-6891Recording date: 27th June 2025Omai Gold Mines (TSXV:OMG) is advancing the development of what was once South America's largest primary gold producer, leveraging significant resource expansion and high-grade discoveries to transform the economics of the historic Guyana operation. The company has established a substantial foundation with 2 million ounces indicated and 2.3 million inferred resources, while 30,000 meters of additional drilling since the last estimate positions the project for significant resource growth.The most compelling development has been the discovery of high-grade zones that substantially exceed historical production grades. Recent drilling has intersected 4.5 g/t over 57 meters and 3.16 g/t over 68 meters, representing a dramatic improvement over the historical reconciled grade of 1.67 g/t. CEO Elaine Ellingham characterized these discoveries as "having a mine within your mine," with systematic grade increases at depth that could fundamentally improve project economics.Omai's dual development strategy maximizes resource value through both open-pit mining of the Wenot shear deposit and underground mining of the Gilt Creek deposit. Production capacity could scale from the previous 9,000 tons per day assumption to as high as 15,000 tons per day, supported by the expanded resource base and brownfield infrastructure advantages.The company benefits from significant regulatory progress, having received an interim environmental permit within six months of completing its preliminary economic assessment. The brownfield status provides cleared environmental conditions and established community support, while proximity to major transportation corridors reduces development costs.With $22 million in cash and recent financing demonstrating strong market confidence, Omai is well-positioned for its near-term catalysts. The updated resource estimate is expected within 6-8 weeks, followed by an enhanced preliminary economic assessment incorporating both deposits and higher throughput scenarios. Trading up 600% since early 2024, the company represents compelling exposure to large-scale gold development in a mining-friendly jurisdiction during a favorable precious metals environment.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with William Sheriff, Executive Chairman of enCore Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/encore-energy-tsxv-eu-uranium-production-reset-sparks-opportunity-6905Recording date: 27th June 2025enCore Energy Corp (TSXV:EU), the leading in-situ recovery uranium producer in the United States, has achieved a dramatic operational transformation following a strategic reorganization implemented in March 2025. The company has nearly doubled its daily uranium extraction rates from below 2,000 pounds to over 3,700 pounds per day while simultaneously reducing production costs by 20%.The production surge resulted from accelerated drilling operations and expanded capacity. enCore increased its active drilling rigs from approximately 12-14 to 24 rigs while cutting well installation timelines in half. Executive Chairman William Sheriff emphasized that drilling efficiency represents "the single most important metric in terms of our production," as wells generate the uranium-bearing fluid processed at company facilities.Alongside production gains, enCore achieved significant cost optimization, reducing cash costs from approximately $40.80 per pound to $32 per pound in the latest quarter. Management targets further reductions to the low-$30s range, with an ultimate goal of $30 per pound. However, Sheriff acknowledged inherent economic limitations, noting the company has "a finite ability to go below a certain level" around the $30 range.The company strengthened its financial position through strategic asset sales, most notably divesting Anfield Energy shares for nearly $20 million during a cash-constrained period. This divestiture provided crucial liquidity to support operational expansion while maintaining contract fulfillment capabilities.enCore's growth trajectory continues with the Upper Spring Creek satellite facility, which recently received its radioactive materials license and began construction. The facility is expected to commence production by late 2025 or early 2026, significantly expanding the company's capacity beyond current Rosita and Alta Mesa plant operations.The operational improvements position enCore advantageously within the uranium sector, which faces supply constraints amid growing nuclear energy demand. As one of few active U.S. producers, the company benefits from domestic supply priorities while avoiding the capital intensity of greenfield development projects.Learn more: https://www.cruxinvestor.com/companies/encore-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Akerley, President & CEO of Erdene Resources Development Corp.Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-mongolia-gold-developer-to-pour-first-gold-by-q3-2025-6815Recording date: 27th June 2025Erdene Resource Development (TSX:ERD) is on the verge of becoming Mongolia's newest gold producer, with construction at its flagship Bayan Khundii project reaching 98-99% completion and first gold production targeted for early-to-mid September 2025. The company expects to achieve commercial production by mid-November, marking a significant milestone in Mongolia's emerging mining sector.The project represents a compelling investment opportunity with projected annual production of 85,000 ounces at 4 grams per ton head grade and 90-95% recovery rates. At current gold prices, management forecasts approximately $200 million CAD in annual after-tax free cash flow, providing substantial returns for investors.Erdene's financial position remains robust despite total project costs reaching $115 million USD, 15% above the initial $100 million target. The company maintains $45 million in undrawn facilities, creating a comfortable buffer through the transition to cash flow generation. Management plans aggressive debt repayment within 14 months of achieving steady-state production.Perhaps most attractive for long-term investors is the significant expansion potential within what management characterizes as a new high-grade gold district. Recent drilling has identified exceptional intersections including 40 meters of 7 grams per ton just 200 meters west of the current pit. The company has allocated $10 million annually for exploration to develop multiple targets that could extend mine life beyond 10 years.Strategic infrastructure investments, including a 240-kilometer transmission line to the Chinese border and comprehensive operational facilities, position Erdene for district-wide development. The company recently completed a 6:1 share consolidation to attract larger institutional investors, coinciding with increased marketing efforts as production approaches.With proven management execution, strong local partnerships through Mongolian Mining Corporation, and a 5% net smelter royalty providing additional upside from year five, Erdene represents a rare opportunity to invest in an emerging gold producer with significant expansion potential in an underexplored jurisdiction.View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-developmentSign up for Crux Investor: https://cruxinvestor.com

Recording date: 25th June 2025Compass, episode 20Tether, the company behind the USDT stablecoin, has acquired a 37.8% stake in Elemental Altus Royalties Corp, marking a significant development for the mining royalty sector. The transaction, executed at $1.55 per share through purchases from La Mancha and another shareholder, and grants Tether the right to acquire up to 51.8% of the company.The investment brings unprecedented financial firepower to the mining space. Tether generates over $5 billion annually in cash flow from its $100+ billion in deposits, which are invested in U.S. treasuries yielding 4-5%. To contextualize this scale, Tether's annual revenue is five times larger than Franco Nevada's $1 billion revenue, positioning it as a potentially transformative force in mining sector capital allocation.This move aligns with Tether's hard asset philosophy and anti-fiat currency stance. The company already operates a gold-backed stablecoin and holds approximately seven tons of physical gold, making mining royalties a logical expansion area. Importantly, Tether retained Elemental's existing management team, including CEO Frederick Bell and CFO David Baker, signaling a disciplined approach focused on fundamental value creation rather than aggressive growth at any cost.The market response has been positive, with Elemental's stock price rising from $1.55 to $1.80 following the announcement. Industry observers believe this could trigger broader rerating of mid-tier royalty companies as cryptocurrency-derived capital enters the sector. The transaction represents potential crossover between cryptocurrency and precious metals investors, both sharing anti-fiat currency philosophies.For the mining industry, this development addresses persistent capital constraints and introduces substantial new liquidity. The investment likely represents the beginning of Tether's mining sector involvement, with potential for additional investments across the value chain as the company seeks hard asset exposure for its massive cash flows.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, President & CEO of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/gold-copper-developers-disciplined-approach-to-project-advancement-7086Recording date: 25th June 2025Revival Gold (TSXV:RVG) is accelerating development of its Mercur gold project in Utah, positioning itself as a near-term producer in response to favorable market conditions and regulatory advantages. The company's strategic decision to prioritize Mercur over its larger Beartrack Arnett asset in Idaho centers on the Utah project's location on private land, which enables a faster two-year permitting timeline compared to federal land requirements.The Mercur project targets 100,000 ounces of annual gold production through open-pit heap leach operations, with construction planned for early 2028. CEO Hugh Agro emphasized the project's advantages, noting existing infrastructure proximity to a 40,000-person town eliminates the need for worker camps while providing immediate road access and office facilities.Revival Gold has launched an aggressive 13,000-meter drilling program to convert 40% of Mercur's inferred resources to measured and indicated categories while exploring expansion opportunities. The deposit represents a historically significant Carlin-type system, the first identified in the United States, with artisanal mining previously producing one million ounces at seven grams per ton.The company's valuation proposition appears compelling, trading at 0.15 times price-to-net asset value with Mercur alone carrying $750 million NAV at $3,000 gold. This represents substantial upside potential, with historical precedent suggesting developer valuations can reach 60-80 cents per dollar of underlying NAV once in production.Revival Gold's broader strategy encompasses a 6 million ounce resource base across both Utah and Idaho projects, offering organic growth without external acquisitions. The management team brings extensive mining experience from major companies including Hecla and Eldorado, with a demonstrated track record of delivering projects on time and budget.The favorable gold price environment, driven by central bank diversification away from US dollar reserves, provides additional support for the company's development timeline and project economics as it advances toward production.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Christopher Taylor, Chairman, and Claudia Tornquist, President & CEO ,of Kodiak Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-bc-porphyry-explorer-advances-from-discovery-to-resource-stage-in-2025-6573Recording date: 25th June 2025Kodiak Copper Corp (TSXV: KDK) has announced a significant milestone with its maiden mineral resource estimate for the MPD copper-gold project in British Columbia, marking the culmination of six years of systematic exploration. The resource encompasses four of seven identified mineralized zones, revealing 300 million tons of mineralization grading 0.42% copper equivalent for indicated resources and 0.33% for inferred resources.The scale of the discovery positions MPD among British Columbia's significant copper deposits. Founder and Chairman Christopher Taylor noted that using equivalent cutoff grades to nearby mines, the project contains "between 2 and 3 billion pounds of copper equivalent roughly, and that's worth more than $10 billion in the ground in resource." This substantial resource base provides the foundation for what could become a major mining operation in the region.Despite the impressive resource scale, Kodiak trades at approximately $50 million market capitalization, presenting what management views as a significant valuation disconnect. President and CEO Claudia Tornquist highlighted this opportunity, noting that comparable British Columbia copper companies with established resources "trade at 150 million, 200 million or more."The timing appears strategically advantageous given the global copper supply shortage. Tornquist emphasized that "the pipeline of projects, of exploration projects, development projects in the copper sector are at an all-time low," while demand accelerates from AI infrastructure and renewable energy transitions.Looking ahead, Kodiak expects to complete its full seven-zone resource estimate by year-end, with the remaining southern zones containing significant near-surface, high-grade mineralization. The company has secured funding for 5,500 meters of additional drilling, with results expected through autumn.Given the project's scale and characteristics, management anticipates eventual acquisition by a major mining company, as porphyry projects of this magnitude typically require major company involvement for development. The maiden resource provides the concrete numbers necessary for institutional evaluation and potential merger and acquisition discussions.View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Barry O'Shea, CEO, Highland CopperRecording date: 18th June, 2025Highland Copper Company emerges as one of the most compelling investment opportunities in the U.S. critical minerals sector, operating a fully permitted copper development project positioned to address America's growing strategic mineral shortage. Led by CEO Barry O'Shea, who brings 15 years of mining finance expertise including successful value creation at Fiore Gold, the company's Copperwood project in Michigan's Upper Peninsula represents a rare construction-ready copper mine in domestic U.S. markets.The project's economics demonstrate exceptional leverage to copper prices. At $4 per pound copper, Copperwood delivers $170 million NPV with 18% IRR, but at $5 copper, NPV jumps dramatically to $510 million—a 300% increase from just 25% higher copper prices. This sensitivity positions Highland Copper to benefit significantly from ongoing copper market tightness and the metal's critical role in electrification and defense applications.Highland Copper's competitive advantage extends beyond economics to its regulatory position. Unlike competitors facing years of permitting uncertainty, Copperwood holds all seven required Michigan state permits and operates on private land, eliminating federal NEPA process delays. This fully permitted status, combined with 22 formal government resolutions of support and a proposed $50 million state grant, creates unprecedented government backing for a private mining venture.The company's capital structure reflects institutional confidence, anchored by Orion Mine Finance's 28% equity stake, which provides both patient capital and a clear path to construction financing. With targeting a construction decision by first half 2026 and an 11-year initial mine life producing 30,000 tons of copper annually, Highland Copper addresses the urgent need for domestic copper production.As O'Shea emphasizes, "What the US needs now is projects that can be built and not ones that are sitting at first drill hole." This construction-ready status positions Highland Copper as a strategic play on America's industrial renaissance and energy security objectives, making it a standout opportunity in the critical minerals space.Learn more: https://www.cruxinvestor.com/companies/highland-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO, Metals ExplorationOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-gold-producer-targets-500m-annual-cash-flow-by-2028-6846Recording date: 18th June, 2025Metals Exploration is executing a strategic transformation from a single-asset gold producer to a diversified mining company operating across the Philippines and Nicaragua. The company's Runruno mine in the Philippines currently generates $96 million in annual free cash flow while producing 70,000-80,000 ounces of gold, providing the financial foundation for aggressive expansion plans.The centerpiece of this growth strategy is the January 2025 acquisition of Condor Gold in Nicaragua, where Metals Exploration is rapidly constructing a new gold mine targeting 140,000 ounces annually by Q4 2026. Unlike previous development attempts constrained by external financing requirements, the company is using internal cash flows to optimize mine design, targeting 1.4 million tons annually compared to Condor's original 880,000-ton plan.CEO Darren Bowden brings 17 years of South American mining experience, positioning the company to navigate challenging jurisdictions where political risk perception creates entry barriers for competitors. The team has quickly established credibility in Nicaragua, securing contracts with the country's four largest companies and demonstrating operational progress that previous management failed to achieve over 12 years.In the Philippines, Metals Exploration is advancing multiple opportunities to extend operations beyond Runruno's 2026 closure. The most immediate prospect involves a VMS deposit 20 kilometers away containing zinc, copper, and gold mineralization. The company plans to repurpose existing plant infrastructure with a $20 million investment, targeting $1 billion in annual revenue by 2028.The investment thesis centers on exceptional cash flow generation, production growth from 70,000 to 140,000+ ounces annually, and significant cost advantages in both jurisdictions. Operating debt-free with drilling costs approximately 75% below US levels, Metals Exploration maintains financial flexibility while advancing multiple development pathways.With gold prices above $3,500 providing substantial margins and the company's self-funded approach eliminating dilution risk, Metals Exploration represents a compelling growth story in underexplored, politically complex markets where operational expertise creates competitive advantages.Learn more: https://www.cruxinvestor.com/companies/metals-exploration-plcSign up for Crux Investor: https://cruxinvestor.com

Recording date: 18th June, 2025 The platinum group metals (PGMs) sector is experiencing a significant rally driven by fundamental supply-demand imbalances and emerging physical demand from China. Since May 1st, platinum has surged 33% while palladium has gained 12.5%, marking a notable shift in markets that had been in deficit for years without corresponding price appreciation.According to investment firm Olive Resource Capital, both platinum and palladium have operated in substantial deficits exceeding 500,000 ounces annually since 2022-2023, representing approximately 5% of their respective markets. The global palladium market totals roughly 9 million ounces annually, while platinum demand reaches about 7 million ounces, making these concentrated markets particularly sensitive to supply-demand shifts.The current catalyst appears to be genuine physical demand from China, where investors are substituting PGMs for gold purchases, creating actual warehouse drawdowns rather than paper trading. This physical buying is removing metal from available supply, creating tangible market tightness. The substitution effect extends beyond investment to jewelry markets, where platinum's discount to gold attracts price-conscious consumers.Supply-side pressures are intensifying structural constraints. South Africa, which produces 56% of global platinum, faces ongoing mine rationalization as deep, labor-intensive operations struggle with profitability at recent price levels. Meanwhile, Russia, contributing 26% of palladium supply, has been liquidating inventory to fund military operations, creating near-term oversupply but longer-term supply concerns.Industrial demand remains robust despite electric vehicle growth. Hybrid vehicles actually require more PGM content than traditional engines due to thermal management needs, while broader industrial applications for emissions reduction continue expanding.The combination of persistent deficits, Chinese physical demand, South African supply rationalization, and stable industrial consumption has created conditions for sustained price appreciation. With only 18 months of above-ground platinum inventory and mine development timelines extending 7-10 years, supply response capabilities appear limited, potentially supporting a multi-year bull market in PGMs.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Moody, President & CEO of Pan Global Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-advancing-towards-maiden-copper-resource-7130Recording date: 20th June 2025Pan Global Resources (TSXV:PGZ) has delivered impressive operational and market performance in 2025, with CEO Tim Moody reporting a 50% share price increase driven by significant exploration breakthroughs at the company's Spanish copper-gold projects. The Vancouver-based mining company has strategically positioned itself in Spain's prolific Iberian Pyrite Belt, where recent drilling results are reshaping investor perceptions of the portfolio's potential.The company's most notable achievement centers on the Cármenes project in northern Spain, where initial drilling at the Providencia target has uncovered previously unknown gold mineralization extending well beyond historical mining operations. The discovery includes impressive intersections of 46 meters at 1.1 grams per tonne gold, alongside high-grade copper-cobalt-nickel zones approaching 3% copper equivalent over 4-meter intervals."All three holes have hit gold, which wasn't known before, wasn't extracted before, but over quite wide intervals," Moody explained, emphasizing the unexpected nature of the discovery. The geological system appears to be extensive, with one intersection spanning 110 meters of consistent gold mineralization, indicating significant scale potential for future resource development.Pan Global has dramatically expanded its exploration opportunity through helicopter-borne geophysical surveys, identifying 20-30 additional targets across a 3-4 kilometer area around the initial discovery. This systematic approach has multiplied the company's prospects at minimal incremental cost, creating a robust pipeline for continued exploration.Meanwhile, the flagship Escacena copper project continues advancing toward a maiden resource estimate in the second half of next year. The project offers superior metallurgical characteristics compared to regional peers, with higher recoveries and concentrate grades translating to enhanced per-unit value.The company's strategic positioning has been further validated by the recent mining permit approval for neighboring Grupo Mexico's project, reinforcing Spain's supportive regulatory environment. With multiple near-term catalysts including drilling results expected within 6-8 weeks, Pan Global appears well-positioned to capitalize on favorable copper market fundamentals and European Union strategic mineral initiatives.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com