CruxCasts

Interview with Louis-Pierre Gignac, President & CEO of G Mining Ventures Corp.Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-fully-financed-path-towards-500kozpa-gold-production-by-2028-8221Recording date: 10th April 2026G Mining Ventures (TSX:GMIN) has announced the acquisition of G2 Goldfields, its neighbour in Guyana's Karouni gold district, consolidating two deposit systems that management describes as the same mineralised ore body divided only by a property boundary. The transaction is designed to transform Oko West on track for first gold in the second half of 2026 from a standalone project into a combined operation targeting up to 500,000 ounces of gold per year.The core of the investment case is geological. The Oko West and G2's Oko-Ghani deposits sit within 3 km of each other and share the same mineralised system, meaning the integration is an expansion exercise rather than a hub-and-spoke consolidation. G Mining's existing plant footprint was already being designed with expansion capacity in mind. Reaching a 25–30% throughput increase requires adding an additional ball mill, pebble crushing, leach circuit tankage, and modest tailings and power infrastructure, not redesigning the facility from scratch.Critically, none of this disrupts the existing build. Construction at Oko West proceeds on its current schedule, with first gold still targeted for H2 2026. The expansion planning and engineering work runs in parallel. An updated feasibility study for the combined project is expected in the first half of 2027, with expansion capital expenditure concentrated in 2028 and expanded production beginning in 2029.The permitting pathway is similarly de-risked. G Mining holds a 25-year mining licence at Oko West, and its existing mineral agreement with the Guyanese government contains provisions that extend its terms to assets acquired within the Karouni basin. The G2 deposits are expected to be incorporated through an addendum to existing approvals rather than a full regulatory re-submission.Financing is not a constraint. Following transaction close, G Mining will hold approximately $255 million in pro forma cash and a $350 million undrawn credit facility. Its producing Tocantinzinho (TZ) mine in Brazil generated over $250 million in free cash flow in 2025 and continues to contribute to the balance sheet through the construction phase and beyond. Management states the expanded project is fully funded without requiring additional equity issuance.The transaction also adds 362 km² of land to G Mining's Guyana position, all within approximately 20 km of Oko West. G2's exploration team transitions into a new vehicle, G3, seeded with $45 million and structured with a contingent value right that would deliver an additional $200 million to G2 shareholders if new discoveries bring total ounces to between 3.5 and 7.5 million.At a C$12 billion market capitalisation, G Mining is no longer a speculative junior. But management's contention is supported by a clear sequence of upcoming milestones: construction completion, first gold, a combined feasibility study, permitting, and eventually a 500,000-ounce operation in one of South America's more active emerging gold jurisdictions. For investors in the mid-tier gold space, the story is one of scale, execution track record, and a funded path to production growth.View G Mining's company profile: https://www.cruxinvestor.com/companies/g-mining-venturesSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-construction-begins-at-great-atlantic-project-9528Recording date: 7th April 2026Nolan Peterson, CEO of Atlas Salt, has presented a detailed case that his company trades at a substantial discount to its intrinsic value, currently at approximately 0.1 times net asset value (NAV). The Great Atlantic Salt Project in western Newfoundland aims to become the first new salt mine built in North America in 25 years, targeting the de-icing road salt market serving cities and governments.Peterson's valuation argument centers on three key points. First, Atlas Salt has eliminated several major mining risks that typically justify valuation discounts. Salt deposits require no metallurgical processing, are straightforward to define geologically, and the project has secured environmental assessment approval, addressing permitting concerns. Only financing and execution risks remain.Second, Peterson argues that traditional mining valuation frameworks systematically undervalue salt projects. Unlike gold mines with front-loaded cash flows and shorter lifespans, Atlas Salt offers a 25-year mine life with 50 years of defined resources, creating stable, annuity-like cash flows. Using alternative valuation methodologies more appropriate for stable cash flow assets—including free cash flow yield and EBITDA multiples—Peterson suggests potential valuations ranging from $1.9 billion to $3 billion, compared to conventional mining metrics suggesting $750 million at production.Third, the customer base provides unusual stability. Municipal and state governments purchasing de-icing salt are often legally obligated to buy for road safety liability reasons, fundamentally different from discretionary commodity markets subject to price volatility.Peterson acknowledges the valuation gap stems partly from investor unfamiliarity with the niche salt sector and lack of comparable investment options. The company's strategy to close this gap focuses on advancing development milestones, educating investors about the differentiated risk profile, and most critically, securing project financing that would independently validate the stable cash flow projections underlying the investment thesis. The success of this approach depends on demonstrating that lenders view salt projects as fundamentally less risky than conventional commodity mining operations.Learn more: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power Metallic MinesOur previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-95-recovery-rates-aggressive-plans-for-saudi-assets-9104Recording date: 9th April 2026Power Metallic (TSXV:PNPN) is advancing what CEO Terry Lynch characterizes as the world's highest-grade copper-PGE discovery at its Nisk project in Quebec, yet the company believes significant market undervaluation persists despite exceptional technical progress.The Lion zone discovery has delivered remarkable drilling results, with 95+ intersections averaging over 11 meters at 4.25% copper equivalent. Several holes have returned spectacular grades, including 22 meters at approximately 11% copper equivalent—grades roughly 20-30 times higher than typical copper deposits currently in production.Management has systematically addressed three key investor concerns that may have constrained valuation. First, metallurgical complexity—a critical risk for polymetallic projects—was de-risked through SGS lock cycle testing that demonstrated 80%+ recoveries on run-of-mine material. Second, perceptions about project size overlook the fundamental economics: high-grade deposits require substantially lower capital per unit of contained metal than low-grade tonnage plays. Third, the company's Quebec location provides infrastructure advantages and fiscal incentives that deliver nearly 2-for-1 exploration financing plus 55% combined development capital credits.The deposit classification as an orthomagmatic system—only approximately 20 exist globally—suggests substantial growth potential. Comparable deposits including Russia's Norilsk and South Africa's Merensky Reef typically host multiple mines across district-scale footprints, with contained metal inventories often exceeding 10 million tons versus current analyst estimates of 600,000-800,000 tons at Nisk.Power Metallic has accelerated its preliminary economic assessment timeline to fall 2026 from spring 2027, with an updated mineral resource estimate scheduled for September. The company maintains six active drill rigs and has expanded its land package sixfold to 330 square kilometers. A planned NYSE/Nasdaq listing in Q3 2026 aims to provide broader institutional access.Despite underlying commodity prices increasing over 60% since the February 2025 financing, the stock has traded sideways—a disconnect management believes creates asymmetric opportunity for investors ahead of multiple near-term catalysts.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallicSign up for Crux Investor: https://cruxinvestor.com

Interview with Tara Christie, President & CEO of Banyan Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-corp-tsxvbyn-pea-nears-as-franco-nevada-royalty-purchase-signals-value-9434Recording date: 3rd April 2026Banyan Gold (TSXV:BYN) is a Yukon-focused gold developer whose AurMac project hosts approximately 7.6 million ounces of gold resources across 2.2 million indicated and 5.4 million inferred ounces. The company trades at roughly US$43 per resource ounce, a level that President and CEO Tara Christie argues is a significant and narrowing discount relative to peers, and one that several external data points suggest does not reflect the underlying project value.The most significant external reference is Franco-Nevada's recent acquisition of the underlying royalty on AurMac for US$52.2 million. The royalty carries a 6% gross rate that can be bought down to a 1% NSR for $10 million. Stripping out that likely buydown scenario implies Franco-Nevada paid approximately $42 million for a 1% royalty on a project whose current market capitalisation reflects a fraction of that implied valuation. Royalty companies of Franco-Nevada's standing do not deploy capital at that scale into junior projects without conviction in long-term production economics. That conviction is not visible in Banyan's current share price.The primary reason for the valuation gap is well documented and, critically, now resolved. Victoria Gold entered receivership in 2024 holding a 25% interest in the AurMac property and an 8.6% equity position in Banyan. The resulting title uncertainty and forced selling suppressed Banyan's share price through an extended period in which gold rose substantially and peer companies rerated. By late September 2025, Banyan had received a court order confirming 100% property title. The equity overhang was subsequently cleared entirely. Despite this resolution, the share price has not yet converged with peers. Snowline Gold, for comparison, was trading near $260 per resource ounce before recent geopolitical pressure hit the sector broadly.Two additional factors have compounded the discount. A jurisdiction-wide perception of Yukon permitting risk weighed on explorers across the region, though Christie argues the new Yukon government's stated focus on permitting reform and infrastructure investment has shifted that picture materially. A longstanding grade perception issue, the market's tendency to frame AurMac as a low-grade bulk tonnage deposit, is expected to be addressed directly by the maiden PEA, which will quantify the economic contribution of the deposit's high-grade core for the first time.The 2026 programme is designed to deliver a sequence of de-risking events. Five drills are currently active with results expected from May. A Q2 resource update will incorporate nearly 43,000 metres of 2025 drilling. A maiden PEA targeting the second half of the year will establish the first published economic benchmark for AurMac. Regional drilling across ten targets, plus follow-up on a bonanza-grade silver discovery, adds exploration optionality that management believes carries early cash flow potential through direct shipping or toll milling.For investors, the setup is unusually specific: a defined sequence of news flow, a freshly resolved technical overhang, an external royalty transaction that implies a higher valuation than the market currently assigns, and a gold price environment that makes large, infrastructure-advantaged deposits strategically attractive to major producers. The key risk, as with all pre-production developers, is that the PEA economics substantiate what management has been communicating. That question will be answered within this calendar year.View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Deepak Varshney, President & CEO of Formation MetalsRecording date: 8th April 2026Formation Metals is a junior gold explorer advancing the N2 project in Quebec's Abitibi greenstone belt, a district historically responsible for over 200 million ounces of gold production. Despite sitting on an 870,000-ounce historical resource, the company currently trades at roughly $10 per ounce — a valuation gap that CEO Deepak Varshney, a geologist with deep capital markets experience, believes will close sharply once a modern resource estimate is delivered.The existing resource was calculated in the 1990s using a $200 gold pit shell and a 0.5 g/t cutoff, making it technically historical and limiting market recognition. Previous operators — including Agnico Eagle, Cyprus Canada, and Minnova — treated N2 as an underground target, drilling for narrow, high-grade veins rather than the wide bulk-tonnage zones Formation Metals is now systematically proving. With gold now trading above $4,500/oz — more than five times the 2008 price when Agnico last drilled the site — the economic case has fundamentally changed.The N2 project spans 8 kilometres of strike across 87 claims (~4,400 hectares) in northwestern Quebec. Formation Metals' drilling has consistently returned wide, shallow intercepts: 42.3 metres at 0.91 g/t starting just 12 metres from surface, and intercepts exceeding 150 metres of continuous mineralisation in some holes. The mineralisation begins as shallow as 9 metres vertical depth with minimal overburden, a rarity in the region. Grades of 1–2 g/t across 30-metre-thick zones are consistent across the A-zone, the primary focus, while a high-grade core delivers up to 4 g/t over 11 metres.The company is executing a fully funded 30,000-metre drill program in 2026, backed by approximately $11 million in working capital. Rather than twinning historical holes drilled by majors, Formation Metals is targeting gaps in the geological model with infill and step-out drilling at 50–100 metre intervals — a capital-efficient approach that validates continuity without redundant work. With 39 holes awaiting assay results, the company expects a steady flow of news through the year.The core 1.5-kilometre A-zone alone is internally modelled to support 1.5–2 million ounces using a lower 0.25 g/t cutoff, with a maiden NI 43-101-compliant resource targeted for Q3/Q4 2026. An additional 3 kilometres of drilled strike and 3 kilometres of untested extension to the west point toward a 3+ million ounce potential across the full property. Toll milling options at Matagami (20 km north) and Casa Berardi (50 km west) provide a low-capital path to production, while proximity to Maple Gold Mines — 20% owned by Agnico Eagle and holding a 3 million ounce resource — positions N2 as a natural acquisition candidate for regional consolidators.The company's roadmap runs from a maiden resource in late 2026 to a Preliminary Economic Assessment in 2028, either as an independent developer or as an acquired asset. With estimated production costs below $2,000/oz at a 4:1 strip ratio against current gold prices, the project's margin profile is compelling. As Varshney put it, the shallow, near-surface nature of N2's gold makes it a genuine anomaly in the Abitibi: "There isn't a lot of gold this shallow available in the area".Sign up for Crux Investor: https://cruxinvestor.com

Interview with Gavin Ferrar, CEO of Central Asia Metals Our previous interview: https://www.cruxinvestor.com/posts/central-asia-metals-lsecaml-kazakhstan-copper-producer-reports-solid-financial-performance-6938Recording date: 31st March 2026Central Asia Metals PLC, an AIM-listed base metals producer with a $400 million market capitalization, delivered robust 2025 financial results while navigating a critical transition from mature assets to new growth opportunities.The company reported $230 million in revenue and $103 million in EBITDA, generating $56 million in free cash flow. This enabled a 12 pence per share dividend representing a 7% yield—paid at the maximum end of its 30-50% free cash flow distribution policy. The company also completed a $10 million share buyback before market weakness reduced valuations by 20-30% across the mining sector.Central Asia Metals' financial backbone remains the Kounrad copper operation in Kazakhstan, which operates at exceptional 75% EBITDA margins. The facility processes 600 million tons of Soviet-era waste dumps through heap leaching, producing 13,300 tons of copper cathode in 2025. While production guidance moderates to 12,000-13,000 tons for 2026 as leach curves naturally decline after 14 years of operation, the site has consistently outperformed expectations with 13-14% higher copper recovery than forecast. This track record supports management's pursuit of license extension beyond the current 2034 expiration date.The company's SASA lead-zinc mine in North Macedonia faced significant challenges in 2024 due to unexpected geological complexity at depth. Management implemented comprehensive restructuring including an 11% workforce reduction, enhanced geological monitoring, new mining methods, and strategic hedging of 50% of zinc production. Fourth quarter 2025 showed marked improvement, enabling raised guidance for 2026.Looking forward, Central Asia Metals pursues dual-track growth through early-stage exploration across six Kazakhstan licenses and acquisition of pre-feasibility stage development assets trading at 0.25x net asset value. CEO Gavin Ferrar emphasized the company's proven construction and operational expertise as competitive advantages in advancing acquired projects while maintaining financial flexibility through a clean balance sheet and disciplined capital allocation.Learn more: https://www.cruxinvestor.com/companies/central-asia-metalsSign up for Crux Investor: https://cruxinvestor.com

 Recording date: 7th April 2026The closure of the Strait of Hormuz has triggered significant disruptions across global energy markets, creating what Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair at Olive Resource Capital, view as structural investment opportunities extending well beyond the immediate crisis.While the Strait handles 20% of global crude oil, the more consequential impacts affect liquefied natural gas, petrochemicals, and fertilizers, where 20-50% of certain products originate from the Persian Gulf region. This supply shock is forcing countries like Japan and South Korea to fundamentally reassess their energy security strategies.Glencore emerged as the primary beneficiary in thermal coal, as reduced Qatari LNG availability extends the operational life of existing coal-fired power plants. The company controls 30% of seaborne coal trade and recently expanded its portfolio by acquiring Teck Resources' coal assets in 2025. Coal represents 30% of Glencore's EBITDA, with additional upside from its commodity trading division, which profits from supply chain disruptions.Woodside Energy and Santos offer compelling value propositions for Asian LNG markets. Australian producers sit 40% closer to key importers than Qatar, reducing shipping costs and insurance premiums, yet trade at half the valuation multiples of US peers like ExxonMobil and Chevron. Rolling spot contracts should reflect elevated pricing in second-half 2026 results.The disruption of 20% of global ammonia supply coincides with Northern Hemisphere planting season, driving dramatic appreciation in fertilizer stocks. CF Industries has gained 40% since the Strait closure, while Woodside's recently acquired Texas ammonia facility enters production at opportune timing.The team emphasizes discipline, separating conviction from entry points. They anticipate any diplomatic resolution could trigger profit-taking in names that have appreciated 40%+, providing better risk-adjusted entry opportunities. The core thesis rests on structural supply chain shifts prioritizing security over cost optimization—a behavioral change likely to persist for years regardless of near-term geopolitical developments.Sign up for Crux Investor: https://cruxinvestor.com 

Interview with Peter Secker, CEO of Canyon ResourcesOur previous interview: https://www.cruxinvestor.com/posts/canyon-resources-asxcay-premium-cameroon-bauxite-mine-ships-first-ore-mid-2026-8719Recording date: 2nd April 2026Canyon Resources (ASX:CAY) is rapidly advancing the Minim Martap bauxite deposit in Cameroon toward first production, targeting initial shipments in late September 2026. The project features 51% alumina and 2% silica content, which Chief Executive Officer Peter Secker believes represents the highest-grade undeveloped bauxite deposit globally. With over 1.1 billion tons of resource located 800 kilometers from the coast, the asset combines exceptional quality with significant scale.The superior grade profile translates directly into economic advantage. Canyon expects to receive $76 to $78 per ton for its bauxite, representing a $10 to $12 premium above the Guinea standard GBIX price of $65 per ton. This premium reflects the reduced caustic soda consumption and lower energy requirements in alumina refining that the high-grade material enables. Against production costs of $36 per ton to port and $20 per ton freight, the company projects $200 million in annual free cash flow at 10 million tons per year production.The project is 50% complete and fully funded through first production, with $40 million in cash and a $95 million undrawn debt facility covering the remaining sub-$100 million in development costs. Critical infrastructure components are progressing on schedule: road construction is 80% complete, the first seven locomotives are en route to Cameroon for May-June arrival, and trial mining commences within weeks.Canyon has adopted a strategic approach to commercial negotiations, postponing offtake agreements until after demonstrating actual product quality with its first 50,000-ton trial shipment. This positions the company to negotiate stronger terms with North American, European, Middle Eastern, and Asian customers while seeking prepayment facilities to fund expansion.The company is increasing its ownership stake in Camrail, the rail operator, from the current 9.1% to enhance logistics control. An $820 million World Bank-funded rail upgrade will enable production to scale from 2 million to over 10 million tons annually by decade's end, with expansion funded through operating cash flow rather than equity dilution.View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Steven Sirbovan, President & CEO of ICG Silver & GoldRecording date: 1st April 2026ICG Silver and Gold Corp. is a newly listed exploration company that began trading on the CSE on March 31, 2026, after spinning out from American Pacific Mining. The company holds a single flagship asset, the Tuscarora District, a 10,000-acre contiguous land package in northeastern Nevada positioned at the intersection of the Independence and Carlin Trends. For investors evaluating the junior exploration space, ICG presents a clearly defined near-term catalyst, a funded treasury, and a geological thesis that differentiates it from prior operators at the same project.The Tuscarora District is not a greenfield exploration play. Historical operators Novo Resources and American Pacific Mining conducted 25,000 metres of drilling, collected 5,000 samples, and completed 130 line-kilometres of geophysics across the property. Those programs generated high-grade results, including an intersection of just over 4 metres grading 127 g/t gold at the South Navajo target. Despite this work, the project was consistently treated as a gold-only system. ICG's management believes that interpretation left a significant dimension of the project unexplored: a spatially overlapping, silver-dominant epithermal system, supported by surface rock samples returning up to approximately 38,000 g/t silver at certain targets and near-surface geophysical anomalies.The former Dexter open-pit mine, located just off the property boundary on trend with the South Navajo and Modoc targets, produced approximately 50,000 ounces of gold and 250,000 ounces of silver in the early 1990s and serves as a direct analogue for the style of mineralisation management is targeting.The company enters the market with approximately C$6.2 million in the treasury and a Phase 1 RC drill program of 3,000 to 6,000 metres scheduled to commence in June 2026. RC costs in the region are currently estimated at approximately US$250 per metre, providing ICG with sufficient capital to complete the program without near-term financing pressure. Assay results are expected in August 2026, giving investors a defined newsflow window within the current calendar year.The Phase 1 program targets two categories of drill holes. The first group focuses on South Navajo and Modoc to build toward an eventual mineral resource. The second and more exploration-oriented group targets East Pediment, Grand Prize, King's Vein, and North Navajo areas which are identified through sampling and geophysics but not yet systematically drilled. Hole depths are planned at 200 to 300 metres, consistent with the shallow, open-pittable mineralisation model the company is evaluating.The management team brings relevant capital markets and technical depth. CEO Steven Sirbovan has 13 years of capital markets experience including work at Waterton Global Resource Management with a Nevada focus. The board includes Jeff Swinoga, formerly of Barrick Gold, and Gary Baschuk, who spent significant time at Barrick's Goldstrike operation in Nevada. VP of Exploration Korbon McCall provides direct technical continuity with the project through his prior work with American Pacific.For investors, the near-term thesis is straightforward: a funded drill program, an August 2026 assay window, and a geological interpretation that has not previously been tested at district scale. The key risk, as with any early-stage exploration company, is that drilling results may not confirm the dual-system thesis. Investors should size positions accordingly and monitor Phase 1 results as the primary near-term value inflection point.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Beer, Interim President & CEO of Atex ResourcesOur previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-chile-copper-giant-hits-2b-ton-target-secures-strategic-land-rights-8108Recording date: 2nd April 2026Atex Resources finds itself at a strategic inflection point as interim CEO Chris Beer steers the company through a leadership transition while maintaining aggressive exploration momentum at its Valeriano copper-gold project in Chile. Following the January departure of founding CEO Ben Pullinger for personal reasons, the board is conducting a comprehensive executive search targeting candidates with exploration expertise, engineering background, and proven ability to engage with major mining companies.The company operates from a position of financial strength, holding $150 million in cash that funds approximately 2.5 to 3 years of drilling at current activity levels. This runway allows Atex to pursue an ambitious exploration strategy without near-term financing pressure, a significant advantage in the current market environment.The Valeriano project has delineated 2 billion tons of copper mineralization at 0.8% copper equivalent, comprising 1.5 billion tons in the inferred category and 500 million tons in the indicated category. What distinguishes this discovery is the high-grade B2B breccia zone sitting above the massive porphyry system. This breccia currently measures 30 to 40 million tons, with the company targeting expansion to at least 50 million tons at grades exceeding 1.5% copper equivalent.Recent Phase 6 drilling has exceeded expectations, extending beyond the original 25,000-meter target to more than 30,000 meters. A particularly significant intercept in Hole 34 discovered nearly one kilometer of continuous mineralization in rhyolite rather than the expected breccia, potentially expanding the B2B tonnage by 70% in a single hole. This finding opens new geological dimensions and questions whether the system represents discrete breccia clusters or a more continuous mineralized envelope.The dual nature of the deposit creates unusual development optionality. The high-grade breccia presents a near-term development target accessible to mid-tier producers, while the underlying porphyry system compares favorably to world-class block cave operations like Red Chris in Canada and Carrapateena in Australia. Strategic backing from Agnico Eagle, which holds over 15% of outstanding shares, validates the district-scale potential that includes three to four additional Valeriano-like targets within six kilometers awaiting systematic testing.View Atex Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Padget, President & CEO of Founders MetalsRecording date: 1st April 2026Founders Metals is a gold exploration company operating in Suriname with a straightforward but high-conviction proposition: a district-scale land package in one of the world's most geologically prospective and underexplored orogenic gold terrains, backed by strong institutional capital, company-owned drilling infrastructure, and a growing portfolio of discoveries.The flagship Antino project now covers over 100,000 hectares of Guyana Shield greenstone belt, a fivefold expansion from just 20,000 hectares less than a year ago. That land growth reflects both the company's operational effectiveness in Suriname and the geological rationale for holding as much ground as possible in a terrain that draws consistent comparisons to West Africa's Birimian gold belt, the source of some of the world's most significant orogenic gold discoveries over the past three decades.The project is not a single-target story. Upper Antino, the most advanced zone, has returned exceptional drill results including 50.5 metres at 31 g/t gold, and infill drilling has confirmed mineralisation continuity across sub-parallel shear structures and down-plunge gold shoots. Lower Antino, 3.5 kilometres away, offers a contrasting but complementary bulk tonnage profile with 80-90 metres averaging approximately 1 g/t from surface that points toward open-pit development potential. Having both styles on the same land package gives Founders Metals a level of future mine-design flexibility that is genuinely uncommon among companies at this stage of development.Beyond those two advanced zones, five additional discoveries have been made in the past 18 months. The most significant new target is Antino North, approximately 100 square kilometres of undrilled ground, has now received its first drill rig. Management has flagged this as a top priority on the grassroots side, driven by structural indicators and geochemical results consistent with the broader camp-scale thesis.The 2026 programme consists of up to 70,000 metres across four of the company's six owned drill rigs, split roughly equally between advancing known targets and testing new ones. The company holds approximately $50 million in cash and has indicated that both the technical capacity and the financial capacity exist to drill beyond the planned meterage if results justify it.The shareholder register reflects the project's credibility among sophisticated capital allocators. BlackRock and Franklin Templeton are on the register, having been attracted by the project's scale potential and the technical depth of the team. Management retains approximately 7.5% ownership. Chris Taylor, the architect of the Great Bear Resources exit, widely regarded as one of the most successful resource-free acquisitions in recent Canadian mining history, sits on the board and brings a well-validated strategic perspective on exploration-stage value creation.For investors, Founders Metals offers a rare combination in the junior gold space: genuine district-scale potential, a multi-discovery track record, institutional validation, full operational control, and a management team with both the geological credibility and the capital discipline to execute over a multi-year discovery cycle. The key catalysts to watch in 2026 are results from Antino North, ongoing infill drilling at Upper Antino, and any further additions to the concession package.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Ruyi Deysel, Managing Director & CEO of West Wits MiningOur previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-first-gold-production-achieved-as-south-african-project-goes-live-8410Recording date: 2nd April 2026West Wits Mining has crossed a pivotal threshold, delivering its first gold pour at the Qala Shallows project in South Africa's Witwatersrand Basin and beginning the operational ramp-up toward steady-state production of 70,000 ounces per annum. For investors tracking the company's progress, the milestone is meaningful not only symbolically but structurally: it confirms that West Wits has successfully built and commissioned an underground gold mine on schedule, within a disciplined capital framework, and with early performance metrics running ahead of the Definitive Feasibility Study.The production model is built around toll treatment of ore at a Sibanye-Stillwater facility nearby, avoiding the capital burden of a standalone processing plant in the early stage and compressing the timeline to first revenue. Ore grades and gold recoveries from bottle roll tests are both tracking above DFS assumptions which is a positive early indicator for the unit economics that will define the ramp-up. The all-in sustaining cost target of approximately US$1,300/oz positions the operation with a material margin against current gold prices, and management has been explicit that cost control is central to the company's operating philosophy.Funding is not a near-term concern. The company completed an unsolicited A$27.5 million equity raise in January, entered production fully funded, and is now preparing its first drawdown under the lending facility. Approximately 25% of total project funding is expected to come from early gold revenue, which means maintaining the production ramp-up profile is both an operational and financial imperative. Contingency has been built into both the equity and lending structures to absorb short-term variability.Energy management is an area of active focus. Diesel currently accounts for around 8% of operating costs, already low relative to comparable operations, partly due to the closed-loop hydropower system that uses purified local groundwater. Grid power connection, expected in Q4 2026, will reduce diesel dependency further and improve operating margins without any requirement for additional production volume. This represents a near-term, largely de-risked cost improvement that investors can monitor against a defined timeline.On the growth side, the company has launched a scoping study targeting an expansion pathway to 200,000 oz per annum, nearly three times the current steady-state target. The study commenced in February 2025 and is expected to conclude by June, at which point management will have defined the direction for a full feasibility study. This provides investors with a clear, time-bound catalyst to assess the long-term scale of the asset.What distinguishes West Wits Mining's investment case from many of its junior gold peers is the board's stated philosophy: demonstrate profitability first, grow selectively second. In a sector where capital is frequently deployed in pursuit of market capitalisation rather than margin, that orientation carries weight. The coming twelve months will test whether the operational execution matches the framework management has built. The early signals are encouraging, the funding is in place, and the catalysts are defined.View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pge-developer-with-novel-process-exclusive-ip-clear-path-to-pea-9497Recording date: 31st March 2026ValOre Metals is developing the Pedra Branca platinum-palladium project in northeast Brazil and is making a straightforward argument to the market: it is significantly undervalued relative to the small peer group of development-stage PGE companies, and it has a clear plan to close that gap in 2026.The numbers support the premise. Pedra Branca hosts a 2.2 million ounce resource grading 1.08 g/t on a 2P+gold basis. Comparable peers: Stillwater Critical Minerals with its Stillwater West project in Montana, and Generation Mining advancing an Ontario project, carry resource bases of approximately 3 million ounces and trade at market capitalisations of $100–200 million. ValOre sits at approximately $26 million. That is a valuation gap that invites scrutiny, and CEO Nick Smart's explanation for it is credible.The discount reflects two correctable problems. First, the company's prior ownership of uranium assets created market confusion about its identity as a PGE developer. That has been resolved: the Hatchet uranium properties have been sold to Future Fuels, and ValOre is now a single-asset, single-commodity company focused entirely on Pedra Branca. Second, without an economic study on file, investors cannot model the project's returns. That changes with the delivery of a Preliminary Economic Assessment, targeted for 2026 and representing the single most important near-term catalyst for the stock.Smart brings unusual technical credibility to this mandate. His background is in chemical engineering and extractive metallurgy, with 21 years spent at Anglo American in platinum and palladium operations. His focus since joining in October 2024 has been on the metallurgical and engineering programme required to underpin the PEA and early results are positive.Metallurgical test work conducted with the University of Cape Town is delivering palladium and platinum extractions of 73–74% from a hydrometallurgical leaching route designed for Pedra Branca's weathered near-surface ore. These are initial results from shake-flask testing that are expected to improve as the programme scales. An additional finding that UCT's hot caustic pre-treatment can unlock high-grade chromitite-hosted PGEs grading 6.5–8.5 g/t at surface creates optionality for high-grade feed in the early mine-life years, with potentially positive implications for early-year project economics and NPV.The macro environment provides further support. Primary platinum supply has been in structural decline since 2021, falling from over 6 million ounces to a projected 5.12 million in 2026 despite a price that has roughly doubled. With 80% of global PGE production concentrated in South Africa, Zimbabwe, and Russia, the geopolitical case for supply diversification into jurisdictions like Brazil is building. Pedra Branca's near-surface, open-cast profile, existing infrastructure access, and proximity to a deep-water port position it as a potentially low-capital-intensity development relative to peers.For investors willing to act ahead of the PEA, the near-term news flow along with the interim metallurgical updates and early engineering outputs provide a series of checkpoints to monitor ahead of the binary catalyst. The valuation gap is large, the path to closing it is defined, and the macro tailwinds are in place.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeffrey R. Wilson, President & CEO of Precipitate Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-corp-tsxvprg-funding-secured-as-barrick-adjacent-drilling-starts-9454Recording date: 2nd April 2026Precipitate Gold Corp. (TSXV:PRG) is approaching what may be the most consequential period in its history. The Vancouver-based junior explorer holds three gold-copper projects in the Dominican Republic (all 100% owned) and is now executing on the phase of exploration that carries the highest potential for value creation: active discovery drilling.The company's two flagship assets are strategically located. Juan de Herrera shares a border with Goldquest Mining's Romero deposit, a 3.5 million gold-equivalent ounce resource advancing through feasibility and environmental review. Pueblo Grande surrounds Barrick Gold's Pueblo Viejo mine, one of the largest gold-producing operations in Latin America. In both cases, the host geology is known, the mineralisation style of high-grade gold and copper is confirmed in adjacent ground, and the question now is whether Precipitate's targets contain comparable mineralisation at economic grades.That question will be answered by the drill bit over the course of 2026. The company has planned up to 10,000 metres of drilling across multiple zones on both projects, with Pueblo Grande already in an active program and Juan de Herrera in final preparation for mobilisation. At Juan de Herrera, years of methodical exploration work of approximately 18,000 soil samples and subsequent induced polarisation geophysical surveys have identified multiple zones where elevated gold and copper at surface coincide with strong chargeability anomalies at depth. This is precisely the geochemical and geophysical signature that defines the Romero and Cachimbo mineralised zones on neighbouring Goldquest ground, lending the targeting approach a credible, data-driven foundation.The financial position supports the program without immediate dilution risk. A $6.5 million financing completed in January 2026, led by Dominican institutional investors, brought the total working capital to approximately $9 million. Those same investors hold approximately $5 million in in-the-money warrants, providing an additional funding lever should the drill program warrant expansion. The participation of locally connected Dominican capital is significant not only financially but as a signal: investors with direct knowledge of the political and regulatory environment have chosen to back the company at scale.The jurisdictional backdrop has improved meaningfully. The Dominican government has moved toward a more pro-mining stance, with faster permitting and demonstrated willingness to support projects through the development pipeline. Goldquest's advancement of Romero toward feasibility is providing the sector's first real proof of concept that the country can host a project from discovery through to production-ready status.From a valuation standpoint, Precipitate has historically traded in close ratio to Goldquest, despite Goldquest holding the established resource. That relationship has diverged over the past two years as Goldquest re-rated on the back of jurisdictional improvements and project advancement. Management believes the gap represents an opportunity, with exploration success at Juan de Herrera or Pueblo Grande the most direct mechanism to close it.Assay results from both projects, expected progressively across 2026, will define the investment outcome. For investors with the risk tolerance appropriate to early-stage exploration, the current setup in terms of geological, financial, and jurisdictional is as well-structured as Precipitate has ever presented.View Precipitate Gold's company profile: https://www.cruxinvestor.com/companies/precipitate-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin Reid, CEO of Troilus Mining Corp. Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-build-team-arrives-to-prepare-for-production-7076Recording date: 31st March 2026Troilus Mining Corp. is one of the most advanced development-stage copper-gold companies in Canada, and it is approaching the finish line on the work required to make a construction decision on its central Quebec project. For investors assessing the risk-reward profile of the company today, the picture is materially different from where it stood twelve or even six months ago.The engineering work is substantially complete. Basic engineering, a phase costing approximately $15 million and involving 100,000 man-hours, has been finished, producing a control budget with plus-or-minus 10% variance. Detailed engineering is now underway at an $80 million budget scope, with over 100 engineers working full-time. The company expects to be near 100% detailed engineering complete by the time construction begins, which is an unusually high level of execution certainty for a project of this scale and complexity.The financing structure is almost entirely in place. A $1 billion USD debt facility has been assembled through eleven institutional counterparties, backstopped by European export credit agencies, a structure that provides both competitive pricing and flexibility. Due diligence is substantially complete. A $172.5 million equity raise, completed without warrants, is in the bank and funding all current activity. The final element is a streaming arrangement, which CEO Justin Reid has described as imminent and increasingly favourable in its terms given current commodity prices.The permitting process is orderly and on track. The Environmental and Social Impact Assessment was submitted to federal regulators in mid-2024. The first round of questions has been answered and resubmitted. Because Troilus's engineering is so far advanced, the company can respond to technical regulatory queries in weeks rather than months, a meaningful advantage that reduces the risk of delays. The construction permit is expected by end of 2026, with full construction mobilisation targeted for Q1 2027.Commodity prices have transformed the project's economic profile. The feasibility study was modelled at $1,975 gold. With gold above $4,500 and copper near $5 per pound, the project's internal economics are substantially stronger than at any prior point in its development. Debt providers are modelling conservatively at $3,000 gold — and the project is still robust at that level. Investors gaining exposure today are doing so with significant commodity price upside already embedded in the asset.The company is also actively compressing the path to first cash flow. Pre-construction site work is underway under existing permits, including camp expansion, road relocations, deforestation, mobile crusher deployment, and early earthworks using local contractors. The 40,000-metre drill programme announced for 2026 targets grade optimisation in the early years of mine life, which could accelerate the pace of capital payback without affecting the existing mine plan or permit timeline.For investors with a two-to-three-year horizon, the catalysts ahead — streaming announcement, credit committee approval, construction permit, and ground-breaking — represent a sequential series of de-risking events that have historically driven significant re-ratings in developer valuations. Troilus is approaching all of them simultaneously.View Troilus Mining's company profile: https://www.cruxinvestor.com/companies/troilus-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-major-ea-catalyst-due-q2-2026-as-springpole-advances-toward-development-9452Recording date: 30th March 2026First Mining Gold Corp. (TSX:FF) is approaching what CEO Dan Wilton describes as the most consequential moment in the company's history. After eight years navigating Canada's federal environmental assessment process for its flagship Springpole Gold Project in northwestern Ontario, a permitting decision is expected within months. Management believes this single event will be the catalyst that forces the market to reprice assets it has consistently undervalued.Springpole is not a marginal project. The deposit holds a 5 million ounce resource and is designed to produce more than 300,000 ounces of gold per year, placing it among Canada's ten largest gold mines when built. The operation runs at a sub-3:1 strip ratio with manageable metallurgy, and the feasibility study was built on a conservative $3,100/oz gold base case. At $4,000/oz, The after-tax NPV is approximately $3 billion. The project remains economically viable at $2,500/oz, which provides meaningful downside protection in any scenario of gold price weakness.Despite these attributes, First Mining's shares were trading at roughly $0.47, a level management estimates at approximately 0.1x net asset value. Wilton puts the fundamental per-share value at over $5, implying the current share price represents a discount of roughly 90% to intrinsic value. That gap, as Wilton argues, is a product of a broader structural failure in the gold developer segment: for the better part of a decade, capital simply was not available to advance projects through permitting and feasibility, and many developers stalled or gave up. First Mining kept moving by monetising secondary assets, generating close to $100 million in cash over five years to fund continued progress. The result is a company that now holds two of the ten largest undeveloped gold projects in Canada at a moment when shovel-ready opportunities are genuinely scarce.The second project, Duparquet, located in Quebec's Abitibi gold belt, adds a layer of optionality the market appears to be pricing at zero. At current gold prices, management estimates Duparquet's NPV at approximately $3 billion. The geology team believes the deposit is on a trajectory toward 10 million ounces. Yet for practical purposes, investors are currently acquiring both projects at a price that reflects neither.The strategic context matters too. Major gold producers are now trading at mid-cycle NAV multiples, their reserve pipelines are thinning, and exploration cannot solve the problem on any relevant timeline. A discovery made today is fifteen or more years from production. That dynamic points to intensifying M&A pressure around advanced developers, of which there are very few, with the combination of scale, jurisdiction quality, and near-term permitting visibility that First Mining offers. The company has indicated openness to partnership structures that would preserve meaningful shareholder participation.The near-term risk is binary: the environmental assessment outcome matters enormously. But for investors who believe the permitting decision will go the right way as the management does, the current entry point offers exposure to a potential multi-hundred percent re-rating driven by catalysts that are already in motion.View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Gentile, InvestorOur previous interview: https://www.cruxinvestor.com/posts/capital-discipline-dilution-golds-next-bull-phase-mining-alpha-with-michael-gentile-ep1-8247Recording date: 26th March 2026Veteran resource investor Michael Gentile, the largest individual shareholder in over 30 junior mining companies and co-founder of Bastion Asset Management, argues that recent market turbulence masks improving fundamentals across the gold mining sector. Despite gold retreating from $5,500 to approximately $4,500, Gentile maintains this pullback represents healthy consolidation within an early-stage bull market rather than a warning sign of exhaustion.The violent selloff—marked by $11 billion in ETF outflows during March and collapsing investor sentiment—actually reinforces Gentile's bullish thesis. Unlike mature bull markets where every dip attracts eager buyers, precious metals continue exhibiting "wall of worry" characteristics where negative catalysts trigger aggressive selling. This suggests limited speculative excess and substantial room for broader market participation.Gentile's conviction rests on structural fiscal dynamics he believes will necessitate currency debasement. With $40 trillion in US debt generating $2 trillion in annual interest expense, and bond yields rising despite geopolitical tensions, the Federal Reserve faces mounting pressure to intervene. Yield curve control or quantitative easing would suppress rates while inflation accelerates, creating negative real rates historically favorable for gold.Meanwhile, gold producers have achieved unprecedented financial strength. Industry margins expanded from $100 per ounce post-COVID to approximately $2,000 currently, generating free cash flow yields of 10-25% compared to 3% for the S&P 500. Virtually every major producer now operates debt-free while initiating buybacks and dividends—a stark contrast to the empire-building mentality that destroyed value during the 2008-2012 cycle.For junior mining investors, Gentile emphasizes disciplined diversification across 30-35 positions focused on assets with existing resources, infrastructure proximity, favorable jurisdiction, and realistic paths to production. With quality ounces trading at 1-2% of spot gold prices in strategic acquisitions, current valuations offer compelling entry points for patient capital willing to accept that most juniors will never reach production while concentrated winners generate outsized returns.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-87-gt-gold-over-95m-mining-permit-granted-9596Recording date: 26th March 2026Cabral Gold is approaching one of the most consequential transitions in a junior mining company's lifecycle: the move from developer to producer. With its Phase One oxide heap leach project at Cuiú Cuiú in northern Brazil now 60% complete, on budget, and on schedule for commercial gold production in Q4 2026, the company is within striking distance of generating meaningful cash flow from one of the lowest-cost gold mining methods available.The Phase One project was prefeasibility-studied at a gold price of $2,500 per ounce. Gold is currently trading around $4,500 per ounce. That gap matters enormously to the investment case. The company expects to produce approximately 25,000 ounces in its first 12 months at an all-in sustaining cost of $1,200–$1,300 per ounce, generating an estimated $60–$65 million in annual cash flow. Against a current market capitalisation of approximately $200 million, Cabral is trading at roughly 3x anticipated cash flow, well below the 7x multiple at which junior gold producers are typically valued once in production. The implied re-rating potential on Phase One alone is substantial.The permitting picture has also improved materially. Cabral recently received its Licença Prévia (LP) for a full mining license . This removes the 1,500 tonnes per day ceiling imposed by trial mining licenses, clears the path to operating at the full Phase One design capacity of 3,000 tonnes per day, and provides regulatory line-of-sight for the larger Phase Two hard rock operation that sits behind it.Beyond Phase One, the exploration upside at Cuiú Cuiú is significant and largely unpriced. The district's soil anomaly spans 7 kilometres and remains open, seven times the size of the equivalent anomaly at the adjacent of the third-largest gold mine in Brazil which produced just under 180,000 ounces in 2025. Cuiú Cuiú's historical placer gold production of approximately 2 million ounces dwarfs Tocantinzinho's 200,000-ounce placer endowment, providing a geological proxy for the scale of the hard rock system below. The global resource last updated in September 2022 at 1.2 million ounces has not captured 35,000 metres of subsequent drilling or four new discoveries, including the Jerimum Cima intercept of 9.5 metres at 87.4 g/t gold which is the best result in the project's history.A $20 million bought deal financing has been announced to fund an accelerated exploration program. CEO Alan Carter, who has invested $2 million of his own capital in the company, is direct about the strategic logic: getting more rigs on site now, ahead of Phase One cash flow, allows the company to grow its resource base and advance the Phase Two economic case faster than a more conservative approach would allow.For investors focused on the junior gold development sector, Cabral presents a defined production timeline, a widening cash flow margin driven by gold prices, significant resource growth optionality, and a management team with a track record of discovering and building mines in the same district. The re-rating catalysts are multiple, sequential, and near-term.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Penkethman, MD & CEO of Ardea Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/western-nickel-projects-gain-momentum-as-supply-dynamics-improve-9150Recording date: 30th March 2026Ardea Resources (ASX:ARL) has made meaningful progress in advancing the Goongarrie Hub, its flagship asset within the Kalgoorlie Nickel Project in Western Australia. The company recently secured approximately A$1 billion in indicative funding support from Export Finance Australia and the US Export-Import Bank, representing a significant external endorsement of the project ahead of the completion of its Definitive Feasibility Study, due in the June 2026 quarter.The Goongarrie Hub is one of the largest nickel-cobalt resources in the world and is being developed through an incorporated joint venture with Sumitomo Metal Mining and Mitsubishi Corporation. The Japanese partners hold 75% of the project's offtake and bring integrated downstream processing expertise, established export credit agency relationships, and a track record of delivering large-scale resource projects globally. This partnership structure is central to Ardea's ability to access competitive project financing and provides a level of commercial credibility that distinguishes the company from peers still in search of strategic partners.The EFA letter of support is for up to A$500 million and can be structured across debt, equity, or other instruments. The US EXIM indicative support is for US$350 million, or approximately A$500 million. Both are conditional on DFS completion, environmental approvals, and a Final Investment Decision, and should be understood as indicative rather than committed capital. That said, management described the receipt of this support ahead of DFS completion as an industry first, and the involvement of two major Western government-backed institutions adds credibility to the project's strategic positioning within broader Australia-Japan-US critical mineral cooperation frameworks.Total project capex is expected to exceed the A$3.1 billion estimated in the 2023 Prefeasibility Study, driven by flowsheet changes and inflationary pressures. The financing gap between current indicative support and total capex is material, and investors should expect additional equity raises as the project progresses. The company is pursuing a multi-layered capital stack that includes further export credit agency engagement, potential government grants, and the possible monetisation of Ardea's retained 25% offtake entitlement.The DFS is the central near-term focus. Completion in the June 2026 quarter will trigger a Mini Investment Decision to commit to the FEED phase, advancing engineering from approximately 30% to 60% completion and substantially derisking the path to a Final Investment Decision. The FEED phase is planned to run in parallel with the environmental approvals process, which is traditionally 18 to 24 months. Major Project Status from the Australian federal government and a pending Lead Agency Status application in Western Australia are expected to assist in streamlining this process.On the market side, Ardea's management points to tightening Indonesian permitting standards and growing defence-driven demand for high-quality stainless steel as structural tailwinds for nickel prices. The project sits at the intersection of a potential cyclical recovery in nickel and an accelerating geopolitical shift toward Western-aligned critical mineral supply chains.For investors, the June 2026 DFS completion represents the most actionable near-term catalyst. Ardea is advancing through a well-defined development pathway with credible partners, institutional backing, and growing government support — but the path to production remains multi-year, capital-intensive, and conditional on milestones yet to be achieved.View Ardea Resoures' company profile: https://www.cruxinvestor.com/companies/ardea-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Recording date: 31st March 2026Olive Resource Capital is responding to a sharp, volatility-driven sell-off in mining equities by repositioning its portfolio toward higher-quality, more liquid gold producers — a strategy grounded in the view that institutional forced selling, rather than fundamental deterioration, is responsible for the bulk of recent price declines.Speaking on their investment podcast, Samuel Pelaez, President, CEO, and CIO, and Derek McPherson, Executive Chairman, outlined a deliberate spring-clean of the firm's holdings. The core thesis is straightforward: when risk managers at leveraged funds are forced to de-risk portfolios rapidly, mining stocks — categorised as high-risk assets — are sold indiscriminately, regardless of underlying asset quality. The result is a repricing event that creates entry points disconnected from fundamentals, with valuations across junior and mid-tier gold names down 20–60% from recent highs.Rather than chasing the steepest discounts at the riskiest end of the market, Olive is moving up the market capitalisation and liquidity spectrum. The two names at the centre of their repositioning are Northern Star Resources (ASX:NST) and Goldsky (TSXV:GSKR). Northern Star is Australia's largest gold producer and operator of the Super Pit, the country's largest gold mine. The company has delivered consistently against guidance for most of its fifteen-year history. Temporary operational setbacks over the past six months, compounded by broad gold price weakness, have pushed the stock to what Pelaez describes as the most attractive entry point since the company was founded. The operational issues are characterised as temporary; the asset quality and management track record are not in question. Olive is treating it as a multi-quarter accumulation, with scope to add further on any near-term earnings disappointment.Goldsky presents a different but complementary opportunity. The company is consolidating 100% of the Barsele project through an ongoing acquisition process. McPherson notes the stock is trading in an unusual manner relative to its fundamental position, likely as a result of transaction mechanics rather than any change in underlying value. The completion of the Barsele acquisition is expected to serve as a near-term re-rating catalyst. Across both names and their broader portfolio, Olive's non-negotiable filter is balance sheet strength. Financing conditions have deteriorated sharply. Companies requiring capital raises are now doing so on materially worse terms — warrants and sweeteners that were unnecessary two months ago are now standard — while cashed-up operators can continue executing, maintaining momentum and avoiding dilution.Looking ahead, the pair flag two key dynamics for investors to monitor. First, Q2 margins face a potential double squeeze: gold's average price is expected to be lower than Q1's exceptional levels above $5,000 per ounce, while rising energy costs — energy represents approximately 30% of open-pit mining costs — flow through from higher oil prices. Margins remain healthy, but the rate of expansion will slow. Second, M&A conditions are ripening. Compressed valuations, record producer free cash flow, and the psychological ease of offering premiums to depressed share prices create the conditions for an active deal calendar in the months ahead.For investors willing to apply discipline and maintain a medium-term horizon, the current environment offers access to some of the highest-quality gold producer equities at valuations not seen in over a decade.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/vista-gold-corp-nysevgz-39m-oversubscribed-raise-funds-development-push-9478Recording date: 28th March 2026Vista Gold Corp. (NYSE: VGZ) is advancing its Mt Todd Gold project in Australia's Northern Territory with a strategic rightsizing that management believes positions the asset for independent development while addressing a significant market valuation disconnect.The company completed a 2025 feasibility study that reduced the project from 50,000 tons per day to 15,000 tons per day, cutting initial capital requirements by 59% from approximately $1 billion to $425 million. This restructuring targets annual production of 153,000 ounces over the first 15 years of a 30-year mine life, with the company raising its design cutoff grade from 0.35 to 0.5 grams per ton to prioritize higher-quality ore.At a conservative $2,500 per ounce gold price, the feasibility study projects an after-tax NPV of $1.1 billion and a 27.8% IRR, with all-in sustaining costs near $1,500 per ounce. At $3,300 gold, the NPV increases to $2.2 billion with an IRR approaching 45%. With current gold prices around $4,500 per ounce, the project demonstrates substantial leverage to prevailing market conditions.Despite holding 5.2 million ounces of proven and probable reserves and 10.6 million total ounces, Vista Gold trades at a significant discount to peers on enterprise value per ounce metrics. CEO Frederick Ernest attributes this partly to legacy perceptions from the project's 1990s operational history, though he emphasized that past failures stemmed from poor equipment selection rather than fundamental project flaws. Modern HPGR crusher technology is expected to achieve 90% metallurgical recovery versus historical 70% rates, while the frequently cited "hard ore" issue translates to only $50 per ounce in additional energy costs.Near-term catalysts include permitting approvals expected through mid-2027, building an experienced Australian mine development team, and securing project financing through multiple pathways including traditional banks, government infrastructure funding, and potential streaming arrangements. The company closed a $44.85 million financing in March 2026, providing over $50 million in cash to fund development activities.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc. Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-high-grade-quebec-gold-project-targets-q3-2027-production-9500Recording date: 26th March 2026Amex Exploration Inc. (TSXV:AMX) has positioned itself as a potentially undervalued opportunity in the gold development sector, with management arguing the company's $470 million market capitalisation fails to reflect the project's underlying economics compared to similarly staged peers.The Quebec-based developer's investment thesis rests on three fundamental pillars: exceptional ore grades, capital-efficient phased development, and strategic infrastructure positioning. At the project's core lies a grade differential that management characterizes as transformative. While comparable development projects report grades between 1.9 and 3.6 grams per tonne, AMX's deposit averages 5.1 grams per tonne on a diluted basis. The flagship Champagne zone grades 16 grams per tonne before dilution, with practical mining grades expected between 10 and 12 grams per tonne.This grade advantage translates directly into capital efficiency. Phase 1 development requires $146 million in capital expenditure to achieve production exceeding 100,000 ounces annually from a 2.3 million ounce resource base. The company's phased approach—bulk sample followed by Phase 1 and Phase 2—creates a self-funding pathway designed to minimize equity dilution, with each stage generating revenue to finance subsequent expansion.Near-term catalysts include imminent bulk sample permit approval, currently at the six-month review threshold following submission in mid-September. Upon approval, construction mobilization follows within 45 days, positioning the project for mid-2027 initial production of 20,000 to 23,000 ounces. Phase 1 commercial production targets early-to-mid 2028.Infrastructure access provides additional operational advantages. Proximity to an established town delivers immediate workforce availability, while electrical grid connectivity eliminates diesel generation requirements and associated fuel price exposure. Water supply exists through municipal connections, collectively differentiating the project's capital intensity from remote deposits requiring greenfield infrastructure construction.Management contends that peers with similar production timelines trade at market capitalisations between $1.2 billion and double AMX's current valuation, despite what the company characterises as inferior grade economics and higher capital requirements.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Dembicki, President & CEO of Tier One SilverRecording date: 23rd March 2026Tier One Silver (TSXV:TSLV) is advancing an early-stage precious metals discovery in southern Peru that has delivered some of the highest-grade rock sampling results seen in the region. The company's 100%-owned Curibaya project has returned silver grades up to 300,000 grams per ton and gold grades approaching one kilogram, with over 80 samples exceeding one kilogram per ton silver distributed across a five-square-kilometer footprint.Led by President and CEO Peter Dembicki, a former Canaccord Genuity investment adviser, the company benefits from world-class technical expertise. Christian Rios, formerly with Bear Creek Mining and integral to the Santana Corani discovery, serves as Senior Vice President of Exploration, while Antonio Arribas, former global head of geosciences for BHP and Newmont, provides additional technical guidance.The property emerged from the 2021 spin-out of Auryn Resources and was consolidated through opportunistic acquisitions when base metal prices declined. Located in southern Peru's copper belt near the city of Tacna, the approximately 14,000-hectare property had never been systematically explored despite being surrounded by major global copper-silver producers.Following an initial 5,000-meter reconnaissance drilling program, the company engaged independent consultants who identified a key insight: higher-elevation areas within the property should preserve a more intact precious metals system due to less erosion over geological time. The current 1,200-meter drilling program is testing this thesis in the Cambaya corridor, where rock samples have returned eight kilograms per ton silver and four grams per ton gold.An unexpected discovery during initial drilling revealed indicators of a potential large porphyry copper system at depth, attracting attention from major mining companies seeking the next significant discovery in Peru's porphyry belt.After operating through five years of challenging silver prices ranging from $17-22 per ounce, the company raised approximately $6.5 million in late 2025 as silver strengthened above $70. Management estimates requiring another 10,000 meters of drilling before resource definition, with six kilometers of identified vein corridors providing multiple targets. The company's strategy focuses entirely on discovery and resource definition rather than development, positioning for an eventual strategic transaction.View Tier One Silver'c company profile: https://www.cruxinvestor.com/companies/tier-one-silverSign 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-proven-discovery-team-advances-3-suriname-projects-with-35m-runway-8542Recording date: 25th March 2026Greenheart Gold (TSXV:GHRT) is executing a comprehensive exploration strategy across the Guyana Shield, with President and CEO Justin van der Toorn advancing multiple high-potential gold projects in Suriname and Guyana. The company's disciplined approach to early-stage exploration, combined with an experienced management team and strategic portfolio management, positions it to make discoveries in one of the world's most underexplored yet geologically prospective gold regions.The company currently operates three advanced projects in Suriname—Majorodam, Igab, and Tosso Creek—each at different stages of development. At Majorodam, a 10,000-meter reverse circulation drilling program is underway testing a 15-kilometer gold-in-soil anomaly. The cost-effective RC approach allows rapid coverage of the entire trend at approximately 50-60% of diamond drilling expenses, with holes targeting near-surface mineralization before following higher-grade zones to depth.The Igab project has emerged as a high-priority target following exceptional trenching results of 12 meters at 4.82 g/t and 11 meters at 9 g/t gold. Diamond drilling commences in April 2026 to establish detailed structural understanding of these high-grade shear zones. Located 30 kilometers south of Newmont's Merian operation, Igab benefits from proximity to established infrastructure and geological context.Tosso Creek represents bulk tonnage potential with 86 meters at 0.6 g/t gold in trenching. Additional trenching is underway to refine targets before drilling in Q2 2026.Greenheart's management team brings proven credentials from Reunion Gold's Oko discovery in Guyana, which ultimately attracted a takeover. The company maintains capital discipline through its willingness to drop non-performing projects while preserving treasury strength for aggressive multi-project exploration. "We're explorers, that's what we think we're good at," Justin emphasized.With multiple drilling programs advancing simultaneously throughout 2026, Greenheart is positioned to deliver continuous newsflow while targeting tier-one discoveries in the underexplored Guyana Shield. The company's strategy focuses on demonstrating meaningful intercepts with both grade and volume to establish mineable potential across its portfolio.View Greenheart Gold's company profile: https://www.cruxinvestor.com/companies/greenheart-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Phil Hoskins, CEO of Atomic EagleRecording date: 24th March 2026Atomic Eagle (ASX:AEU) is advancing the Muntanga uranium project in Zambia with an aggressive resource expansion strategy designed to unlock economies of scale. Led by CEO Phil Hoskins and backed by the founders of Boss Energy and Lotus Resources - both now uranium producers - the company has assembled experienced uranium development expertise to grow a technically proven asset in a tier-one African jurisdiction.The Muntanga project stands on solid ground with a completed NI 43-101 feasibility study and a recently expanded resource of 58.8 million pounds at 309 ppm. What distinguishes this deposit is exceptional metallurgical characteristics: over 90% recoveries, 21-day leach kinetics, and remarkably low acid consumption of just 20 kilograms per ton. These parameters signal favorable economics to experienced developers, though the previous operator's study at 2.2 million pounds per annum production showed insufficient scale to generate attractive returns.Atomic Eagle's solution centers on resource growth. The largest drill program at Muntanga since 2007 launches in April 2026, targeting over 50,000 meters across 10 discrete targets using cost-effective gamma-probe technology at $45 per meter. The company aims to grow resources toward 100+ million pounds to support 4-5 million pounds per annum production by circa 2030, comparable to Bannerman Resources' development model. Current resources, if fully incorporated into a revised mine plan, could already support 3.9 million pounds annually for 12 years.With $19 million in treasury, Atomic Eagle is well-funded to execute its 2026 exploration program and 2027 updated feasibility study. Zambia offers significant jurisdictional advantages: no free carried government interest, established mining infrastructure as the world's seventh-largest copper producer, and Fraser Institute-validated regulatory stability.Additional upside exists through a 116 million pound Niger asset (1,300 ppm grade) currently assigned zero market value. Active negotiations are progressing to return this asset under new terms, with an update expected in the first half of 2026. Recent roadshow feedback confirmed that investors view Atomic Eagle as undervalued based solely on the Zambian asset, positioning the company as a focused development play rather than a speculative exploration play in an increasingly strategic uranium market.View Atomic Eagle's company profile: https://www.cruxinvestor.com/companies/atomic-eagleSign up for Crux Investor: https://cruxinvestor.com

Interview with Diane R. Garrett, President & CEO of Hycroft MiningOur previous interview: https://www.cruxinvestor.com/posts/hycroft-mining-nasdaqhymc-more-high-grade-silver-as-resource-grows-by-over-50-9321Recording date: 22nd March 2026Hycroft Mining Holding Corporation (NASDAQ: HYMC) has executed a dramatic transformation from debt-burdened developer to well-capitalised exploration story, driven by high-grade silver discoveries that are redefining one of the world's largest precious metals deposits in Nevada.The company's turnaround centres on a comprehensive balance sheet restructuring that eliminated all debt and secured $200 million in cash through institutional investment. The debt, which was accruing at $1 million monthly with 2027 maturity, had prevented institutional participation despite growing asset interest. Combined with earlier investments from Eric Sprott and Tribeca, the restructuring delivered a shareholder base that is now 85% institutional, providing a minimum three-year funding runway.What attracted this institutional capital was the discovery of high-grade mineralisation at the Vortex and Brimstone zones. Recent drilling returned intercepts exceeding 500 grams per tonne silver over 35 metres, fundamentally changing perceptions of an asset historically characterised as low-grade bulk tonnage. In February 2026, Hycroft announced a 55% resource increase, incorporating these discoveries alongside improved metallurgical recoveries. The deposit now totals approximately 16.5 million ounces of gold and 600 million ounces of silver.Management is prioritising development of these high-grade underground systems over the large low-grade deposit, aiming for a smaller 3,500-5,000 tonne per day operation that offers superior margins and faster production. The 2026 exploration program has tripled to 24,000 metres across four rigs, targeting system expansion and a preliminary economic assessment by early 2027.The Brimstone system remains open in all directions and at depth, with geological indicators including deep magmatic sources suggesting substantial expansion potential. Hycroft is applying this geological model across its largely unexplored land package, seeking additional high-grade discoveries.Despite possessing over $1 billion in existing infrastructure, established permits, and Nevada's premier jurisdiction advantages, Hycroft trades at an estimated 40-50% discount to greenfield peers, presenting potential rerating opportunity as high-grade scale is demonstrated through continued drilling and economic studies.View Hycroft Mining's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Smith, Director & CEO of Toogood GoldOur previous interview: https://www.cruxinvestor.com/posts/toogood-gold-tsxvtgc-expanding-high-grade-discovery-in-newfoundland-8643Recording date: 19th March 2026Toogood Gold Corporation (TSXV:TGC) has emerged as a compelling discovery-focused explorer following exceptional drill results at its Quinlan target in Newfoundland and the strategic acquisition of Nevada's Table Mountain epithermal project. The company's recent operational updates reveal a systematic approach to advancing high-quality targets across two of North America's premier gold jurisdictions.At Quinlan, Toogood achieved a perfect 30-for-30 drill success rate, with every hole intersecting both the gold-bearing felsic dyke and mineralization. The discovery has doubled in strike length from 200 meters to over 400 meters while remaining open in both directions. The standout intercept of 29 meters at 2.3 grams per tonne gold near surface, with higher-grade zones approaching half an ounce, establishes the target's economic potential despite averaging 3-5 meters in true thickness.The company's breakthrough deployment of ground penetrating radar (GPR) technology successfully mapped dyke structures under cover, enabling a step-out discovery 150-200 meters along strike. This proven methodology now provides a systematic tool to test 45 identified felsic dyke occurrences across the southwestern block.Perhaps most significantly, Toogood validated the Melange contact as a new discovery vector. Three inaugural holes at this previously undrilled 10-kilometer geological boundary all intersected gram-to-multi-gram gold, confirming historical surface sampling. The southwestern Quinlan holes—delivering the program's best results—are vectoring toward where the Quinlan trend and Melange contact converge, creating a high-priority structural intersection target.Simultaneously, the company secured a binding letter of intent for Nevada's Table Mountain project, featuring a 4-kilometer by 2-kilometer alteration cell matching the footprint of the 16-million-ounce Silicon-Merlin system. Outcropping epithermal quartz veins with textbook characteristics show no evidence of previous drilling despite anomalous to multi-gram gold values.With $3.2 million in treasury plus $600,000 in flow-through financing, Toogood maintains adequate capital to advance systematic exploration programs at both projects without immediate dilution, targeting Q3 2026 for Nevada drilling while expanding Newfoundland's geological understanding through regional geochemistry.View Toogood Gold's company profile: https://www.cruxinvestor.com/companies/toogood-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Lachlan Wallace, Managing Director of Investigator SilverOur previous interview: https://www.cruxinvestor.com/posts/investigator-resources-asxivr-paris-silver-project-advancing-towards-dfs-4726Recording date: 19th March 2026Investigator Resources (ASX:IVR) is advancing the Paris Silver Project in South Australia, positioning itself as Australia's only pure play silver mining operation at a time when global silver markets face persistent supply deficits. The company's recently completed definitive feasibility study demonstrates compelling project economics with a pre-tax net present value of $1.2 billion at $80 per ounce silver, a 93% internal rate of return, and an 11-month payback period.Managing Director Lachlan Wallace, who previously delivered the Kanmantoo underground mine on-time and on-budget during his tenure at Hillgrove Resources, brings proven mine-building credentials to the project. Under his leadership, Investigator has deliberately designed Paris for financeability rather than maximizing headline economics, using conservative silver price assumptions of $48 US per ounce—materially below current spot levels—to ensure the project remains robust under various stress scenarios.The Paris deposit offers significant geological advantages for low-cost production. The shallow, flat, tabular ore body starts just 10 meters below surface and measures 400 meters wide by one kilometer long, ideal for efficient bulk open pit mining. The company's mining strategy front-loads higher-grade zones in the first two years, delivering average head grades of 130 grams per ton compared to the 90 grams per ton life-of-mine average, driving rapid cash generation and early debt repayment.With $65 million recently raised and a total capital requirement of approximately $260 million Australian, Investigator is well-funded to advance detailed engineering, infill drilling, and permitting activities. The company is targeting debt financing for the remaining capital, with Wallace reporting positive reception from US-based institutional funds and debt providers.At a current market capitalization of approximately $170 million, Investigator trades at a significant discount to its project value. As Australia's only pure play silver producer, the company offers direct leverage to silver price movements, with every $1 US movement translating to $42 million in life-of-mine project value—positioning shareholders to benefit from structurally supported silver markets facing ongoing supply-demand imbalances.View Investigator Resources' company profile: https://www.cruxinvestor.com/companies/investigator-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Mulder, Managing Director of Pacific Lime & Cement Ltd.Our previous interview: https://www.cruxinvestor.com/posts/pacific-lime-cement-asxpla-pngs-first-lime-producer-targets-50m-import-replacement-market-7827Recording date: 18th March 2026Pacific Lime & Cement (ASX:PLA) is advancing toward February 2027 production as Papua New Guinea's first domestically-based lime and cement manufacturer. In a recent interview, managing director Paul Mulder outlined the company's progress on a project that will eliminate PNG's complete reliance on Chinese and Japanese imports while establishing a vertically integrated building materials platform with substantial government backing.The project's competitive foundation rests on geographic advantages that significantly undercut existing supply chains. The coastal limestone deposit requires zero stripping and sits just 700 meters from the company's private wharf facility within a special economic zone. Current suppliers operate mines 100 to 200 kilometers inland in Southeast Asia, requiring land transport to public ports before international shipping. This positioning, combined with 10-year tax exemptions covering corporate tax and import-export duties, creates meaningful cost advantages for serving PNG's protected domestic market.Financial structure represents another differentiating element. Pacific Lime & Cement funded initial development entirely through equity rather than debt, eliminating covenant restrictions and interest obligations that would reduce cash conversion. The PNG government's direct equity participation of 18% to 30% in both lime and cement special purpose vehicles values the company at approximately $700 million AUD, nearly triple the current $250 million market capitalization. This investment, formalized through a March 2018 project development agreement, signals government commitment while providing expansion capital for additional lime kilns.Near-term revenue visibility comes from Newmont, PNG's largest gold producer, which has committed to purchasing approximately one-third of initial production capacity. The two-kiln phase one targets domestic mining operations, water treatment facilities, and road stabilization projects currently served by imports from distant sources including Israel. Surplus production will flow to Western Australian markets where the company already demonstrates supply chain capabilities.Expansion plans encompass additional lime capacity, cement production facilities with International Finance Corporation partnership, and downstream concrete products including batch plants and cast construction materials. Management is simultaneously monetizing non-core assets, with Power China fully funding iron sands development and advisors pursuing value realization for a copper-gold exploration asset adjacent to the Frieda River operation.View Pacific Lime & Cement's company profile: https://www.cruxinvestor.com/companies/pacific-lime-and-cementSign up for Crux Investor: https://cruxinvestor.com

Recording date: 18th March 2026Olive Resource Capital used the March 18, 2026 market selloff to add positions across their high-conviction portfolio, as resource sector equities declined 5-7% and gold fell below $5,000 for the first time in six months. President Samuel Pelaez and Executive Chair Derek Macpherson outlined their strategic response during their weekly investor update, emphasizing that current volatility represents a buying opportunity rather than a structural market breakdown.The firm had strategically raised cash to approximately 10% of portfolio value in January and February, anticipating seasonal weakness around the PDAC conference period. This liquidity position enabled opportunistic deployment as Middle East tensions coincided with expected seasonal softness. Olive added to an unnamed Yukon exploration company, Arizona Sonoran Copper during its M&A transaction, energy sector holdings, and Goldsky as it consolidates 100% ownership of the Barsele project.Management emphasized their evolution toward concentrated, high-conviction positions over the past two years. This "high grading" process prioritizes companies with strong balance sheets, capable management teams, and no leverage exposure. Pelaez noted the portfolio consists of companies with "the ability to survive" market stress without facing imminent financial liabilities, recognizing that resource companies already carry inherent leverage through commodity price exposure.Technical indicators provided reassurance that systemic breakdown had not occurred. The VIX remained subdued, the S&P 500 stayed within 5-10% of highs, and global liquidity metrics functioned normally. Most portfolio positions had simply returned to year-end levels after strong early-year gains.Pelaez offered nuanced geopolitical analysis from the SMI conference, characterizing targeted U.S.-Israeli strikes on Iranian infrastructure as calibrated negotiating tactics rather than full escalation. He views current tensions as transitory events unlikely to derail long-term commodity demand drivers. Strong conference attendance and well-funded companies executing substantial drill programs reinforced management's conviction that underlying sector fundamentals remain healthy despite near-term price volatility.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Marco Roque, President & CEO of Cassiar Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/cassiar-gold-corp-tsxvgldc-whoever-comes-in-on-cassiar-is-going-to-make-a-lot-of-money-9480Recording date: 17th March 2026Cassiar Gold Corp. (TSXV:GLDC) operates an advanced exploration project in northern British Columbia with a resource base and infrastructure profile that management believes the market has significantly mispriced. The company controls 2.3 million ounces at its Taurus deposit, comprising 1.9 million inferred ounces at 0.95 grams per tonne and 410,000 indicated ounces at 1.43 grams per tonne. With 91% of these ounces within 150 meters of surface and the deposit remaining open in all directions, the geological foundation provides both near-term development potential and longer-term expansion opportunity.What distinguishes Cassiar from typical exploration companies is its existing infrastructure position. The property holds valid mine permits, a permitted 300 ton-per-day mill, paved road access, grid power, 25 kilometers of underground workings, and 160 kilometers of access roads. President and CEO Marco Roque emphasizes that these pre-existing assets represent hundreds of millions in sunk capital that competing projects would need to spend and years of permitting timeline already completed.Despite these advantages, Cassiar trades at approximately $32 Canadian per ounce of enterprise value with an $80 million market capitalization, well below the $50-900 per ounce range management cites for comparable peers. The company's strategic positioning centers on dual development optionality: high-grade underground veins averaging 10-20 grams per tonne capable of generating 30,000-60,000 ounces annually with minimal capital requirements estimated at $3 million Canadian, alongside longer-term open-pit development of the bulk tonnage deposit.The critical path to production involves re-permitting tailings facilities to current British Columbia standards, estimated at 1.5-2 years, though direct shipping ore arrangements could compress this timeline by 25-33%. With current gold prices creating potential margins exceeding $5,000 per ounce on high-grade material versus $200-300 margins in previous years, management believes the risk-reward profile for near-term development has fundamentally improved, driving increasing strategic interest and supporting the company's transition from exploration toward production.Learn more: https://www.cruxinvestor.com/companies/cassiar-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Richard Drechsler, President & CEO of Trifecta GoldRecording date: 17th March 2026Trifecta Gold is positioning itself as the next potential discovery story in Yukon's Tombstone Gold Belt, where exploration companies have identified over 20 million ounces of new gold resources since 2020. Led by CEO Richard Drechsler, a 20-year Yukon exploration veteran, the company is systematically exploring reduced intrusion-related gold systems in a geological corridor that has transformed Snowline Gold from a penny stock into a multi-billion dollar company.The company's corporate structure reflects strong institutional backing. Three cornerstone investors control 40% of outstanding shares: Condire Investors holds 20%, Crescat Capital 10%, and an HNW investor group another 10%. Management owns approximately 11% with no seed stock dilution, ensuring alignment with shareholders. All positions were acquired through private placements or market purchases, with the initial 2024 round priced at 15 cents.Trifecta's inaugural 2025 drilling program at the Rye project delivered encouraging results. Six holes systematically tested different geological environments around a target intrusion located 14 kilometers from the North Canol Road. The first hole intersected 37 meters of over one gram per ton gold, while another hole encountered 1,400 grams per ton silver over two meters. Core samples showed vein densities comparable to or exceeding those at Banyan Gold's successful project, with the correct gold-bismuth-tellurium metal signature present in over 90% of samples.The technical team brings targeted expertise. Moira Smith, who co-authored papers on intrusion-related systems and worked at Alaska's Pogo deposit, joined the advisory committee alongside Fred Graybeal, former ASARCO chief geologist. The company benefits from logistical support through Archer, Cathro & Associates, which has explored Yukon since 1965.With $3 million in treasury, including $2 million in flow-through funds, Trifecta plans to mobilize in June for a July-September drilling campaign at Rye. Results are expected from September through year-end. Beyond Rye, the company controls nine additional untested properties in the belt, providing multiple discovery opportunities as it pursues what Drechsler describes as "front end of that LAN curve" value creation.View Trifecta Gold's company profile: https://www.cruxinvestor.com/companies/trifecta-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Mark Williams, President & CSO, and  J. Roderick Matheson, Director & CEO of Marvel Bioscience Corp.Recording date: 16th March 2026Marvel Biosciences is advancing MB-204, a first-in-class treatment for social withdrawal conditions across autism spectrum disorder, depression, and Alzheimer's disease. The clinical-stage biotechnology company targets an underserved therapeutic area affecting millions globally, with autism prevalence reaching one in 36 children in the United States and depression impacting one in eight adults currently on antidepressants. The addressable market spans hundreds of billions of dollars in healthcare costs and lost productivity.The compound is based on a modified version of an approved Parkinson's medication, providing an established safety foundation for clinical development. Preclinical data demonstrates rapid symptom reversal within one hour of oral dosing in animal models. In head-to-head comparisons, MB-204 outperformed trofinetide, the only FDA-approved Rett syndrome treatment, across all measured behavioral endpoints. Critically, animals treated with MB-204 maintained improvements for two to three weeks after treatment cessation, suggesting semi-permanent neurological changes, while trofinetide benefits disappeared immediately upon stopping.Marvel's clinical strategy prioritizes orphan disease indications, specifically Rett syndrome and Fragile X syndrome, where Phase 3 success rates exceed 50% due to genetically homogeneous patient populations and validated regulatory pathways. The company has completed manufacturing of clinical-grade material and toxicology studies, positioning MB-204 for immediate Phase 1 entry in Australia within six to twelve months. The Australian regulatory environment offers efficient processes and a 43% research tax credit that significantly reduces development costs.Marvel holds composition of matter patents in China and Japan, with additional jurisdictions pending. The company has engaged in preliminary partnership discussions, aligning with neuroscience sector dynamics where approximately 70% of companies complete licensing or acquisition deals before Phase 2. Historical precedents show neuroscience acquisitions typically occur at valuations exceeding $80 million at this stage. Trading at $9 million CAD market capitalization, Marvel represents a significant discount to comparable Phase 1 neuroscience firms, with several peers valued between $100-400 million.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Twyerould, President & CEO of Gunnison CopperOur previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxmin-nears-copper-production-start-in-september-2025-7847Recording date: 13th March 2026Gunnison Copper has released an updated Preliminary Economic Assessment for its flagship Arizona copper project, demonstrating $2 billion in after-tax net present value and positioning the asset as a prime acquisition target in North America's critical minerals sector. The study shows a 22.7% internal rate of return with $1.5 billion in capital requirements, representing a $700 million improvement in NPV over the company's previous assessment completed just 12 months earlier.The project is designed to produce 80,000 metric tons of copper cathode annually over a 21-year mine life, generating $6-7 billion in cumulative free cash flow. The substantial NPV improvement stems primarily from operational and technical enhancements rather than commodity price assumptions, including the strategic integration of the high-grade Strong & Harris satellite deposit and incorporation of innovative mineral sorting technology.Strong & Harris, located 3 kilometers from the main Gunnison pit, grades 0.8% copper—nearly three times typical Arizona operating grades—and added $190 million to NPV by leveraging shared infrastructure rather than operating as a standalone development. The company has also incorporated an on-site acid plant to eliminate dependency on volatile Mexican imports, contributing an additional $200-250 million to project value while providing competitive advantage.CEO Stephen Twyerould was direct about the company's strategic path forward, stating the firm is "unlikely to build this thing" independently. Instead, management is focused on delivering a fully-permitted Preliminary Feasibility Study with reserves within 18-24 months to maximize shareholder value through a potential transaction. The company benefits from a streamlined state-level permitting process without federal nexus, leveraging existing permits that require only amendment.Currently trading at a $220 million market capitalization—approximately one-third the valuation multiples of comparable Arizona copper developers—Gunnison represents what Twyerould describes as exceptionally rare: a mid-tier scale project approaching fully-permitted status in a tier-one jurisdiction with proven management execution capability.View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, VP, Corporate Development of Americas Gold & Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-new-usa-critical-minerals-hub-to-be-built-9246Recording date: 13th March 2026Americas Gold & Silver is executing an ambitious expansion strategy at its flagship Galena mine in Idaho, backed by what management argues is a significant valuation disconnect in the market. Trading at 0.7-0.85 times net asset value according to consensus analyst models, the company sits well below the peer group average of 1.5x NAV despite operating the world's third highest-grade primary silver mine.The company recently announced its largest exploration program in history, comprising 64,000 meters of drilling primarily focused at Galena. Recent results have delivered impressive intercepts approaching 5 kilograms per ton of silver, accompanied by substantial copper and antimony byproducts. The program builds on two major 2025 discoveries, including the 34 vein which has expanded to a target of 6-7 million ounces.Management's production goal centers on returning Galena to 5 million ounces annually, matching historical 2002 output levels. This target underpins a three-year operational transformation plan focused on modernization, equipment upgrades, and transitioning to more efficient mining methods. The strategy emphasizes dual objectives: increasing throughput while simultaneously improving grades through targeted drilling of high-grade zones.Executive Vice President Oliver Turner emphasized the management team's proven track record, having previously scaled production from near-zero to 200,000 gold ounces annually at both Coeur Mining and Klondex using identical operational strategies. The team's execution capability represents a key differentiator as the company navigates its growth phase.Strategic initiatives include a joint venture with US Antimony to construct an antimony processing facility at Galena, maximizing payability for critical mineral byproducts, and the acquisition of the nearby Crescent mine to generate operational synergies.With $130 million in cash and a $50 million undrawn credit facility, all planned growth initiatives are fully funded without requiring additional capital raises. At current silver prices above $84 per ounce, the company generates robust operating cash flow while investing in production expansion.View Americas Gold & Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-advancing-towards-q4-2026-production-8738Recording date: 13th March 2026Cabral Gold (TSXV:CBR) is developing a district-scale gold project in northern Brazil's Tapajós region through a strategic two-stage approach designed to fund exploration from operational cash flow rather than shareholder dilution. The company's Phase 1 heap leach operation, currently 54% complete with a capital cost of $37.7 million, targets gold production in the fourth quarter of 2026.President and CEO Alan Carter emphasizes the project's economic advantages, with all-in production costs expected near $1,000 per ounce. At current gold prices above $5,000 per ounce, the modest 25,000-ounce annual production from Phase 1 should generate approximately $100 million in pre-tax cash flow—funding that will support aggressive district exploration without requiring additional equity raises.The project benefits from unique geological characteristics, featuring 60 to 70 meters of weathered oxide material that requires no drilling, blasting, or conventional milling. This free-digging saprolite needs only cement addition for processing, dramatically reducing both capital and operating costs compared to traditional hard rock mining.Recent developments have catalyzed investor interest. On March 10, 2026, Cabral secured the LP (preliminary mining license), representing Brazil's most critical permitting milestone after a process initiated in 2018. Two days later, the company announced exceptional drill results from the Jerimum Cima discovery: 9.5 meters at 87.4 grams per ton gold, including 2.9 meters at 285 grams per ton.Jerimum Cima represents one of four new discoveries since 2022, expanding the deposit count from three to at least six within the district. The company's current 1.2 million ounce resource awaits updating later in 2026, while 50 additional untested targets remain across a 7-kilometer soil anomaly—seven times larger than nearby Tocantinzinho, Brazil's third-largest open-pit gold mine.Carter notes the district's historical context: during the 1980s Tapajós gold rush, approximately 2 million ounces were extracted from placer workings at Cuiú Cuiú, with "the vast majority of that placer gold" remaining unexplained by current hard-rock discoveries.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Ténière, CEO of Lafleur Minerals Inc.Our previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cselflr-from-pea-to-production-a-12-month-gold-timeline-8402Recording date: 10th March 2026Lafleur Minerals (CSE: LFLR) is positioning itself as a near-term gold producer in Quebec's Abitibi-Témiscamingue region, targeting production by the end of 2026 through its Swanson deposit and Beacon Mill. The company's recently released Preliminary Economic Assessment demonstrates robust economics with a $101 million NPV and 65% internal rate of return at a conservative $2,750 per ounce gold price, while maintaining all-in sustaining costs of $1,569 per ounce over a seven-year mine life.The project's accelerated timeline stems from significant existing infrastructure advantages. The Beacon Mill, recently refurbished and currently being recommissioned, has a nameplate capacity of 750 tonnes per day with near-term expansion potential to 1,250 tonnes per day. The Swanson deposit sits on an existing mining lease, substantially reducing permitting timelines that typically plague greenfield projects. With initial capital requirements of approximately $30 million Canadian, the company is evaluating multiple financing pathways including offtake agreements, equity raises, and potential merger scenarios.Lafleur currently reports just over 200,000 ounces in combined indicated and inferred categories, representing a 30% increase from previous estimates. Management targets reaching one million ounces through depth extensions beyond the historical 350-meter drilling limit and advancement of satellite deposits including Bartec and Jolin. The company's drilling programs have identified continued mineralization between 350 and 500 meters depth, consistent with typical Abitibi geology.Beyond standalone production, Lafleur is pursuing a hub-and-spoke model with Beacon serving as a regional processing center. As major producers have shifted focus toward feeding their own mills, third-party processing capacity has tightened across the district. This creates opportunity for mid-tier processors like Lafleur to capture value through custom milling while justifying future mill expansions to 3,000-4,000 tonnes per day. The strategy positions the company as both a producer and regional infrastructure provider in one of Canada's most prolific gold districts.View Lafleur Minerals' company profile: https://www.cruxinvestor.com/companies/lafleur-mineralsSign up for Crux Investor: https://cruxinvestor.com

Recording date: 11th March 2026Samuel Pelaez and Derek Macpherson of Olive Resource Capital recently discussed their strategic response to significant changes in the Arizona Sonoran Copper acquisition by Hudbay Minerals. The all-share transaction, announced at a $9.35 per share equivalent value, has declined to approximately $7.56 following broader market volatility triggered by Middle East geopolitical tensions.The sharp decline stems from systematic deleveraging across financial markets. Macro hedge funds operating on leverage faced forced position reductions as volatility increased, creating indiscriminate selling pressure across asset classes regardless of individual company fundamentals. This market-wide movement particularly affected industrial sectors and copper producers, driving down Hudbay's stock price and consequently reducing the value of their offer to Arizona Sonoran shareholders by nearly 20%.Rather than exiting the position as conventional wisdom might suggest following a merger announcement, Olive Resource Capital made the counterintuitive decision to increase their holdings. Their rationale centers on dual benefits: continued copper market exposure through the Hudbay share ratio, combined with a low but notable probability of a superior competing bid emerging. The firm estimates less than 10% odds of an alternative offer, which Pelaez characterizes as surprisingly high for friendly transactions.The unusually tight merger arbitrage spread, trading within 1% of transaction value, provides key supporting evidence. This tight spread suggests market participants are pricing some probability of alternative bids rather than treating the Hudbay transaction as certain. The deteriorated deal economics create plausible scenarios where cash bids previously deemed insufficient could now represent superior value. A hypothetical $8.50 cash offer that appeared unattractive compared to the original $9.35 consideration now looks competitive against the current $7.56 equivalent.This decision also reflects broader portfolio constraints. Olive Resource Capital seeks increased copper developer exposure as the next commodity bull market leg following gold, but faces limited high-conviction opportunities. The scarcity of quality copper development projects makes maintaining strategic sector allocation through Arizona Sonoran sensible despite the changed investment thesis post-announcement.Sign up for Crux Investor: https://cruxinvestor.com

Recording date: 7th March 2026Olive Resource Capital is off to a strong start in 2026, with the fund up approximately 25% year-to-date following an exceptional 160% return in 2025. The gains have been driven primarily by precious metals holdings, including positions in Omai, Arizona Sonoran, and West Point Gold. Two major portfolio exits have recently validated the fund's investment approach, even as geopolitical tensions introduce near-term volatility.The fund's most significant development was the acquisition of Arizona Sonoran by Hudbay, announced during PDAC week in an all-stock deal valuing Arizona Sonoran at approximately $9.35 per share. Olive had followed the company since its private-stage days, building its position opportunistically over time. Management at Arizona Sonoran executed on every stated objective — maximising the resource and resolving the complex Nuton joint venture — ultimately clearing the path for Hudbay's offer and delivering a substantial multiple on the fund's cost basis.The second exit involved Sailfish Royalties, where Olive realised approximately 4x returns after the company sold its Spring Valley royalty asset. With initial purchases around $1.00 per share and the stock trading near $4.40 following the announcement, the position generated roughly 400% returns over two years — a strong outcome for a lower-risk royalty investment.The annual PDAC mining conference in Toronto drew approximately 42,000 registrants, an all-time high well above the historical range of 20,000–30,000. Beyond the headline numbers, fund managers Samuel Pelaez and Derek Macpherson noted the quality of emerging deal flow: genuinely new companies, freshly acquired projects, and existing stories advanced meaningfully by new exploration results — not simply recycled ideas repackaged for a stronger market.Recent military actions involving the United States, Israel, and Iran, combined with softer economic data from China and the U.S., have triggered a flight to liquidity that pulled mining equities down 10–15% across some positions. The fund had proactively raised cash ahead of the weakness using seasonal trading models and currently holds approximately 10% in cash, which it plans to deploy opportunistically into pullbacks.Despite near-term uncertainty, Olive maintains a positive full-year outlook, anticipating a potential rotation into copper later in 2026 as commodity leadership evolves and actively searching for a replacement copper name following Arizona Sonoran's sale.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO, Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-salt-market-insight-with-nolan-peterson-9255Recording date: 5th of March 2026Atlas Salt has commenced construction activities at its Great Atlantic Salt project in western Newfoundland, marking a significant milestone for what could become North America's first new salt mine in over 25 years. CEO Nolan Peterson outlined the company's development progress during the 2026 PDAC conference in Toronto, emphasizing both the advancement of physical construction and an aggressive financing campaign to capitalize on favorable market conditions.The company has initiated a $100 million early works package approved by the Newfoundland government, with current activities including site clearing, ground preparation, and infrastructure development optimized for winter ground conditions. The roadmap for 2026 encompasses establishing site pads, road access, power infrastructure, and preparatory work for underground drift development. This early phase represents the first component of a $600 million CAD total capital program.Atlas Salt is pursuing a financing structure targeting 60% debt from infrastructure banks, sovereign wealth funds, and export credit agencies, with the remaining 40% from equity investors. The company has engaged Endeavour Financial to structure the project financing package, while market interest has created opportunities to accelerate capital raising beyond original timelines. Peterson noted that heightened awareness of salt shortages has prompted earlier engagement from potential financial partners.The project addresses documented supply constraints in North American deicing markets, where no new mine construction has occurred in a quarter-century. The Great Atlantic operation will shorten supply chains to key northeastern markets while offering stable, recession-proof cash flows over a projected 25-year mine life based on current reserves, with potential for an additional 50 years from identified resources.The company benefits from an exceptionally supportive regulatory environment, having secured environmental assessment approval in just two months. With 100% battery-electric operations planned, the project positions as both an infrastructure solution and an environmental showcase. Peterson's focus on strategic partnerships and project de-risking suggests multiple near-term catalysts as the company advances toward production.Learn more: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Brian Miller, Director & CEO of Astra ExplorationOur previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-high-grade-argentine-discovery-opens-in-multiple-dimensions-9016Recording date: 5th March 2026Astra Exploration (TSXV: ASTR) is a junior precious metals company with a focused two-country portfolio in Chile and Argentina, and a clear near-term strategy centred on its La Manchuria gold-silver project in Santa Cruz province. Following a strong PDAC 2026, the company is well positioned heading into what could be a transformational period of exploration.La Manchuria is a low sulphidation epithermal system with a dual-target structure. Near surface, the company has confirmed an expanding bulk disseminated gold-silver system — one that has grown with every drill programme conducted to date. Deeper in the system lies the primary prize: a potential high-grade feeder zone, the kind of structure that drives the most significant epithermal discoveries in Patagonia. Astra has been methodically building toward testing that target, beginning with near-surface drilling to establish scale and validate the geological model before committing capital to deeper holes.Two programmes have now been completed, totalling 7,500 metres across 36 holes. Of the 25 holes drilled in the second programme, 13 have been released with results. Twelve remain pending from the laboratory and are expected to be published by the end of March 2026. These represent a near-term, defined news pipeline that does not require the company to raise capital or commence new fieldwork to deliver.The third programme — another 5,000 metres — is set to begin within approximately one month. Astra holds roughly $4 million in cash, sufficient to fund this programme in full. The budget was structured at the time of the company's $6.2 million raise to ensure exactly this kind of operational continuity. The third programme will begin to shift focus toward deeper targets, moving the company closer to the high-grade feeder discovery scenario that underpins its long-term investment case.Argentina's operating environment has also improved significantly. Under President Milei's administration, permitting has accelerated and foreign investment capital is flowing into the country at a pace not seen in recent years. Santa Cruz province permits year-round drilling, removing the seasonal constraints that limit many other jurisdictions and enabling a consistent cadence of results throughout 2026.Beyond Argentina, Astra holds two Chilean projects — Pampa Paciencia, adjacent to two operating copper mines, and a high sulphidation target in the active Maricunga belt — that provide strategic optionality without requiring meaningful near-term capital. Pre-drill work is planned at Cerobio in Chile in the coming weeks, with the potential to unlock value through partnership or joint venture as the belt attracts renewed attention following Chile's improved political backdrop.For investors, the proposition is straightforward: a funded explorer with an expanding near-surface discovery, a high-grade feeder thesis yet to be tested at depth, a defined catalyst schedule across the next 60 to 90 days, and a macro tailwind from both gold prices and an improving Argentine investment climate. Astra enters the next phase of its programme with momentum, capital, and a story that is only beginning to register with the wider market.View Astra Exploration's company profile: https://www.cruxinvestor.com/companies/astra-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Derek Iwanaka, CEO, Prince Silver Corp Recording date: 5th of March 2025Prince Silver Corp is advancing a historic Nevada silver mine toward a maiden resource estimate, with new leadership targeting a substantial 100 million ounce silver equivalent milestone within months. The company represents an early-stage exploration opportunity in one of North America's premier mining jurisdictions, underpinned by a significant historical dataset and recent unexpected discoveries.Derek Iwanaka, who assumed the CEO role three months ago, brings a proven track record from BeMetals, First Mining Gold, and Uranerz Energy. His previous companies have grown to substantial valuations, with First Mining approaching a billion-dollar market cap and Energy Fuels now worth approximately $5 billion following its acquisition of Uranerz.The Prince project operated as a producing mine from 1912 to 1949 before shutting down when silver prices fell to $0.79 per ounce. Prince Silver acquired the asset in 2025 and immediately commenced drilling below the historical workings. The results have revealed significant gold mineralization that was neither previously mined nor documented in exploration records, adding an unexpected value component beyond the silver-focused thesis.Management is pursuing an aggressive timeline, targeting a resource estimate by July 2026 with a fallback to Q4. The strategy leverages 130 historical drill holes from previous operators, allowing the company to accelerate development by several years compared to typical greenfield exploration. With $8 million in cash, Prince Silver has adequate capital to complete its current 9,000-meter drilling program plus an additional phase if required.The company currently trades at a market capitalization below $40 million, representing a significant discount to peers with similar resource sizes that typically command valuations exceeding $100 million. This valuation gap suggests potential for substantial rerating upon successful delivery of the resource estimate.The Nevada location provides critical advantages, including streamlined permitting processes and potential fast-track treatment due to the presence of federally designated critical minerals. Nine drill holes are expected to be announced within weeks, providing near-term validation of the investment thesis ahead of the formal resource calculation.Sign up for Crux Investor: https://cruxinvestor.com

Interview with David Christie, President and COO, Globex MiningOur previous interview: https://www.cruxinvestor.com/posts/globex-mining-gmx-unique-project-generator-and-royalty-company-3060Recording date: 5th of March 2026Globex Mining Enterprises is executing a distinctive strategy in the resource sector, operating as a royalty generator that creates its own revenue streams through counter-cyclical property acquisitions. With 107 royalties across 270 mineral assets, the company is transitioning from opportunistic project generator to established royalty company as multiple properties advance toward production.President and COO David Christie articulates the company's approach: acquiring undervalued properties during commodity downturns, developing them through exploration, and selling to operators while retaining royalty interests. The antimony properties in New Brunswick exemplify this strategy—acquired when the metal received minimal investor attention, these assets now benefit from heightened strategic interest as they advance toward production.Globex's financial position distinguishes it from typical junior resource companies. The firm holds over $40 million in cash and securities, split evenly between liquid cash and equity positions in senior producers including Eldorado Gold, Pan American Silver, and Alamos Gold. This balance sheet strength, combined with approximately $5 million in annual revenue from option payments and advance royalties, eliminates dilution pressure and provides strategic flexibility.The company maintains a commodity-agnostic portfolio spanning precious metals (50%), base metals (25%), and specialty commodities (25%) including manganese, fluorspar, and rare earths. Over 300,000 meters of drilling are planned across Globex properties this year, primarily funded by option partners, including 140,000 meters at the O'Brien project and 250,000 meters at Cadillac.Multiple production catalysts are emerging within a 1-5 year timeframe. Bell Mountain heap leach gold operation targets late 2026 production, while Mont Sorcier iron ore project advances toward feasibility study completion in summer 2026. New Brunswick antimony-gold and manganese projects are progressing rapidly toward development.With only 56 million shares outstanding and no rollbacks since its 1987 founding, Globex has demonstrated disciplined capital management. As royalty cash flows materialize, the company maintains optionality for acquisitions, asset spin-outs, or potential acquisition by larger royalty consolidators seeking growth and commodity diversification.Learn more: https://www.cruxinvestor.com/companies/globex-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Alberto Orozco, CEO, Capitan SilverOur previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-60000m-drill-blitz-targets-20km-mexican-silver-system-in-2026-9013Recording date: 5th of March 2026Capitan Silver Corp is executing an aggressive exploration strategy at its Cruz de Plata project in Durango, Mexico, following a transformative 2025 that repositioned the company from dormancy to active development with institutional backing and expanded geological understanding.The company's resurgence began when Jupiter Gold and Silver Fund led a financing round at a 30% premium to market—a rare achievement for junior miners—providing capital to restart operations. CEO Alberto Orozco explained that management deliberately waited for favorable market conditions and the right institutional partner rather than advancing exploration during a weak silver market.The second critical catalyst was acquiring surrounding land from Fresnillo, which fundamentally changed the project's geological interpretation. What initially appeared to be a silver vein evolved into a complete mineral system, tripling high-grade silver structure targets from 7 kilometers to over 21 kilometers of cumulative strike length. The expanded land package revealed consistent surface expressions of mineralization around an intrusive body, supported by early geophysical data.Capitan Silver employed a strategic drilling approach focused on capital efficiency, using shallow reverse circulation drilling to maximize drill holes and data density rather than expensive deep holes. This methodology delivered high-resolution geological understanding, identified continuity along strike, and discovered new high-grade zones while maintaining budget discipline.For 2026, the company launched a 60,000-meter drill program, ramping from one rig to four with continuous operation. The expanded campaign will test depth extensions of known zones and evaluate new targets across the consolidated property, aiming to demonstrate the scale potential of what management describes as a rare, high-grade silver system.A distinguishing factor is management's operational pedigree. The core team previously built and operated three mines on time and on budget at Argonaut Gold in the same Mexican region, bringing mine-building expertise to an exploration-stage company. This experience informs their evaluation of Cruz de Plata's development feasibility, considering the project's easy access, nearby infrastructure, and favorable topography alongside its geological merit.Learn more: https://www.cruxinvestor.com/companies/capitan-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Allen Sabet, CEO of Mogotes Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxvmog-26m-treasury-funds-drilling-in-one-of-worlds-largest-copper-discoveries-7941Recording date: 4th March 2026Mogotes Metals entered 2026 as an exploration company ready to drill. After three years and approximately C$25 million spent building geochemical, geophysical, and geological datasets across its Filo Sur project in Argentina's Vicuña district, the company now has three rigs operating along the same structural corridor that hosts Filo del Sol — the deposit that its joint venture owners describe as the largest copper discovery in 30 years.The drilling programme targets 6,000–8,000 metres this austral summer season across multiple ranked and permitted targets, with approximately 3,000 metres already completed. The season budget is approximately C$20 million, funded from a C$55 million treasury. That treasury was built with the participation of two strategically significant investors: CD Capital, a London-based fund that previously made approximately 15 times its money investing in Filo del Sol, and the Braun family of Argentina, a family office with direct regional knowledge. CD Capital's Carmel Daniele has joined the Mogotes board — the same role she held at Filo del Sol.The geological case rests on the north-south structural belt that connects Filo del Sol, Altar, Valeriano, and now Filo Sur. Mogotes holds the full strike projection of Filo del Sol's known mineralisation. The geophysical programme identified multiple high-chargeability, low-resistivity anomalies consistent with the subsurface signatures that defined the early drilling success at Filo del Sol and Valeriano. These are the targets now being drilled. CEO Alan Sabet has been measured in framing expectations — proximity to a tier-one discovery does not guarantee replication — but the technical approach mirrors the methodology that worked at comparable deposits across the Andes.The company's second announcement at PDAC 2026 was the option agreement on a copper-gold asset in Kazakhstan. The asset hosts an historic resource of approximately six million gold-equivalent ounces, with mineralisation beginning at approximately 40 metres depth and remaining open at depth and laterally. Drilling costs run at approximately US$80 per metre — a fraction of typical Andean costs — and the permitting environment supports a mining licence application within six months.For Mogotes, the strategic logic is clear. Filo Sur is a seasonal operation confined to the austral summer. Kazakhstan can be drilled year-round and provides continuous news flow during the months when Andean operations are dormant. It also provides a second value creation pathway: integrating existing unincorporated drilling data into a new resource estimate, step-out and depth drilling, and testing a separate porphyry target with potential high-grade gold.For investors, the near-term calendar is defined. Filo Sur drill results are expected in May and June 2026, representing the first direct geological test of the project's multi-year dataset. Kazakhstan work will begin in parallel, providing additional news flow through the second half of the year. The company enters this period with a well-funded treasury, institutional validation from directly comparable capital, and a disciplined deployment plan that preserves follow-up capacity regardless of what the first drill holes return.View Mogotes Metals' company profile: https://www.cruxinvestor.com/companies/mogotes-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jean-Paul Tsotsos, CEO & Justin Black, CMO, Chesapeake GoldOur previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-tsxvckg-proprietary-oxidation-process-could-help-unlock-15t-in-stranded-gold-6963Recording date: 4th March 2026Chesapeake Gold Corp. is advancing Metates, one of the world's largest undeveloped precious metals deposits, through a proprietary oxidative leach technology that has solved a four-decade metallurgical challenge while slashing capital requirements by 90%.The Metates deposit in Mexico hosts over 500 million ounces of silver (ranked first globally) and 19 million ounces of gold (18th globally). Discovered in 1980, the project's refractory ore—where precious metals are locked within sulfide minerals resistant to conventional processing—prevented successful development by multiple major mining companies despite decades of attempts.Chesapeake's breakthrough came through acquiring and advancing oxidative leach technology originally developed at Hycroft over nearly a decade with $50 million in combined investment. The technology operates at ambient temperature in heap leach pads, eliminating the need for expensive autoclaves, extensive water infrastructure, and on-site power generation.The economic transformation is dramatic. Chesapeake's initial 2016 prefeasibility study using conventional pressure oxidation envisioned a $3.5 billion capital expenditure for a 90,000 ton-per-day operation requiring a desalination plant, water pipelines, and power plant. The oxidative leach approach reduces capex to $360 million for a 15,000 ton-per-day starter operation while improving gold recovery from 33% to 74% and silver recovery from 35% to 50%. Phase 3 testing shows further improvements, with results expected in Q1-Q2 2026.Beyond Metates, Chesapeake is pursuing a technology licensing strategy targeting 200+ identified refractory deposits globally. Three companies are currently conducting amenability testing, with results expected within two months. These third-party implementations serve dual purposes: validating the technology at operating sites ahead of Metates development while creating revenue potential through royalties or equity positions.Mexico's regulatory environment has improved significantly under President Sheinbaum, with two-thirds of 170 backlogged permits resolved. The prefeasibility study for Metates is underway, with completion dependent on regulatory progress rather than remaining technical uncertainties.Learn more: https://www.cruxinvestor.com/companies/chesapeake-goldSign up for Crux Investor: https://cruxinvestor.com

 Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-targeting-low-cost-rare-earths-through-isr-extraction-9181Recording date: 6th March 2026Cobra Resources has reported a strong start to drilling at the Manahill Copper Project in South Australia, delivering wide, high-grade copper intersections that materially strengthen the exploration case for a potentially significant porphyry-related system. For investors, the early results suggest the project could host both near-surface economic mineralisation and the potential for a larger copper system at depth.The drilling program followed Cobra's option agreement over the Manahill project signed in mid-2025. Initial exploration began with geophysical work, including induced polarisation (IP) surveys designed to identify sulphide-rich zones associated with porphyry copper systems. Based on these targets, the company completed an 18-hole reverse circulation (RC) drilling program, with the first four holes now reported.Two standout intersections were returned from the same drilling transect. The first hole intersected 74 metres grading just over 1% copper with approximately 0.25 g/t gold, while another returned 84 metres of copper mineralisation with associated gold. Importantly, these are thick mineralised zones interpreted to represent a true mineralised width of roughly 70 metres. Such broad intercepts are considered highly encouraging at this stage of exploration because they suggest the presence of a substantial mineralised body rather than narrow vein systems.The mineralisation occurs from shallow depths, beginning only tens of metres below surface. This is significant from a potential development perspective, as shallow mineralisation can support lower strip ratios and improve the economics of future open-pit mining scenarios. Historical drilling in the area had already identified oxide copper mineralisation, including intersections such as 48 metres grading 2.2% copper with gold credits, but the latest drilling confirms that the mineralisation continues into the deeper primary sulphide zone.This distinction is important because oxide copper can often be processed using relatively low-cost heap leaching, while deeper sulphide mineralisation is typically processed through conventional flotation circuits. A project containing both zones can benefit from a phased development approach—starting with lower-capex oxide production before transitioning to sulphide processing as the operation expands.Geologically, Cobra believes the mineralisation may represent a skarn-style system linked to a larger porphyry copper intrusion. Evidence supporting this model includes the presence of intrusive rocks such as quartz monzonite and diorite dykes intersected in drilling. In addition, the company has identified molybdenum mineralisation, with standalone intersections up to 10–12 metres grading around 0.1% molybdenum. Molybdenum is commonly associated with fertile porphyry systems and may act as a vector toward the core of a larger copper deposit.The broader exploration footprint also supports the potential scale of the system. Cobra has already identified approximately 1.6 kilometres of mineralised strike length and mineralisation extending 300–400 metres vertically. Based on the mineralised widths and grades encountered so far, management estimates that the currently intersected zone alone could host around 500,000 tonnes of contained copper metal if continuity is confirmed.Importantly, Manahill appears to be part of a larger porphyry province, and Cobra has several additional targets across the project area. These include Netley Hill, where a previous drill hole intersected 350 metres grading 0.1% copper from surface, suggesting the possibility of large-scale bulk-tonnage mineralisation. Another target, Annabella, also shows promising geological indicators.Cobra still has results pending from the remaining 14 holes in the current drilling program, which will help refine the geological model and guide the next phase of drilling. The company already holds permits for 29 additional RC holes and three diamond holes, allowing it to quickly follow up on the discovery and test deeper targets.For investors, the key next steps will be confirming the scale and continuity of the mineralised system. If drilling continues to deliver similar widths and grades, Manahill could evolve into a multi-million-tonne copper system within a highly favourable mining jurisdiction.—View Cobra Resources' company profile: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com 

Interview with Max Porterfield, President & CEO of Visionary Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/visionary-copper-gold-mines-tsxvvgc-pitch-perfect-9001Recording date: 4th March 2026Visionary Copper & Gold is focused on unlocking the value of Point Leamington, a polymetallic VMS deposit in Newfoundland, Canada, that holds over 20 million tonnes of gold, silver, copper, and zinc mineralisation and has seen no modern exploration since 2004. The company's current Phase 1 drilling programme is delivering early results that management believes confirm the deposit's potential to grow significantly from its existing resource base.The deposit's existing pit-constrained resource contains approximately 500,000 ounces of gold, 8 million ounces of silver, 170 million pounds of copper, and 700 million pounds of zinc. Gold currently accounts for approximately 55% of contained metal value. However, the most consequential development from recent drilling is not within the known resource but within the footwall beneath it.Visionary has confirmed a new copper zone, named Kraken, in the footwall to Point Leamington's main massive sulphide lens. This type of structure is a defining characteristic of the world's largest VMS deposits. At Ming in Newfoundland, a copper stringer zone sits below the main lens. At Flin Flon Bay in Manitoba, the copper-rich footwall accompanies a zinc-dominant main horizon. The first Kraken hole returned a 76-metre interval at 0.45% copper and a second intersection of 23 metres at 1.5% copper which are consistent with the early-stage definition of footwall zones that have materially expanded comparable systems.Alongside the Kraken results, the company has extended the confirmed strike length of Point Leamington to over one kilometre. This is an important structural distinction. Most large VMS systems — including Ming, Lalor, and 777 in Manitoba — have strike extents of 200 to 250 metres, with their tonnage coming primarily from depth. The small number of VMS systems with significantly longer strike extents, such as Kidd Creek and Flin Flon, have produced some of the largest total resource outcomes globally. Point Leamington's confirmed kilometre-plus strike places it in this rarer category.The development plan for 2026 is clear and sequenced. Phase 1 drilling will continue stepping out around the Kraken intersection. Phase 2 will follow after ground conditions improve, targeting resource upgrades and further Kraken delineation. A two-phase metallurgical programme will collect data to support economic studies, and the company is targeting an updated resource estimate and a preliminary economic assessment within the year.Beyond Newfoundland, Visionary holds the Rainbow/Pine Bay copper asset in Manitoba. An advanced exploration permit application is currently under review, and an Environmental Act licence for full-scale production is being prepared. The asset sits within trucking distance of three concentrators and approximately 30 minutes from a rail line linked to Canada's proposed Churchill port export corridor — a route that has attracted attention from federal and provincial governments in the context of critical mineral supply chain security.The entire Eastern Canada portfolio was assembled in 2016 for $1.1 million. With gold above $3,000 per ounce and structural copper deficits widening, Visionary is positioned at an early stage of what could be a significant resource expansion cycle at one of Canada's most overlooked large-scale VMS systems.View Visionary Copper & Gold's company profile: https://www.cruxinvestor.com/companies/visionary-copper-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Rebecca Hunter, CEO, Geiger EnergyOur previous interview: https://www.cruxinvestor.com/posts/geiger-energy-tsxvbeep-strategic-merger-positions-dual-basin-uranium-explorer-across-canada-8116Recording date: 4th of March 2026Geiger Energy is positioning itself for potential district-scale uranium discovery in Canada's underexplored Thelon Basin, executing a focused exploration strategy under CEO Dr. Rebecca Hunter's experienced leadership. Following a merger of Forum Energy Metals and Baselode Energy backed by the Ore Group, the company has consolidated its efforts on two flagship projects: the Aberdeen property in the Thelon Basin and the Hook project in Saskatchewan.Dr. Hunter brings significant credibility to the venture, having worked on Cameco's exploration team during the previous uranium boom and examined multiple world-class deposits including McArthur, Cigar, Dawn Lake, and Fox Lake. Her geological expertise centers on recognizing subtle alteration signatures in blind uranium deposits—a critical skill in frontier exploration where deposits lack surface expression.The company is currently deploying its $7 million treasury across both projects. At Hook in Saskatchewan, two drill rigs are operating with a $2.5 million budget, testing for resource expansion near existing mineralization. The flagship Aberdeen program will commence in June with a planned 10,000+ meter drilling campaign focused on the Loki target, where recent drilling intersected intense alteration across the entire sandstone column—similar to signatures seen above world-class Athabasca Basin deposits.Geiger achieved a significant technical milestone by intersecting uranium at the unconformity for the first time in the northeast Thelon Basin. While grades of 100-200 ppm remain sub-economic, this validates the geological model and confirms uranium-bearing hydrothermal systems are present. The next critical step is discovering high-grade mineralization over significant widths, which would fundamentally alter perceptions of the Thelon's potential.The investment thesis rests on first-mover positioning in an underexplored district with geological similarities to the Athabasca Basin, experienced technical leadership, and significant upside leverage. As Dr. Hunter noted, "The big deposits will be found there new ones big ones shallow ones." With sustained newsflow expected throughout 2026 and backing from the Ore Group, Geiger represents exposure to frontier uranium discovery during a favorable macro environment driven by energy security and emerging nuclear demand from AI infrastructure.Learn more: https://www.cruxinvestor.com/companies/geiger-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Smart, Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-platinum-palladium-project-advances-to-economic-study-9203Recording date: 4th March 2026ValOre Metals is at a defining moment in its evolution from exploration company to project developer. The company's flagship asset, the Pedra Branca PGE project in Ceará state, Brazil, hosts a 2.2 million ounce inferred resource at 1.08 grams per tonne, a resource of genuine scale in a metal category that faces structural supply constraints and growing strategic demand. For the first time, ValOre is now putting the economic framework around that resource through a comprehensive PEA programme targeted for publication by year-end 2025.The project's most distinctive feature is its development approach to the shallow, weathered upper ore body. Rather than applying conventional flotation which performs poorly on oxidised material, ValOre is developing a bioleaching process in partnership with the University of Cape Town's Department of Chemical Engineering. This technique, in which microorganisms are used to extract metals from ore, is industrially proven in copper and increasingly used in refractory gold, but has not previously been applied to a PGE deposit. Phase 1 lab-scale trials have delivered metal recoveries consistently in the high 70s percentage range, and the company has secured exclusive global rights to the jointly developed intellectual property.The implications are significant. The weathered zone accounts for roughly one-third of the total resource ounce count and sits at surface, meaning it can be mined simply and cheaply. A low-cost processing route applied to near-surface material creates the possibility of a viable early-stage operation that generates revenue and validates the process without requiring the capital commitment of a full-scale mine build. Under Brazilian mining law, a trial mining permit enables exactly this kind of phased approach, allowing the company to construct a demonstration plant targeting 10,000 to 15,000 ounces of platinum and palladium per year as a precursor to industrial-scale production of 150,000 to 200,000 ounces annually.The PEA, with a budget of approximately $4 million, is the bridge between the current exploration narrative and an investment-grade development story. It will address mining method, processing economics, capital and operating costs, and route to market for both the weathered and fresh sulphide ore bodies. Engineering consultancy Lycopodium is leading the technical work. Until the PEA is published, investors have lacked a valuation framework for Pedra Branca. Publication changes that and represents a credible re-rating catalyst.Management has taken additional steps to sharpen the investment case. The divestiture of legacy Hatchet uranium properties to Future Fuels removes a non-core distraction and concentrates the company entirely on PGE development. CEO Nick Smart brings direct in-country experience, having spent approximately six years building the Barro Alto nickel mine in Brazil for Anglo American. Brazil itself is actively positioning as a destination for critical minerals investment, with strong government and industry representation at PDAC 2026 underscoring the macro tailwind.The near-term catalysts are clear: bioleaching column test results, PEA publication, and trial mining permit application progress. For investors willing to engage with early-stage development risk, ValOre offers a large resource, proprietary technology, and a credible pathway to production in a jurisdiction that is increasingly attractive to Western capital.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Chawrun, COO of i-80 Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-500m-secured-to-advance-development-plan-9289Recording date: 4th March 2026i-80 Gold Corp. has reached the most consequential milestone in its development history. After an extended period during which the scale and complexity of the company's Nevada asset package generated uncertainty in parts of the investment community, i-80 has closed a major financing round with institutional participation including royalty major Franco-Nevada and issued a full notice to proceed to Hatch Engineering on the $430 million Lone Tree autoclave refurbishment. The company is now in execution mode.The Lone Tree facility is a formerly operating autoclave plant, originally developed by Newmont, that requires refurbishment rather than construction from scratch. That distinction matters. i-80 is working with established infrastructure, proven technology, and a team that includes personnel who have previously operated this specific autoclave. The feasibility study underpinning the project is classified at Level 2/3, one of the most detailed engineering standards available, providing a high degree of confidence in both the capital estimate and the construction schedule. First gold pour is targeted for end of December 2027, with a production ramp-up to 150,000–160,000 ounces per year in Q1 2028.At $3,000 per ounce gold, i-80 estimates net annual cash flow from Lone Tree of $150–200 million. With spot gold prices currently trading above that modelling assumption, the economics are materially stronger than the base case and the margin advantage compounds as gold prices rise, given the largely fixed cost structure of autoclave processing.Beyond Lone Tree, i-80 is deploying approximately $80 million in drilling across its Nevada portfolio in 2026. At Ruby Underground, infill drilling is advancing resources toward measured and indicated status ahead of a future feasibility study. At Granite Creek, a drilling campaign has recently concluded — extended due to continued mineralisation discovery — with feasibility results expected in Q2 2026. At Mineral Point, the programme targets conversion of a resource base that already contains 3 million ounces measured and indicated and 2 million ounces inferred, supporting a prefeasibility study in early 2027 and eventual open pit production currently estimated for 2032.The company's three-phase production roadmap — Lone Tree, followed by Mineral Point and Granite Creek open pits — targets aggregate annual output of 500,000–600,000 ounces, firmly within mid-tier producer territory. Each phase carries its own timeline and permitting requirements, but the financing now in place is specifically structured to accelerate the Mineral Point schedule by one to two years through earlier drilling and EIS process initiation.Franco-Nevada's participation in the financing, following a competitive due diligence process, provides third-party institutional validation of the asset quality. For investors assessing i-80 at this stage, the primary investment question has shifted. The debate is no longer whether the company can raise the capital — it has. The focus now is on execution: construction progress at Lone Tree, resource conversion milestones, and the pace at which the subsequent phases can be advanced toward production.For investors seeking leveraged exposure to gold through a Nevada-based developer with a funded near-term production catalyst and a credible multi-phase growth plan, i-80 Gold presents a materially different risk profile today than it did twelve months ago.View i-80 Gold's company profile: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com