CRUX Investor is a new market insight channel for those interested in understanding the junior mining world and opportunities to invest. Its purpose is to cut through a lot of the jargon, bias and bluster that is prevalent in this sector and hone-in on the most important factors that can indicate wh…
Interview with Brian Miller, Director & CEO Of Astra ExplorationOur previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-pitch-perfect-november-2025-8536Recording date: 20th January 2026Astra Exploration (TSXV:ASTR) is aggressively advancing its flagship La Manchuria precious metals project in Argentina following encouraging initial drilling results that have validated management's exploration thesis. CEO Brian Miller outlined the company's progress and 2026 strategy in a recent discussion covering exploration results, geological interpretation, and capital allocation priorities.The company's most significant achievement was securing La Manchuria in mid-2024 and completing an inaugural drill program in early 2025 that intersected exceptional near-surface grades. Miller emphasized the quality of mineralization: "The grades that we've intersected there, they're not common to get repeat grades because I'm literally talking about ounces of gold and kilograms of silver in open drill intercepts near surface. And they're not one-offs. We've repeated several of those."Critically, Phase 1 results demonstrated that the mineralized system extends well beyond previous geological interpretations. The project was thought to be faulted off at both ends along strike, but Astra has proven the system continues in both directions with new parallel zones identified. This expansion fundamentally changes the scale potential, with the deposit now opening up in multiple dimensions including at depth.Astra initiated a 10,000-meter Phase 2 drill program in October 2025, with the first half focused on extending the surface footprint through shallow drilling and the second half targeting deeper zones starting March 2026. Assays from the initial phase are currently pending and expected to provide critical information about lateral continuity and the effectiveness of geophysical targeting methodology.Rather than rushing toward formal resource estimation, management is prioritizing demonstration of scale through step-out drilling. This capital-efficient approach aims to prove system extent before the expensive, dilutive infill drilling required for resource definition. The company maintains its original thesis of multi-million-ounce potential.Argentina's unprecedented political and economic reforms have attracted major mining companies including Lundin, BHP, Kinross, and Barrick to deploy significant capital in the country, validating the jurisdiction and reducing perceived country risk. Management views 2026 as having potential to match or exceed 2025's success, with near-term valuation dependent on pending assay results that will determine how much metal the expanded system contains.View Astra Exploration's company profile: https://www.cruxinvestor.com/companies/astra-explorationSign up for Crux Investor: https://cruxinvestor.com
Interview with Alberto Orozco, CEO, Capitan SilverOur previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-triples-exploration-target-at-historical-cruz-de-plata-silver-district-8232Recording date: 20th January 2026Capitan Silver is entering 2026 with significant momentum following a transformative year that repositioned its Cruz de Plata silver project in Durango, Mexico. CEO Alberto Rosco outlined an ambitious exploration program backed by a recent $29 million financing that will fund 60,000 meters of drilling across what the company now recognizes as a complete mineral system rather than a simple silver trend.The strategic shift came through property consolidation that expanded the project from 7 kilometers to 20 kilometers of vein targets. Through systematic mapping and sampling, the geological team identified that high-grade silver mineralization sits near the contact between an intrusive body and sedimentary rocks, with this controlling structure extending westward and northward in a circular pattern. The company also eliminated a significant royalty and increased gold resources at the adjacent Capitan Hill deposit by 115% to 525,000 ounces.Rosco emphasized that Cruz de Plata's outcropping nature provides substantial cost advantages throughout exploration and potential development. Most previous drilling remained in the top 150 meters, with the 2026 program designed to extend testing to 150-300 meters depth on the advanced Jesus Maria trend while using reverse circulation rigs for rapid, cost-effective testing of new targets to the west, north, and within the intrusive itself.Management remains focused on building an operating mine rather than pursuing early monetization, drawing on the team's experience developing and operating projects in Mexico through their previous work at Argonaut Gold. "We're developing this for the long haul. We see a very big system here and we're very excited about it," Rosco stated, comparing Cruz de Plata to successful intermediate sulfidation deposits like Penasquito and MAG Silver's Juanicipio.With approximately 50 unreleased drill holes from the previous program and multiple rigs operating simultaneously in 2026, investors can expect consistent news flow as Capitan Silver works to demonstrate the scale of its expanded mineral system.Learn more: https://www.cruxinvestor.com/companies/capitan-silverSign up for Crux Investor: https://cruxinvestor.com
Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/hawk-resources-asxhwk-december-drilling-targets-five-prospects-in-historic-copper-district-8487Recording date: 20th January 2026Hawk Resources has successfully raised A$5 million to fund an aggressive exploration campaign across two high-potential critical minerals projects, with the capital raise closing within an hour of opening due to strong investor demand. The oversubscribed raise demonstrates market confidence in the company's dual-pronged strategy targeting near-term copper-gold catalysts in Utah alongside a potentially transformational scandium opportunity in Western Australia.Managing Director Scott Caithness confirmed drilling has commenced at the company's flagship Cactus copper-gold project in Utah, with a 4,000-meter program testing six previously undrilled targets. The project carries significant historical pedigree, having been mined between 1905 and 1920 at grades of 2% copper with meaningful gold credits. Recent verification drilling by Hawk intersected 30 meters at 1.8% copper from surface, confirming the presence of high-grade mineralisation that remains accessible for modern exploration techniques.The company has allocated approximately A$3 million toward the Cactus drilling campaign, with results expected to flow from March 2026 onwards. Hawk's systematic approach integrates geophysical data, historical drilling records, and the first-ever project-wide soil sampling program to identify high-priority targets. The Copperopolis target exemplifies this methodology—a large chargeability anomaly with encouraging surface geochemistry that has never been drill-tested, despite a 1974 hole nearby intersecting 30 meters at 2% copper.Complementing the Utah copper focus, Hawk has reserved A$1-1.5 million to advance its recently acquired scandium project in Western Australia. The asset features a 4 kilometer by 7 kilometer soil anomaly with scandium grades exceeding 500 parts per million, reaching peaks of 1,200 ppm in a commodity currently worth $3,400 per kilogram. Historical shallow drilling intersected significant scandium mineralisation, though verification through laboratory assays remains the immediate priority.Caithness positions Hawk as a critical metals company with copper focus, offering investors exposure to supply-constrained commodities essential for electrification and advanced manufacturing while maintaining strategic optionality through its diversified project portfolio.View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Alex Dorsch, MD & CEO of Chalice MiningRecording date: 20th January 2026Chalice Mining is developing the Western world's leading palladium-nickel-copper project at Gonneville, discovered in 2020 near Perth, Australia. The project has advanced from discovery to prefeasibility study (PFS) stage, with Final Investment Decision (FID) and construction planned for 2028-29.The project's exceptional economics stem from open-pit mining starting at surface level, delivering all-in sustaining costs of $370/oz compared to $900-1,800/oz for South African competitors operating deep underground mines. This positions Gonneville in the second quartile of the global cost curve. The PFS demonstrates a 23-year mine life with NPV8 of A$3.3 billion at current prices and 40% IRR, producing 170,000 oz/year initially and scaling to 250,000 oz/year in stage two.Palladium prices have surged 105% from $880/oz to $1,800/oz over seven months, driven by supply constraints with over 90% production concentrated in Russia and South Africa. Demand remains resilient as electric vehicle adoption progresses slower than anticipated, supporting hybrid vehicles that require palladium catalytic converters.Chalice's two-stage development strategy balances ambition with capital discipline. Stage one requires A$820 million capex, fundable through 50-70% debt financing given strong project margins and abundant critical minerals financing from sovereign wealth providers. The company has invested A$325 million in technical work, including A$15 million on metallurgical testing—significantly more than typical junior miners at this stage.A simplified flowsheet redesign produces three standard products processable by conventional smelters, eliminating downstream technology risk. The project's Perth location provides infrastructure advantages and residential workforce access, reducing capital requirements to A$200-250 million versus multi-billion dollar bills for remote projects.With regulatory approvals expected in early 2028, Chalice offers rare exposure to palladium development outside Russian and South African dominance in a structurally constrained supply market.View Chalice Mining's company profile: https://www.cruxinvestor.com/companies/chalice-miningSign up for Crux Investor: https://cruxinvestor.com
Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-agnico-backed-junior-targets-mining-camp-scale-gold-discovery-8319Recording date: 19th January 2026Cartier Resources represents a compelling investment opportunity in Canadian gold exploration, combining exceptional drilling economics, strategic backing from Agnico Eagle Mines, and systematic execution of a mining camp-scale discovery programme across 15 kilometres of Quebec's prolific Cadillac Fault.The investment thesis centres on resource growth from the current 3.2 million ounce baseline at the flagship Chimo Mine toward 4-5 million ounces by year-end 2026, with longer-term potential for 12-15 million ounces across multiple deposits. Independent consultants have formally identified exploration targets for an additional 1.1 million ounces achievable through disciplined drilling, validating management's systematic approach to proving up a mining camp rather than a single-asset development story.Cartier's operational advantages stem directly from location within Val-d'Or's established mining infrastructure. The company has secured all-in drilling costs of C$105-110 per metre—from site preparation through assay results to press release—representing exceptional value in the current inflationary environment. This cost structure enables an aggressive 250,000-metre programme with two rigs currently operating 24/7 and plans to deploy four to six additional rigs, matching in one year the total drilling accomplished over the previous decade.Strategic validation from Agnico Eagle, which holds a 27% stake acquired through its O3 Mining purchase, provides both financial support and technical credibility. Monthly technical committee meetings enable rapid reallocation of drilling resources based on emerging results, whilst Agnico's involvement significantly enhances Cartier's profile amongst institutional investors who view major mining company participation at the exploration stage as validation of project quality and future acquisition potential.The company has initiated critical de-risking studies that progressively enhance project economics. Independent metallurgical testwork targets 96-97% gold recovery rates versus historic 93% recoveries, whilst evaluating toll-milling opportunities at four different processing facilities within 60 kilometres. Establishing toll-milling arrangements could reduce capital expenditure by approximately C$120 million by eliminating dedicated mill construction requirements. Environmental baseline studies and a preliminary economic assessment scheduled for 2026 delivery provide the technical foundation for various development scenarios.Cartier's recent surpassing of C$100 million market capitalisation represented a critical threshold that unlocked institutional investor access previously unavailable. The company has traded over 80 million shares since July 2025, representing complete shareholder base rotation toward sophisticated investors with longer time horizons and larger position sizes. This evolution provides improved liquidity, reduced volatility, and establishes the foundation for additional institutional participation as exploration objectives are achieved.Management has demonstrated disciplined capital allocation by optioning three non-core Windfall District projects to Exploits Discovery for C$2 million cash, nearly 10 million shares, and retained royalties whilst maintaining singular focus on the Cadillac Project. Integration of AI-driven targeting methodologies has already validated discoveries like the Contact zone, accelerating exploration timelines by six to eight months compared to traditional approaches.With C$10 million in treasury supporting aggressive drilling without near-term dilution, gold prices sustained above US$4,600 per ounce dramatically improving project economics, and multiple catalysts including ongoing drill results, metallurgical studies, and year-end PEA delivery, Cartier offers substantial upside leverage at current valuations. The company trades at significant discount to peers with comparable resource bases despite superior jurisdictional advantages, strategic backing, and cost structure. For investors seeking exposure to Abitibi gold discovery potential with clearly defined catalysts and multiple value realisation pathways, Cartier Resources represents a compelling core holding within precious metals portfolios during a critical value inflection period.View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign 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-rare-public-salt-play-targets-10-of-north-americas-de-icing-market-8676Recording date: 16th January 2026Atlas Salt is positioning itself to address a critical infrastructure need in North America through the development of the Great Atlantic Salt project on Newfoundland's west coast. The company targets the deicing road salt market, where demand consistently outstrips domestic supply by 30-40%, forcing North American buyers to source from Egypt and Chile with significantly longer lead times and higher costs.CEO Nolan Peterson, who joined the company in June 2025, explained the market dynamics: "There is a salt shortage year-over-year when you're balancing domestic production versus domestic needs. And domestically, I'm grouping Canada and the United States as one market." The timing appears particularly opportune, with Ontario currently experiencing severe shortages despite having a full year to prepare following last year's supply crisis.The project's geographic advantage is substantial. Located in Newfoundland with direct port access, Atlas Salt can deliver product to the same markets served by foreign producers in 15 to 20% less time and cost, according to Peterson. This proximity enables rapid response to spot market opportunities and provides supply chain stability that foreign sources cannot match.The updated feasibility study demonstrates robust economics with total capital requirements of approximately $600 million CAD. The project generates an NPV of $920 million CAD with a 21.3% after-tax IRR and $188 million in annual after-tax free cash flow over a 25-year mine life. "Our contrast is that we have steady stable cash flow year after year kind of like a dividend or a bond if you will once you get over that initial hurdle," Peterson explained.Construction activities are beginning imminently following financing completed in October 2025, with the company targeting Q2 2026 for a finalized debt package covering 60-80% of capital needs from sovereign wealth funds and infrastructure banks. Atlas Salt has already signed an MOU with Scotwood Industries, the largest distributor of packaged retail deicing salt in North America, while pursuing additional commercial partnerships and potential vertical integration opportunities.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com
Interview with Luke Norman, Executive Chairman of US Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-feasibility-study-imminent-with-major-20262028-catalysts-8678Recording date: 16th January 2026US Gold Corp has distinguished itself within the junior gold sector by securing full mining permits for its CK Gold project in Wyoming whilst maintaining an exceptionally tight share structure of just 16.5 million shares outstanding. The company completed a $31.2 million financing in December 2025 with participation from major institutional investors including VanEck, Goehring & Rozencwajg, and Libra Capital, marking a validation milestone that complements its established retail shareholder base.The CK Gold project represents one of the few fully permitted, shovel-ready gold-copper developments in North America. Having received final non-conditional mining permits in December 2024, US Gold Corp has eliminated a significant source of timeline uncertainty that affects competing projects. This permitting achievement, combined with the project's location just 20 miles from Cheyenne, Wyoming, provides practical advantages in accessing established infrastructure, skilled labour, and contractor services that should translate into lower capital and operating costs.The company expects to release its Definitive Feasibility Study (DFS) in late January or early February 2026, establishing the pathway to project finance. Executive Chairman Luke Norman outlined an 18-month timeline from financing to production, with first-year output forecast at 130,000 ounces gold and 24 million pounds copper. With gold prices exceeding $4,600 per ounce, project economics benefit materially compared to earlier technical assessments conducted at lower metal price assumptions.Management has identified multiple financing pathways reflecting strong global demand for gold-copper concentrates. The preference for debt financing aims to preserve the company's tight share structure, which provides significant operating leverage with a $330 million market capitalisation against a 1.7 million ounce reserve base. Potential financing structures include forward sales arrangements, concentrate offtake agreements, and traditional project debt, creating optionality in capital structure.Beyond the permitted reserve, US Gold Corp plans to commence drilling targeting an additional one million ounces below the current resource. With 80% of historical drilling bottoming in mineralisation, management estimates this exploration programme could add approximately one billion dollars in net present value. This drilling represents a strategic shift toward value optimisation now that economic viability and permitting have been established.The investment proposition centres on scarcity value within North American gold development opportunities. As major producers face declining reserve grades and extended permitting timelines, fully permitted projects in tier-one jurisdictions command premium valuations. US Gold Corp's combination of permits, institutional validation, infrastructure advantages, and tight share structure positions the company for potential multiple reratings throughout 2026 as it advances through definitive feasibility release, project financing, and construction commencement.The straightforward metallurgical flowsheet—crush, grind, flotation, and tri-stack processing—reduces technical execution risk, whilst the Wyoming location provides jurisdictional certainty and operational advantages. With institutional capital flowing into the gold sector and concentrate demand characterised as "insatiable," US Gold Corp offers investors exposure to near-term North American gold production with significant exploration upside and multiple catalysts ahead.View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Richard Young, CEO, i-80 GoldOur previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-production-path-to-200000-ounces-8586Recording date: 16th January 2026Nevada-based i-80 Gold is executing an ambitious three-phase development plan to transform from a small producer into a mid-tier gold company, targeting production growth from under 50,000 ounces annually to over 600,000 ounces within six years. All five projects are brownfield developments at historic Nevada mines, offering reduced execution risk through existing permits and infrastructure.The company delivered five preliminary economic assessments in Q1 2025 and has raised approximately $300 million toward a targeted $900 million to $1 billion recapitalisation. Management expects to complete balance sheet restructuring by end of Q1 2026, which will enable full construction approval for the critical Lone Tree autoclave refurbishment project.The Lone Tree facility refurbishment represents a cornerstone investment, with total capital costs of approximately $430 million and completion scheduled for end of 2027. Once operational, the facility is projected to produce 200,000 ounces annually and generate $200-400 million in EBITDA at current gold prices. i-80 Gold will be one of only two companies operating an autoclave in Nevada.Project economics have improved substantially with higher gold prices. At $3,000 gold, the net asset value of the five projects was approximately $5 billion versus the company's current market capitalization of $1.3 billion fully diluted. At current gold prices above $4,600, NAV is estimated between $8-10 billion, with all-in sustaining costs averaging approximately $1,400 per ounce.The company has significantly strengthened its technical team and is advancing feasibility studies for multiple underground mines including Archimedes and Granite Creek. Management is also accelerating work on Mineral Point, the flagship asset capable of producing 300,000 ounces over a 17-year mine life, pulling development forward by approximately two years.Operating exclusively in Nevada provides advantages including world-class geology, skilled workforce, supportive regulatory environment, and the current macro environment featuring high gold prices without corresponding input cost inflation.Learn more: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-multi-jurisdictional-uranium-portfolio-8580Recording date: 15th January 2026IsoEnergy Ltd. (TSX:ISO) differentiates within the uranium sector through near-term production advancement at the Tony M project in Utah while maintaining exposure to ultra-high-grade exploration upside at the Hurricane deposit in Saskatchewan's Athabasca Basin. The company has commenced bulk sampling operations at Tony M, extracting approximately 2,000 tons of material for processing at the White Mesa Mill. This program validates three critical decision criteria for full-scale production restart: current operating costs for mining, trucking, and processing; updated capital requirements; and scalability of beneficiation techniques tested on smaller samples that could substantially reduce waste material sent to mill. The strategic toll milling arrangement with Energy Fuels' White Mesa Mill—the only operational conventional uranium mill in the United States—eliminates processing infrastructure capital while providing established metallurgical pathway, as the mill historically processed ore from Tony M during previous 2007-2008 production period. Tony M's existing surface and underground infrastructure substantially reduces restart capital intensity compared to greenfield mine development, positioning the project as IsoEnergy's primary near-term production opportunity. CEO Philip Williams emphasized the competitive advantage: "In our market cap range, there's not so many of them so we want to be one of those producers and be able to deliver material into a rapidly rising uranium price environment which we think is coming in the United States." Concurrently, IsoEnergy has mobilized two drill rigs to Hurricane for a winter campaign exceeding 5,000 meters. The program tests expansion potential within and adjacent to known ultra-high-grade mineralization, extending up to 3 kilometers along structural trend. Hurricane ranks among the world's highest-grade uranium deposits, with exceptional grade concentration reflected in small physical footprint relative to contained uranium. The exploration strategy follows the Athabasca Basin geological model where high-grade deposits form as multiple lenses along structural corridors, suggesting discovery potential for additional proximate ore zones.Portfolio diversification spans multiple development stages and top-tier jurisdictions. Beyond Tony M and Hurricane, IsoEnergy maintains the Coles Hill project in Virginia—a large-scale development opportunity potentially benefiting from federal policy support for domestic production—plus a 50% joint venture with Purepoint Energy exploring additional Athabasca Basin targets. The pending acquisition of Toro Energy, expected to close April 2026, adds Western Australian exposure and development-stage assets.IsoEnergy operates within a bifurcated uranium market where large-cap producers trade at premiums to net asset value while smaller companies trade at substantial discounts, creating consolidation conditions. The company's mid-tier market capitalization provides optionality as both potential acquirer of discounted junior assets and potential target for larger producers seeking high-grade Athabasca Basin exposure. NextGen Energy's 30% ownership provides strategic shareholder stability, while IsoEnergy maintains approximately $60 million in equity positions in smaller uranium companies.Management reports accelerating institutional investor engagement as the production timeline clarifies and uranium market fundamentals strengthen. The recent addition of commercial and marketing expertise signals preparation for uranium sales as production approaches. Near-term catalysts include the Tony M production restart decision following bulk sampling results, Hurricane drilling outcomes, Toro acquisition closure, and potential uranium import policy changes under the Section 232 investigation.Williams acknowledged uranium equity performance ultimately depends on physical price movement despite strong fundamentals: "The space can get ahead of the price for some period of time, but the price has to also move." However, when utility contracting accelerates—whether driven by policy changes, supply disruptions, or other factors—price movements can occur rapidly given concentrated uranium market structure.View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com
Interview with Mark Selby, CEO of Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-major-projects-office-fast-tracks-crawford-build-8552Recording date: 14th January 2026Canada Nickel has achieved critical milestones positioning its Crawford nickel sulfide project for a construction decision by year-end 2026, securing both federal Major Projects Office designation in November 2025 and Ontario's "one project, one process" fast-track permitting status on January 13, 2026. These designations reflect coordinated government commitment to establishing domestic critical mineral supply chains independent of Chinese influence.The company has transformed the Timmins region into the world's largest nickel sulfide district, expanding from two resources at year-end 2024 to eight separate resources totaling over 20 million tons of contained nickel. The recently announced Reid deposit demonstrates superior economics with half Crawford's strip ratio, one-third less overburden, and 15% chromium content. CEO Mark Selby indicated the company has identified three to four additional deposits potentially offering higher value than the flagship Crawford project.Strategic validation comes from a diversified investor base including Anglo American, Agnico Eagle, Samsung SDI, and Taykwa Tagamou Nation, which invested $20 million directly. This cornerstone group spans major mining operators, battery supply chain participants, and Indigenous partners, demonstrating confidence across the value chain.Canada Nickel's downstream processing strategy targets 70-90 cent per pound North American premiums by converting concentrate into products for stainless steel and battery markets. This approach aligns with government priorities around value-added manufacturing while capturing sustained regional pricing advantages. The company has completed front-end engineering design with Hatch, moving beyond standard feasibility-level work to reduce execution risk.The 2026 timeline includes federal permit approval by mid-year, initial government funding announcements in Q1, and financing package completion by Q3. Ontario Minister Stephen Lecce publicly committed to "go full tilt to unlock one of the world's largest nickel deposits," representing invested political capital that reduces regulatory uncertainty. Combined with first-quartile cost positioning from iron and chromium byproducts, existing infrastructure, and an experienced local workforce, Crawford represents Canada's tactical execution of critical mineral supply chain independence.View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com
Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-completes-oversubscribed-700-million-funding-for-ree-uranium-duo-track-8223Recording date: 14th January 2026Energy Fuels CEO Mark Chalmers discusses the company's breakout 2025 performance as the best-performing uranium stock, with returns more than double its nearest competitor. This in-depth interview covers Energy Fuels' unique positioning as America's only integrated critical minerals platform, combining uranium production targeting 2+ million pounds annually with rare earth processing capabilities at the White Mesa Mill.Key discussion points include:- Uranium production ramp to 2M+ pounds and December's record 350,000-pound monthly output- White Mesa Mill's rare earth processing capabilities and recent IMREC circuit addition- Toliara project in Madagascar: world-class heavy mineral sands with $1.5B+ NPV- $700M convertible note at just 0.75% coupon—dramatically below competitor rates- Donald project and White Mesa upgrade feasibility studies expected Q1 2026- Government engagement on critical minerals security- Strong balance sheet with ~$1 billion cash providing development flexibilityView Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuels
Interview with Ryan King, EVP Capital Markets of Equinox GoldOur previous interview: https://www.cruxinvestor.com/posts/equinox-gold-tsxeqx-canadian-gold-giant-forms-in-merger-of-equals-with-calibre-mining-6826Recording date: 14th January 2026Equinox Gold concluded 2025 with record-breaking production of 920,000 ounces, including a quarterly high of 247,000 ounces in Q4, driven primarily by its ramping Canadian operations. The Greenstone mine in Northern Ontario demonstrated particularly strong momentum, increasing output by 29% quarter-over-quarter as the company transitions from construction to operational excellence.In a strategic pivot prioritizing quality over quantity, Equinox announced the sale of its four Brazilian mines for over $1 billion. These assets, producing 200,000-250,000 ounces annually, will be divested to reduce the company's $1.5 billion debt load by more than $800 million and refocus operations on tier-one North American jurisdictions. Executive Vice President Ryan King emphasized that management's expertise lies in optimizing large-scale open pit operations rather than managing multiple smaller mines.Production guidance for 2026 is set at 700,000-800,000 ounces with all-in sustaining costs of $1,800-1,900 per ounce. Canadian assets alone are expected to deliver 400,000-500,000 ounces at industry-leading margins, representing two-thirds of total output from the company's highest-quality operations.The company maintains a robust organic growth pipeline without requiring acquisitions. Castle Mountain in California is advancing through federal permitting with a decision expected in Q4 2026, potentially adding 200,000-225,000 ounces annually. The Los Filos expansion in Mexico could contribute 250,000-300,000 ounces yearly once community land access issues are resolved. Combined with phase 2 expansion opportunities at Newfoundland assets, these projects could add 450,000-700,000 ounces of annual production.Management is prioritizing operational execution and deleveraging over mergers and acquisitions, with the company potentially becoming nearly debt-free by year-end 2026. This improved financial position opens possibilities for shareholder returns through buybacks or dividends while maintaining a $300 million capital expenditure budget and $75-100 million exploration program focused on expanding resources at existing operations.View Equinox Gold's company profile: https://www.cruxinvestor.com/companies/equinox-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Mike Garbutt, President & CEO of Clean Air MetalsRecording date: 13th January 2026Clean Air Metals (TSXV:AIR) is advancing one of North America's rare primary platinum assets at a pivotal moment for the metal. The company's Thunder Bay North project in Ontario holds 14.9 million tons of indicated resource with a polymetallic composition including platinum, palladium, copper, nickel, gold, and silver. With an 11-year mine life processing 2,500 tons daily, the project's economics have transformed as metal prices surged.CEO Mike Garbett, who brings 14 years of operational experience from Falconbridge and project development expertise, explained the compelling market dynamics. "Platinum is an interesting case. It is a precious metal, but it has some great industrial use. The bottom line is it's a pretty small market, 6 to 7 million ounces, and there's a growing deficit, nearing a million ounces a year," he noted.The company's Preliminary Economic Assessment showed a post-tax NPV of CAD $219 million at 39% IRR using conservative metal prices. However, with spot prices approximately doubling since the study, Garbett stated they're now "looking at $700 million NPV at 8% discount rate and 100% IRR, just astronomical numbers."Management is pursuing a dual-track strategy for 2026. The primary path involves toll milling, which ships material to existing facilities and keeps upfront capital under CAD $100 million. Simultaneously, the company is evaluating a standalone mill option that could position the site as a regional processing center for northwestern Ontario.Recent exploration success strengthens the investment case. The company intersected 50 meters of mineralization 400 meters down plunge on the Escape deposit, validating targeting methodology across 2.5 kilometers of largely untested strike length. With approximately CAD $1 million in treasury, Clean Air Metals is pursuing strategic partnerships with mid-tier producers for non-dilutive financing while advancing technical studies and exploration permitting toward near-term production.View Clean Air Metals' company profile: https://www.cruxinvestor.com/companies/clean-air-metals-incSign up for Crux Investor: https://cruxinvestor.com
Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-us-gold-producer-with-400-cash-flow-growth-8884Recording date: 14th January 2026Integra Resources has achieved a significant milestone for its DeLamar gold-silver project in Idaho through acceptance into the federal FAST-41 permitting program. This designation establishes a defined 15-month review timeline with the Bureau of Land Management targeting a record of decision in Q2/Q3 2027, providing unprecedented certainty for a US mining development.According to George Salamis, President and CEO of Integra Resources, "for the first time in DeLamar's history as our project, the US federal government has put our project on a clock and it's a fast clock, far faster than certainly anybody expected." The FAST-41 framework assigns a dedicated Federal Permitting Council advisor to coordinate inter-agency reviews while maintaining rigorous environmental standards through compressed response times rather than reduced scrutiny.A key feature of the designation is quarterly congressional accountability, with the assigned coordinator required to report directly to Congress on project progress and explain any delays. This oversight mechanism creates strong incentives for maintaining momentum while a public tracking dashboard allows shareholders to monitor advancement in real-time.The company has demonstrated effective regulatory collaboration, reducing the project footprint by 25% between preliminary and final feasibility studies through consultations with the BLM. Public hearings scheduled for spring 2026 will serve as the first formal litmus test for stakeholder acceptance, though extensive pre-engagement with Idaho stakeholder groups has already occurred.Salamis emphasised the capital planning benefits, noting that "these clear timelines for us equate to better capital planning, and the reduced risk for us means lower cost of capital ultimately to finance and build this project." The designation fundamentally addresses what Salamis identified as "the single biggest risk for new mines anywhere in the world, let alone the US"—permitting uncertainty—while Integra simultaneously advances required state-level permits for air quality, water quality, and cyanidation that must synchronise with the federal timeline.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Jason Jessup, CEO of Magna Mining Inc.Our previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-permits-cash-and-polymetallic-grades-set-stage-for-rapid-growth-7927Recording date: 12th January 2026Magna Mining executed a remarkable transformation in 2025, evolving from a junior exploration company into a diversified base and precious metals producer focused exclusively on Ontario's Sudbury mining camp. The company's growth trajectory accelerated dramatically following its February 2025 acquisition of the McCreedy West copper mine from KGHM International, expanding its workforce from 25 to over 200 employees while establishing cash flow positive operations.McCreedy West reached a critical operational inflection point in Q4 2025, achieving three simultaneously active stopes that enable consistent production. The mine currently focuses on the high-grade 700 copper zone, though CEO Jason Jessup indicated the company is evaluating a restart of the Intermediate nickel zone if prices sustain above $7.75 per pound. This operational foundation positions the company for sustained cash generation in 2026.The company's Levack mine presents perhaps the most exciting near-term opportunity following the August 2025 R2 zone discovery. Results showed spectacular high-grade copper and precious metals intersections, with many delivering multiple ounces of precious metals alongside significant copper and silver grades. The geological team describes R2 as the upper branches of a system that could lead to much larger mineralisation at depth. A preliminary economic assessment expected in Q3 2026 will evaluate a dual-access strategy using both ramp and existing shaft infrastructure.Meanwhile, Crean Hill advances toward a prefeasibility study in 2026, with grid power connection and permanent dewatering infrastructure progressing. Unlike typical development projects, Magna has secured definitive offtake terms with Vale and favorable indications from Glencore based on bulk sample metallurgical testing, providing unusual commercial certainty.With over 500 square kilometers of prospective ground, $50 million in treasury, and proven M&A capabilities, Magna has positioned itself as the natural consolidator of non-core Sudbury assets. The company's polymetallic focus across copper, nickel, platinum, palladium, gold, and silver provides commodity diversification while capitalising on one of the world's most prolific mining districts.View Magna Mining's company profile: https://www.cruxinvestor.com/companies/magna-miningSign up for Crux Investor: https://cruxinvestor.com
Interview with Shane Williams, President & CEO, West Red Lake Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-tsxvwrlg-cash-positive-miner-targets-100k-oz-by-2028-without-dilution-8551Recording date: 13th January 2026West Red Lake Gold Mines declared commercial production at its Madsen Gold Mine effective January 1, 2026, achieving this milestone just seven months after completing its bulk sample program. The mill averaged 689 tonnes per day in December 2025, representing 86% of permitted capacity with strong 94.6% recovery rates, producing 3,215 ounces of gold. This performance met the company's internal requirements of 30 consecutive days at 65% or greater throughput combined with operational stability.The company generated US$30 million in gold sales revenue during Q4 2025, selling 7,200 ounces at an average price of US$4,150 per ounce. For full-year 2025, Madsen poured 20,000 ounces generating US$73 million in revenue, with the company ending the year holding CAD$46 million in cash and gold receivables. Management confirms the operation is self-funding with positive monthly cash flow, eliminating future dilution risk.West Red Lake Gold is transitioning to higher-grade ore from the 4447 zone in South Austin, expecting Q1 2026 mill feed to average over 6 grams per tonne gold compared to 4.94 g/t in December. The company targets 800 tpd sustained throughput by mid-2026 while advancing multiple growth initiatives including the Fork deposit, newly identified 904 Complex, and shaft optimization studies that could significantly increase production capacity.—Learn more: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com
Interview with Peter Akerley, President & CEO of Erdene Resource Development Corp.Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-fulfills-first-gold-pour-in-mongolias-bayan-khundii-8096Recording date: 12th January 2026Erdene Resource Development achieved first gold production at its Bayan Khundii mine in southwestern Mongolia during Q3 2025, marking a significant milestone for the junior miner. The company completed the $115 million construction in 22 months, meeting both timeline and budget targets despite operating in what was previously considered a challenging infrastructure environment.The plant has reached nameplate capacity of 1,950 tons per day, currently processing material at approximately 2 g/t. Erdene is systematically increasing feed grades toward the 3.8 g/t reserve grade, targeting commercial production declaration by April 2026. The company transitioned from bulk mining during commissioning to selective high-grade operations, though technical refinements continue around blasting optimization and material handling.The operating subsidiary carries $123 million in debt, comprising a $50 million commercial loan and approximately $60 million in shareholder loans from partner Mongolian Mining Corporation. Despite debt service obligations, partners approved a $10 million exploration budget for 2026, reflecting confidence that operations have achieved self-sustaining status.Erdene's growth pipeline includes the Dark Horse satellite deposit containing 48,000 ounces at 7 g/t, scheduled for year-three production. The company is evaluating plant expansion options including gravity circuit additions and heap leach processing for oxide material. Major development projects include the Altan Nar gold-copper project advancing toward feasibility over three years and the Zuun Mod molybdenum-copper system delivering a preliminary economic assessment by mid-2026.The strategic context has improved significantly since project conception. Infrastructure constraints that historically challenged southwestern Mongolia are being resolved through Chinese border power connectivity and road construction. Gold prices above $2,600 versus the $1,860 reserve base definition create substantial margin expansion potential, while lower cutoff grades expand the economic envelope across multiple deposits. CEO Peter Akerley describes the strategy as building "a new minerals district in southwestern Mongolia that ultimately will be a multi-mine producer of multiple commodities."View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-developmentSign up for Crux Investor: https://cruxinvestor.com
Recording date: 17th December 2025Olive Resource Capital's leadership team has delivered a nuanced precious metals outlook for 2026 that challenges conventional wisdom whilst identifying specific opportunities backed by fundamental analysis. In this latest Compass podcast, President and CEO Sam Pelaez alongside Executive Chairman Derek Macpherson presented a framework emphasizing selectivity over broad-based precious metals enthusiasm.The firm's highest-conviction call centres on platinum, which Macpherson identified as his top commodity pick for 2026. The case rests on three pillars: persistent market deficits, tight physical supply, and anticipated policy shifts. "The market's in deficit. It's a small market and it's tight," Macpherson explained, before highlighting a critical catalyst: "I think we're going to see some of these EV mandates are going to get rolled off. More ICE engines by 2030 or 2035 are going to evaporate." This reassessment of aggressive electric vehicle timelines supports continued internal combustion engine production, sustaining autocatalyst demand for platinum and palladium. Olive maintains significant positioning in the PGM complex to capture this opportunity.The macroeconomic foundation underpinning precious metals remains robust despite consensus recession fears. Pelaez articulated the firm's contrarian economic view: "I think the global economy surprises to the upside. The general consensus is bearish. The GDP now for the Atlanta Fed is over 3%. The Treasury and the Fed are injecting liquidity right now. China is on an expansionary fiscal policy." Macpherson reinforced this perspective, noting unprecedented global deficit spending: "China's got a trillion dollars worth of stimulus, the US is spending money like it's going out of style. The Europeans all went into deficit spending to fund their defense efforts."This liquidity-driven environment creates favourable conditions for hard assets, though Olive's leadership expects commodity market leadership to potentially rotate from precious towards industrial metals. Gold maintains its portfolio role despite moderated return expectations following 2025's exceptional 60% advance, with Pelaez noting that reduced speculation in precious metals need not preclude continued gold strength supported by central bank buying and monetary accommodation.Perhaps most controversially, both executives expect silver to disappoint investors in 2026 despite positive fundamentals. Pelaez explained: "Every person on the planet seems to be uber-ultra-mega bullish silver. I'm not saying I think silver is going to go down necessarily, but it's going to be the most disappointing because the expectations for it are so high." Technical analysis suggests silver "has already corrected up to the average" based on 25 years of volume-weighted data against gold, with "the biggest move in silver" having "already occurred literally over the past eight weeks."Macpherson acknowledged tactical opportunities, expecting a "blowoff top in silver at a higher price than where we are right now," but anticipates year-end underperformance following silver's characteristic pattern of spiking then rolling off. Olive maintains silver exposure to capture near-term momentum whilst preparing to reduce positions.The firm's strategy emphasises diversified mining equities as preferred investment vehicles, highlighting Ivanhoe Mines with its PGM production "coming online at a perfect time when the market is moving higher." This approach provides leveraged precious metals exposure whilst managing single-commodity risk through companies with multiple revenue streams and operational catalysts.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com
Recording date: 23rd December 2025Olive Resource Capital executives are positioning against consensus views heading into 2026, predicting commodity strength driven by unprecedented fiscal stimulus rather than the widely anticipated recession that has dominated economic forecasts for three consecutive years.Sam Pelaez, President, CEO, and CIO, identified oil as his top commodity performer despite—or rather because of—overwhelming bearish sentiment. With Atlanta Fed GDP tracking above 3%, Federal Reserve liquidity injection, and Chinese expansionary fiscal policy, Pelaez argues the global economy will surprise to the upside. He characterised oil as "the most hated commodity" trading in oversold conditions, positioning it for recovery as excessive negative positioning unwinds against improving fundamental backdrop.Executive Chairman Derek Macpherson selected platinum as his best performer, citing structural market deficits and anticipated regulatory shifts. The critical catalyst involves potential rollback of electric vehicle mandates eliminating internal combustion engines by 2030-2035. Such policy reversals would extend ICE production timelines, directly supporting platinum demand through catalytic converter applications in a tight, supply-constrained market.In their most controversial prediction, both executives identified silver as likely to disappoint relative to extremely bullish expectations. Pelaez noted that 25-year volume-weighted data suggests silver has already corrected to average levels, with the biggest move occurring over the past eight weeks. He anticipates commodity leadership rotating from precious metals to industrial commodities as economic growth accelerates, reducing speculative interest in silver despite positive underlying fundamentals.The executives' no-recession call underpins their constructive commodity stance. Macpherson emphasized unprecedented government deficit spending globally—China's trillion-dollar stimulus, aggressive US spending, European defense funding—combined with Federal Reserve rate cuts creates liquidity-driven conditions favouring commodity performance. He stated this liquidity flow makes recession unlikely despite three years of predictions, instead creating stagflation environment supporting material demand.Specific equity opportunities include Ivanhoe Mines as top portfolio performer, offering exposure to one of the world's five largest copper mines with smelter entering commercial production this quarter, plus PGM phase one commissioning and premier zinc deposit. Pelaez highlighted severe scarcity of investable copper opportunities enhancing Ivanhoe's positioning.Merger and acquisition targets identified include Arizona Sonora in copper, where Rio and Hudbay involvement creates competitive tension and neighbour Ivanhoe Electric requires the asset for project viability. In gold, Aurion Resources adjacent to Rupert Resources in Finland faces increasing opportunity cost of inaction after 24 months without transaction. CANEX Metals pursuing hostile merger with Gold Basin neighbour represents classic merger arbitrage opportunity with potential dollar valuation from current 15-16 cent levels.Contrarian dark horse positions suggested in deeply depressed nickel and lithium markets, where extreme bearish sentiment and technical oversold conditions may create rebound opportunities despite uncertain fundamental timing.Geopolitical wild card involves potential Ukraine peace resolution, which executives believe would trigger reconstruction-driven commodity demand surge rather than market weakness from returning Russian supply. They note Russian oil already trades globally at discounts, suggesting peace could actually tighten markets as Russia reprices exports.The Olive Capital framework prioritises positioning against sentiment extremes—buying oversold energy whilst tempering precious metals expectations—rather than confident directional forecasts, explicitly acknowledging uncertainty whilst providing actionable investment thesis for navigating 2026 commodity markets.Learn more: https://cruxinvestor.comSign 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-tsxvbyn-high-grade-explorer-attracts-institutional-interest-with-76m-oz-resource-7940Recording date: 30th December 2025Banyan Gold (TSXV:BYN) has emerged as a compelling opportunity in North America's gold development space, hosting 7.6 million ounces across 2.2 million indicated and 5.4 million inferred resources at its road-accessible AurMac project in Canada's Yukon Territory. The company closed 2025 with nearly $40 million in treasury following strategic financings, including backing from Peruvian mining family Alpayana, positioning it to execute an aggressive 40,000-meter drill program in 2026 at efficient costs of $350 per meter.Management implemented a transformative geological model in 2025 that identifies predictable high-grade zones exceeding 1 gram per ton gold. This technical advancement enables focused drilling on areas that will drive early mine economics through starter pits, converting previously classified waste blocks to ore while expanding deposit boundaries. The company shifted its development strategy from heap leaching to conventional milling with gravity-CIL processing, delivering 93% recovery rates and reducing technical risk for future partners.A preliminary economic assessment scheduled for second half 2026 represents a critical milestone, utilizing gold price assumptions around $3,000 per ounce versus the $2,050 used in current resource estimates. This higher pricing could substantially expand pit shells and highlight project economics at a time when major producers desperately need large-scale assets in secure jurisdictions.An unexpected silver discovery adds further upside, with intercepts reaching 14 kilograms per ton within broader high-grade zones. With silver trading at multi-year highs, this mineralization could materially enhance project value.Trading at approximately 0.16 times net asset value compared to peer averages of 0.4, Banyan presents significant valuation upside. The combination of existing infrastructure including hydroelectric power, a mining-friendly Yukon government, district-scale potential, and completed metallurgical derisking positions the company as an attractive M&A candidate for majors seeking reserve replacement in Tier 1 jurisdictions.View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-incSign up for Crux Investor: https://cruxinvestor.com
Recording date: 28th December 2025Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair, at Olive Resource Capital conducted a comprehensive year-end review of their investment decisions spanning July 2024 through September 2025, providing transparent insights into both successful calls and missed opportunities during a significant precious metals bull market.The portfolio's standout performer was Omai Gold Mines, delivering a 10x return from an initial $0.125 position established in July 2024. Pelaez emphasized that success stemmed not merely from stock selection but from conviction-based holding through the development phase. "We had conviction for it as well, right? We held," Macpherson explained, highlighting their philosophy of establishing positions in quality juniors before momentum develops rather than chasing running stocks.Mid-tier producers with embedded growth optionality proved highly profitable. K92 Mining, Aris Mining, and AngloGold Ashanti each delivered 220-260% returns, outperforming the GDX benchmark's 130% gain by a 2:1 ratio. These companies shared underappreciated expansion projects with capital already invested that markets had failed to recognize.Post-U.S. election investments capitalized on anticipated permitting improvements. Arizona Sonoran Copper appreciated from $1.29 to over $5.00, while AngloGold Ashanti surged from $21 to $91—a remarkable 300% return on a multi-billion dollar company.The managers candidly acknowledged execution shortfalls. They missed substantial returns on Fresnillo, which appreciated 500% after they correctly identified it as undervalued but failed to act. Position sizing emerged as a recurring issue, with inadequate allocations to highest-conviction names limiting overall portfolio impact.Olive's perpetual capital structure proved advantageous during April 2025's tariff-related volatility. Without redemption pressures, the managers deployed cash opportunistically during market dislocations, capturing the subsequent rally that traditional funds missed.Macpherson cautioned against overconfidence: "It's very easy when you get into a market like this to confuse a bull market for brains." Both managers emphasized systematic portfolio review as essential for understanding investment discipline, risk tolerance, and identifying areas for improvement in future market cycles.Sign up for Crux Investor: https://cruxinvestor.com
Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-growing-gold-producer-with-63m-treasury-8093Recording date: 5th January 2026Integra Resources has successfully completed its transformation from developer to established gold producer, delivering a 400% increase in adjusted cash flow year-over-year during 2025 while consistently meeting production guidance across four consecutive quarters at its Florida Canyon operation in Nevada's Great Basin.CEO George Salamis outlined how 2025 focused on stabilizing the asset after years of underinvestment by previous owners, addressing deferred maintenance through fleet equipment replacement, water infrastructure development, and catch-up capitalized stripping work. "We made that transition in late 2025, transitioning from sort of pure developer to cash flow and producer. And I think we proved that throughout the course of the year," Salamis explained.The company's mid-2026 feasibility study for Florida Canyon will demonstrate significant expansion potential, incorporating exploration success, mine life extension, and approximately 50 million tons of previously uneconomic low-grade stockpile material now viable at current gold prices. This material's proximity to heap leach pads eliminates costly multi-kilometer haulage distances, creating meaningful operational efficiencies.DeLamar, Integra's flagship development project, advanced substantially with delivery of a robust feasibility study showing $775 million base case NPV ($1.8 billion at spot prices) and 46% after-tax IRR. The simplified two-phase heap leach design reduces upfront capital requirements and development risk compared to the previous single-pad configuration. The project enters federal NEPA permitting in 2026, with management expecting significantly shorter timelines than historical 2-3 year durations due to the current administration's focus on accelerating domestic mining approvals.Nevada North, located just 26 miles from Florida Canyon, will advance from preliminary economic assessment to pre-feasibility study during 2026, offering additional growth optionality with infrastructure synergies.Integra's self-funding capability from Florida Canyon operations eliminates dilution concerns while enabling simultaneous advancement of its three-asset portfolio, positioning the company as a multi-asset gold producer in one of North America's premier mining jurisdictions.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Tim Crossley, MD of Adyton Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/adyton-resources-ady-gold-copper-with-near-term-production-2290Recording date: 7th January 2026Adyton Resources (TSXV:ADY) is executing a differentiated strategy in Papua New Guinea's gold sector that combines near-term production with significant exploration upside. Managing Director Tim Crossley, who brings extensive operational experience from BHP and over a decade of PNG-specific expertise, has structured the company to advance on two parallel tracks without compromising either objective.'The cornerstone of this approach is an innovative joint venture structure on Fergusson Island with East Vision Investment Holdings, a Singaporean-Chinese group that recently completed a 50-megawatt hydropower project in PNG. This asset-level JV fully funds development to production, with East Vision earning into 50% ownership by meeting milestones. The initial target is the Wapolu project, a former producing mine with existing infrastructure including tailings impoundments, airstrip, and wharf facilities. Production is targeted for October 2026 at approximately 15,000 ounces annually, with the higher-grade Gameta project following 12-15 months later to bring total production to over 80,000 ounces per year.Critically, this JV-funded production pathway preserves Adyton's entire balance sheet for exploration at Feni Island, the company's flagship asset. Following a CAD$20 million raise in August 2025, the company has deployed over 8,000 meters of drilling since March, testing targets across a whole-of-island land package in what Crossley describes as "a 120 million ounce discovery belt" between Lihir and Bougainville. A mineral resource estimate update is planned for late 2026, with the ultimate goal of proving a 5+ million ounce resource with copper credits.The island-based operations provide distinct advantages: barge mobilisation eliminates helicopter costs, and ocean transit requires no customary landowner consents, simplifying social license compared to mainland operations. With Fergusson cash flows potentially funding continued Feni exploration without further dilution, Adyton is positioning itself to transition from explorer to producer while maintaining substantial discovery optionality in one of the world's most prospective gold belts.View Adyton Resources' company profile: https://www.cruxinvestor.com/companies/adyton-resources-corporationSign up for Crux Investor: https://cruxinvestor.com
Interview with Gerald Panneton, Executive Chairman of Gold Terra Resource Corp.Our previous interview: https://www.cruxinvestor.com/posts/gold-terra-resources-tsxvygt-resource-update-pea-in-612-months-ahead-of-newmont-option-8117Recording date: 7th January 2026Gold Terra Resources is advancing a compelling high-grade gold opportunity in Canada's historic Yellowknife district, where the Campbell Shear system produced 14 million ounces at 14-22 grams per tonne before shutting down in 2003 at $340 gold. With gold now exceeding $4,400 per ounce, CEO Gerald Panneton is executing a strategic pivot that transforms previously sub-economic mineralization into a robust production opportunity.The company is positioning to acquire the Con Mine by 2027, leveraging critical infrastructure advantages including existing mining lease and surface rights that eliminate major permitting hurdles. Gold Terra has identified approximately one million ounces at 5-7 g/t between surface and 1,000 meters by re-evaluating historical drilling with lower cutoff grades that remain economically robust at current prices. Key target areas include the Yellorex zone with 500,000-700,000 ounces and Zone 103 with another 500,000 ounces - both areas that were considered sub-economic when the mine closed.The 2026 execution plan centers on systematic de-risking through 15,000 meters of drilling focused on resource conversion and expansion, with an updated mineral resource estimate targeted for September and a preliminary economic assessment by year-end. The conceptual operation would process 2,000 tonnes per day, producing approximately 140,000 ounces annually with breakeven costs estimated at $1,500-$2,000 per ounce - implying margins exceeding $2,000 per ounce at current gold prices.Blue-chip mining investors including Eric Sprott, David Harquail, and Mackenzie Funds have validated the strategy through a recent $7 million financing, with 95% participation from existing shareholders. The company has already invested $20 million in 30,000 meters of drilling, establishing a substantial technical database.Panneton, who developed the Detour Lake mine into a 30-million-ounce discovery, projects that Gold Terra could achieve billion-dollar market capitalization as a cash-flowing producer by 2029-2030, representing substantial upside from current valuation of approximately $30 per ounce of resources.View Gold Terra's company profile: https://www.cruxinvestor.com/companies/gold-terra-resource-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Dylan Langille, VP Exploration of White Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/white-gold-corp-tsxvwgo-23m-financing-funds-major-drill-program-at-yukon-gold-project-8485Recording date: 8th January 2026White Gold Corp is embarking on an aggressive expansion program under new exploration leadership, targeting significant growth of its 3-million-ounce gold resource across a vast 300,000-hectare land package in west-central Yukon. The junior explorer has recruited Dylan Langille, who brings proven discovery credentials from seven years at Kinross's Great Bear project, where he helped grow the resource from 5 million to 7 million ounces following the company's $1.8 billion acquisition.The company recently secured $23 million in financing to fund 25,000 to 30,000 meters of drilling in 2027—representing 30% of all historical drilling across its four flagship deposits. This program focuses exclusively on resource expansion rather than infill, with Langille emphasizing that "2026 is going to be focused strictly on growth." The strategy reflects management's assessment that demonstrating scale potential takes precedence at this stage, particularly given the limited drilling to date. Golden Saddle, which contains 2.1 million ounces, has only 60,000 meters of drilling, while Arc has been tested to just 120 meters vertical depth across a 1.5-kilometer strike length.A key near-term catalyst is the maiden preliminary economic assessment expected in the first half of 2027, driven by Golden Saddle's high-grade core containing 1.1 million ounces at 3 grams per ton and 700,000 ounces at 5 grams per ton. This exceptional grade is expected to support robust economics even before the planned resource expansion.White Gold also benefits from significant infrastructure developments in the district. Neighboring Fuerte Metals plans a production decision by 2027 at its Coffee deposit, including road construction through White Gold's property portfolio. This infrastructure fundamentally changes the economic equation for satellite discoveries, potentially enabling toll-milling arrangements that make smaller deposits economically viable.The company's systematic approach to district-scale consolidation positions it to unlock value in a historically productive but technically underexplored region that has produced over 25 million ounces of placer gold.View White Gold's company profile: https://www.cruxinvestor.com/companies/white-gold-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Ippolito Ingo Cattaneo, CEO of Ajax ResourcesRecording date: 9th January 2026Ajax Resources plc, a London-listed natural resources investment company with a £6 million market capitalisation, has positioned itself as an opportunistic acquirer of undervalued South American mining projects. With £2.5 million in cash and a portfolio spanning Argentina and Brazil, the company is executing a strategy centred on acquiring technically advanced assets at significant discounts to their historical expenditure.CEO and largest shareholder Ippolito Ingo Cattaneo, who owns 18.38% of the company, explained the investment thesis: "The goal is to focus on assets that have a high historical expenditure. We acquire projects that have a latent value which simply hasn't been realised and opportunistically acquire them from companies that may have undergone board changes, strategy changes or are simply not performing."The company's flagship Eureka copper-gold project in Jujuy Province, Argentina, exemplifies this approach. Despite 400 years of artisanal mining history, the project has never been drill-tested with modern methods. Ajax acquired all 12 licenses from Bezant Resources for just £170,000—a fraction of the $8 million paid in 2010. Equipment is currently being mobilised for a 1,500-meter initial drilling program, with a maiden JORC-compliant resource estimate targeted for mid-2026.The recent acquisition of the Pereira Velho gold project from Appian Capital Advisor provides strategic validation. Appian, a major private equity group specialising in mining investments, accepted predominantly equity consideration and will become a significant shareholder—an unusual arrangement that endorses Ajax's capabilities. The project sits 20 kilometers from the Serrote mine, which Appian sold in May 2025 for $420 million after acquiring it for $30 million in 2018.Ajax's board-driven structure, with directors predominantly compensated in equity rather than cash, aligns management incentives with shareholder value creation. The company has raised approximately £3.6 million across three funding rounds since 2022, with the board consistently contributing significant capital. Cattaneo's ambitious target is clear: transform Ajax from its current £6 million valuation to a £100 million market capitalisation through disciplined execution and near-term production, leveraging Argentina's political transformation under President Milei and favorable copper market fundamentals.Sign up for Crux Investor: https://cruxinvestor.com
Interview with Dan Noone, CEO of G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxgtwo-high-grade-gold-developer-targets-imminent-strategic-exit-7459Recording date: 7th January 2026G2 Goldfields represents a rare opportunity to invest in a first-quartile gold development asset trading at a substantial discount to fair value. The company's initial Preliminary Economic Assessment for the Oko project in Guyana has validated exceptional economics that position it among the highest-quality undeveloped gold deposits globally.The PEA outlines a 14-year mine producing 3.2 million ounces of gold with average annual production of 281,000 ounces. At $3,000 gold, the project delivers net present value of $2.6 billion, 39% internal rate of return, and 2.6-year payback against initial capital expenditure of $664 million. The capital intensity ratio of 3.9 substantially exceeds comparable projects and reflects the compounding advantages of high-grade resources averaging 3.2-3.3 grams per tonne with underground zones exceeding one ounce per tonne.What differentiates successful gold development stories from value traps is the pathway to systematic risk reduction. G2 has identified four key de-risking milestones for 2026: environmental permitting advancement, metallurgical confirmation, resource conversion drilling, and geotechnical studies. The permitting timeline of 24-30 months has been de-risked by neighbouring G Mining's 23-month experience at Oko West, whilst Guyana's improving regulatory framework reflects the country's economic diversification through offshore oil development.The 2026 drilling programme prioritises conversion of inferred resources to indicated category, focusing on early mine life production ounces and the high-grade underground zones that drive project economics. Management estimates approximately 70% of ounces reside in roughly 40% of the rock, highlighting the high-grade nature that makes resource definition particularly valuable.G2 currently trades at approximately 0.5 times net asset value compared to the historical average of 1.0 times NAV for first-quartile assets approaching development. This valuation gap represents quantifiable upside as de-risking milestones are achieved throughout 2026. Historical takeover premiums for first-quartile gold assets have averaged 1.7x NAV, creating additional acquisition potential from mid-tier and major producers seeking high-margin reserve replacement.The investment thesis strengthens considerably when considering current gold price dynamics. At $4,000 gold, project NPV increases to $4.2 billion with 54% IRR and two-year payback. With gold currently trading above $4,500 per ounce, supported by monetary policy uncertainty and geopolitical tensions, the project's economics substantially exceed the conservative base case assumptions.Management credibility is established through CEO Dan Noone's successful delivery of the Aurora mine in 2014 for $258 million, demonstrating capability to execute projects on budget in frontier jurisdictions. The team is augmenting technical capabilities with experienced mining engineers whilst engaging specialised consultants for detailed engineering and permitting work.Near-term catalysts include updated resource estimates and economics by year-end 2026, environmental permitting milestones within 12-15 months, and quarterly drill results. For investors seeking exposure to high-quality gold development with quantifiable valuation upside, proven de-risking pathway, and leverage to strong gold fundamentals, G2 Goldfields offers a compelling risk-reward proposition within the precious metals sector.View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com
Interview withStefan Gleason, CEO of Money Metals ExchangeNick Smart, Director & CEO of ValOre MetalsRecording date: 7th January 2026Platinum group elements have emerged from years of undervaluation into what industry executives describe as a fundamental supply-demand inflection point. The second half of 2025 witnessed platinum prices nearly double, driven by structural changes across industrial, jewelry, and investment demand against severely constrained supply. For investors seeking precious metals exposure with distinct fundamentals from gold, the platinum story presents a compelling case rooted in geological scarcity, industrial necessity, and market imbalances forecast to persist through 2030.The supply challenge stems from extreme geological concentration combined with economic realities. While platinum occurs in earth's crust at similar abundance to gold—a few parts per billion—concentrated economic deposits are far scarcer. Global primary platinum production totals just 6 million ounces annually versus 120-130 million ounces for gold. More critically, 90% of platinum reserves sit within South Africa's Bushveld Complex, where aging deep-level underground mines face rising costs and operational difficulties. Outside South Africa, platinum production occurs primarily as a mining byproduct, meaning supply cannot respond to price signals. As Stefan Gleason, CEO of Money Metals Exchange notes, even prices ten times higher won't trigger meaningful supply responses given massive underinvestment and geopolitical constraints.Demand dynamics have shifted dramatically across three sectors. Industrial demand is strengthening contrary to earlier electric vehicle projections, with 75% of new US vehicles remaining internal combustion engines while hybrids—which consume more platinum and palladium than conventional engines—represent the fastest-growing automotive segment globally. Major manufacturers like Ford and Volkswagen are shifting production lines toward hybrids due to superior profit margins and customer acceptance. Nick Smart, CEO of ValOre Metals and a 21-year Anglo American veteran, emphasizes this durability stems from infrastructure limitations and automotive economics.The jewelry sector presents another growth vector as gold reaches twice platinum's price—a relationship inverted only in the past decade. Manufacturers and consumers in India and China are shifting to platinum for cost relief while maintaining luxury appeal, with platinum offering white gold substitution at less than half gold's cost. Investment demand, while currently small at roughly 1% of precious metals sales, is maturing rapidly. China has opened platinum hedging markets, creating what Gleason describes as "a three-way pull" between London shortages, US inventory builds, and new Chinese infrastructure.Physical market stress signals are acute. Above-ground inventories have fallen below six months of supply—what Gleason characterizes as "totally unsustainable." London financing shortages have driven lease rates to 12-15% annualized, creating cascading effects across refineries, users, and producers. The entire above-ground platinum supply could be absorbed with just $6 billion in capital.Looking forward, market forecasts project persistent deficits of approximately 700,000 ounces annually through 2030 against total production of 6 million ounces, even accounting for all known development projects. Ivanhoe's Platreef Mine represents the only recently commissioned PGE project, taking decades to reach its 300,000-ounce phase one capacity. Smart acknowledges the difficulty: "It's very difficult to see how that deficit gets bridged."For investors, the investment thesis centers on structural supply-demand arithmetic rather than speculative narratives. The combination of geological concentration, years of underinvestment, resilient automotive demand, jewelry substitution, and emerging investment infrastructure creates conditions for sustained revaluation. Recommended allocation strategies include 1-2% of precious metals holdings through physical platinum for long-term holding or mining equities focused on projects outside South Africa for geographical diversification.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com
Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-superior-grades-add-upside-to-december-2025-pea-target-8544Recording date: 9th January 2026Marimaca Copper enters 2026 positioned to transition from explorer to developer following three critical achievements in 2025. The company completed its Definitive Feasibility Study for the flagship Marimaca oxide project, demonstrating industry-leading capital costs under $600 million USD and competitive operating metrics. Environmental approval was secured, clearing a major permitting hurdle that often delays mining projects. Most significantly, the company made what CEO Hayden Locke describes as a potential tier-one discovery at Pampa Medina, containing multiple million tons of copper across a 3-kilometer by 1.5-kilometer mineralized area.The company raised $80 million CAD in oversubscribed financing from Australian and US investors, providing comfortable runway through detailed engineering without near-term dilution concerns. Management plans to pursue construction financing throughout 2026 while prioritising shareholder-friendly structures. This financial cushion allows the team to focus on engineering maturity and robust risk management systems before committing significant capital.Marimaca's development philosophy emphasises operational simplicity over engineering elegance. As a first-time builder, management is willing to sacrifice marginal capital savings if cost reductions materially increase operational risk. The company plans to spend 2026 increasing engineering detail and implementing monitoring systems capable of tracking daily progress, spending, and budget variances. This measured approach targets build-ready status by late 2026, resisting pressure to rush production despite favorable copper markets.The Pampa Medina discovery validates a two-pronged growth strategy. The oxide portion offers near-term expansion potential, growing production from 50,000 to 70-75,000 tons of copper cathode annually. Every drill hole across 20-plus attempts has hit mineralised sedimentary horizons, representing an exceptional exploration hit ratio. The broader sulfide resource provides longer-term strategic upside, though development will naturally lag several years behind the main oxide project.With copper prices strengthening significantly above the DFS assumption of $4.30 per pound, Marimaca benefits from favorable market timing as global electrification drives structural demand growth while new supply remains constrained. The company's disciplined capital approach and focus on execution quality position it to navigate the challenging transition from developer to producer while maintaining the operational robustness necessary for long-term success.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com
Recording date: 12th January 2026Olive Resource Capital delivered exceptional performance in 2025, reporting a 151% return after all fees and expenses, significantly outperforming commodity benchmarks despite maintaining only 50% precious metals exposure. The fund's diversified approach across gold, copper, and other commodities demonstrated the value of strategic stock selection during a favorable commodity cycle.Executive Chairman Derek Macpherson and President & CEO Samuel Pelaez announced the results in their January 12, 2026 investment update, highlighting December's 11% gain that capped a strong fourth quarter. The impressive investment performance translated directly to shareholder value, with the stock price appreciating 240% during 2025. This helped compress the fund's discount to net asset value from approximately 40% at year-start to an estimated 60-70% by year-end, though meaningful upside remains if shares continue converging toward full NAV.Looking ahead to 2026, management expects increased merger and acquisition activity driven by record free cash flow generation at major producers. Gold prices averaged $4,100-4,300 per ounce in Q4 2025, approximately $500 above Q3 levels, creating substantial acquisition capital. The combination of elevated commodity prices and three consecutive years of declining oil costs has expanded operating margins significantly across the sector.Key portfolio holdings exemplify Olive's investment thesis. K92 Mining produced 47,000 ounces in 2025 at 8 grams per tonne while advancing multiple expansion phases with internal funding. Ivanhoe Mines announced full financing for its Platreef PGM project's phase two expansion, targeting 450,000 ounces by late 2027 en route to becoming the world's largest primary platinum group metals operation. Arizona Sonoran Copper is negotiating to terminate joint venture encumbrances, potentially clearing obstacles for strategic alternatives.Management identified a valuation gap between gold producers trading at 7-12 times earnings versus the S&P 500's 13-14 times multiple, suggesting room for continued sector appreciation as generalist investors recognize improving fundamentals and robust cash generation across commodity producers.Sign up for Crux Investor: https://cruxinvestor.com
Interview with Joseph Ovsenek, President & CEO of Tudor GoldOur previous interview: https://www.cruxinvestor.com/posts/tudor-gold-tsxvtud-pitch-perfect-december-2025-8839Recording date: 9th January 2026Tudor Gold Corp. (TSXV:TUD) is progressing one of the largest recent gold discoveries through a critical development phase at its Treaty Creek project in British Columbia's Golden Triangle. The company is targeting release of an updated resource estimate by the end of January 2026, focusing on high-grade mineralisation within the existing 21.66 million ounce Gold Storm deposit.President and CEO Joseph Ovsenek outlined an ambitious dual-track strategy for 2026: refining the existing deposit's high-grade component while exploring for additional discoveries along the prospective Sulphurets Thrust Fault. The updated resource estimate targets more than 5 million ounces at grades exceeding 2 grams per ton gold, representing a fundamental shift toward concentration on the richest mineralisation suitable for underground mining.Following the resource update, Tudor plans to release a Preliminary Economic Assessment in Q3 2026, outlining economics for a potential 250,000-300,000 ounce per year operation from a 10,000 ton per day underground mine. "We feel Treaty Creek has the potential to be a 250-300,000 ounce gold producer. That's...for most major gold companies...a tier one asset," Ovsenek stated.A critical enabler of the development strategy involves transitioning to underground exploration. Tudor filed permits in August 2025 for an underground decline, expecting approval in 2026. Underground access would enable year-round drilling at approximately $200-225 per meter—half the cost of surface drilling—while tripling the effective drilling season from four months to twelve months annually.The company raised approximately $26 million in recent financings, with $16 million designated for flow-through exploration targeting 5-10 million additional ounces along underexplored portions of the property. Treaty Creek benefits from advantageous positioning just 40 kilometers from both paved highway and transmission line infrastructure, substantially reducing future development capital requirements compared to more remote Golden Triangle projects.With gold prices sustained above $4,500 per ounce, Tudor Gold's advancement of Treaty Creek positions the project as a potential tier-one asset in a favourable market environment for large-scale, long-life gold operations.View Tudor Gold's company profile: https://www.cruxinvestor.com/companies/tudor-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Joseph Ovsenek, President & CEO of P2 Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-tsxvpgld-pitch-perfect-december-2025-8840Recording date: 11th January 2026P2 Gold Inc. (TSXV: PGLD) represents a compelling Nevada gold-copper development opportunity distinguished by experienced management, near-term production timelines, and substantially improved project economics under current commodity prices. The company is advancing its Gabbs project toward a 2028 first gold pour - less than three years from present - leveraging Nevada's efficient permitting framework and a management team with demonstrated capability in compressed project execution.The management team, led by President and CEO Joseph Ovsenek, brings over 20 years of collective experience including taking Pretium Resources' Brucejack project from discovery to cash-flowing production in under eight years. This track record contradicts industry conventional wisdom of 15-16 year development timelines and provides confidence in the team's ability to execute on aggressive schedules whilst maintaining technical rigour. The team previously contributed to growing the now SSR Mining from $50 million to $2 billion market capitalization whilst establishing multiple producing assets.P2 Gold systematically addressed legacy capital structure issues throughout 2025, eliminating Waterton Precious Metals' 23-million-share overhang and preparing to retire a convertible debenture maturing January 2026. Management's 16.5% ownership stake demonstrates strong alignment with shareholders, whilst the cleaned-up balance sheet removes near-term financing pressures and valuation constraints.The Gabbs project currently hosts 1.2 million ounces of gold equivalent in the indicated resource category plus 2.25 million ounces inferred. A 15,000-metre drilling programme commenced October 2025 aims to convert inferred resources into the indicated category required for feasibility-level mine planning, with completion expected February 2026. The porphyry-type mineralisation demonstrates exceptional geological consistency, with drilling results consistently meeting expectations for grade, depth, and continuity, significantly reducing technical risk.Project economics have transformed under current commodity prices. The October 2025 preliminary economic assessment assumed $1,950 gold, $4.50 copper, and $25 silver, outlining a 14-year mine life producing 109,000 ounces gold and 33 million pounds copper annually from 9 million tonnes throughput. At current spot prices, first-year gross revenues could approach $900 million, enabling initial capex recovery within 5-6 months versus multi-year payback under PEA assumptions. This creates optionality to accelerate mill construction (originally year 6) and evaluate higher throughput scenarios of 11-12 million tonnes annually, potentially boosting gold production toward 150,000 ounces, repositioning Gabbs as a mid-tier rather than smaller-scale producer.The company is pursuing proactive dual-track permitting and technical work designed to compress development timelines. P2 Gold is preparing its Mining Plan of Operations whilst having already initiated environmental baseline studies despite not yet formally filing for environmental permits. Management targets environmental permit receipt by end-2027, enabling 2028 production—a timeline leveraging Nevada's reputation for mining-friendly regulation.Funding through feasibility study completion is secured via the autumn 2025 raise plus expected warrant exercises, eliminating near-term dilution concerns. For construction financing, management will prioritise speed over minimising capital costs, recognising that accelerated production timelines can justify premium financing terms by bringing forward cash flows and reducing market exposure.P2 Gold offers investors exposure to Nevada gold development with multiple catalysts over 24-36 months including feasibility study completion, resource expansion, permitting milestones, and potential strategic interest from larger producers seeking Nevada-based assets with clear production timelines and experienced management.View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-goldSign 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-pitch-perfect-december-2025-8886Recording date: 9th January 2026Hycroft Mining has executed a remarkable corporate turnaround in 2025, transforming from a debt-burdened developer into a well-capitalized exploration story commanding over $2 billion in market capitalization. The Nevada-based company eliminated all inherited debt that was accruing at 10% interest, triggering an immediate share price rerating and attracting blue-chip institutional investors who now comprise over 80% of shareholders.Under President and CEO Diane Garrett's leadership, the company made its most significant discoveries in over 40 years of site history. The team identified two high-grade silver systems - Brimstone and Vortex - achieving over 90% drill success rates. These continuous, wide vein systems represent the high-grade cores feeding Hycroft's world-class resource of over 10 million ounces of gold and nearly 400 million ounces of silver.The company's financial position provides substantial flexibility, with approximately $200 million in cash including warrant exercises, offering 3+ years of runway with no dilution planned. Management has accelerated exploration from one drill rig to four, rapidly developing resource definition to support production decision-making.Hycroft possesses critical infrastructure advantages worth nearly $1 billion, including complete permitting, existing leach pads, crushing facilities, and two processing plants. This positions the company years ahead of development peers. Metallurgical work on pressure oxidation is complete, while roasting studies continue - the latter potentially generating a third revenue stream through sulfuric acid sales to lithium and fertilizer industries.The company is pursuing a phased development strategy to minimize shareholder dilution. Near-term options include restarting heap leach operations within six months using existing material and infrastructure, followed by high-grade underground mining with lower capital requirements and superior early cash flows. This approach mirrors management's proven Romarco Minerals playbook, where they successfully transformed a perceived low-grade project into a tier-one discovery.Engineering studies are nearing completion for Q1 2026 release, with management maintaining that proper sequencing and thorough technical work minimize execution risk while advancing toward production decisions.View Hycroft Mining's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com
Interview with Keith Boyle, Director & CEO of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-high-grade-strategy-meets-near-term-cash-flow-8695Recording date: 9th January 2026New Found Gold is executing a comprehensive transformation from pure exploration company to emerging gold producer, driven by a complete leadership overhaul and strategic acquisitions designed to accelerate the path to cash flow.The most significant change began with a complete board renewal in December 2024, followed by the appointment of CEO Keith Boyle in January 2025. "They brought me in January of 25, the mandate being let's get the gold, let's get to production," Boyle explained. "We were an exploration company and had been doing that for five years since discovering the Queensway deposit and so it was time to make that shift."The new leadership team brings proven operational credentials. Chief Operating Officer Robert Assabgui previously served as VP of Hudbay's Manitoba division, where he brought the Lalor mine into production. CFO Hashim Ahmed brings project financing expertise from Mandalay Resources and Jaguar Mining. The board now includes former Newfoundland Premier Andrew Furey and experienced mining executives Tamara Brown, Chad Williams, and Allan Palmir.A pivotal strategic move was acquiring Maritime Resources' Hammerdown mine and milling facilities. Hammerdown is targeting steady-state production by mid-2026, providing near-term cash flow that will reduce external financing requirements for the flagship Queensway project. "At these gold prices, it really is going to help us in being able to manage the amount of money that we have to raise externally," Boyle noted.For Queensway, the company released a mineral resource estimate and preliminary economic assessment in July 2025, which helped secure $87 million in financing. Final Investment Decision is targeted for H2 2026, with environmental assessment submission planned for Q1 2026. The company expects favorable permitting timelines in mining-friendly Newfoundland, potentially enabling construction commencement in late 2026.Despite the production focus, New Found Gold maintains aggressive exploration commitments. "We still want to keep the drill bit turning to find that game-changing, that Swan Zone, that next big one, because it will create that additional value for us," Boyle emphasized, highlighting the camp-scale potential of the land package.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Stephen Soock, VP of Investor Relations and Development, Heliostar MetalsOur previous interview: https://www.cruxinvestor.com/posts/heliostar-metals-tsxvhstr-big-high-grade-gold-potential-at-anapola-project-3935Recording date: 29th December 2025Heliostar Metals is pursuing an ambitious strategy to transform from a 30-40,000 ounce gold producer in 2025 to a 300,000 ounce operation by decade's end, with a critical differentiator: the entire expansion will be internally financed without shareholder dilution. In a detailed discussion, Stephen Soock, VP of Investor Relations and Development, outlined how the company plans to leverage cash flow from recently restarted Mexican operations to fund systematic development of high-margin projects.The foundation of this strategy rests on the successful restart of operations acquired from Argonaut Gold in November 2024. La Colorada's return to production early in 2025 established initial cash flow, followed by San Augustine's restart in late December 2025. San Augustine, with 68,000 ounces in reserve and projected production of 45,000 ounces over 14 months, is expected to generate approximately $65 million in 2026 at current gold prices. Soock characterised the operation as "a little bit like an ATM" for funding broader growth initiatives.The flagship Ana Paula project represents the centrepiece of Heliostar's transformation. The underground mine's preliminary economic assessment shows compelling economics: $300 million in initial capital for 100,000 ounces annual production at just over $1,000 all-in sustaining costs, placing it in the bottom 15% of the global cost curve. This exceptional positioning derives from a rare combination of 5.5 grams per ton high-grade ore with bulk tonnage characteristics. The company targets a Q1 2027 feasibility study and H2 2028 production start.Looking further ahead, Cerro del Gallo provides additional growth potential with a 15-year mine life producing 85,000-87,000 ounces annually. Despite recent share price appreciation to nearly $800 million valuation, management maintains capital discipline, with Soock stating unequivocally that near-term equity financing remains unnecessary. Trading at 0.28x net asset value, the company sees continued re-rating potential as operational execution de-risks the development pipeline.View Heliostar Metals' company profile: https://www.cruxinvestor.com/companies/heliostar-metalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Alex Black, Executive Chairman of Rio2 Ltd.Our previous interview: https://www.cruxinvestor.com/posts/rio2-tsxrio-approaching-january-2026-production-targeting-20000tpd-ramp-up-7959Recording date: 23rd December 2025Rio2 Limited (TSX:RIO) represents a compelling investment opportunity at the critical inflection point between development and production, with first gold pour from its Fenix heap leach project in Chile scheduled for January 2026 whilst the recently acquired Condestable underground copper mine in Peru contributes immediate substantial cash generation. The dual-asset strategy directly addresses the binary risk inherent in single-asset junior companies whilst providing diversified exposure to both precious and base metals during favourable pricing environments characterised by gold exceeding $4,500 per ounce and copper benefiting from structural supply constraints.Management delivered the Fenix project on time and on budget at $150-160 million total capital expenditure, representing modest capital intensity for a gold operation of this scale. The operation targets 60-70,000 ounces during the 2026 ramp-up year before reaching steady-state production of 100,000 ounces annually by 2027 at nameplate throughput capacity of 20,000 tonnes per day. Critically, the starter project represents only 1.7 million ounces of the property's 5 million ounce resource base, which was defined using $1,800 per ounce gold price pit shells, creating significant reserve expansion potential in the current $2,600+ pricing environment. Systematic exploration drilling commencing in 2026 targets resource growth potentially reaching 5-7 million ounces by the late 2027 feasibility study for phase two expansion.The December acquisition of Condestable fundamentally altered Rio2's financial trajectory and risk profile. The transaction added 10 years of proven and probable reserves, unusual longevity for any producing operation that eliminates near-term reserve replacement pressures. The mine produces 27,000 tonnes of copper equivalent annually (60 million pounds copper) at current throughput rates of 8,400 tonnes per day, generating clean concentrate grading 80% copper and 20% precious metals. At current metal prices, Condestable generates over $100 million in annual free cash flow after taxes with sustaining capital requirements below $10 million per year, creating an 8% annual cash yield on Rio2's $1.2 billion market capitalisation before considering Fenix's contribution.The combined operations project to generate $150-175 million annual free cash flow once Fenix reaches steady-state production, providing capital to fund organic expansion at both properties without equity dilution. Condestable offers clear expansion pathway from 8,400 to 12,000 tonnes per day throughput (40% increase) with study underway, whilst the underexplored 45,000-hectare land package surrounding the mine provides blue-sky resource growth potential that previous private equity owners neglected in favour of cash flow extraction.Management's 25-year Peru operating history and successful prior mine development through Minera IRL validates capability to navigate Latin American permitting, community relations, and operational challenges. The successful $205 million financing with $800 million total demand (4x oversubscription) demonstrates institutional confidence in the execution track record and strategic vision. Rio2 currently trades at approximately 2x EBITDA on Condestable alone, before attributing value to Fenix production or substantial organic expansion potential at either asset. Comparable producers in the 100,000+ ounce gold and 50+ million pound copper production range typically trade at 4-6x EBITDA multiples, suggesting significant valuation convergence opportunity as quarterly production reports validate operational performance through 2026-2027.Management explicitly positions Rio2 as an active consolidator building toward eventual corporate transaction within 3-5 years rather than perpetual operator, with Executive Chairman Alex Black noting "we're not building a company for the next 20 years" but rather "taking advantage of the situation, the time, the metal prices and building something up that is very very valuable." G Mining's $8.5 billion valuation whilst operating two assets provides reference point for Rio2's potential valuation trajectory, representing 7x current market capitalisation as the production platform matures and demonstrates consistent operational execution across both jurisdictions.View Rio2's company profile: https://www.cruxinvestor.com/companies/rio2-limitedSign up for Crux Investor: https://cruxinvestor.com
Interview with Christopher Taylor, Chairman, and Claudia Tornquist, President & CEO of Kodiak Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-q4-2025-resource-estimate-will-mark-critical-inflection-point-7948Recording date: 10th December 2025Kodiak Copper has announced its maiden resource estimate for the MPD project in British Columbia, marking a significant milestone after six years of exploration. The resource comprises 440 million tons at 0.39% copper equivalent (indicated) and 0.32% (inferred), containing 2.4 billion pounds of copper and 1.7 million ounces of gold across seven discrete deposits.The company achieved remarkable exploration efficiency, discovering nearly 2 million ounces of gold with only 90,000 meters of drilling—a superior discovery rate compared to peer projects. Chairman Chris Taylor noted this efficiency exceeded even his previous work at Great Bear Resources, which sold for C$1.8 billion.Metallurgical results are encouraging, showing 80% copper recovery and 60% gold recovery with no deleterious elements. The company is conducting optimization work to potentially improve gold recovery rates, which could significantly enhance project economics given current gold prices substantially above the $4,000 per ounce assumption used in resource calculations.All seven deposits remain open for expansion, with drilling already indicating significant growth opportunities. The company has identified approximately 20 additional exploration targets across the property, including areas with surface samples showing 4-5% copper grades—higher than any current resource deposit yet never drill-tested.Management is prioritizing resource expansion over immediate economic studies, believing this approach maximizes shareholder value by demonstrating the district's full scale potential. President Claudia Tornquist emphasized that "size is what will make this project attractive." The company maintains $7-8 million cash to fund a 2026-2027 drilling program, with a resource update expected in approximately one year.The project benefits from favorable market dynamics, with copper and gold at or near all-time highs and limited pipeline of development projects to address structural supply deficits. Located in British Columbia's established mining jurisdiction, MPD is positioned as a potential future copper-gold producer in a supply-constrained market.View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Jeremy Gillis, Director Capital Markets of Sendero ResourcesOur previous interview: https://www.cruxinvestor.com/posts/sendero-resources-tsxvsend-drilling-high-grade-targets-in-argentinas-vicua-copper-district-5346Recording date: 10th December 2025Sendero Resources has emerged as a compelling exploration story following a comprehensive restructuring that brought together mining industry veterans to advance a district-scale land position in Argentina's proven Vicuña copper-gold belt. Trading at approximately $30 million market capitalization with just 24 million shares outstanding, the company controls 211 square kilometers along the same structural corridor as billion-dollar discoveries including Filo del Sol, Josemaría, and Los Helados.The transformation began in 2024 when new leadership overhauled the struggling junior explorer, recruiting CEO Alex Gostevskikh (ex-Kinross, Centerra) and Steven McMullan, a PDAC prize-winning geologist whose discovery work contributed to Kamoa—now the world's fourth-largest producing copper mine. This production-focused technical team brings a critical economic lens to evaluating mineralization from the earliest exploration stages.What distinguishes Sendero's approach is comprehensive data reprocessing. The team analyzed 40 years of historical exploration data from the property—including 16,000 meters of drilling that showed mineralization throughout with no blank holes—plus 300,000 meters of drilling data from neighboring Filo del Sol. This work identified specific pathfinder elements and structural controls consistent between major district discoveries and Sendero's ground, including anomalous silver signatures that mirror Filo del Sol's high-grade zones.The company has attracted blue-chip mining investors including Peter Marrone (Yamana Gold, Allied Gold) and Argentine billionaire Eduardo Elsztain, who participated in progressively higher-valuation financings. The most recent $4 million raise closed at $0.95 per share with no warrants—a significant premium to earlier rounds. With management and strategic investors controlling 60-70% of shares, minimal public float exists.Sendero plans a focused 3,600-meter drill program for Q1 2026, targeting a newly identified area along a fault corridor that management believes hosts discovery-scale mineralization. Rather than testing multiple historical targets, the six-hole program concentrates on what the team considers the highest-probability opportunity for a significant find in this world-class gold-copper district.View Sendero Resources' company profile: https://www.cruxinvestor.com/companies/sendero-resourcesSign up for Crux Investor: https://cruxinvestor.com
Recording date: 10th December 2025Olive Resource Capital's November 2025 portfolio performance—reaching year-to-date highs despite October's commodity market volatility—demonstrates the strategic value of disciplined gold position management within diversified resource portfolios. Whilst the firm identifies compelling contrarian opportunities in oil equities trading at generational lows, their analysis paradoxically reinforces gold's foundational importance through quantitative validation and macro context.The most striking evidence emerges from commodity ratio analysis. The oil-to-gold ratio currently sits at 20% of its 25-year historical average, representing an extraordinary dislocation that simultaneously confirms oil's severe undervaluation and validates gold's exceptional relative strength. This 500% premium to historical norms reflects fundamental repricing within commodity markets, with gold demonstrating superior pricing power amidst coordinated global liquidity expansion.Executive Chairman Derek McPherson and President & CEO Samuel Pelaez articulated the macro framework supporting hard asset valuations: persistent deficit spending across the United States, China, Canada, and European nations creates monetary conditions under which gold has historically thrived. "There is tons of liquidity coming and so your hard assets which oil is one of are going to be economic at least economic stability if not economic growth," McPherson explained, referencing macroeconomist Lyn Alden's observation that debt-financed economic support creates inexorable momentum favouring tangible assets over financial claims.China's commodity accumulation behaviour provides instructive parallels. The nation's documented gold reserve building during 2022-2024 contributed significantly to gold's rally from $1,800 to over $4,000 per ounce. Now applying similar logic to crude oil—stockpiling 700,000 barrels daily beyond refining needs—China demonstrates sovereign recognition of strategic hard asset acquisition during relative weakness. This pattern validates gold's completed appreciation cycle whilst identifying emerging opportunities in complementary commodities.Olive Resource Capital's tactical approach exemplifies professional position management. The team trimmed gold exposure during September 2025's strength, capturing profits whilst maintaining strategic core holdings, then added positions during October-November weakness at improved valuations. "We've actually been adding positions and effectively reducing our cash balance," McPherson confirmed, describing deployment across selective gold equities alongside exploratory oil positions.This disciplined rebalancing contrasts sharply with wholesale rotation between commodity sectors. Gold maintains permanent strategic importance through unique characteristics: portfolio insurance properties, liquidity during market stress, and systematic sensitivity to monetary conditions. Whilst cyclical opportunities in energy or base metals may offer superior near-term returns, gold provides stability and appreciation independent of specific economic outcomes.The investment framework applies across commodity cycles. Pelaez referenced Agnico Eagle's 20-30x return from 2015-2025, demonstrating rewards from acquiring premier assets during sector pessimism. "You can buy top of class best management best run companies and you still stand an opportunity to make multiples on your money," he observed regarding current oil valuations—a principle equally applicable to quality gold producers offering continued leverage to further monetary metal appreciation.For sophisticated investors, gold's role transcends cyclical trading. The monetary environment—coordinated deficit spending, currency debasement, sovereign reserve diversification—creates conditions for sustained appreciation whilst maintaining portfolio foundation that enables tactical exploration of complementary opportunities. The lesson from Olive Resource Capital proves clear: gold serves as strategic anchor whilst other commodity sectors rotate through relative value cycles.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com
Interview with Gordon Neal, President, Domestic Metals Recording date: 9th December 2025Domestic Metals has acquired a promising Montana copper porphyry project from Rio Tinto through an earn-in agreement that highlights the property's significant potential. The company can earn 60% ownership by spending $3.15 million USD on exploration work, with Rio Tinto retaining 40% plus an unusual 20% clawback provision—a protective measure that underscores the major miner's conviction in the project's long-term value.The Smart Creek-Sunrise property occupies compelling geological ground, located 50 kilometers northwest of the historic Butte mine, which has produced 22 billion pounds of copper over a century. The project sits within the same Helena formation geology, with company geologists noting that rocks match Butte's characteristics in age and composition. Rio Tinto drilled 26 of 40 total holes on the property, with results improving progressively from southeast to northwest. The best intercept to date shows 109 meters at 0.75% copper, including 80 meters at 0.97% copper, suggesting drilling was advancing toward rather than away from the porphyry center.President Gordon Neal brings proven credentials, having built MAG Silver from $50 million to $2.5 billion market capitalization and New Pacific Metals from $100 million to $1.5 billion. His track record in capital markets and project development provides credibility to the company's exploration strategy.The company recently raised $4 million to fund comprehensive IP and magnetotelluric geophysical surveys in January-February 2026, followed by 3,000+ meters of drilling starting February-March. Assay results are expected April-May 2026. A critical advantage is Montana's streamlined permitting environment, with drill permits obtained in four months versus 5-7 years in Arizona. The Forest Service recently extended 36 expired drill permits using existing paperwork—unprecedented flexibility that enables rapid, capital-efficient advancement of what could become a significant domestic copper discovery.Sign up for Crux Investor: https://cruxinvestor.com
Interview with David Wolfin, President and CEO, Avino Silver & GoldOur previous interview: https://www.cruxinvestor.com/posts/avino-silver-gold-tsxasm-junior-to-intermediate-producer-transformation-underway-8062Recording date: 9th December 2025Avino Silver & Gold Mines Limited is executing an ambitious expansion plan to transform from a single-asset producer into a diversified mid-tier mining company. The Mexico-based operation, which traces its roots to 1968, currently generates between 2.5 and 2.8 million ounces of silver equivalent annually and aims to triple its producing asset base within five years through organic development of properties it already owns.The company's third quarter 2025 results underscore the financial strength supporting this growth trajectory. Avino achieved record revenues of $21 million USD with $9.9 million in gross profit and approximately $5 million in free cash flow. All-in sustaining costs remain in the low $20s per ounce, creating substantial margins as silver approaches $60 per ounce. Revenue composition is diversified across 49% silver, 19% gold, and 31% copper, providing natural commodity price hedging.La Preciosa represents the most immediate production catalyst. Located 19 kilometers from the existing Avino mill, the project commenced ore extraction one month ahead of schedule, shipping over 6,700 tons during the recent quarter. Early drilling results have significantly exceeded previous feasibility estimates, with intercepts reaching 787 grams per ton of silver compared to the 200 g/t resource grade established by prior operator Coeur Mining. President and CEO David Wolfin noted these high-grade hits suggest actual mining grades will substantially exceed earlier projections.The company's third potential producing asset involves reprocessing historical oxide tailings adjacent to current operations. With 6.7 million tons in proven and probable reserves and capital requirements under $50 million, the project offers particularly attractive economics with projected all-in sustaining costs around $10 per ounce. At current metal prices, Wolfin estimates the project's net present value at approximately $250 million.Supporting this expansion, Avino has more than doubled its exploration budget for 2026, planning 20,000 to 30,000 meters of drilling across both properties. Institutional ownership has risen from under 10% to 32% over two years through organic open-market purchases, validating the growth thesis. Management expects to release updated resource and reserve estimates for both La Preciosa and Avino in the first quarter of 2026.Learn more: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com
Interview with Marcio Fonseca, President & CEO, and Daniel Schieber, VP Corporate Development & Corporate Relations of GR Silver Mining.Our previous interview: https://www.cruxinvestor.com/posts/gr-silver-mining-tsxvgrsl-pitch-perfect-october-2025-8302Recording date: 10th December 2025GR Silver Mining has positioned itself at the forefront of Mexico's silver exploration sector following a transformational 2025 that saw the company secure $17.5 million in financing, bringing total cash to approximately $28 million CAD—the strongest balance sheet in company history. This capital infusion, primarily from institutional investors and experienced Canadian capital markets participants, provides 12-18 months of fully-funded operations to execute an aggressive 2026 exploration program without near-term dilution concerns.The company's San Marcial silver discovery hosts 134 million ounces of silver equivalent resources discovered at industry-leading costs of just 17 cents per ounce, generating approximately five ounces of resources for every dollar invested in drilling. With only 20% of the primary geophysical anomaly tested to date, management plans to more than double historical drilling meterage in 2026, targeting over 36,000 meters with multiple rigs operating simultaneously under a five-year permit covering 46 drill sites. This aggressive approach aims to expand the resource footprint by 600-800 meters along strike while testing parallel zones that could significantly increase the overall resource base.GR Silver's dual-track strategy combines resource growth at San Marcial with pilot plant development at the fully-permitted historic Plomosas mine, creating near-term production optionality while de-risking San Marcial's permitting pathway. The company has identified 21 mining areas at Plomosas requiring no development capital, with existing infrastructure including power, water permits, and tailings facilities that would otherwise represent major capital expenditures and multi-year permitting delays.Toronto analysts indicate in-situ valuations for comparable companies typically range $3-4 per ounce of silver resources, yet GR Silver trades at approximately $1 per in-situ ounce. Located just 40 kilometers from Vizsla Silver's $2.5 billion market cap Panuco project, GR Silver's current valuation is roughly 20 times smaller despite resources one-third the size, suggesting substantial re-rating potential as the company advances toward its first Preliminary Economic Assessment scheduled for 2026 while maintaining top 10 TSX Venture trading status with 6.5-7 million shares daily volume.—View GR Silver Mining's company profile: https://www.cruxinvestor.com/companies/gr-silver-miningSign up for Crux Investor: https://cruxinvestor.com
Interview with Dennis Lindgren, CEO of Black Bear MineralsRecording date: 10th December 2025Black Bear Minerals (ASX:BKB) has completed a strategic transformation from lithium explorer to focused North American precious metals developer, acquiring the Shafter Silver Project in Texas for A$30 million whilst advancing the Independence Gold Project in Nevada. This repositioning positions the company at the intersection of exceptional resource grades, existing production infrastructure, and America's growing recognition of critical mineral supply vulnerabilities.The flagship Shafter Project hosts 17.6 million ounces at 289 grams per tonne silver in foreign resource estimates, ranking amongst the ASX's highest-grade silver resources. CEO Dennis Lindgren, formerly with South32 and Alcoa, emphasises the infrastructure advantage: "It's one of the highest grade silver projects on the ASX. It comes with about 150 million in estimated infrastructure and that includes existing underground workings, existing core sheds as well as historical data." This existing infrastructure—including underground workings, mill circuits, and processing facilities operational until 2013—potentially compresses development timelines by years compared to greenfield competitors.Near-term catalysts centre on JORC-compliant resource conversion targeted for the second half of 2026, supported by A$17 million working capital allocated for drilling programmes. Recent rock chip sampling has returned exceptional grades exceeding 3,000 g/t from near-surface areas outside the current resource footprint, whilst historical stockpile evaluation reveals grades averaging over 300 g/t, suggesting previous operators may have applied inappropriate cutoff grades or overlooked valuable mineralization.Beyond silver-focused historical operations, Black Bear's technical review has identified multicommodity potential including zinc, lead, vanadium, and gold across multiple locations. Lindgren noted: "We're picking up really good levels of zinc and lead that we would consider as targets to go forward with." This creates potential by-product credits that could materially improve project economics whilst expanding exploration vectors beyond current silver-equivalent resource calculations.Silver's designation as a US critical mineral fundamentally alters the strategic context surrounding domestic production projects. America produces approximately 30 million ounces annually whilst consuming over 210 million ounces—importing roughly 85% of requirements despite the metal's critical status for national security and economic competitiveness. Lindgren articulated the supply-demand imbalance: "Having another US domestic asset that can actually supply into those markets we think is something that's very attractive particularly with it being critical now."Jurisdictional advantages strengthen Black Bear's development pathway. Texas ranks within the top five global mining jurisdictions with 20% tax rates, partial permitting already in place, and strong community support in Presidio County. Proximity to major Mexican silver operations ensures access to experienced workforce and established supply chains.Portfolio diversification comes through Independence Gold Project in Nevada, hosting 419,000 ounces of near-surface heap-leachable gold at 0.4 g/t and 980,000 ounces of high-grade skarn mineralisation at 6.67 g/t. The company recently completed 5,000 metres of drilling exceeding planned programmes, with assay results expected in early 2026.Management's measured approach prioritises resource definition and JORC compliance over premature production planning, appropriate given recent acquisition timing. However, the infrastructure leverage and critical mineral designation create optionality for accelerated development should commodity fundamentals, government support, or strategic partnerships materialise. Investors should monitor JORC conversion progress, drilling results from both projects, and infrastructure assessment studies as key milestones determining whether Black Bear can validate its high-grade silver thesis and capitalise on structural supply deficits facing American consumers.Learn more: https://cruxinvestor.comSign 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-pitch-perfect-november-2025-8486Recording date: 10th December 2025Cabral Gold Inc. (TSXV:CBR) has secured $45 million US in gold loan financing to construct its first mine at the Cuiú Cuiú project in northern Brazil, with commercial production targeted for Q4 2026. The financing structure avoids equity dilution during the critical construction phase, preserving shareholder value whilst enabling the company's transition from explorer to cash-generating producer.Construction activities have accelerated substantially with 143 personnel on site, 50 pieces of heavy equipment operational, and major foundation concrete pours scheduled by year-end. President and CEO Alan Carter confirmed: "We recently raised $45 million US through a gold loan. Projects in construction. We should be producing gold in the fourth quarter of 2026," noting "there was no equity raise as part of that, which I think surprised a lot of people."The project benefits from unusually deep oxide weathering averaging 60 metres – a geological characteristic Carter describes as "quite unusual from most gold deposits around the world." This creates substantial free-digging material processable through simple metallurgical circuits without conventional crushing and grinding infrastructure, enabling low-capital initial operations.Cabral's strategic differentiation centres on its two-stage development approach designed to eliminate serial equity dilution. The initial 1,500 tonnes per day oxide operation generates internal cash flow to fund aggressive exploration of much larger hard rock resources beneath the weathered zone, transforming the company from market-dependent explorer into self-funding entity. Carter articulated the rationale: "We think that the best way to fund all that work that needs to be done is not by continually diluting the capital structure and doing private placement after private placement and ending up with a massive number of shares issued and outstanding."Unlike typical developers focused solely on construction execution, Cabral maintains three drill rigs and 80 exploration personnel operating concurrently with mine building. Recent drone magnetic surveys confirmed clear structural continuity over 2 kilometres between the Central deposit and PDM discovery, with reconnaissance drilling validating gold intersections along the newly identified trend. Carter characterised this as "tremendously exciting," substantially expanding prospective ground between known deposits.Management describes Cuiú Cuiú as a district-scale gold system with four new discoveries since the 2022 resource estimate and 50 additional peripheral targets with identified gold. Carter positioned the oxide operation within this broader context: "The bigger prize at Cuiú Cuiú is the definition of this very, very large gold district that clearly contains multiple deposits."The permitting pathway utilises Brazilian trial mining licences for initial operations with full mining licence approval for 3,000 tonnes per day expansion anticipated January 2026. Recent public consultations demonstrated no community opposition, de-risking regulatory progression. The full permit isn't operationally required until mid-2027, providing comfortable scheduling buffer.Project execution benefits from experienced Brazilian mining personnel including Luis Salaro, who has built multiple coal mines in Brazil, alongside Ausenco engineering support and what Carter describes as "a very impressive group of consultants."Cabral's investment proposition combines near-term production catalyst, non-dilutive financing preserving equity value, and district-scale exploration potential funded through internal cash generation. The parallel execution of construction and exploration positions the company to enter production with an expanded resource base rather than simply a built mine processing fixed inventory, creating multiple value drivers as Cabral transitions from explorer to cash-generating producer with growth optionality in a strong gold price environment.View Cabral Gold's company profile:https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Alex Walker, CEO, East Star ResourcesOur previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-driving-towards-near-term-copper-production-in-kazakhstan-4519Recording date: 9th December 2025East Star Resources (LSE: EST) has established a distinctive development model for junior mining companies, securing strategic partnerships that fund exploration and production while maintaining significant equity positions across multiple copper and gold projects in Kazakhstan.The company's approach centers on two major partnerships that fundamentally alter its capital structure. Endeavour Mining, a FTSE 100 company, has committed $5 million over two years with potential for an additional $20 million, while simultaneously taking an equity position to become East Star's largest shareholder. The joint venture targets tier-one gold discoveries of 3+ million ounces, with Endeavour carrying East Star through to prefeasibility studies on successful projects where the company retains 20% ownership.Separately, Hong Kong Shanghai Mining Services - an EPCM contractor that has built over 500 processing plants globally - will fully fund development of the Verkhuba copper deposit to production. East Star retains 30% ownership of the 20 million ton resource grading 1.2% copper without contributing additional capital, with production targeted for 2027-2028.CEO Alex Walker explained the strategy addresses fundamental challenges facing junior explorers: "You can spend a few million dollars per target and not have enough to show for it." The partnership structure allows East Star to advance multiple projects simultaneously while achieving cash flow neutrality in 2026 through management fees and partner funding.The company maintains 100% ownership of three porphyry projects and the Rulikha VMS deposit, which hosts a 500,000+ ton copper equivalent exploration target based on digitized Soviet drilling data. This retained optionality provides leverage to future copper price movements and additional partnership opportunities.Kazakhstan's reformed mining code, modeled on Western Australia's first-come-first-serve system, combined with extensive infrastructure including smelters, railways, and concentrators, provides what Walker describes as "the cheapest place in the world to dig a hole." Recent entry by Ivanhoe, Rio Tinto, and First Quantum validates the jurisdiction's emerging status as a strategic copper-gold province.Learn more: https://www.cruxinvestor.com/companies/east-star-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Blake Hylands, CEO, Lithium Ionic Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-low-cost-brazil-mine-ready-for-2027-production-as-market-rebalances-8304Recording date: 9th December 2025Lithium Ionic is positioning itself to capitalize on a dramatic market recovery as lithium prices have tripled since mid-2025, driven by energy storage demand exceeding initial projections. CEO Blake Hylands reports the company's stock has doubled during this period but remains "massively undervalued" relative to improving fundamentals and the company's proximity to construction.The company is advancing its Brazilian lithium project with a manageable $191 million capital requirement and industry-leading economics. At $600 all-in sustaining costs, the project maintains profitability even when spot prices dipped to $800-900, providing crucial downside protection that higher-cost competitors lack. Current spot prices around $1,200 offer healthy margins, with the project's feasibility study using conservative assumptions below today's pricing.Hylands emphasised that 2026 represents a transformational year, with construction targeted to begin by mid-year. The company has assembled the experienced "Sigma team" that successfully built the Sigma Lithium project, providing execution credibility and enabling an 18-24 month timeline to production once construction commences. This speed advantage is significant, as competing projects remain 5-10 years from production.Progress on project financing has accelerated substantially, with the company "being inundated with offtake and prepay opportunities" as market participants rush to secure future supply. Multiple lenders have expressed interest in financing the entire project, with discussions spanning China, North America, and other jurisdictions. The financing structure will incorporate near-term debt followed by lower-cost options including export credit agencies and government-backed facilities.The permitting process is advancing through new regional procedures, with strong federal and state government support. Both financing and permits are expected to conclude early in 2026, clearing the path for construction. Hylands set clear accountability metrics, stating "anything less than that, I'd be disappointed" regarding the company's ability to announce financing completion, permit approval, and construction commencement by year-end 2026.Learn more: https://www.cruxinvestor.com/companies/lithium-ionic-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Simon Studer, interim CEO, Kingman MineralsRecording date: 9th December 2025Kingman Minerals Ltd. is advancing plans to revive a 140-year-old gold and silver mine in Arizona's Mohave County, with exploration work set to commence in early 2026. Under the leadership of interim CEO Simon Studer, the company recently completed an oversubscribed $1.5 million financing round that brings total treasury to $2.1 million—sufficient to fund the year's entire exploration program.The Rosebud Mine, discovered in the 1880s and active during the 1920s and 1930s, has yielded remarkably high-grade results in recent sampling. Underground channel samples collected in 2020 revealed values up to 688 grams per ton gold from material left behind by earlier operators. Historical drilling has shown grades ranging from 9-13 grams per ton over 2-meter intervals, though no modern compliant resource estimate currently exists.What makes this opportunity particularly intriguing is that previous operators exclusively focused on the shallow oxide zone above 100 meters depth, never systematically exploring the deeper sulfide mineralization that could represent the bulk of the deposit. The property shows evidence of at least eight distinct sub-parallel vein structures, most of which remain inadequately tested.The 2026 exploration program begins with drone-based magnetometry in mid-December 2025, covering the entire 590-hectare Mohave project area. This geophysical work will provide 3D structural modeling to optimize drill targeting. Drilling is scheduled to begin in Q1 2026, initially testing strike extensions of the two most productive historic veins before expanding to parallel structures.With approximately 42 million shares outstanding and a market capitalization around $4 million, management believes the company is significantly undervalued relative to its high-grade potential and production history. The combination of proven mineralization, systematic modern exploration approach, and 60% insider ownership creates what Studer characterizes as a compelling risk-reward proposition in the junior gold exploration space, particularly given Arizona's favorable mining jurisdiction and existing underground infrastructure.Learn more: https://www.cruxinvestor.com/companies/kingman-mineralsSign up for Crux Investor: https://cruxinvestor.com
Interview with Allan Ritchie, Executive Chairman & CEO and David Ward, Managing Director of Adavale ResourcesRecording date: 9th December 2025Adavale Resources Limited (ASX: ADD) has emerged as a compelling Australian gold story, having transformed a A$900,000 acquisition into a 115,000-ounce JORC resource at the London-Victoria project in just nine months. The former BHP gold mine in New South Wales' prolific Lachlan Fold Belt is now the focus of an aggressive exploration and development program led by a management team with significant skin in the game.Executive Chairman Allan Ritchie and newly appointed Managing Director David Ward have structured the company to maximize shareholder alignment. All four directors collectively own over 5% of Adavale and take their remuneration exclusively in shares rather than cash, ensuring minimal corporate overhead. This approach is backed by cornerstone investor Gleneden, who holds 20% of the company and brings decades of resources sector expertise.The technical progress at London-Victoria has been impressive. Phase 1 drilling delivered standout results including 48 meters at 0.82 grams per ton gold, with high-grade zones of 25 meters at 1.2 g/t located 100 meters below the existing pit. Significantly, this intercept occurred outside the current resource envelope, indicating substantial expansion potential. Ward's historical knowledge of the site—having worked for the previous operator—combined with the recent discovery of hundreds of historic BHP grade control maps, is accelerating targeting accuracy.The company employs a dual-strategy approach: advancing London-Victoria toward near-term production through tolling agreements with nearby Alkane Resources' Tomingley facility (50km away), while systematically exploring five greenfields licenses for epithermal and porphyry discoveries. Surface samples at the Ashes prospect have returned up to 10 grams per ton gold, demonstrating early-stage promise.With Phase 2 drilling currently underway at a cost-effective A$350,000 for 13-14 holes, Adavale is executing a capital-efficient program that maintains multiple pathways to value creation in a favorable gold price environment exceeding A$4,000 per ounce.Learn more: https://www.cruxinvestor.com/companies/adavale-resourcesSign 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-fast-tracking-worlds-largest-high-grade-bauxite-development-7892Recording date: 5th December 2025Canyon Resources (ASX:CAY) is advancing rapidly toward mid-2026 production at its Minim Martap bauxite project in Cameroon, executing one of the mining industry's most compressed development timelines. The company has progressed from mining license approval in late 2024 to full development mode, with all major equipment ordered and financing secured.The project's economics are compelling: a pre-tax net present value exceeding $800 million, 29% internal rate of return, and modest capital costs of just $97 million to first production. Operating costs of $35 per ton position Minim Martap competitively in the global market, particularly given the premium-grade ore quality of 51% alumina with less than 2% silica. This quality commands a $10 premium over Guinea's standard pricing, translating to margins of $25-30 per ton at current market prices of approximately $81-82 per ton.CEO Peter Secker emphasized the project's market timing: "Chinese demand for bauxite is strong. Guinea obviously have a few problems with some decisions they've made recently. So everybody is looking for an alternate source of bauxite and Minim Martap coming on stream mid next year. Perfect timing."The development's critical path centers on rail infrastructure. Locomotives ordered from China will arrive in February 2026, with commissioning in March to enable ore hauling by April. The mining contractor, experienced in African bauxite operations, mobilizes in January. Initial production of 2 million tons annually will scale dramatically to 10 million tons by 2031 as World Bank-funded rail upgrades totaling $820 million are completed, potentially generating $200 million in annual free cash flow.Canyon has also raised equity to increase its Camrail stake from 9% to over 30%, seeking operational control over the critical 800-kilometer rail corridor to the Port of Douala. As Cameroon's first major mining project, Minim Martap benefits from strong government support and first-mover advantages in an emerging jurisdiction with significant mineral potential across multiple commodities.View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Trent Mell, CEO of Electra Battery Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/electra-battery-metals-tsxvelbm-pioneering-north-americas-critical-mineral-independence-7527Recording date: 5th December 2025Electra Battery Materials is progressing with construction of North America's first battery-grade cobalt refinery, marking a significant step toward reducing Western dependence on Chinese critical mineral processing. The Canadian facility, located just north of Toronto, targets production of 6,500 tons annually starting in 2027.CEO Trent Mell described the company's transformation as "Electra 2.0" following a comprehensive financial restructuring. The company raised $82.5 million in new capital from three levels of government, including the U.S. Department of Defense, alongside private investors. Simultaneously, lenders converted 60% of $67 million in debt to equity, demonstrating confidence in the project's viability. This recapitalization addresses the financial constraints that had paralyzed development over the previous two years.The brownfield refinery redevelopment carries an estimated capital expenditure of $69 million and is valued at over $250 million upon completion. At full capacity, the facility targets $30 million in annual EBITDA, with first-year production expected to generate $15-18 million during the 12-month ramp-up period.Commercial stability comes from a five-year tolling agreement with LG, the largest non-Chinese cobalt buyer globally. This contract covers 60-80% of production at fixed processing margins, insulating Electra from cobalt price volatility. Mell emphasized a conservative approach: "Don't get greedy. Lock in a margin. Let's just not mess it up."Demand fundamentals remain robust despite slower electric vehicle adoption rates. Mell noted that industrial and defense applications, including military drones and night vision goggles, would consume the facility's entire output even without EV demand. Indicative interest already stands at twice production capacity.The 2026 construction timeline includes contractor selection in December 2025, with detailed budgets released in January 2026. Cold commissioning begins late 2026, positioning the facility for commercial production throughout 2027. China currently controls approximately 70% of global cobalt refining capacity, making Electra's domestic processing capability strategically significant for North American supply chain security.View Electra Battery Metals' company profile: https://www.cruxinvestor.com/companies/electra-battery-metalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Chris Doornbos, President & CEO of E3 Lithium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/e3-lithium-tsxvetl-pioneering-lithium-development-in-the-heart-of-canadas-energy-industry-5064Recording date: 5th December 2025E3 Lithium has achieved significant technical and regulatory milestones as it advances its Alberta-based direct lithium extraction project toward commercial production by 2028/29. The company successfully commissioned its demonstration facility in September 2025, producing battery-grade lithium carbonate within just three weeks—a timeline CEO Chris Doornbos described as "generally not heard of" for such complex processing equipment. This achievement validates E3's proprietary 30-column DLE system while delivering recovery rates exceeding 95% at the extraction stage.The technical progress comes amid a recovering lithium market, with prices climbing approximately 40% from June 2025 lows. Doornbos attributes this recovery to tight supply-demand fundamentals rather than speculation, noting that demand continues growing from Chinese EV markets, battery storage facilities, and increasingly from US data center infrastructure. With 75% of global lithium production concentrated in China, Western governments are prioritizing domestic supply chain development, creating favorable policy conditions for North American developers.E3 has strategically recalibrated its commercialization approach, targeting 12,000 tons annual carbonate production for Phase 1 rather than the previously planned 32,000 tons of hydroxide. This revision reduces initial capital requirements while maintaining competitive economics at approximately $73,000 per installed ton—comparable to Rio Tinto's portfolio average. The company's Leduc aquifer operates at 16 times atmospheric pressure, essentially self-delivering brine and dramatically reducing operational pumping costs.On the regulatory front, E3 received Alberta's first lithium facility license under the province's brine-hosted mineral scheme and has submitted its Environmental Protection and Enhancement Act application, with commercial facility permits advancing through 2026. CEO Doornbos has transitioned to Executive Chairman to focus specifically on securing offtake agreements and project financing, reflecting management's confidence in the technical team's execution capabilities as the project moves toward construction and commercial operations amid North America's projected 300,000-ton lithium deficit through 2030.Viee E3 Lithium's company profile: https://www.cruxinvestor.com/companies/e3-lithiumSign up for Crux Investor: https://cruxinvestor.com
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