CruxCasts

Interview with Jon Bey, CEO, Standard UraniumOur previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-jv-funded-exploration-drilling-9336Recording date: 11th May 2026Standard Uranium is emerging as a notable player in the revitalized uranium sector, positioning itself for a potentially transformative discovery at its flagship Davidson River project in Saskatchewan's Athabasca Basin. CEO Jon Bey highlights growing global investor interest—particularly across Europe and Asia—driven by increasing recognition of nuclear energy as a reliable, 24/7 clean power source essential for decarbonization.Founded in 2017, the company operates in a region surrounded by billion-dollar uranium producers, yet maintains a relatively modest market capitalization of about $15 million CAD. This contrast creates significant upside potential if exploration succeeds. To sustain operations while minimizing financial risk, Standard adopted a “prospect generator” model, forming joint ventures on non-core assets. These partnerships fund exploration while Standard retains a 25% stake and ongoing exposure to discoveries, ensuring steady cash flow and operational continuity.The Davidson River project had long been constrained by technical challenges, particularly 150 meters of glacial overburden that obscured traditional gravity survey data. This barrier was recently overcome using advanced passive seismic technology developed by Fleet Space, which enables accurate subsurface mapping. Combined with historical data and machine learning analysis, the company has identified high-priority drill targets at depths of 200 to 500 meters.A fully funded 6,000-meter drill program—potentially expanding to 12,000 meters—is set to begin in early June. The use of scintillometer technology allows geologists to obtain near-instant radiation readings from drill core, enabling rapid identification of uranium mineralization and timely market updates.Standard Uranium's strategy is not to develop mines but to advance discoveries to feasibility and ultimately sell to larger producers. With strong investor interest, improving technology, and favorable market conditions, the company is entering a critical phase that could significantly redefine its valuation and role within the uranium sector.Learn more: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Brian W. Penny, CEO and Director, Wallbridge MiningOur previous interview: https://www.cruxinvestor.com/posts/wallbridge-mining-tsxwm-advances-dual-gold-strategy-in-quebecs-abitibi-belt-8667Recording date: 12th May 2026Wallbridge Mining is advancing a significant gold resource base in Quebec's Abitibi region, one of the world's most established mining jurisdictions. The company controls approximately 4.25 million ounces of gold across two projects: the more advanced Fenelon deposit with 3.5 million ounces, and the earlier-stage Martiniere project with 750,000 ounces. Both assets remain open for expansion and are being evaluated independently to ensure disciplined capital allocation.A March 2025 preliminary economic assessment for Fenelon highlights strong project economics, including a net present value of $1.4 billion, a 34% internal rate of return, and a rapid 2.4-year payback period at a conservative gold price of $3,000 per ounce. The project is designed as a 15-year underground operation producing an average of 107,000 ounces annually, with higher-grade output of 127,000 ounces per year in the first five years to accelerate returns.Management has adopted a “right-sized” development strategy, opting for a 3,000 ton-per-day operation. This approach reduces capital intensity, simplifies permitting, and minimizes environmental impact while preserving upside from the broader resource base. Advancing the project to pre-feasibility will require $50–60 million and is expected to take approximately four years, including permitting and agreements with Indigenous communities.Near-term catalysts include metallurgical testing to confirm gold recovery rates and validate dry-stack tailings, as well as an active drilling program at Martiniere targeting exploration upside. Despite strong project fundamentals, Wallbridge's market capitalization remains around $100 million, creating a potential valuation gap.With improving gold market conditions and a clear pathway to development, Wallbridge is positioned to unlock value through continued de-risking, resource conversion, and strategic flexibility, including the possibility of future acquisition.Learn more: https://www.cruxinvestor.com/companies/wallbridge-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Mike Hodgson, CEO, Serabi Gold Our previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-the-playbook-for-growing-to-70000100000oz-while-returning-capital-9197Recording date: 11th May 2026Serabi Gold has entered a new phase of growth, transitioning from operational recovery to a financially strong, expansion-focused gold producer. In 2025, the company increased production to 44,000 ounces, up from 38,000 ounces in 2024, while maintaining an all-in sustaining cost of $1,816 per ounce. Supported by a strong gold price environment, this performance generated approximately $30 million in cash, ending the year with $50 million on hand. By the first quarter of 2026, Serabi had eliminated nearly $20 million in debt and grown its cash position to $65 million.Looking ahead, the company expects to produce 53,000–55,000 ounces in 2026 and generate $60–100 million in free cash flow, depending on gold prices. This outlook is underpinned by a debt-free balance sheet and strong operating margins, even as Serabi invests $15 million annually in exploration and development.A central pillar of its strategy is resource expansion. The company increased its resource base from 1 million to 1.4 million ounces in 2025 and is targeting 1.8–2 million ounces by the end of 2026 through extensive drilling. The Coringa project offers particularly strong upside, with significant unexplored potential along its mineralized strike.A major milestone was the unanimous approval of environmental and indigenous studies for Coringa, significantly de-risking the permitting process. Final approval is expected by late 2026 or early 2027, paving the way for a potential doubling of annual production capacity to 100,000 ounces.Serabi is also prioritizing shareholder returns through a dividend policy distributing 20% of cash flow, while evaluating disciplined acquisition opportunities. With strong cash generation, expanding resources, and a clear growth pathway, the company is well-positioned to scale production and enhance long-term value.Learn more: https://www.cruxinvestor.com/companies/serabi-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Henderson, CEO, Latin MetalsRecording date: 11th May 2026Latin Metals is redefining the junior mining model through a pure prospect generator strategy focused on Argentina and Peru. Rather than funding costly drilling programs, the company identifies and acquires prospective mineral assets, then partners with well-capitalized operators who earn majority stakes—typically 70–75%—by completing drilling programs. This approach allows Latin Metals to operate on just $2–3 million annually while avoiding shareholder dilution, a common issue among traditional explorers.A key innovation in its model is structuring earn-in agreements based on drilling meters instead of expenditure commitments. This ensures partners deliver tangible exploration work rather than inflating budgets with overhead costs. Currently, the company has secured approximately $80 million in partner-funded exploration, with expectations to grow this to $160–180 million as additional projects are optioned.Latin Metals' portfolio is concentrated in mining-friendly regions where it has deep local expertise, including a 500,000-hectare land position in northwest Argentina prospective for sediment-hosted gold deposits. Its partnerships include major and mid-tier players such as Moxico Resources, alongside past or ongoing relationships with Newmont, Barrick, and AngloGold Ashanti. These collaborations validate the technical quality of its assets while distributing operational risk.The company's long-term strategy is to evolve into an organic royalty business. By retaining net smelter return (NSR) royalties and minority stakes, Latin Metals gains exposure to future production and rising commodity prices without assuming development costs. Additional value is realized through staged cash payments tied to resource estimates.With improving mining sentiment in Argentina and strong demand for advanced projects, Latin Metals is positioned to benefit from multiple near-term exploration catalysts. Its disciplined, capital-light model offers diversified upside while maintaining financial stability and minimizing risk.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Daniel Henao, CEO, Mineros S.A.Our previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-record-800m-revenue-in-2025-sets-up-2026-nicaragua-growth-surge-9396Recording date: 8th May 2026Mineros S.A., a long-established gold producer operating in Colombia and Nicaragua, is emerging as a compelling case of market undervaluation despite strong operational and financial performance. In the first quarter of 2026, the company produced 61,000 ounces of gold equivalent and generated $154 million in EBITDA, exceeding production guidance while keeping costs below expectations. Revenue reached $292 million, with significant gains driven not only by favorable gold prices but also by improved recovery rates and operational efficiencies.Despite this momentum, Mineros trades at just 0.49 times price-to-net asset value, well below industry peers. With a market capitalization of approximately $1.2 billion, over $220 million in cash and gold holdings, and minimal debt, the company's valuation appears disconnected from its earnings strength and asset base.A key growth driver is its Nicaragua operation, where production is being constrained by processing capacity. A 50% expansion—from 1,750 to 2,500 tons per day—is underway to eliminate bottlenecks, with approximately 11,000 ounces already stockpiled for future processing. Costs have already declined משמעותfully as operations scale more efficiently.Mineros is also advancing the Porvenir project, a $200 million development expected to produce 70,000 ounces annually, with strong projected returns. At the same time, the company is investing in a 100-kilometer exploration program while returning capital through a $30 million dividend and an $80 million share buyback.Looking ahead, Mineros aims to increase production to 300,000 ounces in the near term and 500,000 ounces by 2030 through operational improvements, project development, and acquisitions. With solid cash flow, disciplined capital allocation, and visible growth pathways, the company positions itself as a mid-tier producer whose current valuation may not fully reflect its underlying potential.Learn more: https://www.cruxinvestor.com/companies/mineros-saSign up for Crux Investor: https://cruxinvestor.com

 Interview with Colin Joudrie, CEO, Selkirk Copper MinesRecording date: 8th May 2026Selkirk Copper Mines is advancing the restart of a high-grade copper-gold-silver operation in Canada's Yukon, targeting production by mid-2028. The project stands out for its exceptional geology, with copper grades ranging from 6% to 10% across more than 85 mineralized lenses, and recovery rates averaging 91%. These characteristics position Selkirk among the highest-grade copper producers globally, with concentrate grades of 39–40%, significantly above the industry average of 26–28%.A major advantage lies in the project's existing infrastructure. More than $330 million has already been invested in processing facilities, roads, and power, reducing restart capital requirements to roughly one-quarter of a comparable new development. This capital efficiency allows the company to focus spending on targeted upgrades and mine development rather than large-scale construction.The project also features a groundbreaking partnership with the Selkirk First Nation, which holds approximately 20% equity in the company. This unique arrangement aligns community and corporate interests while unlocking exploration potential in a district that has seen little modern exploration for decades.Recent drilling has reinforced confidence in the asset, achieving an 87% success rate across 175 holes, with results ranking among the best in the project's history. These findings support a projected mine life of 12 to 15 years, with annual production targeted at around 30,000 tons of copper equivalent.Following bankruptcy proceedings, the company emerged free of legacy financial burdens, including a gold-silver streaming agreement, enabling full exposure to favorable metal prices. Combined with strong market demand for high-quality copper concentrates, Selkirk is well positioned to secure flexible, non-dilutive financing through offtake agreements.Overall, the project represents a rare combination of high-grade resources, existing infrastructure, and strong stakeholder alignment, offering a lower-risk path to near-term copper production.Learn more: https://www.cruxinvestor.com/companies/selkirk-copperSign up for Crux Investor: https://cruxinvestor.com 

Interview with Kiran Patankar, CEO, Maple Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-ltd-tsxvmgm-funded-drilling-targets-douay-update-maiden-joutel-mre-9451Recording date: 7th May 2026Maple Gold Mines has significantly expanded its gold resource base to 5.2 million ounces across its Douay and Joutel deposits in Quebec's Abitibi greenstone belt, marking a major step in establishing itself as a leading undeveloped gold project in the region. The updated estimate reflects strong growth, with indicated resources increasing by 77% and inferred resources by 70%. Douay accounts for approximately 4 million ounces as a large-scale, lower-grade open-pit project, while Joutel contributes over 1 million ounces at grades exceeding 4 g/t, highlighting its high-grade underground potential.The company is well-funded, holding around $35 million in cash, which is expected to support operations through 2027. This financial position enables an aggressive exploration strategy, including up to 80,000 meters of additional drilling following a recently completed 32,000-meter program. Notably, results from recent drilling have yet to be incorporated into the current resource estimate, suggesting further upside potential.Maple is advancing a dual-track strategy that combines resource expansion with early-stage engineering studies. These efforts aim to inform a potential preliminary economic assessment (PEA), expected in the first half of 2026. The company is evaluating multiple development scenarios, including blending higher-grade underground ore from Joutel with lower-grade open-pit material from Douay to enhance overall project economics.Strategically, Maple benefits from strong infrastructure advantages, including existing shafts at Joutel and proximity to regional milling facilities. Its partnership with Agnico Eagle, a major player in the Abitibi region, further strengthens its development outlook.Despite these strengths, Maple trades at a significant discount to peers, at roughly $26–27 per ounce compared to $50–60 per ounce for similar companies, with recent acquisitions valued even higher. This valuation gap underscores potential upside as the company advances toward development and demonstrates economic viability.Learn more: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Brian Miller, CEO, Astra ExplorationOur previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-7500m-drilled-third-exploration-program-to-commence-9520Recording date: 6th May 2026Astra Exploration has secured $15 million in its largest financing to date, raising the funds near its all-time high share price and without issuing warrants—a strong signal of investor confidence. The financing was heavily oversubscribed, with $12.5 million coming from major institutional investors such as Schroders and Terra Capital. This backing reflects growing confidence in Astra's geological model and disciplined exploration strategy at its flagship La Manchuria gold-silver project in southern Argentina.La Manchuria presents a dual exploration opportunity. Near the surface, the project hosts a bulk tonnage gold-silver system, currently estimated at 146,000 gold-equivalent ounces at an average grade of about 2 grams per tonne, with significant room for expansion. At depth, Astra is targeting a high-grade feeder zone, where converging veins may indicate a richer “plumbing system” feeding the mineralization above. This concept, if confirmed, could significantly enhance the project's economic potential, similar to other major discoveries in the region.The company has launched its Phase 3 drilling program, targeting 5,000 to 7,000 meters, with the possibility of expanding to 20,000–30,000 meters over the next 12 to 18 months depending on results. Drilling focuses on both extending shallow mineralization and testing deeper convergence zones. Initial assay results are expected in July 2026 and will guide future exploration.La Manchuria also benefits from strong infrastructure advantages, including proximity to two existing processing facilities and favorable topography that supports efficient open-pit mining. Combined with Argentina's improving mining investment climate, Astra is well positioned to advance the project. The latest financing underscores institutional belief that the company's methodical approach could unlock a significant gold-silver discovery.Learn more: https://www.cruxinvestor.com/companies/astra-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Whiteford, CEO, NexMetals MiningOur previous interview: https://www.cruxinvestor.com/posts/nickel-enters-a-new-era-as-indonesia-tightens-supply-and-prices-surge-10057Recording date: 8th May 2026NexMetals Mining is advancing the redevelopment of its Selebi and Selkirk copper-nickel-PGM deposits in Botswana through a combination of metallurgical innovation and aggressive exploration. A key breakthrough has been the successful production of separate, saleable copper and nickel concentrates, eliminating the need for costly smelter construction. This shift significantly reduces capital requirements and execution risk, making the projects more feasible for a development-stage company.The deposits currently host approximately 28 million tons grading over 3% copper equivalent, with ongoing drilling aimed at expanding the resource base. A newly identified “flexure zone” at Selebi Main, defined through modern geophysical techniques, represents a high-priority target with strong indications of extensive mineralisation. Wide-spaced drilling has already demonstrated the potential for rapid resource growth.Metallurgical testing has delivered results well above previous assumptions, with copper recoveries improving to 88% from 70% and palladium to 78.5% from 59%. Additional payable metals, including cobalt, gold, and silver, further enhance project value. These improvements are expected to increase net smelter return values and lower cutoff grades in the upcoming resource update, strengthening overall project economics.Backed by an $80 million financing, NexMetals is progressing toward a maiden preliminary economic assessment, which will outline capital costs, operating metrics, and returns under the new concentrate-based development plan. Analysts have set price targets ranging from $8.50 to over $12, suggesting potential upside from current levels.Strategically, the company is evaluating options such as a joint venture or spin-out of the Selkirk asset to unlock value while focusing on Selebi. Botswana's stable, mining-friendly environment, existing infrastructure, and streamlined permitting further support a potentially accelerated path to production compared to greenfield projects.Learn more: https://www.cruxinvestor.com/companies/nexmetals-mining-corpSign up for Crux Investor: https://cruxinvestor.com

 Recording date: 4th May 2026Olive Resource Capital reported strong performance in April 2026, delivering double-digit returns that significantly outpaced traditional mining indices, which posted flat to modest gains. The outperformance was driven primarily by stock-specific gains rather than broader commodity trends, highlighting the fund's emphasis on targeted investment selection.The firm has simultaneously adopted a more defensive posture, increasing cash holdings to over $3 million—more than half of its liquid assets—following the monetisation of its Aurion Resources position after a takeover by Agnico Eagle, along with selective trimming of other holdings. Despite this, the portfolio remains approximately 85% invested, reflecting a balanced approach between caution and opportunity.A key concern shaping strategy is the perceived underpricing of geopolitical risks tied to the Iran-Strait of Hormuz situation. While oil prices remain elevated, management believes equity markets are overly optimistic about a quick resolution and are failing to account for potential prolonged supply disruptions, particularly affecting Asia-Pacific economies. As a result, the fund has reduced exposure to that region and shifted focus toward North American assets, which are viewed as more resilient due to stronger domestic energy infrastructure.The fund also identified a shift in market dynamics from momentum-driven gains to a more selective, catalyst-driven environment. In this new phase, meaningful stock performance depends on significant corporate developments rather than general sector tailwinds.Looking ahead, Olive Resource Capital is positioning around several anticipated catalysts, including economic assessments, resource updates, and active drilling programs across multiple portfolio companies. This strategy aims to generate returns through company-specific developments while maintaining flexibility to navigate potential volatility.Overall, the fund combines strong recent performance with prudent risk management, adapting to both changing market conditions and evolving geopolitical uncertainties.Sign up for Crux Investor: https://cruxinvestor.com 

Interview with Thomas Lamb, CEO, Myriad UraniumOur previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-corp-csem-radiometric-breakthrough-expands-drill-plans-9453Recording date: 6th May 2026Myriad Uranium is advancing a strategic shift from historical resource estimation to active development at its flagship Copper Mountain project in Wyoming, following the release of a comprehensive NI 43-101 technical report. The report confirms a 27 million pound historical uranium resource and highlights a much larger 655 million pound uranium endowment identified by U.S. Department of Energy assessments, establishing a strong foundation for future growth.The company is launching a 4,500-meter Phase 2 drilling program aimed at validating historical data and expanding known deposits. This program will focus on seven previously identified deposits, peripheral targets with limited past drilling, and entirely new zones identified through recent geophysical surveys. A key factor underpinning potential upside is radioactive disequilibrium, which historically caused uranium grades to be underestimated. Modern assay techniques suggest grades could be 20–60% higher than previously recorded, with possible extensions in mineralized intervals.Financially, Myriad is strengthening its position through the sale of a 90% stake in its Red Basin project in New Mexico for $2.5 million USD, while retaining a 10% carried interest. The deal, backed by technology-focused investors, reflects growing interest from the tech sector in uranium as a strategic resource for powering AI and data infrastructure. Proceeds from the transaction are expected to increase the company's cash reserves to approximately $11–12 million CAD, funding ongoing exploration with minimal dilution.Myriad is also progressing toward a listing on a major U.S. exchange and completing a merger to consolidate ownership of Copper Mountain. Combined with new exploration targets and strong financial backing, the company is positioning itself to capitalize on rising uranium demand and increasing geopolitical focus on domestic energy security.Learn more: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Ruse, Head of Corporate Development, and Nicholas Holthouse, MD of Mont Royal ResourcesOur previous interview: https://www.cruxinvestor.com/posts/mont-royal-resources-asxmrz-ashram-acquisition-drives-november-2025-asx-re-admission-8400Recording date: 4th May 2026Mont Royal Resources is on the verge of releasing a highly anticipated Preliminary Economic Assessment (PEA) for its Ashram rare earth project in Quebec, showcasing structural improvements that could redefine the project's financial viability. By strategically redesigning its operations, the company has successfully slashed projected capital costs by more than half, transforming the asset into an eminently financeable operation.This massive cost saving stems primarily from two pivotal decisions: securing a year-round southern road route instead of relying on ice-bound northern ports, and relocating the complex hydrometallurgical processing plant to the Port of Saguenay. Moving the plant away from the remote mine site to an established industrial port guarantees cheaper construction, better access to skilled labor, and proximity to mature mining services. Think of it like moving a specialized, high-tech manufacturing facility from an isolated island directly to an industrial park—everything from daily logistics to emergency maintenance becomes instantly more efficient and less expensive.Beyond its rare earth endowment, Mont Royal is unlocking a lucrative secondary revenue stream by actively targeting fluorspar. With impressive high-grade intersections reaching up to 20% and global metspar shortages driving prices to $400–500 per ton, this mineral acts as a standalone financial pillar rather than a mere byproduct. Despite a massive 200-million-ton resource, the operation is purposefully designed as a boutique, high-value asset. It plans to move roughly 70,000 tons annually in standard 20-ton shipping containers, significantly simplifying the supply chain compared to traditional bulk commodity movements.Crucially, Mont Royal is positioning itself to capture premium pricing outside of China's market dominance. By utilizing a CIF European price deck, the company aims to capitalize on extreme Western supply shortages. This disconnect is highlighted by europium prices, which can exceed $1,000/kg in Western markets compared to a mere $22/kg in China. With proven, uncomplicated metallurgy and firmly secured First Nations support, Mont Royal is advancing a generational critical minerals project ready to feed Western supply chains.View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO of New Found Gold, and Darren Cooke, CEO of FireFly MetalsRecording date: 3rd May 2026Newfoundland and Labrador is rapidly emerging as a premier mining jurisdiction, attracting significant investment due to its efficient permitting, established infrastructure, and strong labour pool. Industry leaders Keith Boyle of New Found Gold and Darren Cooke of Firefly Metals highlight how these advantages are reshaping project economics and timelines compared to other regions.A key differentiator is the province's collaborative regulatory approach. Companies work closely with government agencies before formal submissions, enabling unusually fast approvals illustrated by Firefly's environmental assessment completed in just 45 days. This proactive process, combined with relatively straightforward Indigenous consultation frameworks, reduces delays that often extend mine development elsewhere.Infrastructure plays a central role in lowering costs and accelerating timelines. New Found Gold benefits from proximity to transportation and power networks, as well as its acquisition of the Pine Cove Mill, which eliminated the need to build new processing facilities. Firefly Metals similarly leverages approximately $250 million in existing underground development at its Green Bay project, including deep access infrastructure that would otherwise take տարին to replicate. These factors significantly compress capital requirements and construction schedules.Both companies are advancing distinct but complementary strategies. New Found Gold is targeting production by late 2027 with modest capital expenditure of $155 million, focusing initially on high-grade zones averaging 12 grams per tonne. This approach is expected to generate over $300 million in annual cash flow at current gold prices. Meanwhile, Firefly's Green Bay project combines its large 80 million tonne resource with strong grades, positioning it as a rare near-term copper development asset. The company is well funded and exploring non-dilutive financing through offtake agreements.Importantly, Newfoundland's returning skilled workforce supports these accelerated timelines without the labour shortages seen in other regions. Together, these advantages enable both companies to pursue development timelines closer to six years, significantly faster than the typical decade-long cycle in the global mining industry.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-mining-tsxvscz-record-results-and-2026-growth-outlook-9889Recording date: 6th May 2026Santacruz Silver Mining is positioning itself as a significantly undervalued player in the global silver sector, according to CEO Arturo Préstamo Elizondo, who argues the company trades at a steep discount to peers across multiple financial metrics. With an enterprise value of about $1 billion, Santacruz is valued at roughly $45 per silver equivalent ounce—far below the peer average of $180—and at around 6x EV/EBITDA compared to 15–20x for comparable companies. Management attributes this gap to temporary factors, including limited trading history on major exchanges, the lingering impact of a 2025 flooding incident at its Bolivar mine, and perceived geopolitical risks tied to its Bolivian operations.Despite these concerns, the company delivered strong financial results in 2025, reporting $326.4 million in revenue, $104.6 million in EBITDA, and $79.1 million in operating cash flow. It also strengthened its balance sheet by eliminating debt and ending the year with $66.7 million in cash. Operationally, Santacruz is advancing key recovery and growth initiatives. The Bolivar mine is on track to resume full silver production by Q3 2026 as dewatering progresses, restoring access to high-grade zones. Meanwhile, infrastructure upgrades at the Zimapán mine are expected to improve throughput and reduce costs.Looking ahead, Santacruz is focused on organic growth, including a new milling facility at San Lucas and development of the Soracaya mine, targeted for late 2026. The company is also enhancing operational efficiency through real-time monitoring systems and may consider share buybacks if its valuation remains depressed. Management believes that upcoming catalysts—such as a planned Toronto Stock Exchange uplisting and potential regulatory reforms in Bolivia—could help close the valuation gap while highlighting the strength of its diversified, multi-mine portfolio.View Santacruz Silver Mining's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Gentile, InvestorOur previous interview: https://www.cruxinvestor.com/posts/mining-alpha-with-michael-gentile-40t-debt-negative-real-rates-gold-volatility-9758Recording date: 30th April 2026The junior mining sector is undergoing a fundamental revaluation, evidenced by two landmark acquisitions that have established new pricing benchmarks for quality gold assets. G Mining Ventures acquired G2 Goldfields at approximately $600 per ounce, while Agnico Eagle purchased Rupert Resources at $500-600 per ounce. Both transactions commanded 70% premiums to prevailing market prices, marking a significant departure from the $50-150 per ounce valuations that have persisted despite gold's rise from $1,500 to $4,500.These premium valuations reflect a strategic shift toward infrastructure-adjacent assets that offer reduced capital requirements and faster payback periods. In G Mining's case, the target sits directly adjacent to their operation under construction, potentially creating a combined 500,000-ounce annual production profile while eliminating over $1 billion in duplicate infrastructure costs. At current gold prices and $2,000 all-in sustaining costs, acquiring ounces at $600 where minimal additional capital is required still yields $1,900 per ounce in cash margin.Strategic investor Michael Gentile, co-founder of Bastion Asset Management, has built his investment framework around this infrastructure dynamic. Operating with 30-35 core positions, he allocates initial capital at 1% of portfolio value, targeting 5-20% ownership stakes in post-discovery companies with $30 million market capitalizations. His emphasis on management ownership of 10-30% of shares, proximity to existing infrastructure, and clear pathways to production has produced five to six successful exits over nine years of full-time investing.The investment process emphasizes patience, with typical timelines of 5-10 years from discovery to acquisition or production. Gentile acknowledges that only 20-30% of investments reach full realization, making diversification across minimum 10-15 positions essential. Position sizing scales with performance, with successful investments receiving up to 5% of book capital across multiple financings while underperformers remain capped at initial allocations.The improving financing environment, characterized by tighter pricing terms and major miners' strong balance sheets, supports continued M&A activity and potential sector-wide revaluation as quality near-term assets become increasingly scarce.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Luis Goyzueta, Chairman & CEO of Titiminas SilverRecording date: 1st May 2026Titiminas Silver is advancing the restart of the Madre Sierra mine in central Peru, positioning itself as a fast-moving entrant focused on reviving a past-producing, high-grade polymetallic asset rather than pursuing traditional exploration. The project hosts a 1.2 million ton historical resource grading 4–5 ounces per ton silver, alongside copper, gold, zinc, and lead, for roughly 20 million ounces of silver equivalent. With only three of six identified veins historically developed across a small area of a 2.2-kilometer strike, the company sees substantial upside for resource expansion.A key advantage lies in the project's strong infrastructure and permitting position. Madre Sierra is located near a regional airport, paved highway, and power access, while holding an existing 350-ton-per-day mining permit and a community agreement secured through 2032. These factors significantly reduce development risk and enable an accelerated timeline. The company plans to begin drilling shortly, targeting a maiden resource estimate within a year and a final investment decision by late 2027, potentially based on a preliminary economic assessment.Initial production is expected at 350 tons per day, yielding დაახლოებით 1.2 million ounces of silver annually, with capital costs estimated at $35–45 million. A second phase could expand throughput to 800–1,200 tons per day, increasing output to as much as 3.5 million ounces per year. The polymetallic nature of the deposit provides diversified revenue streams, enhancing project resilience.Led by CEO Luis Goyzueta, who brings decades of Peruvian mining and private equity experience, Titiminas is also pursuing a broader growth strategy. Leveraging proprietary relationships, the company aims to acquire similar high-grade assets in central Peru, targeting long-term production of 10 million ounces of silver annually. Additional upside comes from a high-grade molybdenum discovery on its northern property, which may offer future strategic value.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, President & CEO of Abitibi MetalsOur previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-doubles-resource-on-high-grade-copper-gold-vms-9195Recording date: 29th April 2026Abitibi Metals recently secured a transformative $31 million investment from Discovery Silver, marking a major institutional validation of its B26 polymetallic deposit in Quebec. In exchange for a 9.9% stake, Discovery Silver provides both a substantial capital injection and invaluable operational expertise. Developed over a two-and-a-half-year partnership with the Quebec government subsidiary SOQUEM, the B26 deposit currently boasts 25 million tons at a 2.1% copper equivalent. This impressive scale places it among a rare class of large-scale copper, gold, and zinc assets in Canada's mining-friendly jurisdiction.The alliance brings far more than just funding. Discovery Silver's management team has a proven track record of building successful mines, offering Abitibi critical guidance in permitting, community engagement, and environmental management. Over the past 18 months, Abitibi's valuation has surged from $30 million to roughly $150 million. Notably, this latest financing was completed without issuing warrants. This careful structuring preserves equity for existing shareholders while positioning the company for aggressive expansion without near-term dilution risks.Now fully funded through 2027, Abitibi is launching a massive 80,000-plus meter drilling program. The immediate focus is delivering a Preliminary Economic Assessment (PEA) and an updated resource estimate in the first quarter to outline the project's early payback potential. Looking ahead, Abitibi plans to use B26 as a flagship anchor to consolidate the broader mining camp through strategic acquisitions. With structural demand growing for both copper and gold, this new war chest allows Abitibi to advance confidently toward a feasibility study and fully capitalize on a strengthening commodity cycle.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Erin Zaunscherb, Chairman & CEO of GR Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/gr-silver-mining-tsxvgrsl-high-grade-silver-strike-opens-up-expansion-potential-7893Recording date: 29th April 2026GR Silver Mining (TSXV:GRSL) is a silver-focused exploration company advancing the San Marcial project in Sinaloa, Mexico. The company holds 134 million ounces of silver equivalent in resources, has historically added ounces at a cost of US$0.12 per ounce, and is currently executing a 20,000-metre drill programme designed to grow that resource base materially. For investors, the combination of a large existing resource, a low discovery cost, an expanding geological model, and a structured near-term catalyst pipeline defines the investment case.The project's geological setting is more complex and more prospective than the headline resource alone suggests. San Marcial sits within a breccia system hosted by an intrusive body, of which only approximately 20% of the perimeter has been tested. The remaining 80% of that perimeter represents high-priority exploration ground in analogous structural positions to existing high-grade mineralisation. Beyond the main breccia, geological mapping has identified parallel breccia bodies forming concentrically around the intrusive core, showing elevated gold. Surface sampling further toward the intrusive centre has detected copper and molybdenum, raising the possibility of a porphyry mineralisation model at depth. Within the main breccia itself, four to five distinct mineralisation pulses have been identified, adding vertical scale to the system.Early results from the current drill programme are consistent with these interpretations. Hole 2601 returned 6.5 metres grading 500 grams per tonne silver, including 1.2 metres of 1,600 grams per tonne, with a notable 61-metre interval at depth confirming the system remains alive well below current resource boundaries. Hole 2603 returned 15.6 metres of 351 grams per tonne silver from 200 metres, including 2.5 metres at 1,400 grams per tonne. Drilling is now on holes 10, 11, and 12. The full 20,000-metre programme is targeting completion in the second half of the year, to be followed by a resource update and the commissioning of a PEA.A separate but strategically connected element is the planned bulk sample test mining programme at the Plomosas mine, which sits on the same land package. With 7.4 kilometres of existing underground development and permits already in place, Plomosas offers a low-capital pathway to early cash generation and, more importantly, to demonstrating operational credibility with Mexican regulators. San Marcial currently holds exploration concession status, which carries a permitting timeline of five to seven years under conventional processes. A positive track record at Plomosas could shorten that meaningfully, with direct implications for the project's net present value.The company is fully financed with no debt, providing operational continuity through the current programme without near-term dilution risk. Following the passing of founder and CEO Marcio Fonseca, executive chairman Eric Zaunscherb has stepped into an interim leadership role. Field teams remain active and motivated, and the exploration programme has continued without interruption.For investors with an appetite for primary silver exposure at the exploration stage, GR Silver Mining offers a large resource base, an expanding geological thesis, a defined catalyst sequence, and a valuation that has not yet reflected the full scope of what is emerging at San Marcial.View GR Silver Mining's company profile: Sign up for Crux Investor: https://cruxinvestor.com

 Interview with Robert Wrixon, Executive Director of Nordic ResourcesOur previous interview: https://www.cruxinvestor.com/posts/nordic-resources-asxnnl-finlands-rising-star-in-the-global-battery-metals-race-6336Recording date: 28th April 2026Nordic Resources (ASX:NNL) is emerging as a strategic play in Finland's gold sector following Agnico Eagle's high-premium acquisitions of Rupert Resources and Orion Resources in the Central Lapland gold belt. The company controls three gold projects in Finland's central Ostrobothnia region—Kopsa, Kiimala, and Hirsikangas—positioned to benefit from similar dynamics that drove those recent transactions.The flagship Kopsa project hosts 815,000 ounces at 1.1 grams per ton, with 90% of resources sitting within 150 meters of surface. Critically, Kopsa contains a high-grade core of approximately 5 million tons averaging 2 grams per ton—potentially two to three years of higher-grade production that significantly enhances project economics. The asset comes with a conditionally granted mining concession, placing it ahead of most Finnish exploration projects in development timeline.Executive Director Robert Wrixon argues that Nordic Resources offers similar strategic advantages to the recently acquired Central Lapland assets: tier-one jurisdiction, existing infrastructure including two nearby processing plants and rail connectivity, and district-scale consolidation potential. "It's not just about the grade and the geology anymore," Wrixon notes. "It does matter where you are, if there's a district scale consolidation play and if there's infrastructure around."The company is executing an aggressive exploration program funded by A$10.6 million in cash, planning to drill 20,000+ meters in 2026 with a resource update expected in September incorporating 8,000 meters of new drilling and metallurgical test work. Management is pursuing a dual strategy: growing resources through exploration while developing production optionality through potential toll-treating arrangements at existing regional plants.Trading at approximately A$40-45 per ounce versus the substantial premiums paid in recent Finnish transactions, Nordic Resources positions itself as the "next cab off the rank" in Finland's increasingly valuable gold districts, offering investors leveraged exposure to resource growth, early production pathways, or district consolidation scenarios.View Nordic Resources' company profile: https://www.cruxinvestor.com/companies/nordic-nickelSign 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-building-scale-in-british-columbias-copper-district-9481Recording date: 28th April 2026Kodiak Copper and Teck Resources have joined forces to create Kay Copper, a newly formed exploration company aimed at capitalizing on the growing demand for domestic critical minerals in the United States. This strategic joint venture combines Kodiak's dormant Mohave project with Teck's Copper Hill asset, both located in the mineral-rich state of Arizona. By spinning out these highly prospective porphyry projects into a dedicated entity, both companies can unlock shareholder value without losing focus on their primary operations. As the push for green energy and electrification intensifies, finding reliable domestic copper sources has never been more crucial, making this an opportune time to explore Arizona's proven mining districts.Kay Copper is well-positioned for immediate action, backed by a $5 million initial capitalization that will fund drill programs later this year. Both Kodiak and Teck will maintain a 28% equity stake in the new venture, providing robust institutional support. Notably, Teck Resources has secured offtake rights for both properties. This guarantees them access to the copper produced if exploration efforts lead to a functioning mine, which signals immense confidence in the long-term viability of these assets. The company is actively targeting a public listing on the TSX Venture Exchange, with the transaction expected to close in early Q3, guided by incoming CEO Adam Schatzker and Board Chair Claudia Tornquist.The exploration strategy will simultaneously test shallow, drill-ready targets and massive, deeper anomalies. At the Mohave project, legacy data suggests historical drilling merely grazed the edge of a high-grade center, leaving newly expanded claims ripe for immediate exploration. Meanwhile, the Copper Hill project features strong geological indicators that hint at a significant mineralized system. Initial drilling will focus on the shallower zones of Copper Hill to generate early discoveries and build geological confidence. By systematically advancing these assets, Kay Copper aims to unearth a transformative tier-one discovery to supply America's future infrastructure needs.View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of ATHA Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-bigger-better-than-athabasca-basin-uranium-8075Recording date: 28th April 2026ATHA Energy is making waves in Canada's Angikuni basin, successfully transitioning from early-stage exploration to a critical resource delineation phase. What sets the company apart is the sheer scale of its recent discoveries. To put this in perspective, world-class uranium deposits in Saskatchewan's famous Athabasca basin typically span less than a single kilometer. In stark contrast, ATHA has uncovered continuous mineralization stretching over 14 kilometers in its RIB corridor. By focusing its efforts on a single, cohesive geological system across its district-scale land package, the company has achieved a rare 100% success rate on tested geophysical targets, essentially eliminating early discovery risk.Backed by $63 million in fresh capital—including support from industry veteran Warren Gilman's QRC—ATHA is fully funded for a multi-year run. The drill results so far have been exceptional. For example, recent tests returned 34 meters of mineralization, featuring a 13-meter continuous stretch at over 0.5% uranium with peak grades topping 8%. To capitalize on these high grades, the company is scaling up its operations in 2026 by deploying three drill rigs simultaneously. This marks their largest exploration program to date, shifting focus from hunting new targets to proving the immense continuity of the systems they have already found.Controlling the entire Angikuni basin in Nunavut gives ATHA a distinct operational advantage, even though operating in Canada's remote north presents logistical hurdles. Fortunately, nearby established projects prove that large-scale mining development in the region is entirely viable. According to CEO Troy Boisjoli, this operational inflection point aligns perfectly with the most favorable uranium market conditions seen in two decades. With a massive, high-grade footprint and aggressive drilling underway, ATHA Energy is positioned as a standout player in the junior uranium sector.View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Jonathan Egilo, President & CEO of Axo MetalsOur previous interview: https://www.cruxinvestor.com/posts/axo-copper-tsxvaxo-royalty-free-high-grade-copper-discovery-prepares-for-june-2025-listing-7208Recording date: 28th April 2026Axo Metals Corp, trading on the TSX Venture Exchange and in the process of rebranding from Axo Copper Corp, has made a single acquisition that fundamentally changes its investment profile. The company purchased the San Antonio gold project in Sonora, Mexico in January 2026. The asset is a past-producing open-pit heap leach operation that retains most of its original mining infrastructure, including a crusher, carbon column plant, heap leach pads, camp facilities, water rights, and power line access. President and CEO Jonathan Egilo has described the situation plainly: the company is inheriting a heap leach mine that is already approximately 70% built. The difference between a greenfield gold project and a brownfield restart with existing infrastructure is the difference between years of capital-intensive construction and a development timeline measured in months. Egilo has guided for a build period of six to nine months once permitting is secured, a timeline that is only realistic because the heavy lifting was completed during the asset's prior operating life and subsequent development by Osisko.The current resource stands at 1.1 million ounces of gold, split between lower-grade oxide material amenable to heap leaching and higher-grade sulphide material. That figure was generated after one year of drilling and modelled on a gold price of US$1,700 per ounce, well below where gold is trading today. Refreshing the model to current prices is expected to add ounces before a single additional metre of drilling is completed. A 30,000-metre drill programme is now running in parallel with permitting and engineering, targeting high-priority areas that have never been drilled in the project's history. The company has the financial flexibility to expand that programme by a further 20,000 to 30,000 metres without returning to the market.On the financing side, Axo completed a C$40 million raise with warrant accelerators that could bring in a further C$28 million. The remaining capital build including the incremental stripping, haul road, and heap leach pad expansion required to begin mining the new starter pit, are expected to be covered by a combination of those proceeds and a modest debt facility, which management considers readily available in the current gold price environment.The permitting pathway is credible rather than theoretical. The same management group secured an open-pit permit in Sonora from the current Mexican administration in approximately twelve months, completing that process for Silver Tiger Metals in November 2025. San Antonio involves the same state, the same regulatory authorities, and the same team.The deal structure with Osisko, structured as all-stock with production-linked cash milestones, means the vendor's interests are aligned with Axo's success. There is no financial pressure on Osisko to liquidate its position before production is achieved.For investors looking for near-term gold production exposure with a de-risked capital profile, an undervalued resource base, and a management team that has already proven it can execute in the same jurisdiction, Axo Metals offers a specific and timely opportunity ahead of a PEA, permit update, and drill results all expected in 2026.View Axo Copper's company profile: https://www.cruxinvestor.com/companies/axo-copper-cSign up for Crux Investor: https://cruxinvestor.com

Interview with Matthew D. Gili, President & CEO of Ur-EnergyOur previous interview: https://www.cruxinvestor.com/posts/ur-energy-amexurg-bringing-second-uranium-mine-online-as-demand-surges-9237Recording date: 27th April 2026Ur-Energy has officially launched operations at its Shirley Basin facility in Wyoming, marking a major milestone as the company's second producing uranium asset. Using an innovative hub-and-spoke model, the site functions as a satellite operation. It extracts uranium using in-situ recovery (ISR) mining—a low-impact method that relies on oxygen and carbon dioxide—and daily ships the uranium-bearing resin to the company's primary Lost Creek facility for final processing. This capital-efficient approach allows Ur-Energy to scale up quickly without needing to build duplicative processing infrastructure.The financial outlook for this expansion is highly favorable. Ur-Energy projects operating costs between $45 and $50 per pound, which delivers substantial profit margins when compared to current term contract prices hovering around $90 per pound. While the company is licensed to produce up to 4.2 million pounds annually across both sites, its near-term target sits at a robust 2 million pounds. Because the company treats well development as an operating expense rather than a capitalized cost, its future sustaining capital needs drop to a modest $2 million annually once initial construction wraps up, freeing up significant cash flow.This operational leap arrives at a critical moment for U.S. energy security. The United States currently consumes roughly 50 million pounds of uranium each year but produces merely 2 to 3 million pounds domestically. Fueled by strong bipartisan support for nuclear energy, Ur-Energy is positioning itself to help fill this massive supply gap. The company isn't stopping at its current capacity, either. Management is actively evaluating a third project, Lost Soldier, with a technical report expected by late 2026. Through disciplined growth and deep regulatory expertise, Ur-Energy is steadily advancing toward its ultimate goal of becoming the largest uranium producer in the United States.https://www.cruxinvestor.com/companies/ur-energy-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-heavy-newsflow-coming-to-support-updated-pea-in-2026-8622Recording date: 26th April 2026Omai Gold Mines is rapidly advancing an 8-million-ounce gold project in Guyana, positioning itself as a major player in South America's resource sector. The company recently achieved a key milestone by upgrading 480,000 ounces at its Wenot open-pit deposit to the indicated category. This targeted drilling successfully improved the resource grade from 1.46 to 1.59 grams per tonne. To fuel further expansion and fill remaining gaps in the resource model, Omai is currently executing a massive 50,000-meter drill program with five rigs operating continuously.The company's development plan hinges on a dual mining strategy that pairs the expansive Wenot open pit with the nearby Gilt Creek underground deposit, which features a higher average grade of 3.33 grams per tonne. With the resource base now significantly larger, engineering teams are evaluating a robust plant throughput of 15,000 to 20,000 tonnes per day to maximize economics. Omai anticipates releasing a Preliminary Economic Assessment within two to three months, setting the stage for a comprehensive feasibility study within the following year.What sets the Omai project apart is its substantial built-in infrastructure and highly favorable operating environment. As a past-producing mine, the site already has a functional tailings facility and proven historical gold recovery rates of up to 93 percent. Additionally, Guyana's booming offshore oil industry—currently producing 1.2 million barrels daily—is financing massive infrastructure upgrades across the country. The government has already paved the project's main access road, cutting travel time to the capital down to just three hours. Combined with a pro-mining regulatory stance and streamlined permitting, these structural advantages dramatically reduce the typical capital costs and development delays associated with greenfield mining projects.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Bart Jaworski, CEO of Group Eleven Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-25000m-drill-program-targets-multi-metal-growth-8219Recording date: 23rd April 2026Group Eleven Resources has transformed its Ballywire discovery into what may become Ireland's most significant base metals find in over a decade. Since the initial drill hole in September 2022, the project has evolved from a single zinc-silver intercept into a potential district-scale polymetallic system spanning 3.2 kilometers of strike length.The company recently secured $12 million in financing, bringing total available capital to $18 million and enabling 67,000 to 75,000 meters of drilling over the next two years without requiring additional capital raises. This represents a threefold expansion from the previously funded 20,000-meter program, providing CEO Bart Jaworski and his team the financial runway to systematically test what they believe could be a transformative discovery.The geological understanding has undergone significant evolution. Beneath the flat-lying zinc-lead-silver horizon, Group Eleven has identified vertical copper-silver shoots representing the fault-controlled plumbing systems that originally fed the zinc deposit 350 million years ago. These copper-silver "root systems" have been proven in multiple locations 350-400 meters apart, with evidence suggesting they may connect along the entire strike length.Jaworski outlined a "24X multiplier" framework representing the theoretical expansion potential: four gravity anomalies, three parallel trends, and two mineralized horizons. With only 25% of the prospective 6-kilometer trend systematically drilled to date, the company has substantial blue-sky exploration potential.While characterized as a zinc discovery, gross metal value analysis reveals silver contributing the majority of revenue at current prices. Grades typically range between 50-150 grams per ton, with exceptional intercepts reaching 4,000 grams per ton silver. The deposit's copper and germanium content could qualify for EU Critical Raw Materials Act fast-track status, potentially reducing the standard 10-15 year development timeline.Management targets initial metallurgy and resource work within 12-18 months as the funded drilling program systematically tests the district's full potential.View Group Eleven Resources' company profile: https://www.cruxinvestor.com/companies/group-eleven-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Jay Chmelauskus, President & CEO of Camino Minerals Corp.Our previous interview: https://www.cruxinvestor.com/posts/camino-minerals-tsxvcor-developer-details-timeline-for-fully-permitted-chilean-copper-project-6525Recording date: 26th April 2026Camino Minerals is on the brink of transforming from an exploration company into an active copper producer. With global copper prices soaring past USD 6.00/lb amid structural supply shortages, the timing for this transition is exceptionally favorable.The company's flagship Puquios project in Chile is fully permitted and slated to break ground as early as July 2026. Partnered with Nittetsu, Camino is finalizing a debt facility with a Japanese lender that will cover over 70% of the USD 142 million construction costs. Notably, this financing requires no hedging, allowing Camino to fully capitalize on today's high copper prices—especially since the project remains robustly profitable at a baseline modeled price of just USD 4.25/lb. Puquios uses solvent extraction-electrowinning processing for its oxide copper, a highly capital-efficient method compared to traditional sulfide mining. You can think of this process much like brewing drip coffee: a liquid solvent percolates through the crushed ore to dissolve and extract the copper directly, completely bypassing the expensive and energy-intensive milling phase.While preparing to build in Chile, Camino is simultaneously advancing its Costa de Cobre exploration project in Peru. Early drilling across this massive 220 km 2 site has yielded promising results, including an 84-meter intercept at roughly 1% copper. The ongoing goal is to establish a resource of 40 to 50 million tons, essentially building a pipeline for the company's next major mine.Despite these advanced assets, Camino currently trades at a market capitalization of around USD 50 million, a valuation typical of early-stage explorers. However, as the final funding for Puquios closes in the coming weeks and construction officially begins, the company anticipates a significant market rerating, marking a rare and successful leap from a junior explorer to an established producer.View Camino Mines' company profile: https://www.cruxinvestor.com/companies/camino-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Donovan Pollitt, President of White Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/white-gold-tsxvwgo-25000m-program-targets-resource-growth-in-underexplored-klondike-district-8918Recording date: 24th April 2026White Gold Corp. (TSXV:WGO) is a Yukon-focused gold exploration company carrying one of the region's most significant undeveloped gold resources: approximately 3 million ounces at 1.4 grams per tonne, spread across the Golden Saddle, Arc, and Ryan's Surprise deposits. In 2026, the company is moving on multiple fronts simultaneously: pursuing resource growth through its largest-ever drill programme, preparing to release a Preliminary Economic Assessment, and operating in a district that is materially improving in investor sentiment. New President Donovan Pollitt, who joined after a decade on the buy side with US global investors and prior experience as CEO of Wesdome Gold, is orchestrating this effort with an explicit focus on per-share value accretion and capital discipline.The most immediate near-term catalyst is the PEA, expected before the end of Q2 2026. This will be the first time an independent engineering firm has mapped out project parameters of daily throughput rates, capital expenditure ranges, and production economics for the existing resource. When the company conducted early-2026 institutional marketing in Toronto and New York, the consistent message from investors was that they needed that document before they could act with conviction. The PEA is not the end of the development process; management is explicit that it is a starting point. But it is expected to drive meaningful re-engagement from institutional investors who have been waiting on the sidelines.'Running in parallel is a 20,000-metre drill programme which makes nearly a third of the total historical metres ever drilled on the property. Approximately 70% of that programme targets step-out and extension drilling at known deposits, where the probability of success is better defined. The remaining 25–30% is allocated to untested targets across the company's 300,000-hectare land package. VP Exploration Dylan  Langillel, who was instrumental in the Great Bear Resources discovery programme before Kinross acquired that project, is directing the technical work.There is also a lower-profile but potentially meaningful near-term resource opportunity that requires no new drilling at all. Thousands of metres of core from the hanging wall of existing deposits were left unassayed by prior operators who focused solely on the main mineralised zones. Those samples are now being reassayed. In the current gold price environment where open-pit cut-off grades can be as low as 0.3 g/t which are previously disregarded halo material could contribute meaningfully to a resource update expected toward year-end or early 2027.Agnico Eagle sits at 19% of the share register, providing strategic credibility without yet determining the company's trajectory. The company has over C$20 million in cash, has passed on multiple financing opportunities in 2026 to avoid diluting shareholders at a sub-optimal price, and management has purchased stock in the open market. The share price has already moved from approximately C$0.20 in summer 2025 to around C$1.75 but Pollitt's case is that the PEA, drill results, and broader Yukon re-rating thesis provide multiple independent pathways for further value recognition. For investors with appropriate risk appetite, the combination of near-term catalysts and a disciplined management team makes 2026 a materially more information-rich year than any that has preceded it for White Gold.Learn more: https://cruxinvestor.comSign 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-corp-tsxvtud-all-known-questions-answered-february-2026-9352Recording date: 24th April 2026Tudor Gold is advancing one of North America's largest undeveloped gold deposits, the Treaty Creek project in British Columbia's Golden Triangle. Hosting 24.9 million ounces of indicated gold and 4 million ounces of inferred gold, alongside significant copper and silver, the project features higher-grade zones perfectly suited for underground mining. Despite this massive resource base, Tudor Gold currently trades at a steep discount. At just $16.70 per ounce of measured and indicated gold, the company trails far behind peer valuations that range from $25 to $284 per ounce, signaling a substantial potential upside for investors.A major obstacle to the project's valuation was recently mitigated through a pivotal regulatory victory. The British Columbia government recently declined to grant neighboring Seabridge Gold permits to build twin access tunnels directly through Tudor's mineral claims. Authorities stipulated that Seabridge must first reach a commercial agreement with Tudor or obtain a definitive court decision. This ruling effectively forces a negotiated land-use settlement rather than prolonged litigation, eliminating a significant cloud of development uncertainty that had previously weighed on Tudor's market position.Guided by a management team that successfully developed the nearby Brucejack mine, Tudor Gold anticipates multiple near-term catalysts throughout 2026. The most significant milestone is a Preliminary Economic Assessment (PEA) scheduled for this summer, which will model an underground mining operation targeting 200,000 to 300,000 ounces of annual gold production. To further expand its footprint, Tudor is launching a 10,000 to 15,000-meter exploration drill program to test new targets and establish multi-deposit potential. Additionally, the company is actively negotiating with joint venture partner Teuton Resources to consolidate the remaining 20% interest in the project, a move that would streamline future financing and development decisions.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-inc-tsxvpgld-30000m-drill-program-ahead-of-resource-update-ye-feasibility-study-9435Recording date: 24th April 2026P2 Gold Inc. is advancing its Gabbs gold-copper project in Nevada through a significant valuation disconnect that presents a compelling opportunity for investors seeking exposure to near-term precious metals production. The company currently trades at a market capitalization of $147 million USD, representing a 50-80% discount to comparable Western U.S. developers despite project economics that match or exceed peer metrics.The Gabbs project, located in west-central Nevada with established infrastructure including on-site power and pending water rights, hosts 3.5 million ounces of gold equivalent resources, the highest-grade indicated and inferred resources among P2's peer group. Management is targeting expansion to 5 million ounces through ongoing drilling programs that have exceeded expectations.At current spot prices, the project delivers exceptional economics with a net present value exceeding $3 billion at a 5% discount rate and an internal rate of return surpassing 100%. The October 2025 preliminary economic assessment outlined production of 109,000 ounces of gold annually plus 33 million pounds of copper over a 14-year mine life. However, management is evaluating a 33% throughput increase that would boost output to over 200,000 gold-equivalent ounces annually.A critical differentiator is P2's royalty-free structure, providing an estimated $250 million financing advantage unavailable to royalty-burdened competitors. This flexibility becomes particularly valuable as the company approaches construction financing decisions in 2027-2028.Peer comparisons highlight the valuation gap. US Gold, a direct comparable gold-copper developer, trades at $282 million despite P2's NPV5 being approximately double at similar metal prices. Liberty Gold and Dakota Gold command valuations of $661 million and $820 million respectively, suggesting 4-5x upside potential if P2 achieves comparable market recognition.With feasibility completion targeted for Q4 2026 and production timeline of late 2028 to early 2029, less than three years away, P2 Gold offers near-term production visibility at a significant valuation discount to established peers.View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Barry O'Shea, CEO of Highland CopperOur previous interview: https://www.cruxinvestor.com/posts/highland-copper-tsxv-hi-fully-permitted-us-copper-developer-targets-2026-construction-decision-7322Recording date: 23rd April 2026Highland Copper Company is advancing its Copperwood project in Michigan's Upper Peninsula toward a construction decision in the second half of 2026, with copper production targeted for 2029. The company has committed significant capital to engineering work, partnering with DRA Global and other established firms to reach 40% engineering completion by Q4 2026. CEO Barry O'Shea emphasized that the company has restructured very well to make sure full funds are through to a final investment decision.The financing strategy centers on a Letter of Intent from EXIM representing 60-70% of the $425 million capital requirement. While currently non-binding, management is actively working to convert this into a binding debt facility, supported by White House recognition of Copperwood as strategically important to US critical mineral production. The debt capacity has expanded from an estimated $250 million at $4 per pound copper to potentially $300-325 million at current price levels.Highland recently sold its remaining one-third stake in the White Pine project for $30 million, providing immediate liquidity while allowing exclusive focus on Copperwood. The decision reflects the strategic advantages of Copperwood's $425 million capex and fully-permitted status compared to White Pine's $1+ billion requirement and unsubmitted permits.The shift in long-term copper price consensus has fundamentally transformed Copperwood's economics. The project's NPV triples from $170 million at $4 per pound to $507 million at $5 per pound, with current spot prices near $6 delivering an $850 million valuation. Management strengthened its execution team by hiring Trace Arlaud as Project Director, bringing credentials from Rio Tinto's Resolution Copper project, and Peter Hemstead as interim CFO, a founding executive at Capstone Copper.Highland trades at approximately $110 million market capitalization, supported by strong institutional shareholders including Orion Mines Finance (28%) and Condire (20%), positioning for a potential rerating as the EXIM commitment converts to binding debt.View Highland Copper's company profile: https://www.cruxinvestor.com/companies/highland-copperSign up for Crux Investor: https://cruxinvestor.com

Recording date: 21st April 2026Agnico Eagle has completed a landmark $4 billion Canadian consolidation of Finland's Ikkari gold project through three simultaneous acquisitions, establishing new valuation benchmarks that signal a fundamental reset in mining sector M&A activity.The transaction structure involved acquiring Rupert Resources for $2.9 billion Canadian, purchasing B2Gold's 70% interest in the Fingold joint venture for $325 million US, and buying Aurion Resources for $481 million. The complexity arose from overlapping land positions, with Ikkari's development requiring access to joint venture ground and Aurion-controlled areas for optimal infrastructure placement.For Olive Resource Capital, the Aurion acquisition delivered approximately 300% returns from a 68-cent cost basis established in January 2022. The $2.60 per share all-cash offer represented 60-70% premiums to recent trading levels and valued the combined resource base at roughly $500 US per ounce—double historical M&A ranges of $100-200/oz, though maintaining the traditional relationship of approximately 10% of gold prices.Samuel Pelaez and Derek Macpherson, leading Olive Resource Capital, emphasized that the transaction removes a "unicorn" asset from an increasingly scarce market. The Ikkari project's 4.2 million ounce high-grade resource can support 200,000-250,000 ounces annually at potentially first-quartile cash costs—exactly what major producers seek but rarely find available.The managers identified fewer than five tier-one development-stage assets remaining as potential near-term acquisition targets, noting that projects must deliver minimum 250,000 ounces annually to attract serious buyer interest. This scarcity dynamic intensifies competitive pressure as producers with balance sheet capacity—including Kinross, Barrick Gold, and SSR Mining—seek growth opportunities.Rather than scrambling to redeploy Aurion proceeds, Olive Resource Capital had spent two years building replacement positions in companies including Goldsky Resources (Sweden), Prospector Metals (Yukon), and Omai. The valuation reset suggests projects trading at historical enterprise values may be materially undervalued as $400-500/oz becomes the new normal for quality development assets.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Mukhija, Director & CEO of Eagle Nuclear EnergyRecording date: 22nd April 2026Eagle Nuclear Energy (NASDAQ:NUCL) is developing the Aurora Uranium project in southeastern Oregon, which the company describes as the largest minable measured and indicated uranium deposit in the United States. The resource stands at 32.75 million pounds indicated and approximately five million pounds inferred, established through more than 600 historical drill holes and formalised under both a JORC report and a subsequent SK-1300 technical report completed by Eagle.The strategic context is unambiguous. The United States operates 94 nuclear reactors consuming approximately 50 million pounds of uranium annually, yet domestic production reached only two million pounds in 2025. That gap of nearly 48 million pounds is filled by imports, primarily from Kazakhstan, Canada, and Australia. The US Prohibiting Russian Uranium Imports Act and a series of 2025 executive orders have placed domestic uranium supply at the centre of American energy policy, creating a policy environment that did not exist for uranium developers even three years ago.Eagle is fully funded to execute its near-term programme. With approximately $30 million in cash, the company prepares $4.7 million drill programme commencing by summer 2026 eyeing 47 holes, 27,000 feet, and a subsequent pre-feasibility study targeted for completion by end of 2027, without requiring additional capital raises. The drill programme is designed to deliver metallurgical data, hydrogeological information, rock mechanics results, and resource expansion potential, with several historical holes having terminated in mineralisation suggesting upside at depth.The deposit itself presents a technically straightforward profile. Mineralisation is shallow, flat, and tabular, hosted in altered clays and volcanic tuffs within the McDermott Caldera. The high-grade zone at 400–500 ppm uranium sits above the lower-grade halo at a 100 ppm cut-off, which is favourable for early-stage economics and payback modelling. Management's internal estimates, preliminary and subject to PFS confirmation, indicate potential production of one to four million pounds per year over a 14-year mine life.The company's intention is to process uranium independently, with a potential processing plant on private land in Nevada separate from the Oregon mine site. Eagle has held preliminary discussions with the Department of Energy and other federal agencies, and while no formal support mechanisms have been confirmed, management believes federal engagement will increase as the supply deficit widens.Two secondary value drivers sit alongside the core uranium story. The deposit's overburden contains lithium at grades above 1,200 ppm though no formal resource has been defined. Eagle also holds early-stage proprietary SMR technology, currently in the concept validation phase, with a nuclear regulatory licensing specialist on staff to guide the R&D process.For investors, the near-term catalysts are clear: drill results from summer 2026, PFS initiation by year-end, and any developments in federal uranium support mechanisms. The risk profile is that of an early-stage developer with no formal economics yet, permitting in early stages, and production still years away. The asset, however, is genuinely rare in the US context, and the macro backdrop for domestic uranium supply has seldom been more compelling.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Anthony Margarit, President & CEO of K2 GoldOur previous interview: https://www.cruxinvestor.com/posts/k2-gold-tsxvkto-high-grade-gold-project-nears-drilling-breakthrough-7843Recording date: 22nd April 2026K2 Gold (TSXV:KTO) has reached a meaningful inflection point. The company has received a Record of Decision on its Mojave Project in Inyo County, California completing a full Environmental Impact Statement process that typically applies to mine development, not exploration drilling. That distinction matters. K2 Gold navigated this regulatory gauntlet as an exploration-stage company, and in doing so has established a permitting position that competitors will find difficult and time-consuming to replicate.The Mojave Project's east side gold trend is the primary near-term focus. Multiple parallel stacked oxide structures, dipping at approximately 70 degrees to the west, run across a 500-metre wide corridor along a 5 km trend. Mineralisation begins at surface, all material drilled to date is oxide, and the deepest planned holes average 220 to 250 metres without any previous operator having intersected the sulphide interface. Early shake-test metallurgical work has returned recoveries of 96–98%, a directionally positive early signal for processing simplicity, though systematic work remains ahead.The Dragonfly target, where K2 Gold's 2020 highlight hole returned 86.9 metres at 4 g/t gold, anchors the east side programme. Eighteen drill pads are fully permitted across this zone, each accommodating four holes and positioned to be 43-101 resource compliant. Management's stated priority for 2026, however, is not resource definition but rather for target testing. The company has more high-priority undrilled ground than it can drill in a single season, which is a function of the project's scale rather than a limitation of capital or access.The most significant undrilled target is located 1.5 kilometres north of Dragonfly, on the same structural system. Rock samples from this area have returned grades of up to 375 g/t gold with further samples of 142.5 g/t and numerous results above 30 g/t. This area carries no attributed resource value and has never seen a drill hole. The Stega and Flores targets add further depth to the undrilled queue, with channel samples grading 4–8 g/t and 4 g/t respectively over multi-metre intervals.On the west side of the project, a 5 km copper trend supported by more than 200 many a century old historic workings and the polymetallic Morning Star area, adjacent to the historic Sarah Gorde silver mine, add optionality that has not yet been tested by modern drilling. Both areas sit on patented claims and are drill-accessible under existing permits.The company's financial position reinforces its operational readiness. A C$25.25 million financing closed in January 2026, attracting K2 Gold's first institutional investor. All warrants have been exercised or expired, leaving a clean capital structure. Up to C$12 million has been allocated to exploration in 2026, and management has stated the company is funded beyond the year. The SI2 Nevada epithermal project provides additional near-term news flow, with assay results from a recently completed seven-hole programme expected imminently.K2 Gold heads into 2026 with a funded exploration programme, a clean share structure, a fully permitted flagship project, and a drilling queue that spans multiple high-grade, undrilled targets. The geological and financial conditions are in place. The drill results will determine the outcome.View K2 Gold's company profile: https://www.cruxinvestor.com/companies/k2-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, CEO, Northisle Copper & Gold Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-district-scale-vision-with-wheaton-institutional-backing-8233Recording date: 21st April 2026Northisle Copper & Gold is advancing one of British Columbia's largest undeveloped copper-gold districts at a critical juncture for Western critical minerals development. The company recently raised over $150 million to fast-track its flagship project through pre-feasibility study following designation as a top priority within BC's Critical Minerals Office, marking a fundamental validation of both the project's strategic importance and technical merits.Despite this institutional endorsement, Northisle trades at just 0.3 times analyst consensus net asset value—within the typical range for preliminary economic assessment-stage projects but below the 0.4-0.7x band associated with pre-feasibility stage assets. This valuation gap presents a systematic re-rating opportunity as the company achieves de-risking milestones throughout 2025 and 2026.The published economics demonstrate considerable upside sensitivity to current commodity prices. The February 2025 preliminary economic assessment showed $5 billion after-tax NPV using $2,900 gold and $4.60 copper, whereas current analyst consensus stands at $3,400 gold and $4.70 copper. This pricing differential alone suggests substantial NPV expansion beyond the published figures.Management is executing three parallel initiatives to enhance project economics: incorporating the 1.2-kilometer West Goodspeed discovery (showing 0.7-1% copper equivalent at surface) into Q2 2026 resource estimates; optimizing metallurgical recoveries through potential CIL plant twinning to increase Phase 2 gold recovery from 63% to 80%; and accelerating permitting timelines through government and First Nations partnerships.Beyond the flagship deposit, Northisle controls 40 kilometers of a 50-kilometer porphyry district with 70 years of inherited exploration data valued at over $40 million. CEO Sam Lee characterizes this as a "free call option" on world-class discovery potential that doesn't factor into current valuations.The capital structure strategy emphasizes diversified, low-cost financing sources. Wheaton Precious Metals' cornerstone investment positions the company to access precious metals streaming at 0-4% cost of capital, while strategic off-take agreements would unlock sub-2% Exim Bank debt. Management maintains 12-13% ownership and requires 3-5x returns on any equity dilution, ensuring shareholder alignment through development.Learn more: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Bruce Lane, Executive Director & CEO of American UraniumOur previous interview: https://www.cruxinvestor.com/posts/american-uranium-asxamu-strategic-rebrand-partnership-targets-growing-nuclear-demand-7878Recording date: 20th April 2026American Uranium is rapidly advancing its flagship Lo Herma project in Wyoming's Powder River Basin to help meet a looming U.S. energy supply shortage. The company recently announced a significant interim resource update, reaching 9.45 million pounds of uranium at an improved average grade of 720 parts per million. Having completed the first half of a 121-hole drilling program, the development team is actively targeting optimal mineralization zones and upgrading resource confidence levels.With an upcoming scoping study slated for the third quarter of 2026, American Uranium aims to showcase robust project economics. Early internal modeling points to a highly favorable financial outlook, estimating all-in sustaining costs around $40 per pound alongside initial capital expenditures of $60 to $70 million. These figures stand out as long-term uranium contract prices push toward the $100 per pound mark. To further bolster its development options, the company recently secured 1,000 acres of private mineral rights adjacent to existing resource boundaries, unlocking fresh exploration targets and streamlining future mine planning.The Lo Herma project benefits immensely from its location in a premier mining jurisdiction with a 50-year history of in-situ recovery operations. Surrounded by established infrastructure and successfully permitted facilities, the company enjoys a largely de-risked regulatory environment. A recent $2.64 million capital raise provides the necessary funding to finish drilling, conduct crucial hydrological testing, and install water monitoring wells. By strategically checking off these technical milestones, American Uranium is positioning itself to initiate production by 2029 or 2030. This timeline aligns perfectly with a projected U.S. supply deficit of up to 50 million pounds, driven by an expanding domestic reactor fleet and surging energy demands from new technology sectors.View American Uranium's company profile: https://www.cruxinvestor.com/companies/american-uraniumSign 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-inc-tsxvecr-continuous-focused-drilling-resource-update-ahead-9429Recording date: 21st April 2026Cartier Resources Inc. occupies a rare piece of real estate in the global gold mining landscape. The Quebec-based junior explorer holds the only remaining significant exploration position on a 50-kilometre stretch of the Cadillac Fault in Abitibi — Canada's most prolific gold-producing structure — flanked on all sides by producing mines owned by majors including Agnico Eagle, Eldorado, and IAMGold.With a market capitalisation of approximately $120 million and $7 million in cash, the company has quietly consolidated 15 kilometres of strike length along the fault, defining 3.2 million ounces of gold across four distinct mineralisation types. That variety of deposit styles is central to CEO Philippe Cloutier's investment thesis: this isn't a single-zone story, but a camp-scale system with multiple potential deposits that together could determine the optimal layout for a future mining operation.The most immediate challenge facing Cartier is the disconnect between its current public economic assessment and reality. Its 2023 Preliminary Economic Assessment modelled a standalone mill at $1,750 per ounce gold — well below today's prices — producing capital cost figures that look punishing by current standards. An updated scoping study is in progress, expected to incorporate recent shallow high-grade discoveries, metallurgical results, and scenarios involving toll milling through neighbouring producers with excess capacity. No release date has been confirmed.Agnico Eagle's major shareholding and the recent board appointment of industry veteran Glenn Mullan signal institutional confidence in the asset. The company is 50% through its current drill program, having already met all initial objectives, with new discoveries prompting a revised approach to the remaining work.Near-term catalysts include updated economics at current gold prices, continued drill results, a planned OTC QB listing to reach U.S. retail investors, and growing M&A interest as senior producers seek permitted, development-ready projects.View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Major, CEO of Krakatoa ResourcesOur previous interview: https://www.cruxinvestor.com/posts/krakatoa-resources-asxkta-high-grade-antimony-project-targets-jorc-by-early-2026-7133Recording date: 21st April 2026Krakatoa Resources presents a uniquely undervalued opportunity in the critical minerals sector, advancing the high-grade Zopkhito antimony and gold project in Georgia to address Western supply shortages.The company is currently valued at roughly $170 per ton of contained antimony, sitting at a steep discount to the $750 to $1,500 peer average. The Zopkhito deposit features an exceptional antimony grade of 11.6%, containing an estimated 26,000 tons of the critical metal alongside a significant upside of over 800,000 ounces of gold. This dual-commodity profile positions Krakatoa as a crucial future supplier for European markets, which currently face strategic antimony shortages and rely heavily on Chinese exports.To minimize upfront capital risk and expedite cash flow, Krakatoa is executing a three-phased operational rollout. The initial phase focuses on near-term lump ore antimony production, benefiting from the site's active mining license which streamlines the permitting process. Later phases will introduce mechanized processing facilities and target the project's extensive gold mineralization. Additionally, the presence of historical Soviet-era underground tunnels enables cost-effective internal drilling, allowing the company to bypass expensive surface drilling and accelerate resource validation.Krakatoa expects a series of value-driving catalysts throughout 2026 as it transitions into a development-stage company. The primary objective is delivering a formal JORC-compliant resource estimate by the end of the year, supported by recent drilling that validates over 20,000 historical sample points. The company is also advancing metallurgical studies, preliminary economic assessments, and offtake negotiations with European and global partners. By demonstrating extraction viability through its phased approach, Krakatoa aims to close its valuation gap and secure its role in the global critical minerals supply chain.View Krakatoa Resources' company profile: https://www.cruxinvestor.com/companies/krakatoa-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.Our previous interview: https://www.cruxinvestor.com/posts/pacific-ridge-exploration-tsxvpex-undervalued-bc-copper-explorer-reports-first-resource-estimate-8193Recording date: 20th April 2026Pacific Ridge Exploration is advancing two copper-gold porphyry projects in British Columbia's southern Toodoggone district during a period of elevated commodity prices. With copper trading around $6 per pound—triple the level when drilling commenced in 2021—the economics of the company's flagship Kliyul project have fundamentally improved.The company has defined a maiden resource of 334 million tons grading 0.33% copper equivalent at Kliyul, representing 5.7 million ounces of gold equivalent. This resource was discovered for approximately $15 million across 20,000 meters of drilling, demonstrating capital efficiency that CEO Blaine Monaghan believes provides significant leverage for future exploration. The deposit is characterized as a gold-rich system with a 2:1 gold-to-copper value ratio, offering exposure to both commodities.Management's explicit strategy is to build a resource large enough to attract merger and acquisition interest from major mining companies. The initial target of 500 million tons appears achievable through systematic step-out drilling at the Kliyul main zone, which remains open in multiple directions on 150-meter drill spacing. Beyond resource expansion, the company has identified three untested porphyry targets along a 6-kilometer mineralized trend—M39 and Klip being the highest priority—that offer discovery potential to enhance both resource size and grade profile.The RDP project presents additional upside through a concealed porphyry center interpreted to lie between two mineralized magnetic lobes. Only 12 modern holes have tested this target, with the 2026 program allocating 1,500 to 2,000 meters specifically to this high-priority zone.Despite resources comparable to peers trading 6-8 times higher, Pacific Ridge maintains a market capitalization of approximately $15 million. Management attributes this valuation discount to recent share dilution and limited news flow during winter months, factors they believe are now largely resolved. The company plans to drill a minimum of 4,000 meters at both projects during the 2026 field season, with results expected from late summer through year-end, providing multiple catalysts for market re-rating.View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-explorationSign up for Crux Investor: https://cruxinvestor.com

Recording date: 17th April 2026Recent developments in the Guyana mining sector have dramatically reshaped valuations for junior gold companies. The spark came when G Mining acquired G2 Goldfields for roughly $3 billion CAD. This deal carried a massive 80% premium, valuing G2's 3.2 million recoverable ounces at about $600 CAD per ounce. To put this in perspective, imagine a neighborhood where a house suddenly sells for nearly double the historical market rate; naturally, every other homeowner immediately reevaluates their own property's worth. This transaction established one of the highest valuation benchmarks seen in recent mining mergers and acquisitions.Just three days after the G2 buyout, Omai Gold Mines capitalized on the shifting landscape by releasing a massive mineral resource update. Revealing nearly 8 million ounces, Omai boasts a resource base more than double that of G2. As the most advanced asset in the Guiana Shield not already owned by a producing company, Omai's scarcity value has skyrocketed. Investors quickly connected the dots: applying the $600-per-ounce metric to Omai suggests a potential valuation approaching $6 per share, a steep premium over its recent $2.50 trading price. Unsurprisingly, Omai shares surged 40% within a week as the broader market recognized this discrepancy.Investment firms are actively maneuvering to capture this upside. Olive Resource Capital, holding Omai as its largest asset, navigated recent market turbulence with surgical precision by selling equities in February and aggressively buying during March volatility. As the broader gold sector shifts its focus toward operational efficiency and supply chain management rather than aggressive growth, advanced development assets like Omai stand out as prime targets for future industry consolidation.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, VP, Corporate Development of Americas Gold & Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-undervalued-investment-series-with-oliver-turner-9605Recording date: 20th April 2026Americas Gold & Silver Corp. (TSX:USA) is one of the more straightforward turnaround-to-growth stories currently available in the silver sector. The company controls the Galena mine in Idaho's Silver Valley with 190 million ounces of silver in resource at 19% year-over-year increase in M&I mineral resources and 21% increase in M&I grades. After 14 months of operational restructuring under a new management team, the company has moved into active execution of a strategy it spent much of 2025 designing and capitalising.The operational picture at Galena is improving on several fronts. The introduction of longwall stoping, a more productive mining method than the underhand cut-and-fill technique the mine had used for a century, has already delivered results. In 2025, Galena produced silver at 473 g/t, the highest grade in 20 years. Nine longwall panels have been completed, and the transition to 70% longwall stoping by late 2027 is projected to reduce per-tonne mining costs by 40–50%. At the same time, hoisting upgrades have doubled shaft capacity and are expected to triple skipping speeds by mid-May 2026, while a fibre optic network is being installed to automate mine operations and improve productivity further.Alongside Galena, the company acquired the Crescent mine, located nine miles away, which produces the same ore type and will begin feeding the Galena mill in H2 2026. With the Galena mill currently running at roughly 55% of capacity, Crescent ore provides a near-term margin improvement by spreading fixed costs across a higher throughput base. Crescent has not seen an exploration drill hole since 2011, and the company plans to drill it aggressively as part of its 64,000-metre, $20 million 2026 exploration programme.The antimony angle is one that distinguishes Americas Gold & Silver from most silver producers. Galena is the largest producing antimony mine in the Americas and has produced antimony continuously since World War II. Until recently, the company was contractually penalised for this production rather than paid for it. That changed on January 2026 when a renegotiated offtake agreement brought antimony and copper into the revenue column. A joint venture with US Antimony to construct an on-site leaching facility is expected operational within 16 months at a total cost of approximately $50 million which will further maximise the value of that production stream. Americas Gold & Silver's 51% share is fundable from operating cash flow, and US government financing discussions are underway.From a valuation standpoint, the company currently trades at 0.6–0.7 times NAV based on eight-analyst consensus at spot prices. Comparable silver producers trade at 1.5–2 times NAV. Recent M&A in the silver sector has taken place at approximately 2 times NAV. That gap is the investment opportunity in its simplest form. Closing it requires execution and the first production report of 2026 was received positively by the market.The risks are real. Underground silver mining ramp-ups are operationally complex, and the antimony leaching facility has not yet broken ground. Investors should treat 2026 quarterly production reports as the primary scorecard. But the resource quality, cost reduction trajectory, byproduct monetisation timeline, and valuation discount to peers combine to make Americas Gold & Silver one of the more compelling risk-reward propositions in the silver producer space today.View Americas Gold & Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Lower, President of Trillion EnergyOur previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-presses-ahead-with-turnaround-strategy-to-double-monthly-cashflow-6192-47aa0Recording date: 15th April 2026Trillion Energy has executed a transformative strategic pivot, exiting its operationally challenging offshore operations to capitalize on a lucrative onshore light oil discovery in Southeast Turkey's M47 block.For years, Trillion faced bureaucratic delays and high costs at its offshore SASB gas field, where it operated as a minority partner. By divesting this asset, the company successfully eliminated over $20 million in accumulated liabilities and cleaned up its balance sheet. Simultaneously, Trillion retained a 7% production royalty that offers future financial upside without ongoing operational risks or burdens.The company's new primary focus is the M47 block, an area experiencing an exploration boom. Trillion's C1 well on the North Lead encountered 38 meters of net pay, testing at high-quality 32.4 API light oil. Independent evaluators have confirmed over 27 million barrels of contingent resources net to Trillion based on its newly acquired 29% working interest, boasting an 81% chance of development and commerciality.Transitioning onshore fundamentally streamlines Trillion's operational efficiency. Unlike the complex logistics of offshore drilling, the M47 block benefits from abundant local infrastructure and active nearby rigs. With production costs estimated at a remarkably low $10 per barrel, the baseline economics are highly favorable. Trillion must complete a two-well work obligation requiring roughly $7 million. However, with analog wells producing strongly, management anticipates a rapid one-to-two-month capital payback, enabling the company to effectively self-fund future expansion.Despite this massive underlying potential, Trillion remains significantly undervalued, trading at a market capitalization that implies less than $0.50 per barrel. In a Turkish market that heavily imports its oil, Trillion's M47 project provides a secure, locally produced domestic supply. With aligned private partners and highly favorable project economics, the company is strongly positioned for rapid growth and long-term value creation.View Trillion Energy's company profile: https://www.cruxinvestor.com/companies/trillion-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Nathan Kong, CEO of Bayan Mining & MineralsRecording date: 17th April 2026Bayan Mining and Minerals is emerging as a rare earths and critical minerals story built around two themes: geological proximity to a proven U.S. rare earth district and technology that could improve downstream processing economics. Its Desert Star project in California sits just 4.5 km from Mountain Pass, the only producing rare earth mine in the United States, and early surface sampling has returned grades as high as 6.68% total rare earth oxides, giving the company a credible exploration target in a strategically important jurisdiction.The near-term catalyst is a maiden 1,000-meter reverse circulation drilling program scheduled for June 2026, with results expected in July or August. Bayan says the program will test both shallow high-grade anomalies and deeper extensions, with the geological model suggesting a possible carbonatite system at depth and monazite mineralisation near surface. The company has framed success around meaningful intercepts and retains flexibility to expand drilling quickly if early holes are encouraging.What differentiates Bayan from a standard junior explorer is its licensing of four rare earth processing patents from Colorado School of Mines. Those technologies include a single-stage leach approach and other separation and recovery methods designed for bastnaesite-dominant ores like those at Mountain Pass, where they were developed and tested. The strategic appeal is not only higher recoveries and lower processing complexity, but also a stronger position for U.S. government support as Washington pushes to rebuild domestic critical minerals supply chains.Bayan also has portfolio depth. Its Bayan Springs gold-silver project in Nevada's Carlin Trend provides additional upside and downside protection, while the company's cash balance of $2.8 million gives it runway for multiple drill campaigns without immediate funding pressure. Overall, the investment case rests on a convergence of location, geology, technology licensing, and policy tailwinds that could make Bayan a notable participant in the U.S. rare earth buildout.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Zac Dolesky, Founder & CEO of Super CopperRecording date: 15th April 2026Super Copper is a small but increasingly well-defined copper explorer in Chile's Atacama region, and its story is shifting from groundwork to drilling. The company's Cordillera project now hosts a kilometre-scale anomaly that could become its first major discovery test, while the Castilla project offers a second pipeline of upside.Founded by Zac Dolesky after years of direct investing in metals and technology, Super Copper listed on the Canadian Securities Exchange and OTCQB in October 2024. Since then, it has assembled a technical team that includes experienced copper specialists and built a portfolio in one of the world's premier mining belts.Cordillera is the main focus. Recent IP work outlined an 800m-plus strike anomaly that remains open along strike and at depth, with the target beginning around 200m below surface and extending beyond 400m vertically. Historical core and surface sampling have strengthened the model, including copper grades reaching 10% at surface and broader mineralized intervals that support the geophysical interpretation.That data is now feeding into an imminent drilling campaign. Super Copper plans about 5,000m across 8 to 10 holes, targeting roughly 500m depth, with drilling expected by the end of Q2 2026 and first assays in Q3 2026.The company has also shown unusual capital discipline for a junior explorer. It raised only about $3.5 million over several years before closing a recent $9.75 million financing at $0.75 per share, and it has done so with only 54 million shares outstanding.That combination of a tight share structure, a funded drill program, and a large target in Chile's Atacama copper belt gives Super Copper near-term catalyst potential. The main risk is still exploration success, but the company has moved far enough along that the next round of drilling should provide a meaningful read on whether Cordillera is a genuine copper discovery.Sign 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-announces-75-million-loan-facility-agreement-for-queensway-9477Recording date: 15th April 2026New Found Gold Corporation is officially making the leap from an exploration company to an active gold producer. The company recently secured a robust new financing package that replaces a previous debt agreement, signaling strong institutional confidence. This unsolicited deal matches the original debt terms but adds a significant equity investment priced at the current market value with zero discount. This long-term partnership fully funds the CA$155 million capital cost for their flagship Queensway project in Newfoundland and includes a safety net for potential construction overruns.The company's development timeline is moving aggressively to capitalize on this funding. Right now, New Found Gold is expanding its existing Pine Cove Mill processing capacity to handle upcoming production rather than building an entirely new facility. Their secondary Hammerdown project is already ramping up and is expected to hit commercial production in the second half of this year, generating steady interim cash flow. Meanwhile, construction at the primary Queensway site kicks off this summer. With engineering contractors already on site and permits expected shortly, Queensway remains perfectly on track to deliver its first gold by the end of 2027.Financially, the Queensway project offers massive upside. The mine targets an initial annual output of roughly 100,000 ounces of gold. Thanks to an estimated all-in sustaining cost of just $1,300 per ounce, the project could generate over $300 million in free cash flow every year at current gold prices. By balancing debt and equity, CEO Keith Boyle and his team deliberately chose to limit financial strain, prioritizing guaranteed execution over avoiding minor shareholder dilution. Ultimately, this strategic funding ensures New Found Gold can comfortably build its operational future while leveraging strong margins in today's thriving market.Learn more: https://www.cruxinvestor.com/companies/new-found-goldSign 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-fully-permitted-fs-imminent-2027-28-target-9430Recording date: 15th April 2026US Gold Corp (NASDAQ:USAU) has unveiled a definitive feasibility study (DFS) for its CK Gold project in Wyoming, confirming robust economics and a clear path toward production. At a base gold price of $3,250 per ounce, the study outlines an after-tax Net Present Value (NPV) of $635 million and an Internal Rate of Return (IRR) of 27%, nearly triple the value from the previous prefeasibility analysis. At current spot prices near $4,500, the project's potential soars to a $1.4 billion NPV with a 50% IRR, underscoring exceptional leverage to gold markets.The 11-year open-pit mine will produce roughly 90,000 ounces of gold equivalent annually, supported by strong copper demand, simple near-surface mining conditions, and full permitting. All operational licenses including mine, industrial, and environmental permits are secured and non-revocable under Wyoming law, removing a major development risk.Capital expenditure is projected at $400 million, including a healthy contingency buffer. US Gold plans to lower costs through used equipment purchases and contractor negotiations, taking advantage of abundant local mining services. Debt financing proposals cover up to 80 percent of the required capital, with favorable terms reflecting the project's de-risked status.Further upside includes recovering 300,000 ounces of gold from tailings boosting recoveries from 70% to over 97% and monetizing waste rock valued at $800 million to $1 billion as construction aggregate. The company is also examining cyanide-free processing alternatives to improve sustainability.With commodity prices near record highs and North American mining assets in short supply, Copper King stands out as a shovel-ready, financed, and fully permitted project. Executive Chairman Luke Norman calls it “a uniquely de-risked opportunity” poised to benefit from a mining sector hungry for secure, high-return developments.View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-2026-set-for-more-gains-as-large-treasury-builds-9260Recording date: 15th April 2026Santacruz Silver Mining Ltd. (TSXV:SCZ) is a multi-asset, multi-metal producer operating across Mexico and Bolivia, with silver as its primary revenue metal. Having closed 2025 with revenues of $326 million and EBITDA of $104 million, the company's strongest financial results in recent years, the company is now entering what management believes will be a year of accelerating operational recovery and earnings growth.The most significant near-term catalyst is the recovery of the Bolivar mine in Bolivia which suffered flooding of two key veins and resulting in a cumulative loss of approximately 600,000–660,000 silver equivalent ounces over the affected period. The dewatering programme is progressing on schedule, with Q4 2025 silver production at Bolivar already up 34% quarter-on-quarter. Full capacity restoration representing a quarterly run rate of 1.0–1.2 million silver equivalent ounces from Bolivar mine is targeted for Q4 2026. This recovery alone represents a material production and cash flow uplift for the group, requiring no new capital expenditure or exploration success.Beyond Bolivar, management has guided for approximately 10% group production growth in 2026, supported by throughput and recovery improvements at Zimapan in Mexico, incremental output from the newly opened Esperanza area at Caballo Blanco, and the initial production contribution from Soracaya in Bolivia, which is expected to begin at approximately 200–250 tonnes per day in Q4 2026 ahead of a full ramp-up in 2027.On the financial side, Santacruz ended 2025 with approximately $70 million in cash achieved after paying down $40 million in Glencore debt and settling $27 million in deferred taxes during the year. The balance sheet is clean, working capital has improved materially, and the company is generating cash at a growing rate. Management's approach to capital deployment is conservative, prioritising treasury strength while exploring accretive M&A opportunities across the Americas.Two near-term transparency improvements are worth noting. First, the company is restructuring its AISC reporting to separate San Lucas from consolidated mine-level cost figures, which will give investors a significantly cleaner view of operating economics. Second, Santacruz is pursuing a graduation from the TSXV to the TSX main board, which management has identified as the trigger for launching a formal share buyback programme. Management has been explicit that it views the current share price as undervalued relative to fundamentals.The silver macro backdrop adds further support with silver demand structurally expanding due to its role in solar photovoltaics, electric vehicles, and grid-scale storage, while supply growth remains constrained by long project development timelines and the predominantly by-product nature of silver mining. Santacruz, as a primary silver producer operating exclusively in the Americas, is well-positioned to benefit from both the commodity trend and the growing Western preference for supply chain diversification.For investors, the combination of a defined operational recovery timeline, guided production growth, a strengthening balance sheet, and multiple identifiable re-rating catalysts makes Santacruz Silver a company worth following closely as 2026 progresses.View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Sutton, CEO of Syntholene EnergyRecording date: 14th April 2026Syntholene Energy is pioneering a cost-competitive sustainable aviation fuel (SAF) by integrating geothermal waste heat into its production process. This strategy aims to drastically reduce the cost of synthetic fuels, targeting price parity with fossil fuels within the next five years.Syntholene reduces the electricity required for hydrogen production—which typically accounts for 70% of synthetic fuel costs—by utilizing high-temperature geothermal or nuclear waste heat. By co-locating with stranded energy assets, the company projects its first 20,000-ton commercial facility can produce fuel at $1.24 per liter, significantly narrowing the gap with the $0.80 to $0.90 fossil fuel average. The resulting product is a "drop-in" replacement fuel that seamlessly utilizes existing petroleum infrastructure without requiring airlines to upgrade their fleets.The company is currently constructing a 250-kilowatt demonstration facility at a preserved geothermal power station in Húsavík, Iceland. Scheduled for operation in 2026, the site leverages Iceland's massive, unexportable geothermal resources to validate the lab-scale successes previously achieved at the Idaho National Lab in 2022. Following a brief commissioning period, a major petroleum engineering firm will conduct a third-party techno-economic validation in early 2027 to unlock project financing and strategic partnerships.Recently listed on public exchanges and backed by multi-billion-dollar family offices, Syntholene is strategically targeting mandated SAF markets across the EU, the UK, and Asia. The company relies on a modular scaling strategy and patented supply chain integrations to protect its cost advantages as it shifts from demonstration to commercial scale. If successful, this thermal integration model could eventually provide low-cost synthetic fuels for marine shipping, long-haul trucking, and the broader liquid fuel market.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Darrin Campbell, President & CEO of Namibia Critical Minerals Inc.Our previous interview: https://www.cruxinvestor.com/posts/namibia-critical-metals-tsxvnmi-japanese-govt-backed-heavy-rare-earth-play-7490Recording date: 14th April 2026As Western nations seek independent critical mineral supply chains, Namibia Critical Metals' Lofdal project has emerged as a globally significant heavy rare earth asset. Located in Namibia, a stable mining jurisdiction, the fully-permitted project is uniquely positioned to reduce global reliance on Chinese market dominance.Lofdal is one of only two xenotime-type rare earth deposits currently under development worldwide. The shovel-ready site targets the annual production of 120 tons of dysprosium, 25 tons of terbium, and 800 tons of yttrium. Unlike light rare earth projects, this exceptional heavy rare earth concentration creates substantial value density, making its output essential for electric vehicles, renewable energy, and advanced manufacturing. Lofdal currently holds a 25-year mining license, effectively de-risking its operational timeline.The project's January 2026 Prefeasibility Study outlines a highly profitable financial trajectory. With an estimated capital expenditure of $350 million, the base case yields a pre-tax net present value (NPV) of $390 million. However, the current bifurcated global market—where Western contracted prices far exceed Chinese spot rates—pushes the divergent scenario's after-tax NPV to $750 million. For instance, contracted North American yttrium prices have recently soared to $1,400 per kilogram, compared to roughly $10 to $20 in Chinese spot markets.Lofdal's strategic importance was cemented in March 2026 when Toyota Tsusho joined the project alongside Japanese government agency JOGMEC. Selected through a public tender, Toyota Tsusho guarantees offtake and provides direct downstream integration into Japan's permanent magnet supply chains. This consortium fully funds the project through its Definitive Feasibility Study, which is expected to conclude in mid-2027. Because of this structure, Namibia Critical Metals benefits from interest-free, non-dilutive funding, allowing the company to securely retain up to a 44% ownership stake while advancing the critical global asset.View Namibia Critical Metals' company profile: https://www.cruxinvestor.com/companies/namibia-critical-metals-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Ian E Nielson, Technical Advisor of Golden Cross Resources Recording date: 14th April 2026Golden Cross Resources has successfully completed its inaugural drilling program at Aurora in Eastern Victoria, intersecting high-grade gold mineralisation up to 27 grams per ton. The results validate the company's structural geological model and confirm the presence of narrow high-grade orogenic gold deposits similar to the world-class Fosterville mine.The exploration program represents a methodical approach to unlocking what could be a significant gold system. Technical Advisor Ian Nielson emphasized that all four drill holes intersected anticipated mineralised zones, demonstrating the accuracy of the company's geological hypothesis. The focus centers on the Welcome trend corridor, which extends through Aurora, Charlotte's, and Prince of Wales prospects.A key advantage is Golden Cross's access to historical artisanal workings throughout the area. These underground excavations serve as "free 3D drill holes," providing invaluable three-dimensional geological information that would otherwise require expensive drilling. By mapping these historical sites and integrating surface data, the company is building a comprehensive structural model extending beyond where nineteenth-century miners worked.The company is employing a multi-disciplinary strategy, integrating geochemistry, geophysics, lidar scanning, and detailed geological mapping to reduce uncertainty before committing significant capital to drilling. This approach leverages newly released Victorian government datasets, providing additional layers of information at no cost to the company.Rather than pursuing aggressive drilling, Golden Cross will spend the next twelve months collecting geophysical data and refining its structural model. This systematic methodology aims to optimize future drilling efficiency by better understanding fault planes and shoot geometries—the architectural features controlling high-grade gold deposition.Historical intercepts at nearby Reedy Creek, which returned approximately 11 meters at 10-12 g/t gold, demonstrate the district's potential. With experienced leadership, cost-effective de-risking strategies, and a disciplined exploration approach, Golden Cross offers investors early-stage exposure to potential high-grade gold discovery in an underexplored Victorian goldfield.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-undervalued-investment-series-with-victor-cantore-9724Recording date: 14th April 2026Amex Exploration has released a feasibility study for its Perron Gold Mine in Quebec's Abitibi greenstone belt, delivering some of the most compelling economics in the junior mining sector. At a base case gold price of $3,500 per ounce, the project generates a post-tax net present value of $1.1 billion, rising to $1.7 billion at current spot prices near $4,750. The internal rate of return stands at 114%, with a post-tax payback period of just 0.5 years — meaning initial capital is recovered within months of first production.The project targets 774,000 ounces over five years from a 2.3 million ounce resource, mining at a high diluted grade of 12.1 grams per tonne — an improvement over the 10 g/t estimated in earlier assessments. Annual production is expected to average 147,000 ounces at all-in sustaining costs of $910 per ounce, generating $2.492 billion in pre-tax cash flow over the initial five-year period, or $3.7 billion at spot gold prices.A key feature of the project is its phased development strategy. Rather than constructing the full operation at once, Amex will begin with a $50 million bulk sample in mid-2027, which is expected to produce at least 23,000 ounces and generate approximately $68 million in pre-production revenue. This self-funding mechanism significantly reduces the need for equity financing. Phase one production is targeted for 2028 — three to four years ahead of a conventional development timeline.Initial capital expenditure of $193.9 million is kept lean through contract mining and toll milling arrangements, eliminating the need to build processing facilities or tailings infrastructure. This also simplifies permitting, as the early phases require only underground mining approvals. The bulk sample permit was secured within the expected six-month window, and community and First Nations support is well established.The property spans over 600 square kilometres in the historically prolific Abitibi greenstone belt, yet all current resources sit within just 6 square kilometres — leaving considerable room for future exploration and resource expansion beyond the initial mine plan.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

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