CruxCasts

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-scale-and-heavy-rare-earth-quality-set-this-isr-project-apart-10761Recording date: 17th July 2026Cobra Resources has reported encouraging early-stage results from its Manna Hill copper project in South Australia, pointing to the potential presence of a larger porphyry system beyond the previously identified shallow skarn mineralisation. The company adjusted its drilling programme from a planned 1,800 metres to 1,500 metres, reallocating effort toward deeper and more promising drill holes rather than continuing at the Black Rock target, where initial results suggested distance from the main mineralising source.A key technical development is the transition in copper mineralisation from chalcopyrite to bornite observed in diamond drilling. This shift is significant because bornite contains a higher copper content and is typically associated with the potassic core of porphyry systems, suggesting proximity to a larger and potentially more economically viable mineral source. Supporting this interpretation, drilling has extended sulphide mineralisation continuity to depths of around 300 metres, beneath earlier shallow reverse circulation intercepts that already showed notable copper and gold grades.In addition, a step-out hole drilled south of the known skarn unexpectedly intersected shallow copper oxide mineralisation outside the previously defined footprint, indicating a new and untested extension zone. Cobra also identified anhydrite breccia, a feature often linked to fluid pathways in large porphyry systems, further strengthening the geological model.While these findings are based on visual core observations and remain subject to laboratory assay confirmation expected around August, they collectively suggest growing scale potential at Manna Hill. The company is planning further drilling in September to test the extent of the southern zone and refine its geological understanding. Alongside this, Cobra continues to advance its Boland rare earth project, providing a parallel development pathway.View Cobra Resources' company profile: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Gentile, Strategic investorPrevious interview: https://www.cruxinvestor.com/posts/mining-alpha-with-michael-gentile-junior-miners-repriced-as-ma-sets-new-gold-benchmarks-10184Recording date: 16th July 2026Strategic investor Michael Gentile argues that gold's flat price since October 2025 masks a powerful divergence between market sentiment and underlying fundamentals. While gold still trades near $4,000 per ounce - the same level that previously triggered euphoria - investor mood has shifted to extreme pessimism. Gentile views this disconnect as an opportunity rather than a warning sign.His thesis centers on the growing strain of US government debt. With interest rates rising, servicing roughly $40 trillion in debt at around 5% could push annual interest costs toward $2 trillion, compounding an already large fiscal deficit. Gentile questions whether such high rates are sustainable, suggesting that policymakers may ultimately be forced toward monetary easing or yield curve control—both historically supportive of gold prices.At the same time, central banks continue to accumulate gold aggressively, driving much of its long-term rally. However, financial investors remain largely absent, with gold representing only a small fraction of global portfolios and sentiment indicators near record lows. Gentile believes even a modest shift in institutional allocation could significantly accelerate demand.In equities, he focuses on junior mining companies with large resources and existing infrastructure, which reduce development costs and increase takeover appeal. He highlights companies like McFarlane Lake, Radisson Mining, and Big Ridge Gold as examples where market valuations remain far below the prices typically paid in acquisitions. This gap, he argues, creates substantial upside as consolidation continues.Gentile has also made a rare move into royalties through Silver Crown, a company targeting overlooked silver by-products from other mining operations. This niche strategy avoids direct competition with major royalty firms and could offer scalable growth.Overall, Gentile maintains that gold's long-term outlook remains intact, driven by structural debt pressures, steady central bank demand, and the potential return of financial investors.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-pampa-medina-shows-tier-one-potential-with-57-copper-hits-10588Recording date: 13th July 2026Marimaca Copper Corp. (TSX:MARI) is a Chile-focused copper developer whose flagship asset, the Marimaca Oxide Deposit (MOD), has reached Definitive Feasibility Study (DFS) completion and holds its key environmental approval (the RCA, received November 2025). Located in the Antofagasta region, the heart of the world's largest copper-producing jurisdiction, the MOD benefits from low-altitude, low-execution-risk positioning within 25 kilometres of the Port of Mejillones. The DFS outlines a 13-year mine life on 179 million tonnes of Proved and Probable reserves at 0.42% CuT, supporting roughly 50,000 tonnes per annum of copper cathode production via conventional heap leach and SX-EW processing. At a three-month average copper price of US$5.05/lb, the project delivers a post-tax NPV (8%) of US$1.1 billion and a 39% IRR with a 2.2-year payback; at the DFS's more conservative long-term price assumption of US$4.30/lb, post-tax NPV is US$709 million at a 31% IRR. Initial capital intensity of approximately US$11,700 per tonne of annual production ranks among the most capital-efficient greenfield copper developments globally.President and CEO Hayden Locke argued that Marimaca's current share price roughly reflects the standalone value of the MOD alone as the market is attaching little value to the Company's second asset, Pampa Medina. Located approximately 28 kilometres from the MOD, Pampa Medina is a sediment-hosted copper-silver system that Locke compares directly to the Kakula selective mining zone within the world-class Kamoa-Kakula complex in the Democratic Republic of Congo. Six drill rigs are currently active at Pampa Medina, running step-out and infill programmes. The company's most recent results extended the central high-grade bornite-chalcocite zone 300 metres south with hole SPRD-07 (including 6 metres at 6.11% copper and 24.0 g/t silver), while SPRD-08B intersected mineralisation in basement metasediments for the first time, reaching a total depth of 1,052 metres. Locke separately estimates that identified oxide extensions at Pampa Medina could add 20,000-25,000 tonnes a year of additional cathode production without further exploration success, complementing the existing MOD plant.Execution risk is a key focus for management. The board was recently strengthened with the addition of Chairman Giancarlo Bruno, former CEO of Mantos Copper, and non-executive director Zenon Wozniak, who spent 23 years as First Quantum Minerals' director of projects. Project Director Josh Watson leads an in-country execution team based in Santiago.Key near-term catalysts include: Sectorial Permit approvals expected in Q4 2026 following an on-schedule April 2026 submission; a project financing announcement, led by advisor Endeavour Financial, also expected by Q4 2026; continued Pampa Medina step-out drilling results; and a maiden Pampa Medina sulphide mineral resource estimate targeted for early 2027. Construction is targeted to begin in 2027, with first copper cathode guided for 2029. Investors should weigh the permitting, financing and execution risks inherent to any pre-production developer against a de-risked flagship asset and a exploration program that management believes offers substantial, currently unpriced upside.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Philippe Cloutier, President and CEO, Cartier ResourcesOur previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-undervalued-investment-series-with-philippe-cloutier-9970Recording date: 15th July 2026Cartier Resources is reshaping its strategy at the Cadillac gold project in Quebec's Abitibi Greenstone Belt after early 2026 drilling confirmed that mineralization extends well beyond the historic Chimo mine. New discoveries at the Contact Zone, the Portal area, and a դեռ largely untested southern target indicate the presence of multiple mineralized systems across the company's 15–20 kilometre land package, supporting the idea of a broader “mining camp” rather than a single-deposit project.The results have prompted a redesign of Cartier's exploration program. Instead of evenly distributed drilling across numerous targets, the company is prioritizing high-impact areas: infill drilling at Chimo, focused shallow drilling at the high-grade Contact and Portal zones, and a potentially large, multi-year campaign at the southern target. With about one-third of its 100,000-metre program completed, Cartier believes it has already demonstrated significant expansion potential.An updated Preliminary Economic Assessment (PEA), expected in September 2026, will reflect materially improved fundamentals compared with the 2023 study. The resource base has grown to 3.2 million ounces from 2.3 million, metallurgical recoveries have increased to roughly 97%, and gold prices have more than doubled, now exceeding $4,000 per ounce. The company is also evaluating toll milling at nearby facilities to reduce capital costs and accelerate permitting timelines.Strategically, Cartier is signaling a preference for partnership or acquisition rather than self-funded development, citing capital intensity and permitting complexity. Agnico Eagle, which already owns 27% of Cartier, remains a key stakeholder, though management is actively engaging a broader pool of potential partners amid rising global interest in Quebec gold assets.With over $5 million in treasury and expanded investor outreach across North America, Europe, and Asia, Cartier is positioning its updated PEA as a key catalyst in advancing the project toward a strategic transaction.Learn more: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of ATHA Energy.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-63m-funded-explorer-scales-up-2026-drill-program-10101Recording date: 13th July 2026ATHA Energy's 2026 exploration program at the Angilak Uranium Project in Nunavut is delivering early evidence that its uranium system extends well beyond the boundaries of its currently defined deposit. With three drill rigs active across two priority areas, the company has reported an 11.5 metre composite uranium mineralization intersection at Lac 50 West, located four kilometres from the known Lac 50 deposit, and a 37 metre composite intersection at RIB North, the widest result recorded at that target to date. Both results support CEO Troy Boisjoli's description of a district-scale opportunity spanning a 21-kilometre corridor at Lac 50 and an 18-kilometre corridor at RIB, rather than a series of isolated deposits.Management has been clear that 2026 is not a delineation year. Drilling is deliberately spaced between 150 and 500 metres apart, designed to establish continuity of mineralization across the wider system before committing to tighter, resource-defining infill drilling, which the company expects could begin in 2027 if results continue to track as planned. This sequencing is a meaningful signal for investors: near-term news flow is likely to focus on scale and continuity rather than resource ounces, and grade or thickness data should be read in that context.The program is well funded, following a $63 million raise in the first quarter of 2026 led by Queens Road Capital, giving the company a stated 24-month runway. ATHA also holds a broader Nunavut and Athabasca Basin land package that management has flagged as a source of potential future value.For investors, the key consideration is that current figures, including the conceptual 60.8 to 98.2 million pound exploration target at Lac 50, are not a defined mineral resource, and the eventual scale of the opportunity depends on whether this year's step-out drilling can be tied into continuous, economically relevant mineralized zones.—Learn more: https://cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President and CEO, Cabral GoldOur previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-phase-one-heap-leach-on-schedule-q4-production-targeted-10682Recording date: 14th July 2026Cabral Gold is nearing a key milestone as it transitions from an exploration-focused company to a gold producer, with mining and ore stacking now underway at its Cuiú Cuiú gold-in-oxide project in Brazil. The activity forms part of the commissioning process for the Phase 1 heap leach operation, which is approximately 85% complete. Commercial gold production remains on track for the fourth quarter of 2026.The project is designed to process oxidized surface material using a low-cost heap leach method that avoids drilling, blasting, and complex milling. Ore from the MG deposit is currently being mined, sized, agglomerated, and stacked on leach pads, marking significant progress toward initial gold output. The remaining step before full production is commissioning the wet circuit, which will recover gold from solution.A key component of this process is the adsorption-desorption-recovery (ADR) plant, recently shipped from Australia and expected to arrive on site in late July 2026. Once installed, it will enable final commissioning stages through the third quarter. While initial gold production may begin earlier, Cabral has emphasized that commercial production will be declared only once steady-state output is achieved.Financially, the project remains aligned with the 2025 pre-feasibility study, including an estimated all-in sustaining cost of around $1,200 per ounce, offering strong margins even amid softer gold prices. The company is also evaluating a potential expansion of Phase 1, with further details expected soon.Meanwhile, exploration continues across the district, where Cabral is now modeling six deposits, double the previous estimate. With six drill rigs active and an updated resource estimate expected by year-end 2026, the company is positioning itself for both near-term cash flow and long-term growth.Learn more: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Recording date: 11th July 2026Olive Resource Capital delivered an approximate 15% return in the first half of 2026, outperforming many peers in a more moderate market environment compared to the strong gains of 2025. Returns were further supported by three portfolio company acquisitions, two of which closed the period, highlighting the role of opportunistic corporate activity in performance. The firm emphasized that such events are beneficial but not a reliable foundation for long-term strategy.The commodity landscape in H1 2026 was marked by a clear rotation. Lithium and oil emerged as the strongest performers, with oil remaining resilient despite price volatility and lithium rebounding after years of underinvestment. In contrast, gold, silver, and platinum group metals lagged after leading the previous year, undergoing what management described as a necessary consolidation phase.Despite weak underlying commodity prices, Olive's strongest gains came from precious metals equities. This divergence reflects the firm's focus on company-specific catalysts—such as mergers and acquisitions, resource updates, and technical studies—rather than direct exposure to commodity price movements. Holdings like K92 Mining exemplify this strategy, with growth-driven revaluation potential independent of gold price trends.Macroeconomic conditions remained broadly supportive, with strong global manufacturing activity and continued monetary stimulus, although reduced liquidity support from China is being monitored. Geopolitical tensions, including those involving Iran, influenced energy markets but were viewed as temporary disruptions with longer-term implications for supply chains and energy demand.Heading into the second half of 2026, the firm is cautiously deploying elevated cash reserves into energy and uranium, driven by themes such as AI-related power demand, electrification, and favorable seasonal trends. It continues to avoid West African development projects due to rising jurisdictional risks, instead favoring opportunities in North and South America where regulatory conditions are more stable and investment visibility is stronger.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Gray, President & CEO of Fox TungstenRecording date: 11th July 2026Fox Tungsten is advancing its high-grade Fox project in southern British Columbia, aiming to position it as a rare North American source of tungsten amid tightening global supply. The deposit averages roughly 1% tungsten, which management equates to about 20 grams per tonne gold or 25% copper at current prices, placing it among the higher-grade tungsten projects globally. However, its current resource of just over 1 million tonnes is considered too small to support economic development, prompting an aggressive 20,000-metre drilling campaign in 2026.The ongoing program, supported by two active rigs, focuses primarily on infill drilling between three known zones to expand the resource toward a target of approximately 3 million tonnes—seen as the minimum scale required for a Preliminary Economic Assessment (PEA). A smaller portion of drilling will test deeper extensions of the deposit for potential underground development, marking the first step toward longer-term growth.Metallurgical testing indicates a relatively simple processing route, with gravity separation achieving about 75% recovery into a high-grade tungsten concentrate exceeding 60%. The ore is also considered environmentally favorable, lacking harmful elements and unlikely to generate acid. Additional flotation testing is planned to potentially improve recovery further.Infrastructure advantages strengthen the project's outlook, including road access, proximity to regional services, and an existing power line. The company is well-funded, with approximately C$15 million in working capital following a recent financing, sufficient to complete drilling and advance toward a PEA expected in 2027.Fox Tungsten's strategy is supported by strong market dynamics. Tungsten prices have risen sharply due to both geopolitical pressures—particularly Chinese export constraints—and a broader structural supply deficit. With no active tungsten mines in North America, the Fox project could play a key role in diversifying supply if development progresses as planned.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Lock, Chairman & MD of Flagship MineralsOur previous interview: https://www.cruxinvestor.com/posts/flagship-minerals-asxflg-fast-tracks-isidora-project-to-21m-oz-gold-milestone-10307Recording date: 9th July 2026Flagship Minerals has repositioned itself as a focused gold and copper explorer, combining advancement of its flagship Isidora Gold Project in Chile with the acquisition of the Whipsaw Copper Project in British Columbia. The strategic shift is reinforced by the divestment of its RK Lithium Project for US$4 million, providing non-dilutive funding while simplifying the company's commodity exposure.At the core of Flagship's portfolio is the 2.1 million ounce Isidora project, where recent metallurgical drilling and trenching have been completed. The company is now progressing infill and extension drilling aimed at upgrading and expanding the resource, with an updated estimate targeted for late 2026 or early 2027. Parallel workstreams—including metallurgical testing, environmental studies, and water solution assessments, are feeding into a prefeasibility study expected in early 2027. Management believes Isidora remains significantly undervalued compared to peers, attributing the gap primarily to investor concerns around potential equity dilution rather than asset quality.The newly acquired Whipsaw Copper Project introduces large-scale copper optionality in a Tier-1 jurisdiction. Located near an operating mine in British Columbia, Whipsaw hosts a substantial exploration target of up to 1.02 billion tonnes at 0.2–0.4% copper equivalent. Importantly, the deal is structured with deferred payments and no minimum exploration spend, allowing Flagship to manage capital efficiently. The company is evaluating whether to advance drilling or spin out the asset into a separate listed vehicle, offering flexibility in how value is realized.Flagship's broader strategy reflects a shift among junior miners toward multi-asset, multi-commodity portfolios that reduce reliance on a single project. With near-term catalysts at Isidora and strategic options at Whipsaw, the company aims to deliver growth, diversification, and a clearer pathway toward development without excessive shareholder dilution.View Flagship Minerals' company profile: https://www.cruxinvestor.com/companies/flagship-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Hallworth, President & CEO of Gunnison CopperOur previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxgcu-new-pea-with-18-24-month-pfs-timeline-9611Recording date: 8th July 2026Gunnison Copper is positioning itself as a rising U.S. copper producer under new CEO Craig Hallworth, who recently stepped up from CFO following a leadership transition. The company has rapidly advanced its operations, bringing the Johnson Camp mine in Arizona into production within 18 months and using that momentum to progress its much larger flagship Gunnison project, which could supply up to 10% of current U.S. refined copper demand.A major priority has been financial restructuring. Gunnison successfully eliminated legacy secured debt in early 2026 and settled convertible debentures at a significant discount, strengthening its balance sheet and improving investor confidence. Institutional ownership has grown substantially, reflecting increased market credibility.Operationally, Johnson Camp is already producing copper cathode using Rio Tinto's Nuton leaching technology, with output sold domestically, including to Amazon Web Services. The project has also qualified for U.S. federal tax credits and may benefit from additional state-level incentives.The flagship Gunnison project presents compelling economics, with an estimated after-tax value of nearly $2 billion and a 22.5% internal rate of return. Despite this, the company trades at a steep discount to peers. Management attributes this gap to its earlier-stage development status and sees significant upside as permitting, drilling, and feasibility work advance.A key differentiator is Gunnison's integrated acid plant strategy, designed to mitigate supply chain risks and reduce reliance on imported sulfuric acid. Combined with an already-permitted site and low litigation risk, this supports a streamlined development pathway.With a large-scale drilling program underway and ongoing metallurgical testing, Gunnison aims to expand its resource base and attract a strategic partner ahead of a targeted construction decision by mid-2028, aligning with growing U.S. demand for domestically sourced critical minerals.View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copperSign up for Crux Investor: https://cruxinvestor.com

Panel Interview withMichael Hodgson, CEO of Serabi Gold PLCAlan Carter, President & CEO of Cabral Gold Inc.Thiago Diniz, VP Exploration of ValOre MetalsRecording date: 7th July 2026Brazil is emerging as an increasingly attractive mining jurisdiction, according to executives from Serabi Gold, Cabral Gold, and ValOre Metals, who discussed the country's regulatory environment, infrastructure, and investment climate. While Brazil's federal mining framework is widely viewed as stable and predictable, challenges persist at the state level, particularly in newer mining regions such as Pará. There, under-resourced agencies often delay permitting, leading companies to rely on temporary “guia” licenses to maintain project timelines.Despite these bottlenecks, investor sentiment toward Brazil has improved significantly. What was once considered a “Brazil discount” in mining valuations has, according to industry leaders, shifted to a “Brazil premium.” This change is driven by strong gold prices, increased participation from major global miners such as Vale, BHP, and Anglo American, and growing access to both institutional and retail capital. Brazil's mining sector also plays a major economic role, contributing billions in revenue and exports.Infrastructure development has further strengthened the investment case. In the Tapajós region, new highways have reduced costs, connected mine sites, and improved community relations by generating local economic benefits. However, success in Brazil depends heavily on early and sustained engagement with state regulators and local stakeholders, as these relationships often determine permitting outcomes more than federal involvement.Operationally, companies report a generally capable domestic workforce, though specialized skills and imported equipment can present constraints. Meanwhile, Brazil's geological potential remains underexplored, with only about 30% of the country mapped in detail.Looking ahead, Serabi aims to double gold production, Cabral is advancing toward first production in 2026 with active drilling, and ValOre is progressing toward a preliminary economic assessment while pursuing acquisitions. Overall, Brazil is increasingly viewed as a competitive and promising destination for mining investment.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nicholas Holthouse, MD of Mont Royal ResourcesOur previous interview: https://www.cruxinvestor.com/posts/mont-royal-resources-asxmrz-ashram-pea-nears-as-capex-slashed-50-and-fluorspar-upside-emerges-10160Recording date: 8th July 2026Mont Royal Resources Limited (ASX:MRZ, TSXV:MRZL) has used the past month to substantiate its case as a scale rare earths developer positioned to help address Western critical minerals supply gaps. The centrepiece is an updated Preliminary Economic Assessment for the company's 100%-owned Ashram Rare Earths and Fluorspar Project in Nunavik, Québec, released and followed by the formal NI 43-101 Technical Report required under Canadian disclosure rules.The updated PEA confirms Ashram as a 30-year, large-scale development. On a post-tax basis, the project delivers an NPV8 of C$2.03 billion, an IRR of 22.0%, and payback of 3.9 years from the start of production; pre-tax figures are stronger, at C$3.44 billion NPV8 and 25.6% IRR. Life-of-mine revenue is forecast at C$24.6 billion, with EBITDA of C$15.5 billion (a 62.7% margin), driven by average annual production of approximately 17,466 tonnes of saleable rare earth oxide, including roughly 4,035 tonnes of NdPr oxide. Initial capital expenditure is estimated at C$1.23 billion, including a 30% contingency, with the Company also anticipating C$342 million in refundable Clean Technology Manufacturing tax credits.The updated Mineral Resource Estimate totals 204.3Mt (73.2Mt Indicated at 1.89% TREO and 131.1Mt Inferred at 1.91% TREO), with the mine plan drawing on only around 25% of that base over its 30-year life leaving room for future expansion, including the currently excluded BD-Zone. NdPr, the primary magnet metal pairing, represents approximately 21% of the resource's total rare earth oxide content, a distribution that positions Ashram to supply the higher-value end of the rare earth basket into markets forecast to grow at 8-12% annually through 2050.Beyond the economic study, Mont Royal is managing two other active workstreams. First, the company acknowledged an independent, Nation-led initiative from the Naskapi Nation of Kawawachikamach to evaluate potential regional access corridor options, a process Mont Royal says it respects but does not control, running in parallel to its own engagement with Inuit, Naskapi and Innu communities on Ashram-related infrastructure. Second, the company's 75%-owned Northern Lights Minerals project is undergoing a helicopter-supported gold till-sampling survey across the Chateaufort Property, targeting ground directly along strike from Benz Mining's 1,005,000oz Eastmain gold deposit, with preliminary data expected in August 2026 and a full report in Q3.For investors, the key considerations are straightforward. On the positive side: a resource base and NdPr distribution that stack up well against global peers, PEA economics that clear the bar for progression to Pre-Feasibility Study, and access to Canadian government funding support, including the anticipated tax credit allocation. On the risk side: the PEA carries a ±50% accuracy range typical of scoping-level studies, no off-take agreements or committed financing are yet in place against the roughly C$1.23 billion initial capital requirement, and the assumed third-party access-road cost model has not yet been formalised into an infrastructure agreement. Permitting is expected to take several years given the project's location within federally and provincially regulated territory under the James Bay and Northern Québec Agreement.The Company has targeted the second half of 2026 for the start of Pre-Feasibility Study work, alongside continued permitting, environmental baseline studies, and strategic partnership discussions as the next set of milestones to track.View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-no-competitors-lowest-cost-producer-a-mining-story-built-for-certainty-10812Recording date: 8th July 2026Atlas Salt has advanced its Great Atlantic Salt Project in Newfoundland from pre-development into active construction, marking a key milestone for the company. Since construction began in February, work has shifted to feasibility-study-funded capital expenditures, meaning current activities are part of the permanent mine infrastructure rather than preparatory steps. Backed by recent financing, the company has maintained steady progress through the 2026 construction season.Early-stage work has focused on site clearing, overburden removal and storage, subgrade preparation, and initial road and drainage infrastructure. These efforts are designed as long-term assets for the project. The next major milestone, excavation of the box cut and development of a 1.5-kilometre underground drift, is still several months away and will be critical in determining the project's technical performance.Initial geotechnical observations have been encouraging, with ground conditions appearing drier and more stable than expected. If confirmed, these conditions could reduce both construction time and capital costs, though further testing during drift development will be necessary to validate these early findings.On the regulatory side, Atlas Salt has secured permits covering over $150 million in early works. In addition, local authorities have shifted to a streamlined permitting approach aligned with provincial approvals, reducing administrative complexity and signaling strong regional support.The project aims to produce 4 million tonnes of de-icing road salt annually, targeting undersupplied markets in the northeastern United States, eastern Canada, and Atlantic Canada. Execution is supported by an experienced in-house team and engineering partner Hatch, with a phased staffing strategy intended to reduce risk during peak construction.Overall, Atlas Salt's transition into active construction, combined with favorable early conditions and improved permitting, positions the project for continued advancement toward full-scale production.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO of Metals Exploration PLCOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-doubling-gold-output-as-build-on-track-on-budget-9180Recording date: 8th July 2026Metals Exploration (LSE:MTL) presents a self-funded gold development story entering its most consequential phase, with a newly acquired copper optionality layered on top. The company's flagship growth asset, La India in Nicaragua, is roughly 50% built and remains on schedule for first gold production in December 2026. CEO Darren Bowden confirmed that a previously flagged risk, the power transmission to the construction site, has now been substantially resolved through a revised delivery arrangement with the Nicaraguan government, under which the state handles design and the company handles construction.Construction progress is tangible: front-end processing infrastructure is complete, the CIL tanks are half-erected, and both mills are currently being installed. Some equipment deliveries such as an elution circuit from Australia and high-voltage cabling have slipped by a few weeks, but management maintains that the December 2026 target is intact, aided by a stockpiling strategy designed to bank four to five months of processing feed ahead of commissioning.The build is being funded entirely from Runruno's operating cashflow. The Philippines-based mine delivered record FY2025 results - $208.4 million in revenue and $115.3 million in free cashflow - leaving the company debt-free. FY2026 Runruno guidance of 40,000-48,000oz represents a step down from FY2025's 65,287oz, reflecting the mine's advancing age rather than any operational issue, as La India is designed to take over as the group's primary cashflow generator from late 2026.La India's underlying economics remain strong: a pre-tax NPV6 of $882 million at $2,500/oz gold (rising to $1,378 million at $4,000/oz), targeting 145,000oz of annual production over a mine life of 12-plus years, at an initial capital intensity of $1,138/oz - the lowest among the development-stage peer group Crux tracks for comparison.Layered on top of this near-term gold catalyst is a newly signed set of agreements over the Batong Buhay copper-gold porphyry project in the Philippines, announced 15 June 2026. The 440-hectare licence hosts two historically drill-tested porphyry systems and a high-sulphidation gold vein system, with a historical (non-JORC) resource at the Dickson porphyry of 86.9 million tonnes at 0.60% copper and 0.25 g/t gold. Crucially, the licence sits with the state-owned Philippine Mining Development Corporation, which satisfies local ownership requirements automatically and gives the project government backing that makes it a very different prospect. Initial exploration is underway, with a drill programme targeted for H2 2026.For investors, the near-term case rests on execution through La India's remaining construction and commissioning phases - watch particularly for confirmation of the final capital figure, which has moved slightly across recent company materials - alongside early drill results from Batong Buhay and the company's existing Abra and Cacao exploration targets, both expected in H2 2026.View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plcSign 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-2026-drilling-campaign-eyes-500-mt-resource-expansion-9972Recording date: 8th July 2026Pacific Ridge Exploration Ltd. (TSXV:PEX) closed the final tranche of an C$8.5 million financing and in doing so secured its largest corporate strategic shareholder: Peruvian mining group Minsur S.A., which through its subsidiary Cumbres del Sur now holds approximately 13.8% of the company. For a junior explorer that has spent recent years working to close a persistent valuation gap with peers, this is a meaningful development heading into the 2026 field season.The financing directly funds Pacific Ridge's 2026 exploration programme: approximately 2,500 metres of drilling each at the flagship Kliyul copper-gold project and the RDP copper-gold project, both located in British Columbia's Toodoggone district. Mobilisation is underway, with drilling expected to begin by late July and a second rig arriving mid-August to accelerate the Kliyul programme.At Kliyul, Pacific Ridge already holds a maiden resource of 334 million tonnes at 0.33% copper equivalent - roughly 2.42 billion pounds of copper equivalent, or 5.7 million ounces of gold equivalent. Rather than simply expanding this resource, management is directing drilling toward three untested porphyry targets along a 6-kilometre mineralised trend, starting with the M39 target in the property's southeast corner. Only three of the roughly 36 holes drilled at Kliyul to date have tested ground outside the existing main zone, leaving significant untested potential. Management's rationale is straightforward: nearby discoveries at Amarc Resources' Freeport-backed JOY district and Kingfisher Metals' HWY 37 project in the Golden Triangle have both driven multi-fold share price re-ratings, and a fresh discovery is seen as more likely to move Pacific Ridge's valuation than incremental tonnage growth.At RDP, the 2026 programme is concentrated on testing an interpreted porphyry centre nestled between two known mineralised magnetic lobes, the same zone that Minsur specifically negotiated technical access rights to as part of its investment. CEO Blaine Monaghan has described RDP's grades as among the highest-grade porphyry copper-gold mineralisation seen in the province, distinguishing it from the larger but lower-grade Kliyul resource.Minsur's investment carries structural significance beyond the capital itself. The company has been granted an investor rights agreement covering participation and top-up rights in future financings, along with a nine-month right of first refusal to acquire the RDP project and an agreement to negotiate a potential strategic transaction in good faith. This creates a defined, time-bound window in which Minsur can act on this season's drilling results - a specific catalyst investors can track rather than an open-ended thesis.With more than C$9 million now in treasury and a share count that has grown from roughly 63 million to approximately 97 million following the raise, management argues the company's dilution overhang is largely behind it, pointing to roughly 160 million shares traded since September 2025 as evidence that legacy sellers have been substantially absorbed. Separately, Pacific Ridge's Yukon gold properties, Mariposa and Eureka Dome, remain under a non-dilutive option to Labrador Gold Corp, adding optionality without competing for Pacific Ridge's own exploration capital this season.View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-explorationSign 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-tsx-graduates-to-the-tsx-10811Recording date: 7th July 2026New Found Gold Corp (TSX: NFG | NYSE American: NFGC) has confirmed that its flagship Queensway Gold Project will undergo an additional environmental review step, while construction at its Pine Cove mill continues uninterrupted. Newfoundland and Labrador's Minister of Environment, Conservation and Climate Change notified the company on July 3, 2026 that an Environmental Preview Report is required for Queensway Phase 1, a standard requirement for a greenfield project sited near the communities of Appleton and Gander. CEO Keith Boyle has described the request as an expected part of advancing a project of this nature so close to populated areas, and has emphasized a collaborative working relationship with the provincial government throughout the process.On the regulatory timeline, New Found Gold will receive EPR completion guidelines within 60 days of the Minister's letter. Once the EPR is submitted, a 35-day public review and the Minister's 45-day decision period run concurrently, with the decision period carrying a possible two-week extension that has already been exercised once during this project's review. Taken together with however long the company needs to prepare and submit the EPR itself, a realistic overall timeline to a final decision is six to nine months.Importantly, Boyle has stated that none of the current engineering, procurement, or construction work has been affected by the review. The company has received the permit amendment needed to convert its 100%-owned Pine Cove mill from a 700 tonne-per-day flotation circuit to a 1,400 tonne-per-day gravity-carbon-in-leach circuit, and construction on that conversion is already underway. New Found Gold continues to target sending first Queensway Phase 1 material to the mill in the fourth quarter of 2027, with Phase 1 commercial production targeted for the second half of 2028.The company is also using its Hammerdown Gold Project, targeted for commercial production in the second half of 2026, as an operational rehearsal for Queensway, with lessons on drilling, blasting, and mine start-up expected to transfer directly across. An updated NI 43-101 Technical Report covering all three planned phases of Queensway is expected in the second half of 2026, which should give investors a clearer picture of updated resource, design, and cost estimates.—Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Matt Manson, President & CEO of Radisson Mining Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/radisson-mining-tsxvrds-delivers-82-gold-resource-jump-from-just-25-of-140000m-drill-program-9475Recording date: 2nd July 2026Radisson Mining Resources is rapidly advancing its O'Brien Gold Project in Quebec's Abitibi region, one of the world's most established gold camps, as it transitions from exploration toward potential development. Since 2023, the project's resource has grown from 900,000 ounces to approximately 2.3 million ounces by March 2026, with particularly strong expansion in inferred resources. Management now targets a significantly larger deposit of 3 to 4 million ounces or more, supported by ongoing drilling success.This growth is driven by an extensive 140,000-metre drill program launched in October 2025, with eight rigs operating continuously through the first half of 2027. The program focuses both on extending known mineralized zones at depth and testing previously unexamined gaps between them. Results so far suggest strong geological continuity, with an 80–85% success rate in the core resource area and encouraging deep intercepts that reinforce confidence in the deposit's scale.A key strategic advantage is the project's proximity to major mining infrastructure, including Agnico Eagle's LaRonde and Iamgold's Westwood-Doyon Complex. This allows Radisson to consider either building a standalone mine or leveraging existing mills, shafts, and tailings facilities, potentially reducing capital costs and development timelines. Recent financing of C$25 million has strengthened the company's balance sheet to over C$50 million, fully funding exploration through at least late 2027 and enabling drilling to extend deeper, now targeting up to 2.5 kilometres.Despite these advances, Radisson's valuation has declined amid a broader pullback in gold equities, with its implied value falling to roughly US$110–120 per ounce—well below recent regional acquisition benchmarks of US$500–600 per ounce. This gap highlights potential upside if the company continues to expand resources and de-risk development. Overall, O'Brien is emerging as a fast-growing, infrastructure-advantaged gold project with increasing strategic flexibility.View Radisson Mining's company profile: https://www.cruxinvestor.com/companies/radisson-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-undervalued-investment-series-with-dan-wilton-9757Recording date: 2nd July 2026First Mining Gold has secured federal environmental assessment approval for its Springpole gold project in Ontario, marking a major milestone after an eight-and-a-half-year regulatory process that began in 2018. The approval removes a key uncertainty that had weighed on the project and the company's valuation, positioning Springpole as one of the more advanced undeveloped gold assets in Canada.The company has also made progress on securing social license, announcing term sheets and clear paths to agreements with three First Nations communities: Cat Lake, Lac Seul, and Slate Falls. Finalizing these agreements is a near-term priority and is expected to proceed alongside the remaining regulatory steps. The Ontario provincial environmental assessment is still underway, with a decision anticipated by the end of summer 2026 following a public comment period.Economically, the project appears robust. A November 2025 pre-feasibility study estimated a 40 percent after-tax internal rate of return and a net present value of $2.1 billion (US) at a gold price of $3,100 per ounce. The project could produce more than 300,000 ounces of gold annually, with a payback period of under two years. Management expects to reach a final investment decision within approximately 18 months, following a feasibility study targeted for mid-2027 and subsequent financing discussions.Despite these developments, CEO Dan Wilton argues the company remains significantly undervalued. First Mining trades at roughly $50–60 per ounce of resource, compared to $120–150 for early-stage projects and $300–400 for advanced-stage developers. He attributes this gap partly to historical permitting risk and suggests a re-rating could follow as approvals are completed.Springpole's scale, location in a tier-one jurisdiction, and advanced permitting status also make it strategically attractive in a gold sector facing declining reserves and limited large-project pipelines.View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Drew Clark, CEO, Summit RoyaltiesOur previous interview: https://www.cruxinvestor.com/posts/summit-royalties-tsxvsum-new-royalty-player-fills-sub-1b-market-gap-with-accretive-ma-9472Recording date: 29th June 2026Summit Royalties, a newly listed precious metals royalty company led by CEO Drew Clark, has taken a significant step in scaling its business with the acquisition of Star Royalties for approximately CAD $50 million. The transaction adds a high-grade, permitted, and currently under-construction gold stream at the Copperstone project in Arizona, strengthening the company's near-term production profile and shifting its portfolio toward more advanced assets.Following the deal, Summit has doubled its projected cash flow to roughly USD $20 million once all assets reach full production, up from an earlier estimate of $10 million. The company is targeting a production run rate of about 4,000 gold ounces by 2028, which could generate more than USD $15 million in annual revenue at current gold prices. These projections are anchored by two key assets: the Copperstone stream and a royalty linked to a Jaguar Mining project, both operated by well-capitalized, established mining companies. This reduces reliance on speculative development and lowers execution risk compared to early-stage projects.Summit is also evolving its funding strategy. While early growth relied on equity financing, the company is now pursuing a revolving credit facility with a major bank, enabling it to use debt alongside equity to fund future acquisitions and potentially limit shareholder dilution.Management emphasizes disciplined growth, noting that over USD $250 million in potential deals have been reviewed and rejected to maintain quality and value. Insider ownership stands at approximately 12%, aligning management with shareholders.Overall, Summit Royalties is positioning itself as a rapidly growing but selective player in the royalty sector, focusing on low-risk, near-term production assets while expanding its financial flexibility to support continued portfolio growth.Learn more: https://www.cruxinvestor.com/companies/summit-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Layton Croft, President & CEO, Carolina RushOur previous interview: https://www.cruxinvestor.com/posts/carolina-rush-tsxvrush-testing-deep-porphyry-potential-in-americas-first-gold-district-9470Recording date: 1st July 2026Carolina Rush has completed the first deep drilling program at its Brewer Gold-Copper project in South Carolina, confirming the presence of a copper-gold porphyry system beneath its historic near-surface gold mine. The program, consisting of three deep holes totaling 3,500 metres, marks a significant shift in the company's exploration focus from shallow gold mineralisation to a larger, deeper target.Results from hole 37 provided early indications of a porphyry system, including elevated copper levels, the presence of chalcopyrite, and characteristic quartz veining. More importantly, hole 38 delivered a breakthrough by intersecting copper-gold mineralisation beneath the lithocap for the first time. The hole returned multiple mineralised intervals, including 60 metres grading 681 ppm copper and 0.24 g/t gold within potassic alteration, a zone typically associated with the core of porphyry deposits.A revised geological model, developed with porphyry expert Dr. Richard Sillitoe, suggests the system is tilted 20–30 degrees to the northwest rather than vertical. This interpretation implies that the mineralised core may lie at a shallower and more economically accessible depth than previously assumed.The project is being advanced through an earn-in agreement with OceanaGold, which must invest US$8 million by the end of 2027 to earn a 50% stake. Carolina Rush remains the operator, while OceanaGold brings funding and regional infrastructure, including its nearby Haile gold mine.With a defined near-surface resource of approximately 500,000 ounces of gold and growing evidence of deeper porphyry potential, Brewer represents a dual-opportunity asset. Assay results from the third hole are pending, and further drilling is planned to test the system along its interpreted northwest extension.Learn more: https://www.cruxinvestor.com/companies/carolina-rushSign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams. Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-ltd-tsxiso-sequential-build-out-anchored-by-us-uranium-restart-9432Recording date: 1st July 2026IsoEnergy has moved through a period of significant portfolio development, anchored by the completed acquisition of Toro Energy, encouraging exploration results in Saskatchewan, and continued technical work toward a potential production restart in Utah. Together, these developments position the company across three of the jurisdictions most favoured by uranium investors: Canada, the United States, and Australia.The Toro acquisition brought the Wiluna project into IsoEnergy's portfolio, adding three near-surface deposits containing an estimated 75 million pounds of uranium. The project's shallow depth, from surface to approximately 10 metres, and its history of federal and state permitting make it a comparatively advanced addition. Management has outlined a six-to-twelve-month plan to update Wiluna's resource estimate and economic study to current Canadian reporting standards, alongside additional infill drilling intended to improve confidence in the resource.In Saskatchewan, drilling at the Hurricane deposit's "south trend" produced results that exceeded internal expectations. An area previously modelled to contain grades of 1–1.5% uranium instead returned intersections above 10%, including a best result of 11.6%, with a follow-up hole grading 2.75% roughly 550 metres from the existing resource. Hurricane already ranks among the highest-grade uranium deposits globally, with an indicated resource of 48.6 million pounds at 34.5% uranium. The south trend results suggest that high-grade mineralisation may extend beyond the boundaries of the current resource model, and the company plans to continue testing this trend as its 20-hole summer drilling programme resumes.In Utah, IsoEnergy is evaluating a restart of the Tony M mine. A 2,000-tonne bulk sample is being processed through a beneficiation technology that has shown it can remove 75% of material volume while retaining over 90% of contained uranium in initial testing. These results will feed into an updated economic study, expected before the end of 2026, which management has indicated will inform the ultimate restart decision.Financially, IsoEnergy reports approximately $130 million in cash, providing flexibility to fund study work and exploration across all three jurisdictions without near-term reliance on external capital. NexGen Energy, an early investor in the company, holds approximately 28% of shares outstanding following dilution from the Toro transaction.Management has characterised its overall approach as sequencing three potential mines according to their individual stages of readiness: Tony M as the nearest-term production candidate, Wiluna as a three-to-five-year development project, and Hurricane as a longer-dated asset dependent on further exploration and potential collaboration with neighbouring operators. This framing reflects a broader intent to reduce the binary risk associated with single-asset uranium developers by diversifying across geography and development stage.For investors, the near-term catalysts to monitor include the Tony M economic study due by year-end 2026, further assay results from Hurricane's south trend as the summer programme continues, and progress toward updated resource and economic disclosures for Wiluna over the coming months.View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Joudrie, President and CEO, Selkirk Copper Our previous interview: https://www.cruxinvestor.com/posts/selkirk-copper-tsxvscmi-high-grade-yukon-copper-restart-targets-mid-2028-production-10230Recording date: 1st July 2026Selkirk Copper Mines Inc. is advancing the restart of a previously producing copper-gold-silver operation, targeting first production by mid-2028. Positioned as a “restart story,” the project benefits from existing infrastructure, including a processing mill, camp facilities, and established site systems, significantly reducing the capital intensity and technical risks typically associated with new mine development. The company is focusing on incremental upgrades rather than rebuilding core infrastructure, while leveraging a substantial historical database to streamline engineering and planning.Initial drilling results have reinforced confidence in the asset. A 175-hole Phase 1 program intersected economic-grade mineralisation in 87% of holes and identified two new mineral lenses near existing workings. These findings support the company's broader strategy to develop an integrated mining operation combining open-pit and underground sources, with a roughly equal contribution in the early years and a gradual shift toward underground production over a projected 12-to-15-year mine life.Selkirk is now progressing a 50,000-metre Phase 2 drill campaign focused on upgrading resources and advancing geotechnical studies. The program is ahead of schedule and will inform a feasibility study expected to begin in late 2026 and conclude by mid-2027. Updated economic and resource estimates are anticipated in July 2026.Production planning targets approximately 30,000 tonnes of copper-equivalent output annually, supported by by-product gold and silver credits. To fund development, the company is pursuing non-dilutive options such as offtake agreements, project financing, and a potential silver stream, while avoiding the over-leveraging and permitting missteps that affected the previous operator.With strong drilling results, existing infrastructure, and favorable metal price conditions, Selkirk aims to position the project as 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 Luke Norman, Executive Chairman of US Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-14b-npv-at-spot-fully-permitted-major-upside-9904Recording date: 29th June 2026U.S. Gold Corp (NASDAQ:USAU) presents a case that is relatively uncommon in the junior mining sector: a fully permitted, feasibility study-backed gold-copper project with a share structure that limits near-term dilution risk. The company's CK Gold Project, located roughly 20 miles from Cheyenne, Wyoming, benefits from established infrastructure including road, rail, and power that Executive Chairman Luke Norman argues meaningfully reduces both construction cost and timeline risk relative to more remote developments.The project's permitting status is central to the investment case. Wyoming's state-level permitting framework includes a defined objection window that closes once permits are issued, reducing the risk of legal challenges arising mid-construction which is a risk that has affected other North American projects situated on federal land or in jurisdictions with less defined objection timelines. Norman has described CK Gold as one of very few hard-rock mining developments to achieve full permitting in Wyoming in close to a century.On economics, the definitive feasibility study uses a base-case gold price of $3,250 per ounce, below the consensus estimate of roughly $3,800 per ounce cited at the time of the interview, and still produces an after-tax net present value of approximately $630 million, alongside an internal rate of return just under 30%. Copper, which contributes around 30% of the project's economics, was modelled using a price assumption that has since been exceeded by the market, suggesting the study may understate current project value.Central to management's undervaluation argument is the company's share count. With approximately 16.5 million shares outstanding which is low relative to typical junior developers, the resulting market capitalisation of roughly $260 million appears modest set against the feasibility study's NPV. Norman has attributed part of this gap to the company's Nasdaq listing, suggesting that comparable projects may be priced differently on Canadian exchanges where specialist mining investors are more concentrated.Beyond the current reserve, management points to several sources of unquantified upside: approximately 80% of drill holes extending past the existing reserve boundary showed continued mineralisation, gold remains recoverable from tailings material, and waste rock carries commercial resale value comparable to that of a neighbouring quarry operator. None of these factors is currently reflected in the feasibility study's economics.The company's financing strategy also differs from many peers. Rather than raising further equity, management has expressed a preference for debt-heavy project financing, citing the project's relatively short payback period as support for this approach as a structural distinction from junior developers whose valuations are often discounted by anticipated shareholder dilution.For investors, the opportunity rests on several dependencies: successful and timely project financing, continued permitting stability, and commodity prices holding near or above the levels used in the feasibility study. As with any development-stage mining investment, prospective investors should review the company's public filings and feasibility study documentation directly, and weigh these factors against their own risk tolerance before making investment decisions.View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Kurt Budge, CEO of Leading Edge Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/leading-edge-materials-tsxvlem-heavy-rare-earth-asset-sets-production-timeline-8642Recording date: 30th June 2026Leading Edge Materials Corp. (TSXV:LEM) has secured a 25-year Exploitation Concession from the Swedish government for its Norra Kärr heavy rare earth elements project, an outcome the company frames as the most consequential regulatory milestone in its history. The decision follows 15 years of technical work and formal endorsements from Sweden's Mining Inspectorate, the Geological Survey of Sweden, and county administrative boards, and it fundamentally changes the nature of the investment case: Norra Kärr moves from a project defined by permitting uncertainty to one defined by financing and offtake execution.The core of the opportunity lies in the composition of the resource. Norra Kärr holds a high concentration of dysprosium, terbium and yttrium, heavy rare earths essential to permanent magnets used in electric motors, wind turbines and defence equipment, at a time when the European Union has no domestic rare earth production of its own. Independent research from Edison Group has ranked Norra Kärr third globally among comparable deposits on a dysprosium-equivalent basis and assigned the project a risked NPV10 of approximately $900 million. Investors should note this valuation is based on 2026 analysis and predates some of the more recent shifts in ex-China pricing for heavy rare earths, which have widened materially relative to Chinese domestic prices as buyers seek supply independent of Beijing's export licensing controls. Management has an updated prefeasibility study underway that is expected to incorporate current pricing.CEO Kurt Budge has been explicit about how the lease changes commercial conversations. Where prior discussions with prospective offtake partners and lenders were consistently constrained by the absence of confirmed mining rights, the company can now present Norra Kärr as a de-risked, strategically important asset. This distinction is particularly relevant given that offtake certainty has become an increasingly central requirement for both lenders and equity investors evaluating rare earth projects.The near-term catalyst path is reasonably well defined. Environmental permit preparation, including baseline data collection, is expected to take six to nine months before an application can be submitted, running in parallel with the prefeasibility study update. Management continues to target production within four years and has identified binding offtake agreements as the next material milestone, both for their direct commercial value and for the signal they send to potential financiers.The broader context is one of policy support outpacing available risk capital in Europe, in contrast to more assertive state-backed capital deployment in the United States, illustrated by transactions such as Energy Fuels' acquisition of Germany's Vacuumschmelze. This dynamic underscores both the strategic scarcity value of Norra Kärr and the execution risk that remains: no binding offtake has yet been signed, and the prefeasibility study is not yet complete. For investors, the lease represents a genuine de-risking event, but the pace at which Leading Edge converts this milestone into confirmed financing and offtake agreements will be the key variable to monitor over the coming months.View Leading Edge Materials' company profile: https://www.cruxinvestor.com/companies/leading-edge-materialsSign up for Crux Investor: https://cruxinvestor.com

Interview with George Salamis, President and CEO, Integra ResourcesOur previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-strategic-investment-year-unlocks-80-90k-oz-production-in-2027-2028-9377Recording date: 29th June 2026Integra Resources has released a feasibility study for its Florida Canyon gold mine in Nevada, positioning the operation as the financial cornerstone of the company's growth strategy. The study outlines a strong economic profile, including an after-tax net present value of $601 million at a 5% discount rate and approximately $800 million in cumulative free cash flow over an eight-year mine life. Notably, the project requires no upfront capital, as the mine is already built, permitted, and operating.A key highlight is the substantial increase in the mine's scale, with reserves rising by 78% and resources by 128%. This growth stems from 18 months of geological reinterpretation, infill drilling, improved mine planning, steeper pit slope designs, and increased use of ore crushing to enhance recovery. These changes have reshaped the understanding of the deposit, moving beyond simple grade-based models to incorporate structural and lithological controls.In the near term, operations will focus on an intensive waste-stripping campaign to access higher-grade ore zones in the Main C pits. While this phase will keep costs elevated, the company expects all-in sustaining costs to decline toward an average of about $2,300 per ounce over the life of the mine once higher-grade material is reached.Florida Canyon's cash flow is expected to fund ongoing operations and support Integra's broader development pipeline, including the DeLamar project, targeted for construction in roughly two years with partial debt financing, and the Nevada North project. This self-funding model reduces reliance on equity financing and potential shareholder dilution.Additionally, a 42,500-metre drilling program is underway to expand resources further, including exploration of previously underexplored areas and the historical Standard Mine target, marking the first drilling there in 15 years.Learn more: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Shaun Bunn, Managing Director, Empire MetalsOur previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-australian-giant-targets-supply-gap-in-restructuring-titanium-market-8489Recording date: 26th June 2026Empire Metals is advancing its wholly owned Pitfield titanium project in Western Australia, positioning it as one of the largest and potentially lowest-cost titanium ore systems globally. Discovered around three years ago, Pitfield has rapidly progressed from exploration to development planning, supported by a large, shallow, and high-grade ore body. Recent drilling has further improved average grades—now estimated at roughly seven times typical mineral sands deposits—with an updated Mineral Resource Estimate expected in the third quarter of 2026.A major milestone came in June 2026 with the release of an integrated process flow sheet outlining how ore will be converted into high-purity titanium dioxide (TiO2) pigment at a single site. The process combines conventional and novel steps, beginning with scrubbing, screening, and flotation to remove up to 90% of waste material before leaching. The remaining concentrate undergoes a low-temperature sulfuric acid leach, achieving high titanium recovery rates of around 98%. The process also enables recovery of alumina from kaolin as a co-product, improving overall project economics while allowing partial recycling of reagents.Engineering and cost studies are now underway, with key decisions pending on power supply, acid sourcing, and plant design. The company aims to deliver clear capital and operating cost guidance by early 2027. Rather than competing with low-cost Chinese producers, which dominate about 60% of global TiO2 supply, Empire Metals is targeting premium pigment markets in paints and coatings, where customers pay higher prices for quality and supply security.The broader market backdrop supports this strategy. Global TiO2 demand stands at 8–9 million tonnes annually and continues to grow steadily, while Western producers face rising costs and financial pressure. With strong infrastructure access, a scalable resource, and a focus on high-margin markets, Pitfield is positioned as a potential new entrant in a tightening global titanium supply chain.Learn more: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Raymond Ashley, President and COO, F3 Uranium Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-corp-tsxvfuu-resource-milestone-growth-drilling-ma-discussions-9473Recording date: 27th June 2026F3 Uranium is advancing exploration at its Patterson Lake North (PLN) project in Saskatchewan's Athabasca Basin, combining an established high-grade resource with a discovery that could reshape regional exploration models. The company's JR Zone, discovered in 2022, hosts an estimated 11.8 million pounds of uranium at 4.41% U3O8, with a particularly rich core of 10.8 million pounds grading 12.23%. This places it among the higher-grade uranium resources globally and confirms PLN as a meaningful asset in a district known for world-class deposits.More recently, the Tetra Zone discovery has challenged a long-standing assumption in Athabasca exploration—that economic uranium deposits require graphite- and sulfide-bearing conductive structures. Tetra contains high-grade uranium despite lacking these features, demonstrating that mineralization can occur in previously overlooked geological settings. This finding significantly expands the exploration potential of PLN, particularly within the Clearwater domain, an area historically ignored due to the absence of electromagnetic conductors.Scientific analysis shows that both JR and Tetra share identical uranium ages, mineralogy, and alteration signatures, indicating they formed from the same large-scale hydrothermal system despite being 13 kilometres apart. This suggests the mineralizing system extends across a much broader area than previously recognized.To adapt, F3 is testing resistivity surveying as an alternative targeting method, supported by geochemical and gravity data. A 4,000-metre drill program beginning in July 2026 will test multiple new targets across the property. Backed by approximately $23 million in funding through 2027, the company is positioned to sustain aggressive exploration.Strategically, PLN lies about 25 kilometres from planned milling infrastructure at Arrow and Triple R, potentially allowing future deposits to serve as satellite feed. This proximity lowers development thresholds and enhances the project's attractiveness to potential partners amid growing global demand for nuclear energy.Learn more: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Bart Jaworski, CEO, Group Eleven ResourcesOur previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-18m-funds-70000m-drill-program-10059Recording date: 27th June 2025Group Eleven Resources is advancing one of Ireland's most significant recent mineral discoveries at its Ballywire project in County Limerick, where an intensive 70,000-metre drilling campaign is underway using five rigs. Four rigs are focused on Ballywire, while a fifth is testing the nearby Stonepark property. The company has outlined a rapidly expanding zinc-lead-silver system extending over 3.2 kilometres, alongside a newly confirmed, deeper copper-silver zone that adds both scale and complexity to the deposit.Drilling has identified a steeply dipping copper-silver “feeder” system beneath the flat-lying zinc horizon, consistent with Mississippi Valley Type deposit models. This deeper zone has now been traced across 430 metres and remains open, suggesting further expansion potential. In addition, a secondary southwest-trending massive sulphide zone has emerged, indicating the possibility of greater overall tonnage than initially expected.Ballywire stands out for its exceptional grades, particularly in silver. Assays commonly range from 50 to 150 grams per tonne, with peak values reaching as high as 4,200 grams per tonne. A standout intercept reported in early 2026 included 52 metres of mineralisation with exceptionally high silver content, alongside notable copper values. These results position the project among the most high-grade discoveries of its type globally.The company estimates a potential 24-fold exploration upside based on multiple untested gravity anomalies along a 6-kilometre trend, as well as additional parallel structures and depth extensions. With approximately C$18 million in funding, Group Eleven is well-positioned to continue drilling through 2027 and aims to deliver a maiden mineral resource estimate within 12 to 18 months.Situated in a stable and mining-friendly jurisdiction, Ballywire benefits from growing industry interest in Ireland's mineral sector, driven by strong demand for zinc, copper, and silver in electrification and energy transition technologies.Learn more: https://www.cruxinvestor.com/companies/group-eleven-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO, Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-undervalued-investment-series-with-nolan-peterson-9831Recording date: 25th June 2026Atlas Salt is advancing its Great Atlantic Salt Project in Newfoundland from planning into execution after raising $25 million in equity over the past year, including a $15 million round completed in June 2026. The funding is being used to accelerate early-stage development such as site preparation, engineering work, and infrastructure setup, allowing the company to reduce project risk ahead of full-scale financing. The project, with an estimated total cost of $590 million, is positioned to address a well-documented shortage of de-icing salt across the northeastern United States, Midwest, and eastern Canada.The company is structuring a diversified financing package, targeting roughly 60% of capital from senior secured debt, supplemented by subordinate loans, export credit agency support, and equity contributions. Strategic backing includes an $80 million-plus equipment commitment from Sandvik, alongside potential support from Canadian and Swedish export credit agencies. This layered approach reduces reliance on any single funding source while improving financing flexibility.Atlas operates in a stable, infrastructure-like market. Road salt demand is driven by public safety needs and government procurement, with approximately 10,000 municipal and state buyers purchasing through annual contracts. This structure enables pricing flexibility and avoids dependence on long-term off-take agreements. Unlike many mining projects, the salt deposit offers long-term production without the need for continual resource replacement, supporting predictable cash flows.Notably, Atlas is currently the only new salt mine in development in North America, giving it a unique competitive advantage amid declining supply from aging operations. Its anticipated low-cost position, supported by access to regulated electricity and favorable labor conditions, further strengthens its market outlook. The project has already attracted Canadian pension funds, reflecting its long-duration, stable return profile.Learn more: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Brian Savage, CEO, Electric Metals USARecording date: 25th June 2026Electric Metals USA is advancing the North Star Manganese Project in Minnesota, anchored by the Emily deposit—the highest-grade manganese resource in North America. The company aims to build a fully integrated domestic supply chain producing high-purity manganese sulfate (HPMS) for electric vehicle batteries, electrolytic manganese metal (EMM) for defense-grade steel, and electrolytic manganese dioxide for alkaline batteries. This strategy targets a critical gap: the United States currently relies entirely on imports, largely from China, for all manganese-related materials.Rather than selling raw ore, Electric Metals is focused on downstream processing, capturing higher-value chemical outputs. A preliminary economic assessment estimates initial mine development costs at approximately $150 million, with HPMS production costs projected to be competitive with Chinese suppliers even without tariff support. A more detailed study, including a 10,000-tonne-per-year EMM circuit, is expected soon and represents a key milestone.The Emily deposit grades 17.5% manganese and benefits from oxide mineralogy, which simplifies permitting compared to sulfide-based projects. Historical exploration data and recent test work support its development potential, though additional drilling is required to upgrade resource classifications.The project is also strategically aligned with U.S. national security and industrial policy. Manganese is essential for both emerging battery chemistries and military-grade steel, yet domestic production is nonexistent. Government interest, combined with rising demand from EV manufacturers, strengthens the investment case.While technical risks remain—particularly scaling HPMS production from laboratory to commercial levels—the company plans to mitigate these through pilot testing and flexible processing options, including third-party ore sourcing if needed.With a relatively small market capitalization and strong exposure to critical mineral supply chains, Electric Metals USA represents an early-stage but potentially significant player in reshaping U.S. manganese independence.Learn more: https://www.cruxinvestor.com/companies/nevada-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Max Porterfield, President and CEO, Visionary Copper & GoldOur previous interview: https://www.cruxinvestor.com/posts/visionary-copper-gold-tsxvvcg-2026-resource-growth-confidence-plan-at-point-leamington-9535Recording date: 25th June 2026Visionary Copper & Gold is advancing its flagship Point Leamington project in Newfoundland, a 43-101 compliant volcanogenic massive sulphide (VMS) deposit containing approximately 20 million tonnes of mineralized material. The near-surface resource hosts an estimated 500,000 ounces of gold and 170 million pounds of copper within 400 metres, providing a substantial foundation for future growth in a mining-friendly Canadian jurisdiction.A key recent development is the discovery of the “Kraken” zone, a copper-rich footwall stringer system located adjacent to the existing deposit. Initial drilling has returned broad copper intersections, including 75 metres grading 0.45% copper, with continuity confirmed across a 275-metre strike length. In comparable VMS systems, such footwall zones can represent a significant portion of total resources, suggesting Kraken could materially expand the project's scale.To advance this potential, the company plans a 20,000-metre Phase Two drilling campaign beginning in the second half of 2026. Most of the drilling will focus on upgrading the current resource to higher confidence categories and defining the extent of the Kraken discovery, while a smaller portion will test five additional regional targets across an expanded 30,000-hectare land package.The project benefits from strong infrastructure, including road access, hydroelectric power, and proximity to a deep-water port, which may help reduce future development costs. Investor confidence is reflected in a significant stake held by Ross Jennings of the Quaternary Group, who has accumulated over 11% ownership.Amid rising global demand for copper driven by electrification and energy transition trends, Visionary Copper & Gold is positioning Point Leamington as a potentially scalable, lower-cost development opportunity with meaningful exploration upside.Learn more: https://www.cruxinvestor.com/companies/visionary-copper-gold-minesSign 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-8moz-gold-project-advancing-rapidly-10058Recording date: 25th June 2026Omai Gold Mines has rapidly emerged as a significant player in the global gold development sector after doubling its resource base to 8 million ounces across two deposits in Guyana within a year. This growth places the company among a small group of large, undeveloped gold projects worldwide. Despite this scale, Omai trades at roughly $150 per ounce of enterprise value—well below comparable peers valued between $180 and $226 per ounce, and far beneath recent acquisition benchmarks of $425 to $600 per ounce. This valuation gap is partly attributed to the speed of the resource expansion, which analysts have yet to fully incorporate into updated models.A key near-term catalyst is the company's forthcoming Preliminary Economic Assessment (PEA), expected to provide the first comprehensive evaluation of both deposits at their current scale. The PEA is likely to increase the project's net asset value and clarify production potential, which may exceed earlier expectations of 250,000–300,000 ounces annually. It may also challenge current assumptions around mining costs, particularly the strip ratio, where management anticipates more favorable outcomes than analysts predict.Omai benefits from several structural advantages that reduce development risk. As a past-producing site, it already has established infrastructure, including an airstrip, tailings facilities, and cleared land. It is also located near a paved highway and within reach of planned hydropower and LNG energy sources. Additionally, Guyana offers a supportive regulatory environment, streamlined permitting through a single government-issued license, and a growing reputation as a stable mining jurisdiction.Further upside lies in the project's geological potential, with drilling indicating mineralization extending well below current resource limits. Combined with its scale, infrastructure, and jurisdictional advantages, Omai represents both a compelling development opportunity and a potential acquisition target in a market increasingly focused on large, de-risked gold assets.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign 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-hammerdown-the-path-to-production-10604Recording date: 23rd June 2026New Found Gold (TSXV:NFG) is advancing through a critical transition period, moving from an exploration-focused company toward one with near-term production cash flow and a fully funded development plan for its flagship Queensway project. Director and CEO Keith Boyle outlined a clear set of operational milestones, regulatory updates, and a funding position that together describe a company actively de-risking its path from discovery to production.The company's Hammerdown project represents the nearest-term catalyst. Boyle confirmed the company expects to declare commercial production in the second half of 2026, targeting steady-state annual output of 20,000 to 25,000 ounces at an all-in sustaining cost of approximately $2,500 per ounce, figures consistent with the project's published Preliminary Economic Assessment. This represents New Found Gold's first source of internally generated cash flow, a meaningful shift for a company that has historically relied on equity markets to fund its activities.Queensway, the company's flagship high-grade project, remains subject to an Environmental Assessment decision that Boyle expects by early July 2026, following a routine two-week extension to the standard 45-day review period. Boyle characterised the extension as a function of higher application volumes at the regulatory body rather than any project-specific concern. Once the EA is approved, the company anticipates progressing to an early works permit, clearing the way for construction activity to accelerate.A central element of the investment case is the operational continuity between Hammerdown and Queensway. By acquiring the Hammerdown mine and the Pine Cove mill through its earlier Corvus acquisition, New Found Gold gained an already-operating production team and processing facility. Boyle explained that this team's experience bringing a 700-ton-per-day mine into production at Hammerdown is now being applied directly to Queensway, which is being developed at a similar scale. Rather than constructing new milling infrastructure, the company is expanding an existing, operating facility, a structural advantage relative to many development-stage peers building from a standing start.Boyle also detailed the company's funding position, confirming a $220 million capital raise dedicated specifically to the Queensway development plan. This leaves the company fully funded for early works currently underway at Pine Cove, including the ordering of long-lead-time equipment, while it awaits regulatory clearance. Boyle noted that acquiring existing infrastructure brought Queensway's production timeline forward by approximately three years compared with developing the project independently, while also reducing reliance on further equity issuance and associated shareholder dilution.Exploration remains an active component of the story alongside development. The company has expanded its 2026 drilling program to 90,000 metres, with 45% allocated to new discoveries and resource growth rather than confirmation drilling. Boyle outlined a longer-term production growth profile targeting more than 100,000 ounces per year in the near-to-medium term, scaling toward approximately 200,000 ounces per year by around 2031 following the planned Queensway expansion.Taken together, New Found Gold presents a defined near-term catalysts, a funded development plan, and continued exploration upside to weigh against standard regulatory and execution risks inherent to development-stage mining equities.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Recording date: 19th June 2026Samuel Pelaez and Derek Macpherson of Olive Resource Capital make the case that the commodity bull market remains intact despite near-term volatility — and explain exactly how they are positioning for it.The pair cover the latest developments in the Strait of Hormuz, where a US-Iran term sheet has eased but not eliminated geopolitical risk, and assess what a structurally different Federal Reserve under new Chair Kevin Warsh means for industrial commodity demand. With crude pulling back toward $80 a barrel, Olive Resource Capital has been adding to oil and gas exposure. Takeover proceeds are being redeployed into small and mid-cap copper producers and explorers, with AI-driven data centre construction cited as a durable demand driver the market is underappreciating. Gold fundamentals remain intact, supported by expected central bank net buying and persistent global fiscal deficits.The discussion closes with a candid look at portfolio discipline - why entry points matter as much as stock selection, and why the firm is carrying above-average cash while waiting for risk to reprice.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Patrick Cruickshank, Director & CEO of Nine Mile MetalsOur previous interview: https://www.cruxinvestor.com/posts/nine-miles-metals-csenine-record-copper-gold-grades-drive-2026-expansion-drilling-9179Recording date: 24th June 2026Nine Mile Metals Ltd. (CSE:NINE) is in an active phase of exploration at its Wedge project in the Bathurst Mining Camp, New Brunswick, a region with a substantial mining history but, in the company's view, considerable untested potential. The Wedge deposit was partially mined decades ago before falling commodity prices and operational constraints brought work to a halt, and historic records suggest only a fraction of the deposit was ever extracted. Nine Mile's current strategy is built on testing the ground that was left behind, both laterally and at depth.The company is midway through its largest drill programme to date, a 10,000-metre campaign that follows smaller efforts in the falls of 2024 and 2025. The current phase targets the eastern extension of the deposit, the western flank beyond a fault structure that disrupted earlier drilling, and the system's depth potential, alongside two additional target areas known as West Wedge and TriBag. Two completed holes have already returned long intervals of visible copper-bearing mineralisation, at 234 metres and 130 metres respectively, including a horizon at depth that does not appear in any historic record for the property. This is a meaningful distinction for investors: the company is exploring genuinely new ground rather than reinterpreting previously known mineralisation.Beyond these results, Nine Mile has identified three separate mineralised lenses within the Wedge system, including a high-grade copper zone that returned grades between 5% and 8% copper before a fault structure interrupted the original hole. The current programme is designed to re-approach that zone from the opposite side of the fault, with deeper holes planned to test both its lateral extent and how far the broader system continues at depth. The deposit's mineralogy varies across these lenses, with the company reporting a lead-zinc-rich zone, a high-grade copper zone, and intervals of elevated silver and gold, along with reported occurrences of antimony and indium. This polymetallic character is typical of VMS systems generally, though it also adds complexity to eventual resource estimation, since grade and metal mix differ from lens to lens.On the resource question, historic operators are understood to have extracted around two million tonnes from Wedge, with approximately half a million tonnes believed to remain. Nine Mile's own geophysical and 3D modelling work suggests the true figure may be larger, particularly given that current drilling sits outside historic mining areas entirely. Apex Geoscience, the company's technical advisor, is expected to deliver an updated NI 43-101 technical report by autumn 2026, incorporating the 2024 through 2026 drill programmes and potentially including indicated and inferred resource categories for the first time.On funding, the company states that its 2025 programme, which produced several of the high-grade intercepts referenced above, was completed on a modest budget, and that it does not currently require additional capital to execute the 2026 campaign, while remaining open to strategic investment. For investors, the combination of new discovery zones, a forthcoming resource update, and a stated funded position offers several catalysts to monitor over the coming months with all current results remain preliminary pending certified assay confirmation.View Nine Mile Metals' company profile: https://www.cruxinvestor.com/companies/nine-mile-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jonathan Egilo, CEO of Axo MetalsRecording date: 24th June 2026Axo Metals is advancing its San Antonio gold project in Sonora, Mexico toward a potential production decision, combining ongoing drilling, engineering work, and permitting with a Preliminary Economic Assessment (PEA) expected in September. Acquired earlier this year, San Antonio is a brownfield asset with a history of heap leach gold production, most recently operated in 2021. Existing infrastructure, including a 12,000-tonne-per-day crusher and maintained processing facilities, significantly reduces development risk and upfront capital requirements.The company's near-term focus is the Sapuchi deposit starter pit, a near-surface oxide deposit with a low strip ratio that allows mining to begin immediately in ore. Infill drilling at Sapuchi has delivered encouraging results, including gold mineralisation in areas previously classified as waste. These findings could improve project economics by lowering effective stripping requirements and increasing recoverable material within the planned pit.San Antonio currently hosts a resource of approximately 1.1 million ounces of gold based on a 2021 estimate at lower gold prices. Axo Metals believes this could grow to 1.5–2 million ounces through updated pricing assumptions and ongoing expansion drilling. Over a projected mine life of 10 to 12 years, the project could support annual production of 100,000 to 150,000 ounces, with additional upside from a future sulphide milling operation.Financially, the company has raised $40 million, with additional warrant potential, and estimates that only tens of millions more are needed to reach initial production due to the project's partially built status. With permitting underway and a clear development plan, Axo Metals is positioning San Antonio as a near-term, capital-efficient gold production opportunity, particularly attractive in a strong gold price environment.Learn more: https://www.cruxinvestor.com/companies/axo-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Lindsay, CEO, US Operations of Resolution MineralsRecording date: 24th June 2026Resolution Minerals Limited (ASX:RML) is advancing its Horse Heaven project in Idaho at a moment when US policymakers are actively prioritising domestic supply chains for antimony and tungsten which are of limited substitutes and outsized exposure to Chinese supply concentration. China currently processes approximately 80% of global antimony supply and mines around 60% of it, a dynamic that has previously resulted in export restrictions to North America and has elevated supply security to a national policy concern.Horse Heaven sits directly adjacent to Perpetua Resources' Stibnite project, a permitted Idaho gold mine valued at ~$4 billion that has drawn US government and military attention partly due to its antimony content. Resolution's differentiation lies in grade: its antimony veins, ranging from a few inches to a couple of feet thick, average approximately 40%, against Stibnite's sub-1% grade. Because Stibnite's antimony will be recovered only as a byproduct of gold production, Resolution's near-surface, standalone veins may offer a more direct and capital-efficient route to extraction.Craig Lindseay, CEO of US Operations, has overseen approximately $47 million raised over the past six months, predominantly from Australian investors, and the company is now progressing toward a NASDAQ listing intended to broaden access to deeper US capital markets. Resolution is also engaging directly with federal policymakers and the Department of War, and is a member of the Defense Industrial Base Consortium, a channel for accessing critical minerals supply chain funding. Grant applications have been submitted, though outcomes remain undisclosed.Notably, management has been explicit that government capital is not treated as a precondition for project viability. Lindsay stated that the project's high grades and near-surface mineralisation should allow it to function as a standalone development, with government support sought primarily through permitting assistance rather than direct funding dependency. This is reflected in the company's recent award of Fast-41 status, a federal designation that subjects the US Forest Service's permitting process to defined timelines via the Permitting Council, addressing what is widely regarded as the principal bottleneck across the mining sector.On infrastructure, Resolution has acquired a 25-acre private parcel containing the historic Johnson Creek Tungsten Mill, offering more permitting flexibility than public land. The company is pursuing a phased strategy toward early revenue: existing tungsten stockpiles would be sold to third-party processors in the near term, while a bulk sample extraction permit application for a minimum of 500 tons of high-grade antimony material which is roughly equivalent to two years of US military demand is also in progress.A 45,000-foot drill programme is underway, with results expected from late July through year-end and a maiden resource estimate targeted for Q1 2027. The project remains pre-resource and pre-permit for full-scale production, and funding, listing, and permitting outcomes remain pending.View Resolution Minerals' company profile: https://www.cruxinvestor.com/companies/resolution-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Rupert Verco, CEO, Cobra ResourcesOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-discovers-high-grade-copper-gold-over-74m-9534Recording date: 24th June 2026Cobra Resources is advancing what it describes as Australia's only rare earth project suited to in situ recovery (ISR), a mining method that offers lower capital costs, reduced environmental impact, and faster development timelines compared to conventional techniques. Located in South Australia, the project has recently confirmed mineralisation across two prospects through sonic core drilling, supporting progress toward a maiden mineral resource estimate.A defining feature of the project is its high-value rare earth composition. Approximately 43% of the mixed rare earth carbonate (MREC) basket consists of heavy rare earths, including nearly 5% dysprosium and terbium—elements critical for electric vehicles and wind turbines and typically more valuable than light rare earths. This positions Cobra competitively among global ionic clay projects.Technical results further support ISR viability. Permeability testing has demonstrated strong hydraulic connectivity, with transmissivity rates of around 8 metres per day and 80% tracer recovery within two days. These metrics suggest efficient leach cycles of 30–60 days and support well-field spacing that enhances operational efficiency. Importantly, high tracer recovery also indicates effective containment, a key requirement for regulatory approval.The project may also benefit from natural sulfide oxidation within the orebody, which can generate sulfuric acid in situ. This could offset a significant portion of reagent costs, typically around 30% of operating expenses in ISR projects, improving overall economics.Cobra plans a low-cost pilot study using existing infrastructure and ANSTO's facilities to validate the ISR process, followed by a scoping study. With supportive regulatory conditions in South Australia and proven ISR analogues in similar geological settings, the project presents a differentiated, capital-efficient pathway to rare earth production amid rising global demand for critical minerals.Learn more: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Farhad Abasov, Chairman, Millennial PotashOur previous interview: https://www.cruxinvestor.com/posts/millennial-potash-tsx-vmlp-the-worlds-next-low-cost-potash-producer-6383Recording date: 15th June 2026Millennial Potash is advancing a large-scale potash project in Gabon that it positions among the world's largest undeveloped deposits. The company has defined an estimated 6 billion tonnes of measured, indicated, and inferred resources from drilling across just 4% of its 1,500 square kilometer licence area, leaving significant potential for further expansion. This scale, combined with a relatively low projected cost structure and proximity to key agricultural markets, underpins the project's investment appeal.A central component of the project's development is support from the US International Development Finance Corporation (DFC), which has provided a $3 million grant for feasibility work and may offer construction debt financing, subject to project milestones. Additional backing from US government entities reflects growing strategic interest in diversifying global potash supply, which is currently concentrated among a small number of countries. Millennial aims to complete feasibility and environmental studies by early 2027, secure full financing by mid-2027, and begin construction later that year using solution mining, a lower-capex method than traditional underground mining.The company is targeting a capital structure with 60–65% debt to limit equity dilution and is seeking off-take agreements tied to upfront financial participation rather than simple purchase contracts. At the same time, management is exploring strategic partnerships or acquisition opportunities, drawing on its track record of selling previous potash projects to major industry players.Infrastructure development, including access to an existing port and a proposed deepwater facility, could support scaling production from an initial 800,000 tonnes annually to as much as 4–5 million tonnes over time. Positioned near underserved African markets and major importers like Brazil, the project aligns with broader trends toward supply diversification in the global fertilizer sector.Learn more: https://www.cruxinvestor.com/companies/millennial-potash-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Eric Zaunscherb, Chairman, Critical Elements LithiumOur previous interview: https://www.cruxinvestor.com/posts/critical-elements-lithium-tsxvcre-high-value-rose-project-on-the-path-to-fid-3510Recording date: 16th June 2026Critical Elements Lithium is positioning itself as a standout developer in the recovering lithium sector, anchored by its fully permitted Rose Lithium-Tantalum project in Quebec. Unlike many peers, the company has already cleared two major development hurdles: environmental approvals and a formal agreement with the Cree Nation. This significantly shortens its path to production and reduces execution risk.A 2023 feasibility study outlines robust project economics, including annual production of 200,000 tonnes of spodumene concentrate, a net present value of US$2.2 billion, a 66% internal rate of return, and a rapid 1.8-year payback period. These estimates are based on conservative pricing assumptions below current market levels, suggesting additional upside as lithium prices recover.Beyond its flagship asset, Critical Elements is actively advancing exploration at the nearby Rose West discovery. Early drilling has already expanded the deposit footprint multiple times, and ongoing work is expected to further grow the resource. Importantly, Rose West can be integrated into the existing project without requiring separate permitting, potentially enhancing long-term production and project value.The company also holds a strategic 20% carried interest in the Nisk Joint Venture, alongside equity in partner Power Metallic. This exposure provides additional upside through a polymetallic discovery that is not fully reflected in Critical Elements' current valuation.Despite its strong fundamentals, the company trades at a significant discount to peers and analyst targets, largely due to uncertainty around project financing. However, with a well-defined asset, supportive infrastructure, and multiple growth drivers, Critical Elements is positioned for a potential re-rating as the lithium market improves and financing clarity emerges.Learn more: https://www.cruxinvestor.com/companies/critical-elements-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Harrison, Managing Director, Ionic Rare Earths Our previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earth-asxixr-advanced-recycler-targets-china-free-heavy-rare-earth-supply-7871Recording date: 16th June 2026Ionic Rare Earths is advancing its position in the rapidly evolving global rare earth supply chain, driven by Western efforts to reduce reliance on China following export restrictions imposed in 2025. At the center of its strategy is a demonstration-scale recycling and separation facility in Belfast, which processes end-of-life magnets and manufacturing waste into separated rare earth oxides. A key milestone has been the successful validation of these recycled materials in a Ford motor—an industry first for a recycler—alongside a commercial supply agreement with US-based Advanced Magnet Lab, which serves defense-related applications.Although the Belfast plant currently produces only about 10 tonnes of separated oxides annually, it has demonstrated the ability to recover a broad range of elements, including high-value heavy rare earths such as dysprosium, terbium, and yttrium. Prices for these materials have surged sharply since China's restrictions, in some cases increasing multiple times over, significantly strengthening the project's economic outlook.A 2024 feasibility study for a larger £85 million Belfast facility projected annual output of 400 tonnes, with a post-tax net present value exceeding $500 million and an internal rate of return above 40%. Management believes current market conditions could further enhance these returns, though updated figures have not yet been released. The company has secured a £12 million UK government grant and is targeting a final investment decision by September 2026, contingent on completing funding and securing supply and offtake agreements.Looking ahead, Ionic plans to replicate its modular recycling model internationally, prioritizing the United States, where significant investment in domestic magnet manufacturing is expected to generate substantial recyclable waste. The company favors joint ventures to retain control over its technology and material flows. While promising, key risks remain, including scaling production, securing full project financing, and finalizing commercial agreements.Learn more: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Dennan, CEO of Halo MineralsRecording date: 16th June 2026Halo Minerals has emerged as a unique opportunity within the junior mining sector by focusing on the reprocessing of historical mine tailings rather than pursuing conventional greenfield mine development. Its flagship Playa Verde Project in Chile aims to recover copper and gold from legacy tailings deposits while simultaneously addressing a long-standing environmental liability.The company's most important achievement to date is securing approval of the project's Environmental Impact Assessment (EIA). For mining projects in Chile, permitting is often one of the largest barriers to development, creating uncertainty around timelines and project viability. With the EIA approved and formal written resolution received, Halo has substantially reduced a key project risk and can now focus on financing, engineering, and execution.The economics outlined in the recently published Competent Person's Report are compelling. The Playa Verde Project contains ore reserves of 32.2 million tonnes grading 0.25% copper, representing approximately 80,000 tonnes of contained copper. Using assumptions of US$5.30 per pound copper and US$4,300 per ounce gold, the project generates a post-tax NPV10 of approximately US$154 million and an estimated IRR of around 51%. These metrics compare favorably with the company's current valuation and suggest meaningful leverage to successful project development.Importantly, Halo is not relying on experimental technology. Management intends to utilize well-established dredging, flotation, and SX-EW processing methods that have been deployed successfully across the mining industry for decades. This reduces technical uncertainty and may improve financing prospects compared with projects dependent on novel extraction technologies.The broader copper market also provides supportive macroeconomic conditions. Demand continues to rise due to electrification, electric vehicle adoption, renewable energy infrastructure, and the expansion of AI-related data centres. At the same time, many industry analysts forecast structural supply deficits over the coming decade as permitting challenges and capital intensity limit the pace of new mine development. Tailings reprocessing projects such as Playa Verde offer a potentially faster route to supplying additional copper to the market.Another notable aspect of the investment case is management's financing strategy. Rather than relying heavily on equity issuance, Halo intends to pursue a combination of offtake agreements, vendor financing, royalty and streaming transactions, and project debt. If successfully executed, this approach could reduce shareholder dilution relative to many junior mining peers.Investors should nevertheless recognize the risks. The company remains pre-FID and must still secure financing and operating partners. Playa Verde currently represents the primary source of near-term value, creating concentration risk. Commodity price volatility, financing market conditions, and execution challenges could all affect outcomes.Looking ahead, the most important catalysts include completion of the updated feasibility study, finalization of financing arrangements, selection of operating partners, and progress toward a final investment decision targeted for late 2026. Success on these fronts would move Halo closer to its goal of first production in 2028 and provide a clearer indication of whether the project's attractive economics can be translated into shareholder value.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-undervalued-investment-series-with-alan-carter-9745Recording date: 16th June 2026Cabral Gold is nearing production at its phase one heap leach operation in the Cuiu Cuiu gold district in northern Brazil, with construction more than 70% complete and on track for commissioning in the third quarter of 2026 and commercial output in the fourth quarter. The project is fully funded through a 353 kg gold loan (approximately $45 million) from its largest shareholder, carrying a 39-month term and 10% interest, with repayments beginning at the end of 2026.The operation is designed to process 3,000 tons of ore per day from near-surface, free-digging oxide material, which avoids the need for drilling, blasting, and complex processing. This contributes to relatively low operating costs and strong projected economics. Despite rising diesel prices and a stronger Brazilian real, the company estimates margins of $3,000 per ounce at current gold prices, with first-year production expected to reach 25,000 ounces.Infill drilling across approximately 160 holes has largely confirmed the resource model outlined in the 2025 preliminary feasibility study, with some higher-grade results, including an intercept of 25 metres at 7.5 g/t gold from surface. Early mining grades are expected to exceed life-of-mine averages, further supporting near-term profitability.Beyond initial production, Cabral is advancing a broader district-scale strategy. The company now controls six known deposits, up from three in 2022, and is actively drilling with six rigs to expand its resource base, targeting an updated estimate by the end of 2026. Notably, around 75% of the district's gold is believed to lie in hard rock beneath the oxide layer, forming the basis for a larger phase two development.Cabral's approach emphasizes self-funded growth, using cash flow from phase one to support expansion, reducing reliance on equity dilution while maintaining exposure to significant exploration upside.Learn more: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Lon Shaver, President, Silvercorp MetalsOur previous interview: https://www.cruxinvestor.com/posts/silvercorp-metals-nysesvm-377m-cash-el-domo-build-drive-growth-in-silver-dominant-producer-8056Recording date: 15th June 2026Silvercorp Metals has reported a strong performance over its most recent two quarters, with sharp increases in net income and free cash flow largely driven by higher prices for silver, gold, and zinc rather than significant production growth. While output rose modestly, the primary driver of improved margins was the favorable pricing environment, which allowed more revenue per ton of ore without major new capital investment. Seasonal weakness typically seen in the March quarter was mitigated by expanded capacity at the company's flagship Ying Mining District in China.Despite these results, Silvercorp continues to trade at a valuation discount relative to peers. Management attributes this gap to its historical reliance on a single asset in a single jurisdiction, which has limited investor interest, particularly among those less familiar with operating conditions in China. To address this, the company is actively pursuing diversification across both geography and commodities.Key growth initiatives include the El Domo project in Ecuador, currently under construction and expected to begin production by mid-2027, and the Condor gold project, which is being advanced as a potentially low-cost underground mine. In addition, Silvercorp has acquired two gold projects in Kyrgyzstan, providing exposure to more than 6 million ounces of gold. These projects are central to a broader strategy to expand revenue from approximately $400 million today to over $2 billion within five to six years.The company plans to fund this expansion primarily through internal cash flow, supported by an unused $220 million credit facility. It is also seeking a secondary listing on the Hong Kong Stock Exchange to broaden its investor base. Alongside growth, Silvercorp continues to focus on cost control through electrification, off-peak energy use, and increased automation, reinforcing its position as a low-cost producer in a rising metals price environment.Learn more: https://www.cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Gavin Ferrar, CEO of Central Asia MetalsOur previous interview: https://www.cruxinvestor.com/posts/central-asia-metals-lsecaml-beats-cash-forecasts-pays-dividends-9808Recording date: 12th June 2026Central Asia Metals (CAML) has announced the proposed acquisition of ASX-listed Cygnus Metals in an all-share transaction aimed at strengthening its project pipeline and adding a development-stage asset to its portfolio. The deal, expected to complete in September, will see Cygnus shareholders receive approximately 0.06 CAML shares per share, resulting in ownership of about 30% of the combined entity, with existing CAML shareholders retaining 70%. The structure preserves CAML's debt-free balance sheet and allows continued funding of operations, exploration, and dividends.The acquisition centers on the Chibougamau copper-gold project in Quebec, Canada, a brownfield asset comprising five deposits and an existing processing facility. Under Cygnus's ownership, the project's measured and indicated resource increased by 78% to 6.4 million tonnes at roughly 3% copper equivalent, with over 8 million tonnes of inferred resources and significant exploration potential across an 18-kilometre strike length. Existing infrastructure, including an idle mill and permitted tailings facilities, is expected to reduce development costs and timelines compared to a greenfield project.CAML plans to advance the project through an updated preliminary economic assessment followed by a feasibility study, targeting a construction decision within four to five years. The company intends to leverage its operational and tailings management expertise from its Sasa mine, while retaining Cygnus's local management team and community relationships to support permitting and development.Strategically, the acquisition fills a long-standing gap between CAML's exploration assets and producing operations in Kazakhstan and North Macedonia. These existing mines are performing strongly, supporting ongoing dividends of 30–50% of free cash flow. The transaction also reflects a broader industry trend of larger, cash-generative miners acquiring development-stage assets from smaller explorers to unlock value and accelerate project timelines.Learn more: https://www.cruxinvestor.com/companies/central-asia-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with David Cole, CEO of Elemental Royalty Corp.Our previous interview: https://www.cruxinvestor.com/posts/tether-to-assume-33-stake-in-transformational-royalty-merger-of-emx-royalty-elemental-altus-8002Recording date: 11th June 2026Elemental Royalty Corporation has emerged as a major player in the global mining royalty sector, following the merger of Elemental Altus and EMX Royalty. The combined entity now holds over 300 mineral property interests across 23 countries, positioning itself as a diversified, billion-dollar company with projected annual revenues nearing $100 million. Its commodity exposure is balanced, with approximately 60% derived from gold and silver, 30% from copper, and the remainder from base metals such as zinc, lead, and molybdenum.The company operates on a royalty model, enabling it to benefit from mining revenues without bearing operational or capital costs. Its portfolio is structured like a pyramid, combining producing assets for immediate cash flow, development-stage projects for medium-term growth, and exploration-stage properties that offer long-term upside. This structure supports steady revenue generation alongside asset value appreciation.A key factor in Elemental's growth is its strategic partnership with Tether, which holds a 32% equity stake and has injected $100 million into the company. This backing lowers Elemental's cost of capital and provides financial flexibility for acquisitions without relying heavily on equity dilution.Elemental has also significantly improved its market presence, increasing trading liquidity after listing on the NASDAQ and positioning itself for inclusion in major indexes such as the Russell 2000, Russell 3000, and potentially the GDXJ ETF. These developments are expected to attract institutional investment.Future growth is driven by major projects such as the Timok copper deposit in Serbia and the pending Vizsla silver-gold royalty acquisition in Mexico. With strong exposure to both precious metals and energy-transition commodities, Elemental is well positioned to benefit from global demand trends while maintaining a low-risk, capital-efficient business model.View Elemental Royalty's company profile: https://www.cruxinvestor.com/companies/elemental-altus-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Kyle Floyd, CEO of Vox Royalty Corp.Our previous interview: https://www.cruxinvestor.com/posts/from-one-asset-to-eight-how-vox-royalty-tsxvoxr-is-building-a-cash-generating-royalty-powerhouse-7187Recording date: 10th June 2026Vox Royalty Corp reported a record-setting first quarter in 2026, underscoring a period of accelerating growth driven by both strategic acquisitions and a strong gold price environment. The company generated $16 million in royalty receipts, alongside record operating cash flow and earnings per share exceeding $0.30. Management attributed this performance largely to a $60 million portfolio acquisition completed in September 2025, which added high-quality royalty assets that have since benefited from operational improvements and rising commodity prices.Building on this momentum, Vox introduced its first long-term financial outlook, projecting annual royalty receipts of approximately $66 million by 2030—nearly double its current guidance range of $32–$37 million. Notably, this forecast is based բացառively on existing assets, excluding potential upside from future acquisitions or the resolution of ongoing litigation related to the Red Hill royalty.A central element of Vox's investment case is its perceived valuation gap. The company currently trades at roughly $300 per gold equivalent ounce (GEO), significantly below peers such as Triple Flag and Franco-Nevada, which trade closer to $1,200 and $1,800 per GEO, respectively. Management argues this discount is difficult to justify given Vox's reported 28% return on invested capital and growing production base.Financially, the company remains well positioned, with no debt, available credit of up to $75 million, and a disciplined acquisition strategy focused on under-the-radar, pre-production royalties. Near-term catalysts include potential mine life extensions, ongoing drilling activity across its portfolio, and the possible unlocking of the Los Filos stream—acquired for a nominal cost but potentially worth up to $50 million.Overall, Vox Royalty presents a growth profile anchored in existing assets, with management emphasizing both operational execution and valuation re-rating potential.View Vox Royalty's company profile: https://www.cruxinvestor.com/companies/vox-royaltySign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Lamb, CEO, and  George Van Der Walt, Senior Geologist, of Myriad Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-from-historical-data-to-drill-confirmed-resource-the-phase-2-plan-10192Recording date: 10th June 2026Myriad Uranium Corp (CSE:M) is an early-stage uranium developer with three projects located entirely within the United States, at a moment when domestic uranium supply has become a stated federal priority. The company's flagship Copper Mountain project in central Wyoming is the primary investment case: a large-scale conventional uranium asset that was within two years of production before the Three Mile Island accident shut down the US uranium sector in 1979, and which has since sat largely dormant while the geopolitical and policy environment has shifted decisively in favour of domestic producers.The foundation of the Copper Mountain investment case rests on an unusually well-documented technical record. Union Pacific Railroad and Southern California Edison invested approximately $125 million in today's dollars across the property during the 1970s, drilling 2,000 holes and identifying seven discrete uranium deposits with a combined historical resource of 27 million pounds. In 1982, Bendix Engineering commissioned by the US Department of Energy assessed the broader district and estimated a potential uranium endowment of up to 655 million pounds. While the figure is not a current NI 43-101 compliant resource estimate, but it is an independent government study, and it frames the scale of what Myriad is working to define.More recently, Myriad's own Phase One drill programme at the Canning Deposit returned laboratory assay grades 50–60% higher than the historical gamma probe measurements on which prior resource estimates were based. The practical implication is that those historical figures were likely conservative a conclusion that Phase Two drilling is now designed to test across all seven deposits. The company has also completed a district-wide airborne magnetic and radiometric survey that identified significant uranium signatures in an eastern zone of the project area, entirely beyond the historical drilling footprint, representing a material exploration upside that has not yet been reflected in the market.Phase Two drilling begins shortly, funded by a cash position of approximately $12–13 million which is sufficient to advance the programme without near-term dilutive pressure. The pending acquisition of Rush Rare Metals will deliver 100% ownership of Copper Mountain, simplifying the asset structure. A planned uplisting to the TSX Venture Exchange and subsequent US exchange listing is expected to broaden the investor base.The two secondary assets, Red Basin in New Mexico, where Myriad retains a 10% free-carried interest following a sell-down to a well-capitalised technology-backed consortium, and the Breccia Pipe project in Arizona, optioned to Wedgemont Resources at no cost to Myriad provide additional optionality without requiring capital deployment.The United States currently consumes approximately 50 million pounds of uranium per year and produces roughly one million. That structural gap, combined with an executive policy framework explicitly supporting domestic uranium development and the prospect of floor pricing for US-produced uranium, creates a favourable environment for developers with permitted, drill-ready US assets. Myriad's current market capitalisation of approximately $40 million reflects its CSE-listed junior status more than the scale of the asset it is advancing. As Phase Two results begin to flow, that disconnection may not persist.View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO & Director of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-fully-funded-drill-program-for-2026-10527Recording date: June 9th 2026New Found Gold Corp (TSXV: NFG | NYSE-A: NFGC) is advancing two gold projects in Newfoundland and Labrador, Canada. Its flagship Queensway Gold Project hosts a NI 43-101 resource of 1.39 million ounces of indicated gold at 2.40 g/t and 0.608 million ounces of inferred gold at 1.77 g/t. The Hammerdown Gold Project, acquired in 2025, provides access to the Pine Cove Mill, a fully permitted, operational processing facility that will receive Queensway Phase 1 ore from Q4 2027, with commercial production targeted for 2028.Hammerdown is in the final stages of its ramp-up to commercial production, defined as sustained 700 tonne-per-day throughput with consistent grade from the open pit. At steady state, the operation is projected to generate $40 to $50 million per year in free cash flow at an AISC of approximately $2,500 per ounce - sufficient to cover corporate overhead and fund the exploration program. The Pine Cove Mill is being doubled in throughput capacity as part of the Phase 1 capital program, removing the need for a separate processing facility at Queensway. A $220 million financing package closed in April 2026 funds Phase 1 construction, with $148 million in cash and marketable securities held as of May 2026.Queensway Phase 1 targets approximately 100,000 ounces per year in the first two years at grades of 12 to 12.5 g/t and an AISC of around $1,300 per ounce. The PEA's base case at US$2,500 gold shows an after-tax NPV of C$743 million, an IRR of 56%, and payback of under two years. The operational team being assembled at Hammerdown, including newly promoted General Manager of Mines Mark Ross, will transfer directly to Queensway.A 90,000-metre drill program is underway across a 110-kilometre land package, with the Dropkick zone, returning intercepts of up to 42.79 g/t Au over 14.95 metres and excluded from the current MRE, among the key targets. An updated resource estimate incorporating Dropkick is expected in 2026.—Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Bradley Langille, President & CEO of GoGold Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/gogold-resources-tsxggd-awaiting-final-permits-and-green-light-for-227m-silver-mine-6812Recording date: 9th June 2026GoGold Resources has secured the long-awaited environmental permit for its Los Ricos South silver-gold project in Mexico, clearing the final regulatory hurdle and enabling a formal construction decision. The company expects to begin mobilizing within weeks, marking a major transition from development to build. Backed by a strong financial position, GoGold holds approximately $280–285 million in cash against a total project capital requirement of $227 million, allowing it to fully fund construction without raising equity or taking on debt. This funding strength is supported by steady annual free cash flow of $70–80 million from its producing Parral mine.The project is already well advanced, with roughly 75% of detailed engineering completed and key long-lead equipment, including the SAG mill and filter presses, secured. Major contractors have been engaged, and critical infrastructure such as a 36-kilometre power line is under construction. This level of preparation reduces execution risk and could accelerate the estimated 24-month build timeline.Los Ricos South is expected to produce 7.3 million silver-equivalent ounces annually at a low all-in sustaining cost of $12 per ounce, positioning it as a high-margin operation. Notably, the mine's design prioritizes early access to high-grade ore, which is projected to generate around $400 million in after-tax free cash flow within the first 18 months of full production—nearly double the initial capital investment.At the same time, GoGold is advancing the nearby Los Ricos North project, located 18 kilometres away, with plans to align its permitting and development timeline to follow South. Together, the two projects form a broader district strategy that could support long-term production growth.With a fully funded build, strong cash flow, and a clear expansion pipeline, GoGold is positioned as a financially resilient and operationally prepared player in the silver mining sector.View GoGold Resources' company profile: https://www.cruxinvestor.com/companies/gogold-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Walker, Director & CEO of East Star Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-endeavour-xinhai-deals-transform-2026-outlook-8740Recording date: 9th June 2026East Star Resources (LSE:EST) is a London-listed mining company with a focused strategy: identify, advance, and partner world-class copper and gold assets in Kazakhstan, one of the world's most mineral-rich but systematically underexplored countries. The company has moved well beyond its origins as a conventional junior explorer. It now holds two major joint ventures — one with Xinhai Mining on its Verkhuba copper deposit, and one with Endeavour Mining across two Kazakh gold belts alongside a portfolio of 100%-owned projects led by the Rulikha copper deposit.The core investment proposition rests on a simple structural advantage: East Star has secured the funding, operational capability, and technical resources of two large, credible mining companies to advance its assets, whilst retaining material economic interests without bearing the associated capital costs. At Verkhuba, Xinhai is funding the project through to production in exchange for 70% of the asset. East Star keeps 30%, free-carried. With a mining licence application targeted for submission this year, construction planned for end-2027, and first cash flow anticipated by end-2028, Verkhuba represents a defined, near-term pathway to copper production cash flow for East Star shareholders without a single further dilutive equity raise required on their part.The Endeavour Mining joint venture operates on a different but equally compelling logic. Endeavour is committing up to $25 million across two exploration programmes in the Stepnogorsk and Karaganda regions, targeting a minimum 2-million-ounce gold discovery. East Star is free-carried at 20% through to prefeasibility. The company's CEO, Alex Walker, has been explicit about the scale of potential value: a 20% interest in a major gold deposit developed by a FTSE 100 operator could be worth, in his assessment, a billion dollars for East Star's share alone. That outcome is speculative and dependent on exploration success but the structure means East Star reaches the point of knowledge without paying for it.Underpinning both JVs is a proprietary competitive advantage that is difficult to replicate. East Star's geological database combined with years of in-country relationship-building with local authorities, communities, and regional officials, gives the company an informational and operational edge in a jurisdiction where most international explorers are only beginning to establish a presence. Walker describes Kazakhstan in terms that evoke Western Australia a generation ago: a province of extraordinary endowment, with the majority of its mineral belts still available for systematic modern exploration.Beyond the JVs, the 100%-owned pipeline including Rulikha at 23 million tonnes and 2.4% copper equivalent, alongside Rulikha North, Telescope, Picket, and Snowy, all provide additional optionality. Each asset carries independent discovery and JV potential, creating multiple pathways to value creation that are not dependent on any single outcome.For investors seeking exposure to copper and gold in a structure that limits dilution risk, provides near-term production catalysts, and offers meaningful upside from major-company-funded exploration, East Star Resources warrants serious consideration.View East Star Resources' company profile: https://www.cruxinvestor.com/companies/east-star-resourcesSign up for Crux Investor: https://cruxinvestor.com