CruxCasts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Interview with Keith Boyle, CEO of New Found GoldRecording date: 13th June, 2025New Found Gold Corporation has undergone significant leadership changes and adopted a development-focused approach under new management. The company appointed Keith Boyle as CEO in January 2025, following a complete board changeover in December 2024. Boyle brings four decades of mining experience and a track record of developing eight previous projects, describing his team as "mine builders."The company's flagship asset spans 110 kilometers in Newfoundland, containing 1.4 million ounces of indicated gold resources and 600,000 ounces of inferred resources. What sets this deposit apart is its exceptional grade distribution, with 75% of ounces concentrated in just 25% of the tonnage. This characteristic enables selective mining approaches that can prioritize high-grade material early in the mine life, supporting rapid cash flow generation.New Found Gold recently secured $63 million through a bought-deal financing led by major shareholder Eric Sprott, who maintained his 19% stake and committed an additional $20 million. This financial backing provides adequate capital to advance through development studies and supports the company's 80/20 capital allocation strategy - directing 80% toward project advancement and 20% toward high-grade exploration targets.The company benefits from strong government support, with Newfoundland targeting five new mines by 2030, and enjoys robust community backing through quarterly stakeholder meetings. Located just 15 kilometers from Gander, the project has access to skilled labor, with 80,000 people living within an hour's drive, many of whom are experienced mining professionals currently working fly-in/fly-out rotations elsewhere.A preliminary economic assessment due by June 2025 will provide the first comprehensive economic evaluation, examining various development scenarios including toll milling arrangements and optimal mine sequencing. The deposit's surface accessibility and visible high-grade zones reduce geological uncertainty, while multiple vein clusters offer flexibility in development approaches. This combination of proven management, high-grade accessible resources, and supportive operating environment positions New Found Gold to capitalize on favorable gold sector dynamics.Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Bo Sears, CEO of Helix ExplorationOur previous interview: https://www.cruxinvestor.com/posts/helix-exploration-lsehex-strategic-producer-targets-us-helium-supply-gap-6513Recording date: 18th June, 2025Helix Exploration presents a compelling investment opportunity as a self-funded helium producer positioned to begin commercial production by end of summer 2025. CEO Bo Sears leads a company with 355 million cubic feet of recoverable helium reserves in Montana's Rudyard Field, demonstrating a perfect drilling success rate with three productive wells from three attempts. The company's processing plant is two-thirds complete with critical membrane units arriving from Europe, positioning Helix to capitalize on helium's unique market characteristics where "there is no substitute for most of helium's applications by virtue of its atomic properties," as Sears explains.Unlike typical resource companies requiring continuous equity raises, Helix maintains a self-funding growth model that eliminates dilution risk while providing operational flexibility. The company projects $4 million gross annual revenue per well at $500 per thousand cubic feet helium pricing, with substantial margins driven by efficient drilling operations and low variable costs primarily related to compression power. This economic model supports organic expansion through cash flow generation rather than dilutive financing, a significant advantage in today's challenging capital markets.The strategic value of North American helium production has increased due to geopolitical tensions affecting major supply sources. With ongoing conflicts near Qatar's North Pars Field, US-based production offers supply security that supports long-term pricing stability. Helium's applications span from MRI machines to semiconductor manufacturing, creating inelastic demand that provides pricing power unavailable in substitutable commodities. As Sears notes, "you can't replace helium with hydrogen for obvious purposes. Think Hindenburg, right? On up the food chain to the MRI machines and the semiconductor manufacturing, there is no other element that can do what Helium does."Helix demonstrates operational excellence through strategic well spacing that allows one well to drain an entire square mile section, minimizing development costs while maximizing recovery. The company's partnerships with established operators Wacoda and Treasure State Drilling provide operational expertise while maintaining cost control. Infrastructure advantages include reliable power access, excellent road networks, and proximity to end markets, with a gathering system design that allows efficient integration of additional wells as production scales.Traditional exploration risks have been substantially reduced through proven reserves, successful drilling results, and an immediate production timeline. Management's 25+ years of industry experience and focus on operational benchmarks differentiate Helix from competitors facing execution challenges. The combination of immediate production timeline, self-funded growth capability, proven reserves, and exposure to a strategic commodity with inelastic demand creates a unique value proposition for investors seeking commodity exposure with limited downside and substantial upside potential in an essential but underappreciated sector.—Learn more: www.cruxinvestor.com/companies/helix-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Healey, CEO, Premier American UraniumOur previous interview: https://www.cruxinvestor.com/posts/premier-american-uranium-tsxvpur-on-uraniums-future-in-powering-the-clean-energy-transition-6793Recording date: 17th June, 2025Premier American Uranium has announced a transformative acquisition of Nuclear Fuels, expected to close in mid-to-late August 2025, that more than doubles the company's Wyoming exploration footprint and positions it as a major pure-play uranium exploration company focused on US assets. The strategic combination creates 20-42 million pounds of combined exploration targets, representing a 150-250% increase in the company's resource potential.The acquisition brings together complementary assets with significant operational synergies. Nuclear Fuels' flagship Kaycee property contains 12-30 million pounds of exploration targets, while Premier's Great Divide Basin Cyclone project holds 8-12 million pounds. Both properties benefit from strategic positioning near existing processing facilities, including proximity to Ur-Energy's Lost Creek project and Energy Fuels' Nichols Ranch, enabling potential toll processing agreements once critical mass of 7-10 million pounds is achieved.A unique aspect of the transaction is the existing enCore Energy buyback option on the Kaycee project. Once Premier delivers a 15 million pound measured and indicated resource, enCore can acquire 51% of the resource for 2.5 times exploration costs, providing attractive downside protection. CEO Colin Healey noted that with an estimated $20 million exploration cost, the reimbursement would be "$50 million for 51% of 15 million pounds - an extremely attractive takeout valuation."The combined entity will exceed $100 million market capitalization, qualifying for major US exchange listing and URA ETF inclusion, significantly enhancing market access and liquidity. With Nuclear Fuels already conducting 100,000 feet of drilling at Kaycee ($3-4 million budget) and Premier planning 20,000 feet at Cyclone ($750,000), the companies maintain a healthy combined cash position supporting multi-year exploration programs.This acquisition comes amid unprecedented bipartisan US government support for domestic uranium production, with federal goals including quadrupling nuclear capacity by 2050 and adding 10 new reactors by 2030, creating a favorable backdrop for US-focused uranium developers.Learn more: https://cruxinvestor.com/companies/premier-american-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Gregory Martyr, Executive Chairman of Capital Metals PLCOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-lsecmet-unlocking-value-in-high-grade-sri-lankan-mineral-sands-6384Recording date: 16th June 2025Capital Metals (LSE:CMET) has secured a transformative partnership for its Taprobane mineral sands project in Sri Lanka, marking a significant milestone in the company's path to production. The AIM-listed developer announced a 14% investment from Ambeon Capital, a Sri Lankan investment group that brings crucial local expertise and government connections to the high-grade deposit on the country's east coast.The Taprobane project distinguishes itself through exceptional resource quality, featuring 17% grade mineral sands among the world's highest concentrations. Recent aircore drilling has revealed even greater potential, with visual inspections indicating grades exceeding 60% in some areas at depths previously inaccessible through conventional hand auger methods. Executive Chairman Gregory Martyr emphasized the project's economics, noting mining costs of $20 per ton against revenue of $40 per ton, delivering a compelling 100% markup.The strategic value of the Ambeon partnership extends beyond capital injection. Founded by Australian-educated principals combining local market knowledge with international business experience, Ambeon provides direct access to Sri Lankan regulatory channels through its chairman's position on the Board of Investment. This connection proves critical as Capital Metals navigates government requirements for initial raw concentrate exports followed by mandatory value-added processing within two years.Capital Metals plans to commence operations with a $20.9 million concentrate facility utilizing 48 gravity spirals, targeting 125,000 tons of annual production. The company has structured a comprehensive $20 million funding strategy through a Sri Lankan exchange listing, with Ambeon contributing $10 million in equity and arranging $10 million in corporate debt through its banking relationships.The project benefits from established, low-risk processing technology requiring no blasting or chemicals, while the shallow 1.6-meter average depth minimizes operational complexity. With significant drilling inventory yet to be incorporated into resource calculations, the current 10-year mine life could potentially double, supporting the $155 million base case net present value and positioning Capital Metals advantageously in the mineral sands sector.View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO, Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/nickel-market-shows-signs-of-strength-after-period-of-volatility-7156Recording date: 17th June, 2025Canada Nickel Company has successfully upsized its brokered private placement from C$8 million to C$11 million, pricing units at $0.85 with half-warrants exercisable at $1.20. CEO Mark Selby attributed the strong institutional investor interest to the strategic value of the company's flagship Crawford Nickel Sulphide Project, despite ongoing market volatility from shorting activity affecting the broader sector.The Crawford project represents a substantial $2.5 billion development opportunity, with financing structured to minimize dilutive equity requirements. The comprehensive funding package includes $1.5 billion in debt financing, with Export Development Canada serving as mandated lead arranger, and $600 million in government tax credits covering 60% of equity requirements. Samsung SDI holds an option to acquire 10% of the project for $100 million US, while multiple government funding mechanisms provide additional support.Beyond Crawford, Canada Nickel continues expanding across the Timmins district, with Mann West delivering over one billion tons of initial resource containing two million tons of nickel. The company plans to publish nine separate resources by year-end, targeting development of what could become the world's largest nickel sulfide district. Selby emphasized the scalability potential: "Being able to take what we build at Crawford and simply cut and paste it four or five times."The company's accelerated development timeline significantly outpaces industry standards, targeting federal permit approval within six years of the fifth drill hole and production by 2027-2028, compared to typical 17-25 year development cycles. This acceleration benefits from favorable infrastructure conditions and supportive local communities.Selby presented a contrarian outlook on Indonesian market dynamics, suggesting the dominant producer will transition from market disruptor to price supporter, acting as "OPEC of nickel" through production controls. Recent ore price strength in Southeast Asia supports this thesis, potentially catalyzing broader sector rerating as supply discipline takes effect across global nickel markets.Learn more: https://cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-strengthened-financial-position-deleveraged-and-developing-6319Recording date: 16th June 2025Santacruz Silver Mining (TSXV:SCZ) has reported exceptional Q1 2025 financial results, demonstrating the success of its operational turnaround strategy. The multi-metal producer generated revenues north of $70 million with EBITDA of $27 million, representing a dramatic gross profit increase of nearly 7,000% year-over-year.Executive Chairman Arturo Préstamo Elizondo attributed the strong performance to multiple factors, including favorable metal prices, strategic investments in mining operations, and beneficial currency movements in Bolivia. "Metal prices is helping us indeed, and also we have a few things that contribute to our gross margins. One has been the result of previous year's investments into our mines which have improved our margins," Préstamo explained.The company has made significant progress reducing its debt obligations, paying down $17.5 million of its Glencore consideration. With $22.5 million remaining to be paid in three monthly installments of $7.5 million each, the final payment is scheduled for late October 2025. The company maintains a strong treasury position with over $60 million in cash reserves.Strategic capital investments have focused on the Mexican Zimapán mine, particularly the development of Level 960, which management considers "the future of this mine." The company has acquired over 15 pieces of underground equipment over the past 18 months, with Level 960 now contributing 40,000 tons monthly out of the mine's total 75,000 tons per month throughput.While these investments temporarily elevated all-in sustained cash costs to $34.32 per silver equivalent ounce in Q1, management expects costs to normalize to $22-23 per ounce by Q4 2025 as operations transition from development ore to more efficient stope mining.The company maintains its commitment to community investment, allocating approximately $4 million annually to development programs while focusing on operational excellence rather than acquisitions for 2025.View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview withAlex Black, Executive Chairman of Rio2 Ltd.Frederick H. Earnest, President & CEO of Vista GoldRecording date: 13th June 2025Two prominent gold development companies are pioneering a new approach to mine development, scaling down their flagship projects to achieve self-funded construction rather than waiting for major mining company buyouts despite gold prices reaching historic highs above $3,200 per ounce.Rio2 Limited and Vista Gold Corp have both restructured their development strategies, prioritizing buildable projects over large-scale operations requiring external financing. Rio2's Fenix Gold project in Chile has been redesigned for initial production of 100,000 ounces annually from a 20,000 tons-per-day operation, while Vista Gold's Mount Todd project in Australia targets 150-200,000 ounces annually from 15,000 tons per day – a significant reduction from previously contemplated 50,000 tons-per-day operations.The strategic shift reflects a fundamental change in market dynamics. Major mining companies are showing minimal interest in acquiring development-stage projects, preferring to purchase producing assets despite having record cash levels. "Gone are the days where you build a story up and tell everybody that you're going to flip the company and sell it to somebody," explained Rio2 CEO Alex Black. "The chances of somebody coming along and buying you out is very slim in this market."Both companies have simplified their technical approaches to reduce capital expenditure. Rio2 eliminated crushing circuits in favor of run-of-mine operations, while Vista Gold reduced ore sorting from two stages to one, accepting marginally lower recovery rates for significantly reduced upfront costs.The companies have incorporated future expansion capabilities into their designs, with Rio2 planning eventual expansion to 80,000 tons per day and Vista maintaining flexibility for larger operations. However, both emphasize proving operational capability first before pursuing growth capital.This self-reliant development model represents a paradigm shift in the gold sector, where companies must demonstrate cash generation and operational success before attracting premium valuations or strategic partnerships, fundamentally altering the traditional development-to-acquisition timeline.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-gold-producers-800m-cash-new-production-coming-7050Recording date: 11th June 2025Perseus Mining Limited (ASX: PRU) has released comprehensive five-year guidance targeting 2.5 million ounces of gold production at all-in sustaining costs of $1,400-1,500 per ounce, with an impressive 93% of production backed by JORC-compliant reserves rather than speculative resources. The Australian-listed company, which operates exclusively across African gold mining jurisdictions, aims to address persistent market misconceptions about its asset quality and longevity.CEO Jeff Quartermaine attributes the company's undervaluation to two primary factors: an "African discount" applied by investors wary of continental operations, and incorrect market perceptions about short mine lives. The reality demonstrates Perseus's exceptional ability to extend operational lifespans - the Edikan mine has been extended from its original nine-year life in 2011 to 2031, while Sissingué has grown from 4.5 years in 2018 to the same 2031 timeline.Perseus differentiates itself through a cash-focused strategy rather than chasing production volumes. "What we do at Perseus is that the goal for us is to maximise cash production," Quartermaine explained. With $801 million in cash reserves and daily production of 1,300-1,400 ounces at approximately $1,200 per ounce, the company generates substantial operating cash flow.The growth trajectory includes the Nyanzaga project in Tanzania, Perseus's fourth operation requiring $520 million in capital expenditure and targeting first gold production in January 2027. The company employs sophisticated risk management through zero-cost collar hedging, providing downside protection at $2,600 per ounce while maintaining upside exposure to $4,600 per ounce.Perseus has committed to organic greenfield exploration for the first time, representing a 10-year investment horizon enabled by improved financial positioning. The company's exclusive African focus, combined with proven operational excellence and strategic cash generation, positions it to capitalise on the continent's mining renaissance while many Western competitors have retreated from these markets.View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Marco Roque, President & CEO of Cassiar Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/cassiar-gold-tsxvgldc-defining-a-5-million-ounce-gold-district-scale-opportunity-in-bc-canada-5923Recording date: 12th June 2025Cassiar Gold (TSXV:GLDC) has emerged as one of North America's most compelling exploration stories, delivering substantial resource growth while maintaining a disciplined approach to development at their flagship project in northern British Columbia. The company recently expanded its mineral resource estimate to 1.93 million ounces inferred plus 410,000 ounces indicated, representing a significant increase from the previous 1.4 million ounces.What distinguishes Cassiar from typical exploration projects is its unique infrastructure advantage. The company owns fully permitted mill and mining facilities, along with mining permits for five past-producing mines within their expansive 590 square kilometer land package. President and CEO Marco Roque emphasized this positioning: "Most exploration projects don't have access, most exploration projects don't have infrastructure and most exploration projects do not have fully owned permitted mill and mining permits. We have all of the above."Management has set an ambitious target of reaching 5 million ounces before considering production or potential acquisition by major producers. This confidence stems from the early-stage nature of exploration, with drilling covering less than 0.3% of their total land package. Notably, 48% of current resources lie within 50 meters of surface, providing significant advantages for future mining economics.The project features dual mining optionality through both bulk tonnage disseminated gold averaging 1.4+ grams per ton and high-grade underground veins carrying 10-20 grams per ton, with intercepts reaching up to 270 grams per ton. Recent completion of 70 square kilometers of geophysical surveys has identified multiple anomalous areas for follow-up exploration.Operating in northern British Columbia's tier-one jurisdiction provides political stability and excellent infrastructure access. With approximately $5 million in cash and drilling operations set to commence, Cassiar is positioned to capitalize on the growing disconnect between producer valuations and junior exploration companies as the gold sector recovery unfolds.View Cassiar Gold's company profile: https://www.cruxinvestor.com/companies/cassiar-goldSign 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-tapping-into-bcs-copper-gold-amid-global-demand-surge-5754Recording date: 11th June 2025Pacific Ridge Exploration Limited (TSXV:PEX) has undergone a significant strategic transformation, joining the prestigious Fiore Group while pivoting from planned US expansion back to its core British Columbia copper-gold portfolio. Under CEO Blaine Monaghan's leadership, the company now controls 100% of five promising projects in BC's emerging critical minerals landscape.The partnership with the Fiore Group represents a major validation of Pacific Ridge's asset quality, bringing strategic advisors Rob McLeod and Ryan Waymark alongside crucial capital access and M&A expertise. "I think I found most gratifying over this past year where it's been really really hard to access capital in the market and you begin to question and wonder if your projects are as good as you think you are and that was really validation," Monaghan explained.The company's flagship Kliyul project has attracted significant investment, with over $14 million spent and 19,000 meters of drilling completed since 2021. Management targets an inaugural resource estimate of minimum 250 million tons, with recent geophysical surveys suggesting the majority of the system remains untested. Highlight intercepts exceed 300 meters of 0.8% copper equivalent, with mineralization extending to 600 meters depth.Pacific Ridge's RDP project presents exceptional high-grade potential, building on Antofagasta Minerals' discovery of 110 meters grading 1.4% copper equivalent - one of BC's best intervals in 2022. The upcoming $1.5 million drill program will test expansion potential from this discovery, with geological interpretation indicating a steeply dipping pipe system leading to deeper mineralization.The company's tight capital structure of only 19 million shares outstanding provides significant leverage to drilling success, particularly given the high-grade nature of targets in the increasingly active Stikine terrain. With regional momentum building around discoveries like Amarc's nearby Joy project and government support for critical minerals development, Pacific Ridge is positioned to capitalize on both local and global copper market dynamics.View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-developer-transforms-into-cash-flowing-gold-producer-7094Recording date: 9th June 2025Integra Resources has successfully completed its transformation from a gold developer to a cash-flowing producer, marking a pivotal shift in the company's eight-year trajectory. The Nevada-focused mining company now operates the Florida Canyon mine, which began production six months ago and serves as the financial engine for developing two additional projects in the state's prolific Great Basin region.President and CEO George Salamis emphasizes that many institutional investors still perceive Integra as a developer rather than a producer. "The concept of Integra actually producing gold and having cash flow is new," he explains. "About two-thirds of the funds that we're meeting this week don't know Integra as a gold producer - they know Integra as a gold developer."The company controls a substantial 10 million ounce portfolio across three Nevada projects, targeting 300,000 ounces annually when all assets reach production. This scale would position Integra among mid-tier gold producers, representing a significant step-change from typical junior developer models.Florida Canyon's restart has generated impressive financial results, with $60 million in treasury and cash margins of approximately $1,000 per ounce. This financial strength enables self-funded development of the DeLamar and Nevada North projects without dilutive equity financing. "Six months ago we would have been not contemplating going fast this year on Nevada North," Salamis notes. "Now with the cash balance that we have and the money that we're generating from Florida Canyon, we can afford to go much faster."The company benefits from favorable regulatory tailwinds under the current US administration, which has designated gold as a critical mineral and promised 30-day permitting turnarounds. Integra sits among the top three projects in the US permitting queue, positioning it advantageously in a sector with limited new development opportunities.Despite operational progress, Integra trades below typical producer multiples, creating a valuation gap that management expects to close through consistent quarterly performance and market education efforts.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Barrett, CEO, Rome ResourcesOur previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-drc-drilling-restarts-7052Recording date: 8th May 2025Rome Resources PLC has announced a potentially transformative discovery at its flagship Bisie North project in the Democratic Republic of Congo, identifying a new tin zone that extends well beyond the company's previously known mineralized footprint. The AIM-listed tin and base metals explorer intersected a 40-meter-wide tin-bearing zone in drill hole MADD030 on the northeastern flank of the Mont Agoma prospect, with initial XRF readings confirming elevated tin levels.What makes this discovery particularly significant is its location outside both the current mineralized footprint and the established tin-in-soil geochemical anomaly. CEO Paul Barrett explained that the company has identified "a broad shear zone, maybe 500m to a kilometer wide" that provides the geological framework for interpreting the discovery. The finding represents either a new tin system or fault repetition of known mineralization, potentially opening the entire eastern flank for exploration.Rome Resources currently operates three active drilling rigs at Mont Agoma, with four holes totaling 737 meters completed since May 13, 2025. All holes have intersected visual tin, copper, and zinc mineralization confirmed through on-site analysis. The company has engaged MSA Group to complete its maiden resource estimate by the end of June 2025, with updated numbers planned for September following additional drilling results.The discovery comes at an opportune time for DRC-focused mining companies, with improved security conditions and increased strategic investor interest. The recent acquisition of neighboring Alphamin by Abu Dhabi's International Resources Holding validates the region's strategic importance for critical minerals supply chains. Barrett noted that this regional validation, combined with improved security conditions, creates a favorable operating environment.With tin being essential for electronics manufacturing and renewable energy infrastructure, Rome Resources is positioned to benefit from global supply chain diversification efforts. The company expects assay results before July 31, 2025, which will provide quantitative data to assess the commercial significance of this potentially game-changing discovery.Learn more: https://www.cruxinvestor.com/companies/rome-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Rowley, President & CEO of Stillwater Critical MineralsOur previous interview: https://www.cruxinvestor.com/posts/group-ten-metals-pge-pges-nickel-and-copper-time-to-reward-patient-investors-343Recording date: 5th June 2025Stillwater Critical Minerals has positioned itself as a leading domestic critical minerals investment opportunity, combining substantial polymetallic resources with strategic institutional backing and favorable policy tailwinds. The company's recent transformation from Group 10 Metals reflects management's conviction in their Montana asset, which sits within America's most established platinum group element mining district.The investment proposition centers on a significant resource base containing 1.6 billion pounds of nickel, copper, and cobalt alongside 3.8 million ounces of platinum group elements and gold. This polymetallic endowment addresses multiple critical mineral supply chains simultaneously, providing natural commodity diversification and reducing single-metal price risk. The resource represents a potential 10-20 year mine life operation with bulk tonnage scenarios exceeding $50 per ton gross value.Glencore's strategic 15.4% investment provides crucial institutional validation and operational expertise. The global commodity giant has made two separate investments and secured board representation, indicating serious commercial interest beyond passive investment. This partnership brings established market access, technical knowledge, and potential development capital to advance the project through feasibility studies.The project's location within Montana's Stillwater Complex offers significant operational advantages. Positioned within 500 meters of Sibanye-Stillwater's active East Boulder mine, the company can potentially leverage existing infrastructure, processing facilities, and skilled workforce. This proximity reduces development capital requirements and project execution risk compared to greenfield opportunities in remote locations.Management has assembled proven technical expertise through recruitment from Ivanhoe Mines, bringing direct experience developing complex polymetallic deposits. The team's geological model applies successful Bushveld Complex strategies to similar rock formations, reducing exploration risk and accelerating resource definition. Their reinterpretation of 40,000 meters of historical and recent drilling data has identified previously unrecognized economic potential within the lower Stillwater Complex.Federal policy alignment creates exceptional development opportunities. The project directly addresses U.S. critical mineral security objectives, with potential access to Defense Production Act funding and regulatory support. Montana's pro-mining jurisdiction and established permitting frameworks provide additional development advantages, while congressional support has been demonstrated through direct engagement with the state's delegation.The development timeline offers near-term catalysts for value recognition. Management expects to complete a Preliminary Economic Assessment by Q3 2026, following additional drilling and resource modeling work. This milestone will provide crucial economic validation and establish the foundation for advanced feasibility studies and potential strategic partnerships.Market dynamics strongly favor domestic critical mineral development. Supply chain vulnerabilities, energy transition demand, and strategic stockpiling trends create sustained growth drivers across Stillwater's commodity portfolio. The company's polymetallic approach provides exposure to multiple market segments while reducing dependence on individual commodity cycles. Strategic optionality enhances investment appeal through multiple potential development pathways. These include strategic partnerships with neighboring operators, infrastructure sharing agreements, independent development scenarios, or potential acquisition by major mining companies seeking domestic critical mineral exposure.With approximately $15 million invested against a current market capitalization of C$63 million, Stillwater represents compelling value creation potential. The combination of substantial resources, institutional backing, policy support, and proven management positions the company to capitalize on America's critical mineral security imperative while delivering significant investor returns through systematic project advancement and strategic value realization.View Stillwater Critical Minerals' company profile: https://www.cruxinvestor.com/companies/stillwater-critical-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-long-life-high-margin-canadian-project-6739Recording date: 5th June 2025Northisle Copper & Gold is positioning itself as a premier copper-gold development story, combining exceptional project economics with strategic board additions that signal institutional credibility. Led by President and CEO Sam Lee, the company has assembled a world-class team to advance what it characterizes as an extraordinary project trading at significant discount to its underlying value.The company's preliminary economic assessment reveals compelling fundamentals: a CAD$2 billion NPV after tax with 45% internal rate of return over 29 years at conservative metal prices. At current spot prices of $4.60 copper and $2,900 gold, the economics expand to a remarkable CAD$3.7 billion NPV. Despite these metrics, Northisle trades at approximately $250 million market capitalization, representing just 0.1 times net asset value.Strategic board appointments underscore the project's institutional appeal. Alex Davidson, a 30-year Barrick Gold executive vice president instrumental in identifying major global gold projects, brings unparalleled operational expertise. "If there's a major gold project in this world, Alex has touched it somehow," Lee noted. Complementing Davidson's experience, Dr. Pablo Mejia, former VP of Exploration at Ero Copper, contributes AI-driven geological analysis capabilities to unlock value from the project's extensive 60-year database.The company has engineered a phased development strategy that prioritizes high-grade, high-margin zones delivering 70% EBITDA margins. This approach, following the successful Teck Resources model, uses early gold production of 200,000 ounces annually to fund broader district development across a 35-kilometer porphyry system.Northisle's systematic exploration approach has delivered consistent results, with four consecutive phases generating a 3:1 return ratio—each $7 million drilling program translating to $25-30 million market capitalization increases. This disciplined execution, combined with strong political support for Canadian critical mineral development and strategic tidewater access on Vancouver Island, positions Northisle as a compelling investment opportunity in an increasingly strategic sector.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Marcotte, President & CEO of Northern Superior Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/northern-superior-resources-tsxvsup-consolidating-12moz-resource-base-7148Recording date: 7th June 2025Northern Superior Resources (TSXV: SUP) has reported exceptional drilling results at its flagship Philibert project in Quebec's Chibougamau Gold Camp, delivering what CEO Simon Marcotte describes as "probably the best drilling results we've seen" at the property. The discovery of high-grade underground mineralization directly beneath the existing open-pit resource fundamentally transforms the project's development profile and economic potential.The latest drilling campaign intersected remarkable grades including 21.6 metres at 4.82 g/t Au with 7.0 metres at 11.86 g/t Au, and 22.2 metres at 2.09 g/t Au including 10.0 metres at 3.54 g/t Au. These results extend a new high-grade discovery zone over 200 metres of strike length with more than 150 metres of vertical extent.The strategic significance lies in the underground mineralization's position beneath the planned open pit, enabling a phased development approach that generates cash flow during the transition to underground operations. "If it's under an open pit, then you mine the open pit first and then you access the high-grade with a ramp," Marcotte explained. "So in other words, you're making money while accessing the high-grade at depth."This discovery strengthens Northern Superior's broader consolidation strategy in the Chibougamau Gold Camp, where the company and IAMGOLD now control 12.4 million ounces of defined resources. The camp's simple metallurgy, with 93-95% recovery rates, supports optimization opportunities across multiple deposits through a hub-and-spoke processing strategy.With strong gold prices creating favorable market conditions and Northern Superior maintaining an active exploration pipeline across its 62,000-hectare land package, the company appears well-positioned to capitalize on what Marcotte believes will be "the next big camp to take off globally."View Northern Superior Resources' company profile: https://www.cruxinvestor.com/companies/northern-superior-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO, ATHA EnergyOur previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-up-to-47-grades-defining-mineralized-potential-6890Recording date: 4 May 2025ATHA Energy emerges as a compelling uranium investment opportunity amid unprecedented nuclear expansion policies and shifting global supply dynamics. The Canadian exploration company controls significant uranium assets positioned to benefit from US executive orders targeting a quadrupling of nuclear power capacity from 50 million to 200 million pounds per annum.The company's flagship Angilak project holds a 43 million pound historic resource at an exceptional 0.69% U3O8 grade, comparable to world-class deposits. ATHA's 2024 drilling program achieved a remarkable 100% success rate across 25 drill holes, demonstrating the scale and continuity of mineralization. CEO Troy Boisjoli notes this success rate is "uncommon" in uranium exploration, indicating substantial metal endowment potential.Beyond the established historic resource, ATHA controls the entire unexplored Angikuni basin, spanning 31 kilometers of mineralized structural trend comparable to the Athabasca basin. This district-scale opportunity presents discovery potential analogous to early Athabasca exploration in the 1960s, with surface mineralization up to 30% uranium and historical drilling results showing grades up to 5.6%.The company's exploration program is led by Cliff Revering, former chief geologist responsible for bringing Cigar Lake into production. The concurrent drill programs target both additional work at established projects, as well as new discoveries.Market fundamentals support uranium price appreciation, with current conditions mirroring the 2006-2007 period that saw prices rise from the mid-$30s to $135-138 per pound. Boisjoli describes market tension as "a spring that's being coiled very very tight," driven by constrained global supply chains and accelerating demand from both traditional utilities and technology companies requiring nuclear power for data centers.Canada's strategic position as a stable uranium supplier becomes increasingly valuable as global supply chains fragment, with significant Kazakhstani production committed to China and Russia, creating what Boisjoli terms a "bifurcated uranium market."Learn More: https://www.cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Rana Vig, Director & CEO of Blue Lagoon ResourcesOur previous interview: https://www.cruxinvestor.com/posts/blue-lagoon-resources-bllg-gold-producer-focused-on-being-explorer-1079Recording date: 5 May 2025Blue Lagoon Resources (CSE: BLLG, OTCQB: BLAGF) is set to commence gold production on July 9, 2025, marking the culmination of a five-year permitting process that CEO Rana Vig initially expected to take just 18 months. The company's high-grade British Columbia property near Smithers represents a significant milestone in today's challenging regulatory environment, where typical mining permits can extend to 20 years.The 22,000-hectare property contains 15 known high-grade veins averaging 9 grams per ton, with current measured and indicated resources of 218,000 ounces concentrated on a single vein. Management projects a clear path to over one million ounces based on extensive drilling programs totaling more than 50,000 meters. Recent drilling 150 meters below known resources has yielded intercepts exceeding 18 grams per ton across multiple hits, with increasing copper grades suggesting proximity to the mineralization source.Blue Lagoon's strategic approach emphasizes cash flow generation over traditional equity financing. "I could have raised more money for this company a couple of years ago, but everybody was depressed," Vig explained. "Why dilute at that level? I'd be at 700-800 million-900 million shares." Instead, management plans to use production cash flow as an "ATM" to fund exploration and expansion activities.The company has invested approximately $40 million in infrastructure and assembled an experienced operational team, including Cobra Mining contractors familiar with the historical Noranda operations at the same site. A validated toll processing partnership with Nicola Mining confirmed 90-95% recovery rates through previous test shipments.Cash flow generation is projected for fall 2025, with free cash flow expected by year-end. The timing coincides favorably with gold prices exceeding $3,300, well above the company's $2,600 base case assumptions. This positions Blue Lagoon uniquely among junior miners as it transitions from exploration to immediate revenue generation in a sector dominated by speculative plays.Learn more: https://www.cruxinvestor.com/companies/blue-lagoon-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Cooke, CEO, FireFly MetalsRecording date: 5 May 2025FireFly Metals has emerged as a compelling turnaround opportunity in the Canadian mining sector following its strategic acquisition of the Green Bay copper-gold project in Newfoundland. The company acquired the asset from administration in August 2023, securing an unencumbered deposit after clearing all previous debt and unfavorable contracts that had plagued the former operator.Under CEO Darren Cooke, a seasoned geologist with experience at Northern Star, Barrick, and Newmont, FireFly has transformed the project's prospects through aggressive resource expansion and strategic infrastructure planning. The company has grown the resource base by 50% from 40 million tons to 60 million tons through a comprehensive 90,000-meter drilling program, with recent results indicating the ore body extends at least 200 meters beyond current boundaries.The previous operator's failure stemmed from a fundamental infrastructure mismatch—operating a 500,000 ton per annum processing plant against a 40+ million ton resource. Cooke illustrated the problem succinctly: "So it would take 80 years to actually process what they had when we bought it." FireFly's solution involves building a right-sized 1.8 million ton per annum processing plant on-site, eliminating transport costs and reducing port access from 140 kilometers to just 6 kilometers.The project's high-grade nature, averaging approximately 2% copper with gold credits, provides significant economic advantages over large-scale porphyry deposits that require decades and billions in capital for development. Recent market conditions further support the project's value proposition, with negative treatment charges reflecting strong demand for quality copper concentrate.FireFly recently completed a $77-80 million capital raise led by institutional investors from Canada, the US, and London, with BlackRock as the largest shareholder. This funding provides runway through feasibility studies and early construction phases, positioning the company for rapid production timeline in a jurisdiction known for favorable mining conditions and skilled workforce availability.Learn more: https://www.cruxinvestor.com/companies/firefly-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jason Jessup, CEO of Magna Mining Inc.Our previous interview: Recording date: 4th June 2025Magna Mining. presents a compelling investment opportunity as one of the few junior mining companies delivering immediate copper production with clear pathways to operational scaling. Following the February 2025 acquisition of the McCreedy West mine in Ontario's Sudbury basin, the company generated positive cash flow of $300,000 in its first operational month while producing 790,000 pounds of copper equivalent—results that exceeded management expectations during what was effectively a three-week transition period.The company's operational success validates its production-focused strategy in a market where most copper juniors remain years away from meaningful revenue generation. CEO Jason Jessup, who previously operated McCreedy West during peak production periods exceeding 2,500 tons daily, brings proven expertise to optimize operations. The company has already implemented operational improvements including expanded shift schedules and contractor-supported development work to increase production capacity and workplace access.Magna Mining's recent $33.5 million financing round, comprising $23.5 million in convertible debentures and $10 million equity secured, provides working capital for operational optimization and growth initiatives. The company plans to invest $5-10 million this year in capital development at McCreedy West, focusing on sustainable expansion rather than short-term cash maximization. This disciplined approach positions the company for long-term value creation while maintaining financial flexibility.The company's competitive advantage extends beyond current production to include four additional fully permitted past-producing mines with combined NI 43-101 resources exceeding 50 million tons of copper, nickel, and PGM mineralization. The adjacent Levack mine offers particular near-term growth potential with recent drilling revealing high-grade copper zones of 24% copper plus PGMs within 200 meters of surface in previously unmined areas. An internal restart study for Levack is expected in Q4 2025, with a new resource estimate anticipated by end of Q3 2025.Magna Mining's bootstrap growth model differentiates it from capital-intensive development projects requiring multi-billion dollar investments and multi-year construction timelines. The company can fund expansion through operating cash flow, minimizing shareholder dilution while maintaining control over development timing. This approach appeals to institutional investors seeking copper exposure without the execution risks associated with large-scale development projects.The Sudbury jurisdiction provides additional competitive advantages including stable regulatory framework, established infrastructure, and access to skilled labor from the region's 180,000-person population with extensive mining experience. Established customer relationships with Vale and Glencore ensure secure off-take arrangements and predictable revenue streams.Strong institutional backing supports the investment thesis, with over 50% institutional ownership including 21% held by Dundee Corp, whose leader Jonathan Goodman serves on Magna Mining's board. Management and board retain approximately 10% ownership, aligning interests with shareholders.As CEO Jessup noted, "No one has what we got like we have a producing mine in the best jurisdiction I would say in North America for copper and nickel mining and four other fully permitted past producing mines." This unique combination of immediate production, scalable growth opportunities, and reduced development risk positions Magna Mining as an attractive copper investment in a supply-constrained market where traditional development projects face increasing capital and execution challenges.With $38 million cash on hand and clear catalysts including quarterly production reports and the upcoming Levack study results, Magna Mining offers investors a de-risked pathway to copper sector exposure with multiple value creation opportunities.View Magna Mining's company profile: https://www.cruxinvestor.com/companies/magna-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Jason Attew, President & CEO of OR RoyaltiesOur previous interview: https://www.cruxinvestor.com/posts/osisko-gold-royalties-tsxor-new-strategy-pays-off-as-share-take-off-6881Recording date: 4th June 2025OR Royalties presents a compelling precious metals investment opportunity following a remarkable financial transformation under CEO Jason Attew's leadership. The company has eliminated $300 million in debt over 19 months while achieving a net cash position, positioning it to capitalize on elevated gold prices and favorable market conditions.Financial Performance and OutlookThe company generated approximately $160 million in operating cash flow during 2024 and projects 40% growth to $220-230 million in 2025, assuming current commodity price levels. This exceptional cash generation stems from operational efficiency, with only 25 full-time employees managing a 195-asset portfolio. OR Royalties maintains a $5 billion market capitalization and completed $300 million in transactions during 2024, representing 10% of the total $3 billion royalty and streaming market.Strategic PositioningOR Royalties differentiates itself through geographic concentration, with 80% of assets and cash flow positioned in tier-one jurisdictions including Canada, the United States, and Australia. This focus significantly reduces geopolitical risk compared to peers with emerging market exposure. The portfolio composition aligns with current market dynamics, featuring 94% precious metals exposure comprising 67% gold and 25% silver.Portfolio OptionalityThe company's 195-asset portfolio includes only 22 currently producing assets, providing substantial embedded growth potential as higher commodity prices incentivize development of previously sub-economic projects. This optionality represents significant value that may accelerate as regulatory improvements streamline permitting processes, particularly in the United States.Investment StrategyManagement employs disciplined capital allocation, targeting transactions between $50-500 million with assets expected to generate returns within five years. The company uses conservative consensus gold pricing of $2,400 per ounce for deal evaluation rather than spot prices, ensuring sustainable risk-adjusted returns. "We price everything off consensus and consensus long-term gold because that is our primary product right now," Attew explained, emphasizing the company's conservative approach.Key Growth CatalystsRecent developments include a 24.4% equity stake and 5% net smelter return royalty in Cariboo Gold's British Columbia project, expected to commence production in 2027. The Spring Valley asset in Nevada awaits environmental approval within six weeks, potentially generating 6,000-7,000 gold equivalent ounces annually for OR Royalties once operational.Market EnvironmentThe precious metals sector benefits from macroeconomic uncertainty, monetary policy dynamics, and structural demand drivers supporting elevated commodity prices. Regulatory improvements, especially in North America, are reducing development timelines and providing greater project certainty. "Running a royalty company in this market is just fabulous, if you've got producers in the portfolio," Attew noted, highlighting favorable current conditions.Investment ConsiderationsOR Royalties offers investors leveraged exposure to precious metals appreciation without operational mining risks. The company's net cash position, strong cash flow generation, and substantial portfolio optionality position it to capitalize on continued precious metals strength while maintaining financial flexibility for accretive acquisitions. The combination of conservative deal evaluation, geographic risk mitigation, and experienced management creates a compelling investment proposition for precious metals exposure in today's market environment.View OR Royalties' company profile: https://www.cruxinvestor.com/companies/osisko-gold-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Roosen, Founder & CEO of Osisko Development Corp.Our previous interview: https://www.cruxinvestor.com/posts/osisko-development-tsxvodv-permitted-cariboo-project-towards-becoming-500000-oz-gold-camp-6379Recording date: 4th June 2025Osisko Development Corporation presents a compelling investment opportunity as one of only two fully permitted gold mines in Canada, positioning the company to capitalize on gold's strategic renaissance while benefiting from exceptional project economics and proven management execution.Project FundamentalsThe Cariboo Gold project in British Columbia represents a rare permitted asset in an increasingly constrained development environment. With construction permits secured in under 5 years compared to the industry average of 14 years, Osisko Development has overcome the primary hurdle facing gold developers. The project targets initial production of 200,000 ounces annually from a 5,000 ton per day operation, requiring $650 million capex versus competitors demanding $6.5 billion.The deposit contains 2 million ounces in reserves at 3.8 grams per ton, significantly exceeding comparable Canadian operations like Alamos' Young Davidson mine at 2.2 g/t and Agnico's Goldex at 1.52 grams. Cariboo's additional resources include 1.6 million ounces measured and indicated plus 1.8 million ounces inferred, spanning a 4.4 kilometer strike within a 50 kilometer mineralized trend under company control.Superior EconomicsProduction economics appear robust with costs targeting $1,157 per ounce, generating substantial margins at current gold prices exceeding $2,400. At these levels, the operation projects annual free cash flow of $457 million, providing significant financial flexibility.Construction activities are underway with 1,200 meters of underground development completed and critical equipment secured. The company has invested $700 million to date with over 700,000 meters of drilling, demonstrating development thoroughness that reduces execution risk.Proven Management Track RecordCEO Sean Roosen brings exceptional credibility through his track record building Canadian Malartic, which became Canada's largest gold mine. After selling that asset for $4.1 billion in 2014, now the  mine represents $22 billion of Agnico Eagle's valuation. This value creation extends across the Osisko platform, including Osisko Mining's $2.16 billion sale to Gold Fields.Scaling and M&A PotentialThe project offers significant expansion potential through phased development, potentially reaching 500,000 ounces annually. Management envisions scaling from 5,000 to 15,000 tons per day processing rates, supported by the deposit's exceptional size. As Roosen noted, "You could put all three of those mines [Young Davidson, Goldex, and Landronne] in the footprint of this deposit and still have room for one more Young Davidson."The company operates with a $375 million market capitalization and benefits from strategic shareholder support, with investors holding 24% and 9.9% stakes respectively. Industry consolidation trends favor quality assets like Cariboo Gold, with management noting that "If I look at all the top 10 M&A ideas that come out, ODV is always on the list."Near-Term CatalystsProject financing announcements expected within two months should significantly de-risk the investment while potentially providing share price catalysts. The G Mining precedent, which achieved a $4.3 billion valuation after successful project development, demonstrates potential upside for executed development stories.Osisko Development represents leveraged exposure to gold's strategic importance through a rare permitted asset with superior economics, proven management, and multiple value creation pathways.View Osisko Development's company profile: https://www.cruxinvestor.com/companies/osisko-developmentSign up for Crux Investor: https://cruxinvestor.com

Interview with Kiran Patankar – President, CEO & Director, Maple Gold Mines Our previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-drill-results-show-path-to-5moz-resource-7008Recording date: 4 May 2025Maple Gold Mines has emerged as a compelling turnaround story in Quebec's premier Abitibi gold region, demonstrating how operational discipline and strategic partnerships can unlock value in today's elevated gold price environment. Under CEO Kiran Patankar's leadership over the past 18 months, the Canadian exploration and development company has transformed from what he describes as "a stagnant and somewhat bloated company" into an efficient operation positioned for growth.The operational restructuring has been dramatic. General and administrative costs have been slashed by 46%, with the company now operating on just $150,000 monthly cash burn while delivering improved exploration results. Drilling efficiency has improved 25%, reducing costs from $400 to $300 per meter and allowing expanded programs within existing budgets. These improvements have translated into renewed market interest, with daily trading volumes increasing from 150,000 to over 600,000 shares following recent drill results.Central to Maple Gold's value proposition is its strategic partnership with Agnico Eagle, one of Canada's premier gold producers and the company's largest shareholder. This relationship provides technical expertise, potential processing solutions, and validation of project quality. "It's a benefit to Maple and Maple shareholders to have the strong partnership that we have," Patankar noted, emphasizing the alignment of interests.The company owns 100% of 3 million ounces of gold resources across district-scale projects in Quebec's Abitibi region, representing a significant shift from previously owning only 50% of assets. Recent drilling has demonstrated expansion potential, with systematic exploration targeting both near-mine growth and district-scale discoveries.Perhaps most intriguingly, Maple Gold is pursuing a dual strategy of continued exploration alongside development studies for smaller-scale production scenarios of 100,000-150,000 ounces annually. This approach could generate cash flow to self-fund future exploration, breaking the traditional junior mining cycle of continuous dilution.Trading at $8 per ounce with a $40 million market cap despite gold prices above $3,300, Maple Gold appears significantly undervalued compared to historical metrics when the company traded at $150 million with only 50% asset ownership at $1,800 gold prices.Learn more: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Bey, CEO of Standard Uranium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-partnering-portfolio-to-fund-discoveries-5885Recording date: 3rd June 2025Standard Uranium (TSXV:STND) is emerging as a compelling investment opportunity in the uranium sector through its innovative dual business model that combines focused exploration with proven project generation capabilities. The Canadian company has demonstrated remarkable momentum, with its share price surging from 5 cents to 14 cents over the past month while successfully doubling its initial capital raise from $500,000 to $1 million.The company's flagship Davidson River project in Saskatchewan's Athabasca Basin remains the primary value driver, with CEO Jon Bey preparing to resume drilling activities in August-September 2025 after a strategic three-year hiatus. This measured approach reflects disciplined capital allocation, as the company used the interim period to enhance targeting precision through advanced geophysical technology partnerships with Australian firm Fleet Space.Standard Uranium's project generation model provides crucial financial stability and risk mitigation. The company earns $5-8 million per partnership deal by developing projects over 18 months, securing permits and First Nations agreements, then partnering with capital providers while retaining operational control. Importantly, if partners fail to complete their three-year earning requirements, Standard Uranium recovers 100% project ownership plus additional exploration data.Recent corporate restructuring through a partnership with Vancouver's Jasper Management and Advisory Corp has strengthened operational capabilities and capital markets access. The company benefits from experienced technical leadership, including lead geologist Sean Hillacre, who brings seven years of NextGen Energy experience and specialized knowledge of the neighboring Arrow deposit.Market dynamics strongly favor Standard Uranium's positioning. The Trump administration's commitment to quadrupling nuclear capacity by 2050, combined with growing technology company demand for nuclear power, creates supportive fundamentals. As Bey noted, "There's North America and then there's everyone else," highlighting the strategic value of domestic uranium assets amid global supply chain concerns.Standard Uranium's focused capital allocation strategy directs all equity raises toward Davidson River exploration while project generation partnerships cover operational expenses, positioning the company for potential discovery success in an increasingly favorable uranium market environment.View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power Metallic MinesOur previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-charges-ahead-with-rare-nickel-copper-pgm-mega-discovery-6787Recording date: 4th June 2025Power Metallic Mines presents a compelling investment opportunity at the intersection of exceptional geology and transformative geopolitical dynamics. The company's NISK project in Quebec has delivered extraordinary drill results, including 12.5 meters grading 11% combined nickel-copper-platinum group elements—grades that CEO Terry Lynch described as requiring investors to "pinch yourself" due to their exceptional nature.The discovery's significance extends beyond impressive intercepts to encompass massive scale potential. Lynch estimates current resources could expand from 15-20 million tons to 45 million tons by year-end, with ultimate potential reaching 140 million tons comparable to world-class deposits like Voisey's Bay. This growth trajectory reflects the deposit's orthomagmatic system characteristics, which typically feature multiple high-grade pipes or zones that Lynch compared to fingers extending from a palm-shaped source.Power Metallic has secured strategic positioning through sophisticated capital allocation and timing. The company raised $50 million to fund a comprehensive 100,000-meter drilling program through 2026, eliminating near-term dilution risk while supporting aggressive exploration that Lynch noted would typically only be affordable to major mining companies. The funding demonstrates global investor confidence, sourced equally from Australia (50%), Europe (25%), and America (25%), with minimal Canadian participation reflecting the company's international appeal.Management's strategic approach centers on maintaining auction dynamics for maximum value realization. Lynch emphasized their deliberate avoidance of industry investors, stating "we want to push this as long as possible with the financial players because you want this to be an auction at the end of the day." This strategy preserves optionality between outright sale to majors—Lynch noted "nine times out of ten" such discoveries are sold—and joint venture structures that could retain upside exposure while funding development.The investment thesis gains substantial support from evolving geopolitical dynamics. The Trump administration's "Fortress America" approach to critical minerals has fundamentally altered market dynamics, prioritizing supply chain security over pure price considerations. Lynch has witnessed this transformation firsthand through direct engagement with the U.S. Department of Defense and Department of Energy, observing that "they definitely are going to be less reliant on price and more reliant on guaranteed supply."This policy shift has attracted unprecedented investor interest. Lynch noted, "Ultra high net worth investors looking at investing tens and hundreds of millions of dollars in the space. We were not having these conversations a year ago. The billionaires have realized there's going to be something happening in critical minerals and they want to be part of it."Market fundamentals provide additional support through projected supply deficits. By 2034, nickel is expected to face a deficit of 839,000 tonnes—nearly seven times larger than today's surplus—while the battery metals sector requires approximately $514 billion in investment by 2030, with nickel alone needing $66 billion. Power Metallic's polymetallic nature enhances economic attractiveness through exceptional recovery potential. Lynch referenced comparable operations achieving "high 80s, low 90s" recoveries, supporting projections of one-year payback periods that enable rapid development timelines.The investment case represents a rare convergence of world-class geology in a tier-one jurisdiction, backed by substantial funding and experienced management, positioned to benefit from the transformation of critical minerals markets from commodity-driven to strategy-driven pricing during a generational supply-demand rebalancing.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-nickelSign up for Crux Investor: https://cruxinvestor.com

The CK Gold Project, located just outside Cheyenne, Wyoming, has now cleared every major regulatory hurdle — including air, water, and environmental approvals — and is ready to move toward development.Luke Norman walks us through how U.S. Gold Corp transformed CK from an exploration-stage “science project” into a shovel-ready mine with a 1.5Moz reserve and a robust economic profile. What makes this story different is not just the asset, but the location. With paved roads, nearby rail, grid power, and a skilled local workforce, this is a low-cost build with very few logistical headaches.We also dig into the asset breakdown: about 70% of the economics come from gold and 30% from copper, based on $2,100/oz gold and $4.10/lb copper assumptions. The projected AISC is just $940/oz, and the initial 10-year mine plan is designed for 100,000 oz/year gold equivalent production. But as Luke points out, the current reserve is drill-constrained — and the mineralization continues well beyond the existing pit shell.One key focus of the conversation is how the company plans to finance development without blowing out the share structure. With only 14 million shares outstanding and $15 million in cash, U.S. Gold Corp is looking to raise the ~$300M capex through non-dilutive options like concentrate offtake agreements, federal/state grants, and Wyoming's municipal bond program.We also touch on the broader macro backdrop. Both gold and copper have now been designated as critical minerals in the U.S., with copper demand rising rapidly due to electrification, AI infrastructure, and energy transition. CK Gold is well positioned to meet that demand from a domestic source, with low environmental risk and strong local support.What stood out in this discussion is the company's execution discipline and capital alignment. Luke and CEO George Bee (former builder of Barrick's Goldstrike mine) aren't chasing flashy exploration headlines. They're focused on building a mine — on budget, on time, and with real revenue in sight.We also talk about community support, local benefits (like royalty payments to Wyoming schools), and the unique permitting advantages that come with being located on state ground. CK Gold isn't just a mine — it's a strategic U.S. asset, with real economic and social upside.If you're looking for a near-term U.S. gold-copper story that's fully permitted, tightly structured, and run by experienced mine builders — this is a conversation worth your time.US Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corp

Interview with Guy Goulet, CEO & Steven Zadka, Executive Chairman, Cerro de Pasco Resources Our previous interview: https://www.cruxinvestor.com/posts/cerro-de-pasco-csecdpr-advancing-the-worlds-largest-above-ground-mineral-resource-6795Recording date: 30 May 2025Cerro de Pasco Resources has positioned itself at the forefront of a revolutionary approach to mineral extraction, targeting what CEO Guy Goulet describes as "the largest above ground mineral resource on the planet." The company owns mineral rights to 75 million tons of tailings and stockpiles from a historic mine originally financed by JP Morgan in 1906, representing a unique opportunity to extract value from previously processed material using modern technology.The economic advantages are compelling. While traditional mining operations face costs of $50-250 per ton for underground extraction and $3-20 per ton for open pit operations, Cerro de Pasco can process tailings at just $1-2 per ton. This dramatic cost reduction, combined with grades averaging 4.3 ounces per ton silver equivalent, creates superior margin potential with minimal operational risk.Recent drilling results have exceeded expectations, revealing substantial gallium deposits averaging 53 grams per ton across 40 holes, with the latest southern holes showing 86 grams per ton. This discovery gains strategic significance amid Chinese export restrictions on gallium, a critical mineral essential for semiconductor manufacturing and defense applications.The project addresses significant environmental challenges affecting 67,000 local residents. The tailings currently produce acid water and pose health risks, making reprocessing the only viable path to environmental remediation. This creates strong community support and regulatory advantages rarely seen in traditional mining operations.Beyond base and precious metals extraction, the company has identified substantial value creation opportunities through pyrite processing, with potential NPVs of $8-9 billion from producing sulfuric acid, direct reduced iron, and green hydrogen. These initiatives align with global decarbonization trends and Peru's critical need for fertilizer production following the cessation of Russian imports.With Eric Sprott holding 22% ownership and sufficient capital to complete feasibility studies by mid-2026, Cerro de Pasco represents a de-risked entry into polymetallic extraction with multiple value creation pathways and strong ESG credentials.Learn more: https://www.cruxinvestor.com/companies/cerro-de-pasco-resourcesSign up for Crux Investor: https://cruxinvestor.com

After years of grassroots exploration in Newfoundland, Exploits is shifting its focus to resource-backed growth with the acquisition of four gold projects across Ontario, Quebec, and Newfoundland, totaling approximately 680,000 ounces of gold.Jessop explains why the company is prioritizing ounces in the ground at a time when gold prices are rising and investor appetite is returning to hard assets. With new option agreements in hand and a $4 million treasury, Exploits has moved quickly to assemble a portfolio of advanced-stage assets with immediate exploration upside. “We're providing immediate exposure to our shareholders for gold moving even higher,” Jessop says, outlining the rationale behind this strategic pivot.The company's Ontario flagship is the Hawkins Project, located in a Hemlo-style geological setting with a current inferred resource of 328,000 oz at 1.65 g/t Au, most of it within 200 meters of surface. Jessop describes the project as “tremendously underexplored at depth,” drawing comparisons to how Hemlo transformed from a modest deposit into a 20Moz district through deeper drilling. With $2.4M in assessment credits and $10M in prior exploration, Hawkins offers a low-cost path to potential resource expansion.In Quebec, Exploits acquired three properties—Benoist, Wilson, and Fenton—from Cartier Resources. Benoist brings a historical resource of ~240,000 oz, while Wilson and Fenton offer high-grade drill hits, visual gold, and near-term discovery potential. Located near major mining infrastructure in the Abitibi Greenstone Belt, these assets provide regional diversification and optionality in one of the world's most prolific gold camps.Jessop emphasizes the company's disciplined capital strategy. Instead of diluting shareholders to chase speculative discoveries, Exploits will use a “rate-and-rank” system to prioritize drilling targets based on cost-efficiency and potential return. The first steps include securing permits, refining targets, and focusing early drilling on shallow zones that can quickly add value.The interview also covers Exploits' relationship with New Found Gold, whose 2Moz Queensway Project borders Exploits' Newfoundland claims. While not currently the focus of immediate spending, Jessop highlights the upside potential of these assets should regional consolidation occur. “New Found has always been our big brother in the area,” he says, hinting at long-term collaboration possibilities.If you're following emerging gold developers, this interview offers insight into how a small-cap explorer is adapting to current market conditions, de-risking its asset base, and positioning for potential rerating as new ounces are added.

Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-unlocking-15km-gold-corridor-in-quebec-4682Recording date: 3rd June 2025Cartier Resources (TSXV:ECR) has emerged as a compelling Quebec gold exploration opportunity following a strategic transformation that has positioned the company for what management believes could be a breakthrough 18-month period. Led by President and CEO Philippe Cloutier, the junior explorer has evolved from a multi-asset company into a focused, well-funded operation with a singular mission: proving the existence of a new gold mining camp.The company's flagship Cadillac project spans a 20-kilometer stretch along the highly prospective Cadillac fault, a geological structure that has historically produced over 100 million ounces of gold. Located just 30 minutes from Val-d'Or, the project places Cartier among established operations from major producers including Agnico Eagle and Eldorado, providing validation of the district's geological potential.Perhaps most significantly, Cartier has secured Agnico Eagle as a 27% shareholder, creating a strategic partnership that provides technical expertise while maintaining operational independence. "They have three mills to feed," Cloutier noted, highlighting natural synergies that could emerge from successful exploration. The partnership offers Cartier access to world-class guidance while providing Agnico Eagle exposure to potential discoveries in their operating district.The centerpiece of Cartier's strategy is an ambitious 100,000-meter diamond drilling program launching in August 2025. This 18-month campaign represents almost as much drilling as the company completed over the past decade, utilizing artificial intelligence-generated targets alongside traditional exploration methods. The program aims to expand the company's existing 2.3 million ounce resource estimate while establishing the "center of gravity" of the gold camp.With $12 million in funding providing full coverage for the drilling program, Cartier enters this critical phase well-positioned to execute its comprehensive exploration strategy. The company exemplifies the current disconnect between junior exploration fundamentals and market valuations, potentially creating opportunities for investors willing to participate in systematic camp-scale discovery efforts in one of Canada's premier mining jurisdictions.View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.Recording date: 3rd June 2025Abitibi Metals Corp (CSE:AMQ) presents a compelling copper development opportunity through its control of Quebec's B26 deposit, a substantial resource that recently entered public markets for the first time after two decades of government development. The company's combination of asset scale, jurisdictional advantages, and patient capital positioning addresses key investor priorities in the current copper market environment.*Asset Quality and Scale*The B26 deposit represents one of Canada's larger undeveloped copper resources, with 18.5 million tons grading 2.18% copper equivalent. Located in Quebec's established mining region, the asset benefits from strong metallurgical characteristics including 98% copper recovery and 90% gold recovery rates. Significant gold credits in inferred resources enhance overall project economics while expanding potential acquirer interest beyond traditional copper companies.The deposit's technical profile ranks in the top 10% of VMS opportunities globally according to management, with a 1.6-kilometer continuous strike length open in both directions. This expansion potential distinguishes B26 from typical junior-developed assets, as systematic exploration has been limited during its government development phase.*Financial Strength and Deal Structure*Abitibi maintains exceptional financial positioning with $18.4 million cash funding operations through Q1 2027, eliminating near-term dilution pressure. Abitibi Metals completed and confirmed in collaboration with its partner SOQUEM that all requirements to earn a 50% interest in the B26 Polymetallic deposit have been successfully fulfilled. The company has completed over $10 million of its $14.5 million work commitment to progress 80% ownership of B26 ahead of schedule.  This partnership structure provides both government backing and clear pathways to 100% ownership while aligning with Quebec's economic development objectives. The province's mining-friendly regulatory environment and established infrastructure reduce development risk compared to more remote or jurisdictionally challenging locations.*Operational Development and Strategy*CEO Jon Deluce brings relevant industry experience including operational exposure with Kirkland Lake Gold and Barrick, while recent executive additions from O3 Mining and Agnico Eagle strengthen the team's development credentials. The company has transitioned from contractor reliance to full-time operational capabilities, addressing previous execution challenges that impacted market performance.Abitibi's immediate drilling program targets 400-1,000 meter depths using directional techniques to optimize cost efficiency while testing both near-term economic zones and longer-term expansion potential.Investors OutlookThe company's current valuation at approximately half its cash position suggests significant disconnect between asset quality and market recognition. Management is pursuing multiple value catalysts including engineering studies to demonstrate economic viability, aggressive resource and  expansion drilling.Quebec's advantages as a tier-one jurisdiction become increasingly valuable as supply chain security concerns drive premiums for politically stable copper sources. With limited comparable opportunities in the Canadian market and growing institutional interest in copper-gold assets, Abitibi's combination of resource scale, financial strength, and jurisdictional security positions the company favorably for revaluation as operational catalysts unfold through 2025.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jonathan Egilo, President & CEO of AXO Copper Corp.Recording date: 30th May 2025Executive Summary for InvestorsAXO Copper presents a compelling investment opportunity in the high-grade copper space, combining proven mineralization with near-term development potential. The company is set to list , following successful completion of its IPO process, positioning investors to participate in a systematic resource definition program at the La Huerta Copper Project in Jalisco, Mexico.Production-Proven Asset BaseUnlike typical exploration stories, AXO's flagship project comes with established production history that significantly reduces geological and metallurgical risk. Locals successfully operated the deposit for three to four years using a 250-ton-per-day sulfide flotation plant, consistently mining ore grading 4-5% copper. This operational track record provides crucial validation of both ore continuity and processing characteristics that most junior companies lack during early development phases. President and CEO Jonathan Egilo emphasized this advantage: "They've effectively done a three or four year what I would consider like a bulk sample derisking process for us. And the next step is to see like what it should be kind of restarted up."Exceptional Grade Profile and Geological PotentialAXO's drilling program has confirmed the high-grade nature of the deposit with impressive intercepts including 9.4m grading 4.4% copper, with a subsection of 3.2m grading 21.4% copper. The mineralization extends across a 5-kilometer strike length, with drilling to date reaching only 200 meters below surface. The geological system consists of steeply-dipping copper sulfide dykes with high-grade cores of 3-6 meters surrounded by alteration halos, creating opportunities for both high-grade and bulk tonnage scenarios.The company has traced mineralization for 5 kilometers along surface, yet the family's original operation covered only 200 meters of strike length and extended just 40-50 meters depth. This limited exploitation of a much larger system presents significant expansion potential for systematic exploration.Strategic Acquisition and Capital StructureAXO secured roughly $9.5 million in 2023 which funded the first drill program, plus 5 million shares over five years with no ongoing royalties. This royalty-free structure enhances project economics by allowing AXO to capture full production value without perpetual payments. The company has raised more capital through pre-IPO financing rounds providing adequate financing for the planned 15,000-meter drilling program.Systematic Exploration StrategyThe upcoming drill program allocates 70% of 15,000 meters to a priority 1.5-kilometer zone, focusing on strike extension and depth testing to 350-400 meters below surface. The systematic approach targets resource definition while testing the hypothesis that current workings represent only the upper portion of a larger copper system. Regional targets provide additional upside potential with surface copper expressions grading up to 6% in different geological settings.Infrastructure and Development AdvantagesLocated within 7 kilometers of ArcelorMittal's major iron ore operation, the project benefits from established infrastructure, skilled labor, and supply chains. Access requires only 1.5 hours from Manzanillo port via paved highways, providing connectivity to Pacific shipping and Mexico's industrial centers.Management's development strategy focuses on building a project suitable for junior company advancement rather than requiring acquisition by major miners. Egilo noted: "One of our best differentiating factors here is, you know, I don't know what the scale of this should end up being, but you know, it's not going to be a $3 billion porphyry bill."Investment OutlookAXO Copper offers investors exposure to high-grade copper discovery with reduced geological risk, systematic exploration approach, and clear development pathway. The combination of production history, exceptional grades, excellent infrastructure, and experienced management team creates a compelling value proposition within the copper sector's favorable supply-demand dynamics.View AXO Copper's company profile: https://www.cruxinvestor.com/companies/axo-copper-cSign up for Crux Investor: https://cruxinvestor.com

Interview withMark Chalmers, President & CEO of Energy Fuels Inc.Marty Tunney, COO of IsoEnergy Ltd.Recording date: 30th May 2025The uranium sector stands at a critical inflection point where mounting supply constraints intersect with unprecedented political support and surging nuclear demand, creating compelling conditions for sustained price appreciation and outsized returns for positioned investors.*Supply-Demand Fundamentals Favor Higher Prices*A fundamental supply shortage looms as existing high-grade uranium deposits deplete while replacement projects face significantly higher development costs. Energy Fuels CEO Mark Chalmers warns that future supply sources remain uncertain: "I don't know where it's going to come looking out five or 10 years because some of the best deposits are being mined right now and they're depleting themselves." The replacement cost dynamics are stark—new uranium production must cover exploration, permitting, infrastructure development, mining, and reclamation costs at price levels far exceeding historical norms.Current spot prices around $60-70 per pound remain well below the $100+ incentive pricing required to trigger meaningful new production. This creates a supply response lag that could persist for years even after prices reach incentive levels, given the extended timelines required for uranium project development and regulatory approval.*Political Tailwinds Accelerate Market Dynamics*Uranium benefits from rare bipartisan political support driven by energy security and decarbonization imperatives. Recent executive orders from the Trump administration targeting critical mineral supply chains reinforce government commitment to domestic uranium production. As Chalmers notes: "The ongoing support by both parties actually for nuclear power and reestablishing our ability to mine and produce nuclear power, including small modular reactors is gaining momentum."The Russian uranium ban, formally taking effect in 2028, will remove a significant supply source from Western markets. Industry leaders expect accelerated implementation due to geopolitical tensions, compressing the timeline for supply shortfalls. Simultaneously, China's aggressive nuclear expansion creates additional demand pressure, with the capability to construct reactors in 18 months versus multi-year Western timelines.Established Producers Positioned to BenefitMarket dynamics increasingly favor proven producers over development-stage companies. Many newer uranium companies have overcommitted on delivery contracts while struggling with operational challenges.  Infrastructure advantages amplify competitive positioning. Energy Fuels' White Mesa Mill serves as the primary conventional uranium processing facility in the United States, creating a strategic bottleneck that generates high-margin toll processing revenue. Companies without processing access face limited options, as IsoEnergy's Marty Tunny explains: "If you don't have access to the White Mesa Mill and you're a conventional hard rock miner in the USA, you don't have anywhere in the next 5 to seven years to process your ore."*Technical Advantages Emerge*Recent operational challenges at in-situ recovery operations highlight advantages of conventional hard rock mining methods. Conventional mining offers greater operational control, cost predictability, and flexibility compared to ISR techniques. This technical differentiation becomes increasingly valuable as the industry recognizes that uranium mining complexity exceeds that of other commodities.*Investment Implications*The uranium investment thesis centers on classic supply-demand imbalance amplified by geopolitical factors and infrastructure constraints. Companies with existing production capabilities, processing facilities, and proven operational track records appear positioned to benefit disproportionately from emerging market dynamics. The combination of political support, supply constraints, and rising demand creates conditions for sustained higher uranium prices, particularly benefiting North American producers with strategic infrastructure assets and established utility relationships.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com