CruxCasts

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

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

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

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

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

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

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

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

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

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

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

Interview with Nic Earner, CEO, Alkane Resources Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-cash-rich-debt-free-and-positioned-for-major-growth-8556Recording date: 4th of March 2025Alkane Resources has emerged as a compelling mid-tier gold producer following its successful merger with Mandalay, operating three producing mines across Australia and Sweden with a market capitalisation of A$2.2 billion. The company is currently generating approximately A$200 million in annual net cash flow after all capital expenditures, creating what management views as a significant valuation disconnect relative to peers with similar cash flow profiles.The flagship Tomingley operation in Australia produces around 80,000 ounces annually, supported by a seven-year reserve base with substantial extension potential. The McLeans deposit contains several hundred thousand ounces, while the Roswell Western Monzodiorite lens offers potential for more than 100,000 additional ounces. Management is targeting reserve life extension beyond ten years through systematic exploration along the mineralised corridor.The company's most significant growth asset is the Boda-Kaiser copper-gold project, containing 15 million equivalent ounces with 10 million in the indicated category. The project would produce approximately 160,000 ounces of gold and 35,000 tons of copper annually, equivalent to a 250,000-300,000 ounce gold producer. Management has outlined a pragmatic permitting timeline extending through 2030 for a final investment decision, with first production targeted for the early-to-mid 2030s.Beyond organic growth, Alkane actively pursues acquisitions in the 80,000-120,000 ounce production range, targeting assets trading at lower price-to-net asset value multiples. The management team applies rigorous due diligence reflecting their combined 25-30+ years of industry experience, scrutinising water supply, geotechnical conditions, permitting pathways, and execution risks that are often inadequately addressed in promotional project studies.Near-term catalysts include potential ASX 200 index inclusion, market education on the combined entity's consistent cash generation, and valuation re-rating as institutional investors recognise the sustainability of current cash flows. The board continues evaluating capital return options if gold prices remain elevated and acquisition opportunities prove expensive, though disciplined M&A remains the preferred growth pathway.Learn more: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President and CEO, Amex ExplorationOur previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-dual-track-growth-near-term-gold-output-big-exploration-8677Recording date: 4th of March 2026Amex Exploration is executing a strategic transition from exploration to commercial gold production at its extensive land package in Quebec's Abitibi Greenstone belt. President and CEO Victor Cantore outlined an accelerated development timeline centered on an imminent bulk sample permit expected in March 2026, which will trigger immediate construction activities and position the company for first gold production in the third quarter of 2027.The company has structured its advancement through three distinct development phases designed to mitigate both financial and technical risk. This phased approach leverages the project's high-grade mineralization of approximately 10 grams per ton on a fully diluted basis, combined with its strategic location within established mining infrastructure. The bulk sample phase will yield an estimated 20,000 to 23,000 ounces before transitioning seamlessly into phase one commercial production targeting over 100,000 ounces annually by 2028.Amex maintains a strong financial position with approximately $30 million in treasury following a $37.4 million financing. The bulk sample carries an estimated cost of $40 million, though $20 to $25 million represents infrastructure directly applicable to phase one production. Cantore emphasized that pre-production revenue of $68 million combined with bulk sample proceeds will substantially cover the phase one capital requirement of $146 million, creating a capital-efficient development pathway.The preliminary assessment demonstrates compelling economics with all-in sustaining costs projected at $1,165 per ounce against current gold prices exceeding $5,000 per ounce. Processing optionality through multiple mill operators strengthens the company's negotiating position while high grades ensure favorable transportation economics.Beyond production development, Amex secured an exploration agreement with First Nations on the Ontario side of its land package in early March 2026, unlocking additional prospective terrain. Mining engineers have identified what Cantore described as a "mirror image" of the Quebec mineralization, suggesting significant expansion potential. Management maintains a dual-track strategy advancing both production and exploration while remaining positioned for strategic alternatives that maximize shareholder value in an active merger and acquisition environment.Learn more: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with David Stein, President & CEO of Kuya SilverOur previous interview: https://www.cruxinvestor.com/posts/kuya-silver-kuya-buy-cheap-sell-high-silver-developer-717Recording date: 3rd March 2026Kuya Silver (TSXV:KUYA) is a silver producer operating the Bethania Silver Mine in central Peru, and it is approaching one of the most consequential periods in its short history. The company has production underway, a mill acquisition closing imminently, a fully funded balance sheet, and an exploration programme just getting started. Kuya began processing silver concentrate through the Camila toll mill in late 2024. In January 2026, the company announced it would acquire Camila outright for approximately $9 million including planned improvements, closing expected before the end of March. Owning the facility eliminates third-party processing fees, reduces operational risk, provides access to lower-cost hydro-grid power, and creates an opportunity to generate third-party processing revenue from smaller regional miners. The logistics are already in place as Camila sits on the route between the mine and the export port, meaning nothing about the physical operation changes at closing, only the economics.Following the acquisition and approximately $3 million in additional near-term capital expenditure  covering underground drilling and a new mine ramp, Kuya expects to hold roughly $12–15 million on its balance sheet. With production scaling and costs now more firmly under the company's control, management does not anticipate requiring further equity financing in the near term. That is a meaningful statement for a company of this size.The growth optionality behind the production story is substantial. Kuya has expanded its land position from the original 45-hectare Bethania mine property to approximately 4,500 hectares. Surface prospecting has already identified six additional silver vein systems within a five-kilometre radius of the mine. Underground drilling is targeting a 50-metre-at-a-time extension of the existing resource, with an estimated one million ounces of silver potentially added per 10 metres drilled. A surface drill rig is expected to be mobilised in Q3 2026, with a second potentially following before year-end. The stated three-year target is 100 million ounces of silver would represent a transformation of the company's resource base and market profile.Longer term, Kuya's vision is to operate two 350-tonne-per-day processing facilities (Camila and a future permitted plant at Bethania) producing approximately three million ounces of silver per year by 2028. Both facilities are either owned or permitted. The capital to build the Bethania plant is expected to come from operating cash flow rather than equity markets.The re-rating catalyst is the first profitable quarter, which management expects within one to two reporting periods. At current silver prices, that quarter may land with more force than many investors currently anticipate. Companies of Kuya's profile, once they demonstrate sustained cash generation, have historically attracted a different class of investor and a different valuation framework. That transition appears imminent.View Kuya Silver's company profile: https://www.cruxinvestor.com/companies/kuya-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-cash-flow-in-sight-with-sleeping-giant-ramp-flordin-drills-8693Recording date: 4th March 2026Abcourt Mines (TSXV:ABI) is one of the few junior mining companies to have made the full transition from developer to profitable gold producer in the current cycle. Operating the 100%-owned Sleeping Giant mine and mill in Quebec's Abitibi region, the company recorded its first gold sales in September 2025 and delivered 837 ounces in Q4 2025 which enough to generate a profit from operations. That alone sets Abcourt apart from the majority of junior miners at a comparable stage.The investment case is centred on a single, clearly quantifiable opportunity: the Sleeping Giant mill is running at less than 20% of its nameplate capacity of 800 tonnes per day. The infrastructure is built, commissioned, and performing at over 96% gold recovery. The constraint is not technology or capital, it is underground mining capacity, which is a workforce and development challenge the company is actively and systematically addressing.CEO Pascal Hamelin has set a near-term target of 10,000 tonnes per month by autumn 2026, representing approximately 2,500 ounces monthly and the threshold for strong free cash flow generation. Phase 1 of the production plan targets 30,000 ounces per year by late 2026 or early 2027. The ultimate vision is 800 tonnes per day and 50,000 ounces per year — achievable without any major new capital expenditure, given the mill is already sized for that output.To unlock that capacity, Abcourt is building an on-site sleep camp to resolve a longstanding workforce retention problem caused by long commutes in northern Quebec winters. Phase 2 of the camp (36 rooms) arrives by end of March 2026 and Phase 3 (37 rooms) is due by June 2026. Alongside this, a formal training programme with Val-d'Or's mining school is bringing new miners into the operation on a weekly basis. These are not peripheral initiatives — they are the direct operational enablers of the throughput ramp.The financial structure is also worth noting. Glencore refinanced Abcourt's start-up debt from 16% to 7%, providing a $30 million facility with interest-only payments in year one and principal repayments beginning February 2027. Glencore also holds the offtake on gold and silver production and a right of first participation in future financings. For a junior producer, this level of institutional backing is unusual and meaningful.Management credibility is underscored by insider ownership of approximately 37% — built through years of equity participation alongside external shareholders, not through compensation schemes. Officers and directors have genuine skin in the game.Beyond Sleeping Giant, the company holds 14 additional projects including a zinc-silver polymetallic asset at Abcourt-Barvue, a 5 g/t gold resource at Discovery, and multiple tailings assets being assessed for critical mineral content. These are not currently priced into the market's valuation of the company.For investors evaluating junior gold producers, Abcourt offers a rare combination: proven profitability, a clear and executable growth pathway, institutional validation, and a portfolio of assets that provide upside optionality without requiring additional capital deployment in the near term.View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Frostad, CEO, Purepoint UraniumOur previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-6m-premium-raise-isoenergy-backing-boosts-dorado-expansion-8234Recording date: 4th of March 2026Purepoint Uranium has established a distinctive position in uranium exploration through strategic partnerships with industry majors, enabling systematic discovery work across Saskatchewan's Athabasca Basin while minimizing shareholder dilution. The company operates 9-10 projects primarily through joint ventures with Cameco, Orano, and IsoEnergy, earning operator fees while maintaining meaningful equity participation.The partnership model allows Purepoint to deploy significantly more capital than traditional junior explorers. CEO Chris Frostad explained the company can "put $5, $10, $15 million in the ground" while paying only its proportionate share and earning fees for project management. This structure proved critical during uranium's downturn, providing capital continuity when many peers struggled to maintain operations.Purepoint's portfolio includes three principal holdings: 27% of Smart Lake alongside Cameco, 21% of Hook Lake with Cameco and Orano, and a 50-50 partnership with IsoEnergy covering consolidated mine trend properties. The Hook Lake project hosts the Spitfire discovery, a 15-20 million pound deposit that remains below major producer development thresholds but validates the geological potential.Recent success centers on the Nova Discovery at the Dorado project with IsoEnergy. Summer 2025 drilling intersected high-grade mineralisation across four holes testing five-six distinct targets. A 4,500-meter winter program resumed in January 2026, with results expected throughout the year as the company systematically expands understanding of the mineralized system.Capital deployment is accelerating as major partners demonstrate increased urgency. Purepoint expects to deploy approximately $8 million in 2026, potentially doubling to $16 million in 2027. This reflects broader industry dynamics as producers respond to tightening supply fundamentals, highlighted by Cameco's 22 million pound contract to India while western utilities remain passive in securing long-term supply.Frostad characterized the investment opportunity succinctly: "Uranium is not a cycle anymore. This is a get-rich slow thing now, which is fine as part of your portfolio." The methodical, partner-aligned approach prioritizes systematic value creation over headline-driven drilling campaigns.Learn more: https://www.cruxinvestor.com/companies/purepoint-uranium-group-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-advancing-rare-earth-integration-with-asm-acquisition-9151Recording date: 4th March 2026Energy Fuels Inc. (NYSE:UUUU) is one of the most strategically distinctive companies in the critical minerals space. While most Western rare earth ventures address a fragment of the supply chain, Energy Fuels has spent five years assembling a vertically integrated operation that spans the full value chain: from heavy mineral sands in Australia and Madagascar, monazite processing at its White Mesa Mill in Utah, to separated rare earth oxides, and following the acquisition of Australian Strategic Materials. No other Western company has assembled this complete a picture.The relevance of that distinction has never been greater. China controls an estimated 85–90% of global rare earth processing capacity, and Western governments, particularly the United States and Australia, have identified this dependency as a critical strategic vulnerability. Policy support, government financing programmes, and demand from original equipment manufacturers seeking non-Chinese supply are all converging to create the market that Energy Fuels has been building toward.The company's rare earth strategy is technically differentiated in an important way. By processing monazite rather than bastnäsite, Energy Fuels produces both light and heavy rare earth elements. Heavy rare earths, particularly dysprosium and terbium, are essential for the high-performance permanent magnets used in electric vehicles, wind turbines, and defence systems. This positions Energy Fuels in a part of the market where supply scarcity is most acute and strategic urgency is highest.Near-term, uranium is the business. Energy Fuels is guiding for up to 2.5 million pounds of uranium production (the highest of any US-based producer) at competitive costs, against a backdrop of firming uranium prices driven by a structural global supply deficit. This uranium revenue stream funds the rare earth build-out without requiring the company to dilute aggressively or rely entirely on external capital markets.On the financing front, the picture has changed materially. A Goldman Sachs-arranged convertible note, completed at just 0.75% interest in under one week, has pushed deployable capital to nearly $1 billion. The company's total build-out requirement is estimated at $2 billion, a figure that seemed ambitious 18 months ago but is now regarded by management, and increasingly by investors, as achievable through a combination of capital markets access, offtake agreements with floor price structures, and potential government support from the US and Australian governments.The two flagship projects: the Phase Two rare earth expansion at White Mesa, and the Vera heavy mineral sands project in Madagascar to carry a combined NPV of close to $4 billion and a combined EBITDA potential of $800–$900 million per year at steady-state. Full rare earth revenues are targeted from 2028–2030, making this a medium-to-long-term investment thesis.For investors with a 3–5 year horizon and conviction in the structural ex-China critical minerals demand story, Energy Fuels offers a rare combination: a producing uranium business generating real revenues today, and a rare earth platform with genuine scale, technical depth, and improving financial visibility. The build-out is complex and multi-year, but the pieces finally are falling into place.View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Interview with Layton Croft, CEO, Carolina RushRecording date: 3rd of March 2026Carolina Rush Corporation is exploring the historic Brewer gold mine in South Carolina through a strategic partnership with Oceana Gold, positioning itself at the forefront of renewed interest in America's original gold rush region. The company has established a maiden resource of 500,000 ounces of gold through 36 drill holes at the past-producing Brewer property, which operated as an oxide heap leach operation before being abandoned in the 1990s.The partnership with Oceana Gold, a $12 billion mining company operating the adjacent Haile mine just 15 minutes away, provides Carolina Rush with a free-carried path to testing the property's deep porphyry copper-gold potential. Under the earn-in agreement, Oceana can acquire 80% of the project by spending $20 million over five years, with $8 million required in the first two years to earn 50%. Carolina Rush serves as operator during the initial phase, earning management fees while preserving its 20% interest without capital requirements.CEO Layton Croft, who previously worked on the world-class Oyu Tolgoi project with Robert Friedland and Ivanhoe Mines, believes the near-surface resource could expand to one or two million ounces with additional drilling. However, the primary target is the deep porphyry system, which the US Geological Survey identified as early as the 1970s. "If we can prove that this is a porphyry and it's proven to be mineralised and economic, I think what we've done is we've cracked the code on the southeast," Croft stated.The company commenced drilling three commitment holes in January 2026, with assay results expected in the coming months. Whether Oceana continues funding beyond the minimum commitment will serve as a key catalyst for investors. Beyond Brewer, Carolina Rush maintains a proprietary database of southeastern US prospects and is pursuing additional projects through partnerships, leveraging its regional expertise in an underexplored, pro-mining jurisdiction.Learn more: https://www.cruxinvestor.com/companies/carolina-rushSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Walshe, CEO, Metallium Ltd Our previous interview: https://www.cruxinvestor.com/posts/mtm-critical-metals-asxmtm-pioneering-us-domestic-metal-recovery-breakthrough-nears-production-7146Recording date: 3rd of March 2026Metallium Ltd is advancing from technology development to commercial operations with a proprietary flash thermal heating process designed to recover high-value metals from electronic waste. The company's Houston demonstration facility represents a critical transition point, with over 25 personnel currently commissioning the site for commercial-scale operations on printed circuit boards.The facility strategy centres on direct conversion from demonstration to cash-generating commercial business, targeting initial capacity of 8,000 tons per annum with plans to double to 16,000 tons within twelve months. This approach distinguishes Metallium from development-stage projects requiring extended capital cycles before revenue generation. The company has secured binding feed stock agreements with Glencore covering one-third of initial capacity, with similar agreements pending for two additional suppliers to ensure full supply security.Metallium's competitive advantage lies in feed stock economics. Targeting approximately 200 grams per ton gold equivalent from printed circuit boards—orders of magnitude higher than conventional mining operations—the company projects operating margins between 25-35% at commercial scale. Current operations process pre-shredded PCB material containing gold, silver, palladium, tin, and copper, with approximately 50% of US-origin material currently exported to China for processing.The expansion strategy encompasses four sites across Texas, Massachusetts, Virginia, and Florida, targeting combined capacity of 80,000 tons annually. This translates to approximately 320,000 gold equivalent ounces, positioning Metallium as a potential top-ten gold producer on the Australian Securities Exchange through recycling operations rather than traditional mining.Beyond PCB processing, the company develops parallel revenue streams including gallium and germanium recovery through partnership with Indium Corporation, rare earth applications, and licensing arrangements for mining sector applications. Strategic alignment with US critical minerals priorities positions Metallium for government grant support, with applications pending at the Department of Defense and Department of Energy. Management targets a NASDAQ listing in Q3/Q4 2026 to access institutional capital and improve market positioning.Learn more: https://www.cruxinvestor.com/companies/metallium-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Drew Clark, CEO, Summit RoyaltiesRecording date: 3rd of March 2026Summit Royalties has emerged as a new entrant in the precious metals royalty sector, building a 47-asset portfolio in just four months while achieving cash flow positivity from inception. The company executed three major transactions between May and September 2025, acquiring portfolios from IAMGold for $17.5 million, completing a reverse takeover with Eagle Royalties, and purchasing the Madsen royalty from Sprott. In total, Summit raised approximately $23 million USD while maintaining a disciplined capital structure that has never issued warrants, a rarity among junior resource companies.The company currently generates revenue from three producing assets. The Madsen mine in Ontario holds a 1% net smelter return royalty yielding approximately 500 ounces of gold annually from a high-grade operation guiding for 50,000 ounces in 2025. Summit also holds a 50% silver stream on Orezone at no ongoing cost, receiving a minimum of 37,500 ounces annually as the mine expands from 120,000 to 250,000 ounces of gold production. The third asset, Zancudo, is installing a mill in Q3 2026 to increase production capacity. Notably, all three producing assets are currently expanding operations and reserves.Summit operates with only two full-time employees who have collectively completed $2 billion in royalty transactions over the past decade. CEO Drew Clark previously executed 27 of 32 deals at Metalla Royalty, while VP Connor Pugliese comes from Triple Flag where he executed half a billion dollars in streaming transactions. Management and directors own 15% of the company, aligning incentives with shareholders.Trading at approximately $85 million USD market capitalisation and 0.75-0.8x net asset value, Summit represents a significant discount to peers trading above 1.2x NAV. The stock has appreciated from $0.90 to $1.60 per share in less than four months. Management targets scaling to $10 million in annual revenue and $200-300 million market capitalisation through accretive portfolio acquisitions, positioning Summit to unlock institutional investor access and valuation re-rating as the company crosses critical size thresholds in the consolidating precious metals royalty sector.Learn more: https://www.cruxinvestor.com/companies/summit-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dev Randhawa, Chairman & CEO of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-tetra-zone-discovery-advances-with-20m-financing-8639Recording date: 3rd March 2026F3 Uranium Corp. (TSXV:FUU) is a focused Athabasca Basin uranium explorer with a credible asset base, a fully funded exploration program, and a management team actively working to resolve the structural issue limiting its share price: it is too small to attract the institutional capital its asset quality arguably deserves.The company's JR Zone maiden resource of approximately 11 million pounds of uranium at 12% U₃O₈ is a material achievement. Grades at that level are exceptional by any standard in the Athabasca Basin, which already hosts the world's highest-grade uranium mines. The JR Zone also sits 25 kilometres from established milling infrastructure, meaning any future development pathway would not require construction of standalone processing facilities. A major operator has already approached F3 about applying a selective extraction method to the deposit, which underscores the project's practical viability even at its current modest scale.The 2025 exploration focus has shifted to the Tetra target, a newly identified conductor system on the same property. F3's team identified this system after prior operators walked away, having missed a large conductor obscured by a mudstone flare. Early drilling has confirmed two high-grade uranium intersections 15 metres apart, and the conductor extends at least 1.4 kilometres with room to grow. With 90% of the $12 million drill budget directed at Tetra and only one hole completed to date, investors are essentially looking at an early-stage discovery in progress. The Athabasca-style mineralisation is notoriously difficult to follow, and misses are common but so is the upside if the system proves to be large.F3's financial position reduces one of the more common risks for small-cap exploration companies. With $22 million in cash and no requirement to raise additional capital in 2026, the company can execute its program on its own terms. In a market where junior uranium equities have struggled to attract financing, this is a meaningful competitive advantage.The more pressing strategic challenge is scale. Several uranium-focused ETFs have set minimum market capitalisation thresholds that exclude F3, and the resulting selling pressure was visible in the sector in late 2025. CEO Dev Randhawa acknowledged this directly and is actively pursuing consolidation options, including mergers, acquisitions, joint ventures, and dual-listing in jurisdictions such as Australia, where comparable assets may trade at higher valuations. Three separate M&A discussions were underway at PDAC 2026.The macro environment provides a supportive backdrop. Big technology companies are now direct participants in the nuclear energy market, securing power purchase agreements for reactor output to fuel AI data centre infrastructure. This adds a demand vector for uranium that sits outside traditional utility procurement cycles and is largely insensitive to short-term spot price volatility.For investors, F3 presents a combination of a defined, high-grade asset, an active early-stage discovery drill program, and a management team with both the technical credentials and the strategic intent to grow. The near-term catalysts are Tetra drill results and any announced corporate transaction. Both warrant close attention in 2026.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Brendan Yurik, CEO of Electric Royalties Ltd.Our previous interview: https://www.cruxinvestor.com/posts/mining-royalty-sector-explodes-with-massive-consolidation-fresh-capital-7469Recording date: 3rd March 2026Electric Royalties Ltd. is a clean energy metals royalty company with a portfolio of 43 royalties across copper, graphite, lithium, tin, manganese, zinc, and nickel. At a current market capitalisation of under C$20 million, the company is valued at a significant discount to the royalty sector — both relative to early-stage peers with one or two royalties trading above $200 million, and to mid-tier royalty platforms trading well above $1 billion. For investors with a multi-year time horizon, this disconnect between current pricing and the underlying portfolio's development trajectory is the central element of the investment case.The company operates with a deliberately lean cost structure with annual G&A is approximately $1 million. One producing royalty at the Punitaqui copper-gold mine in Chile, backed by the Yorktown Group's $3.2 billion private equity platform, is expected to generate over $500,000 in revenue this year, with a near-term target of $1 million. This means the company is approaching cash flow self-sufficiency from a single asset, leaving the remaining 42 royalties to contribute upside without the overhead burden that would typically accompany a portfolio of this scale.The next two to five years represent the key inflection window. Four royalties in particular stand out as near-term production candidates. Mont Sorcier, an iron-vanadium project in Quebec partnered with Glencore and backed by $500 million in UK Export and Import Bank financing, has a feasibility study due in Q2 2026 and a projected 40-plus-year mine life. Management estimates it could add US $1 million to $1.5 million annually in royalties alone. Bissett Creek, a graphite project operated by Northern Graphite with Canadian government funding, is targeting production at four times its original scale, with 70 years of resources at the prior production rate. The Zonia copper project in Arizona, now the sole focus of Edge Copper, has doubled its resource to one billion pounds of copper and is moving toward a feasibility study. Seymour Lake, a lithium project, has secured a $100 million Canadian government letter of intent and is targeting production within two to three years. Each of these royalties entering production would individually add eight times or more of current annual revenue.A structural advantage underpins the company's acquisition strategy. Private equity funds dedicated to clean energy metals typically require deal sizes above $15 million, leaving the majority of royalty opportunities accessible only to smaller, more flexible platforms like Electric Royalties. This has allowed the company to build its portfolio at entry costs that are now difficult to replicate, with some royalties acquired for $150,000 to $200,000 on projects that have since had $50 million to $100 million invested by operators.Strategic M&A is under active consideration as a complementary growth path. Combining portfolios with another royalty company would diversify revenues and spread fixed costs across a broader asset base. With over 50% of shares held by management and their families, the company is protected from hostile approaches while remaining a willing participant in value-accretive consolidation. For investors, the combination of a deeply discounted entry valuation, a near-term production catalyst funnel, government capital backing key assets, and M&A optionality represents an unusual convergence of risk-adjusted return potential in the critical minerals sector.View Electric Royalties' company profile: https://www.cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Matt Manson, President & CEO of Radisson Mining Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/quebec-gold-explorers-target-resource-growth-in-infrastructure-rich-mining-district-8326Recording date: 3rd March 2026Radisson Mining Resources is one of the more straightforward stories in junior gold right now: a deposit that is growing materially, in a world-class jurisdiction, with a management team that has built mines before and knows what it is doing. The company's O'Brien Gold Project in Quebec's Abitibi region delivered an 82% increase in inferred resources at PDAC 2026, lifting combined indicated and inferred resources from 1.5 million to 2.3 million ounces. That headline number is significant on its own. What makes it more significant is the context: Radisson has completed only 25% of its current 140,000-metre drill program.The strategy behind that number is deliberate. Rather than incrementally converting existing inferred resources to indicated through infill drilling, management opted 15 months ago to test the full scale of the system through large stepouts drilling hundreds of metres beyond the known resource boundary and below the historic O'Brien mine for the first time. The 84% drill hole success rate on those stepouts, well above the 50–75% industry norm for infill work, tells investors that this is not a speculative land position. It is a geologically predictable system that keeps delivering where the model says it should.CEO Matt Manson has guided consistently toward a 3 to 4 million ounce deposit. With 75% of the program still ahead, that target appears increasingly credible. More importantly, Manson has been clear that the company is not fairly valued at current prices and is not in the market for a premature transaction. The current program is about establishing what O'Brien is worth before any corporate conversation takes a deliberate and disciplined approach that is relatively rare at the junior end of the market.From a development perspective, the project carries structural advantages that most junior gold assets do not. O'Brien sits directly on Highway 117 in the Abitibi region, surrounded by active mines with operating mills and available processing capacity. The economics of building a standalone mill in this environment simply do not make sense when third-party processing options exist nearby. This reduces the capital burden significantly and shortens the path from deposit to cash flow.There is additional optionality in the historic O'Brien shaft, which extends to one kilometre depth on the property. The shaft is currently flooded and carries no formal liability for Radisson, but the company is quietly conducting engineering and environmental work to assess whether it can be rehabilitated. A functioning shaft would enable a more capital-efficient bottom-up mine construction approach and could support production rates of up to 2,000 tonnes per day.The board brings nine combined mine builds across three directors, which is meaningful at this stage of a project's life. The team understands the development pathway and has been through it multiple times. For investors, Radisson in 2026 offers a clear value trajectory: a growing resource, staged catalysts through sequential resource updates, infrastructure-rich jurisdiction, and a management team with the track record and patience to realize full value.View Radisson Mining's company profile: https://www.cruxinvestor.com/companies/radisson-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, CEO, Revival GoldOur previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrgv-undervalued-investment-series-with-hugh-agro-9318Recording date: 3rd of March 2026Revival Gold has announced significant drill results from the South Mercur area of its Utah-based Mercur project, intersecting over 4 grams per ton gold across 25 meters with favorable leachability characteristics. The results mark the first holes from this newly consolidated portion of the 7,200-hectare property, which includes ground previously operated separately by Homestake and never coordinated with adjacent historic Mercur operations.The discovery comes as Revival Gold executes a detailed development timeline targeting 2029 production of approximately 100,000 ounces annually from its heap leach operation. The company has outlined a comprehensive 2026 work program including 16,000 meters of drilling, baseline studies across biological, cultural, and hydrological domains, and engineering work advancing toward pre-feasibility study (PFS) completion in early 2027.Mercur's current economic assessment demonstrates compelling returns, with $750 million in after-tax net present value at $3,000 gold, rising to $1.2 billion at $4,000 gold. At a 57% internal rate of return, the project would generate approximately $350 million in annual free cash flow at current gold prices above $5,000 per ounce, establishing it as Utah's largest gold producer.The project benefits from rare brownfield advantages including location entirely on private land, existing power and water infrastructure, and extensive historical data from previous operations. These factors reduce both capital intensity and permitting risks compared to typical greenfield developments or projects on public lands.Despite these attributes, Revival Gold trades at approximately 0.15x net asset value, with analyst price targets two to three times current levels. CEO Hugh Agro attributes the discount to development-stage risk perception, expecting multiple re-rating as the company demonstrates execution through 2026-2027 milestones.Beyond Mercur, the company's 4.6 million ounce Beartrack-Arnett project in Idaho provides additional portfolio value, with two drill rigs currently testing high-grade underground potential. The dual-asset strategy offers exploration upside while maintaining focus on Mercur's path to production, backed by institutional support from EMR Capital, Konwave, and Dundee.Learn more: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO, New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-getting-to-revenue-quickly-efficiently-9431Recording date: 2nd of March 2026New Found Gold has announced a major financing milestone with the signing of a term sheet for up to $75 million USD in debt financing, positioning the company to fast-track development of its flagship Queensway Gold project in Newfoundland, Canada. The financing addresses a critical component of the company's strategy to reach commercial production by the end of 2027.The debt facility covers approximately two-thirds of the estimated $155 million Canadian Phase 1 capital expenditure for Queensway. CEO Keith Boyle emphasized the favorable terms secured through a competitive process, noting the two-year duration with an optional six-month extension aligns perfectly with the company's accelerated development timeline. The financing will fund long-lead equipment orders, early construction works, and detailed engineering activities essential to maintaining project momentum.Queensway's economic proposition centers on robust production targets and competitive cost structures. The preliminary economic assessment projects average annual production of 69,000 ounces over four years, with potential for 100,000 ounces annually during initial high-grade production years. With all-in sustaining costs estimated at $1,300 per ounce, the project could generate approximately $400 million Canadian in free cash flow at current gold prices.The company benefits significantly from existing regional infrastructure, particularly the permitted Pine Cove Mill that will process Queensway material. This infrastructure advantage substantially reduces capital requirements and permitting complexity compared to greenfield developments. Additionally, New Found Gold's Hammerdown operation is ramping to steady-state production in the first half of 2026, providing near-term cash generation and operational validation during Queensway construction.Environmental permitting represents the next critical milestone, with the company expecting to submit its assessment application in April 2026. Management anticipates an expedited approval process similar to recent regional precedents, where environmental assessments have been completed in as little as 45 days. The convergence of secured financing, advancing permitting, and operational readiness positions New Found Gold to execute its development strategy and transition into a significant gold producer with substantial cash generation capacity.Learn more: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/vista-gold-nysevgz-mt-todd-redesign-cuts-capex-59-to-425m-unlocks-22b-npv-8050Recording date: 2nd March 2026Vista Gold Corp (NYSE:VGZ) is one of the most straightforward re-rating stories in the junior gold sector. The company owns the Mount Todd Gold Project in Australia's Northern Territory — one of the country's largest undeveloped gold deposits — and is executing a structured plan to reach detailed engineering commencement in 2027 and first gold production approximately 27 months thereafter.The investment case begins with a valuation gap that is both large and quantifiable. Vista Gold currently trades at approximately US$350 million. By comparison, the lowest-valued junior Australian gold producer — a company generating less than 150,000 ounces per year, which is the same production rate Mount Todd targets — carries a market capitalisation of approximately $1 billion. Higher-performing peers such as Capricorn Metals, producing 120,000 to 150,000 ounces annually, trade at valuations approaching $8 billion. The re-rating that accompanies the transition from developer to producer is the primary mechanism through which Vista Gold expects to create shareholder value.The feasibility study, completed in 2025, rightsized the project from its previous 50,000 tonne-per-day design to 15,000 tonnes per day, cutting capital costs by 59% and meaningfully reducing financing risk. Crucially, the study was modelled on a conservative $2,500 per ounce gold price. With spot gold now well above that assumption, the project's economics — and the payback period on construction debt, estimated at approximately 18 months at current prices — have improved materially without any change to the base case.The company is currently executing three parallel workstreams to advance the project toward a construction decision: modifying permits to reflect the updated project design, building an eight-to-ten person executive team in Perth to manage development and operations, and completing supplementary metallurgical and geotechnical studies. A geotechnical program, set to begin within weeks, could support steepening of the west pit wall, further improving economics by reducing the strip ratio.Financing momentum is building. A $39 million raise, upsized to approximately $44.8 million via overallotment, was oversubscribed approximately 2-to-1 by institutional investors across the US and Canada. The construction financing stack is expected to combine conventional bank debt, the Northern Australia Infrastructure Fund, a potential streaming arrangement with Wheaton Precious Metals, and an equity component. The project is estimated to support a debt ratio of 60–65% of total capital, and the company is also evaluating an ASX listing to broaden its investor base.Expansion optionality adds a further dimension. Mount Todd has been designed to allow scaling to 22,500, 30,000, or 45,000 tonnes per day, making it a credible strategic target for mid-tier and senior producers seeking large ounce additions. That optionality, combined with the project's location in a tier-one Australian jurisdiction, underpins M&A interest alongside the organic development pathway.For investors, the near-term catalysts are clear: Northern Territory permit grants, geotechnical results, federal authorisation, and a construction financing mandate. Each represents a discrete milestone with the potential to narrow the gap between Vista Gold's current developer valuation and the producer multiples it is targeting.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Wes Hanson, President & CEO of Thunder Gold Corp.Recording date: 2nd March 2026Headline: Thunder Gold's Tower Mountain: A Large-Scale Ontario Gold Project With a Clear Re-Rating PathThunder Gold Corp (TSXV:TGOL) is developing the Tower Mountain gold project in northwestern Ontario, 40 kilometres from Thunder Bay. The company recently published a maiden resource estimate of 3.5 million ounces comprising 3 million inferred and 500,000 indicated ounces, and is targeting 5 million ounces alongside a preliminary economic assessment by the end of the current year. For investors evaluating junior gold equities, Tower Mountain offers an unusual combination of geological consistency, infrastructure accessibility, exploration upside, and a management team with direct open-pit development experience.The deposit's defining characteristic is the predictability of its drill results. Of 190 holes drilled across 47,000 metres of total drilling, 180 returned average grades of 0.33 to 0.37 g/t across full hole lengths, from surface to the bottom of each hole, regardless of depth or rock type. This is the hallmark of a large, disseminated intrusion-related gold system where gold is distributed evenly through a wide pyrite cloud rather than concentrated in narrow, unpredictable shear zones. That consistency translates directly into lower operational risk in a future mining scenario and a more straightforward path through the economic study process.The project's infrastructure position is equally compelling. Paved highway, rail access, and existing utilities sit within 3 kilometres of the resource pit. The site is accessible year-round, and a 40-minute drive away from Thunder Bay city with an established mining services sector. These factors significantly reduce the capital intensity of any future development compared to remote northern projects where road and power construction alone can consume hundreds of millions of dollars before a shovel enters the ground.The near-term investment case centres on resource category conversion. At current per-ounce market valuations of $10–20 for inferred ounces, Thunder Gold trades at a meaningful discount to more advanced peers. The company's stated priority to infill drilling to convert inferred ounces to indicated status has historically produced three-to-four-times increases in per-ounce valuations without requiring new discovery. With approximately $5 million in treasury and 66 cents of every dollar directed into drilling, management has the capital to execute that program and deliver a credible PEA.The longer-term case rests on the three unexplored contacts of the intrusive body, each carrying geophysical signatures consistent with the known western resource. If those contacts host comparable mineralization, the total resource could approach 12 million ounces, a scale that places Tower Mountain firmly in the range of acquisition targets for mid-tier producers facing reserve depletion at current gold prices.At a gold price that has fundamentally re-rated the economics of large-tonnage, lower-grade deposits, Tower Mountain sits in a strategically attractive position: sufficient scale to matter to a mid-tier acquirer, infrastructure to support competitive capital costs, and enough drilling upside to justify continued exploration investment. The key near-term variables are drill results and PEA delivery. Investors willing to accept early-stage resource and liquidity risk may find the current valuation offers meaningful upside relative to those catalysts.View Thunder Gold's company profile: https://www.cruxinvestor.com/companies/thunder-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Steve Letwin, Chairman of Cassiar GoldOur previous interview: https://www.cruxinvestor.com/posts/cassiar-gold-tsxvgldc-updated-23m-oz-project-fast-tracked-by-existing-infrastructure-8018Recording date: 2nd March 2026Cassiar Gold (TSXV:GLDC) is a pre-production junior gold company with a materially different risk profile to most of its peers at an equivalent stage of development. The project, located in northeastern British Columbia, benefits from over $100 million in pre-existing infrastructure including an operating mill, a camp, a core shack, an active tailings pond, and 170 kilometres of road acquired by the company for approximately $1 million worth of Cassiar shares. That infrastructure advantage has allowed the company to direct capital toward resource development, producing a current mineral resource of approximately 2.5 million ounces across two distinct geological zones.The project's chairman is Steve Letwin, who served as president and CEO of IAMGOLD from 2010 to 2020 and oversaw the development of the Côté Gold mine in Ontario, including securing a $450 million strategic investment from Japan's Sumitomo Corporation. Letwin holds over 7 million shares and has not sold a single one, representing meaningful alignment with retail and institutional investors. He is now applying the same development logic to Cassiar that he used at Côté: build the case, demonstrate the path to cash flow, and bring in a strategic partner with the balance sheet to accelerate development.The near-term strategy centres on Cassiar South, a high-grade narrow-vein system that historically produced at grades of 15–20 g/t. The existing mill is currently being refurbished by an engaged specialist firm, with metallurgical work running in parallel and completion expected within the current quarter. The mill is being optimised for Cassiar South feed at approximately 200 tonnes per day which is a scale Letwin argues generates compelling economics at current gold prices near $5,300 per ounce, with the refurbishment cost characterised as a rounding error relative to projected revenue.A Preliminary Economic Assessment targeting August 2025 will formalise the economics across three project components: Cassiar South high-grade mining, tailings reprocessing, and the longer-dated Cassiar North bulk tonnage open-pit scenario approximately one kilometre from the mill. Together, these represent a staged, self-funding development model in which early cash flow from Cassiar South finances further vein drilling and eventually supports the capital case for Cassiar North reducing ongoing dilution for shareholders.Key de-risking factors already in place include a live operating permit, direct highway access, settled First Nations agreements including a 0.8% NSR impact benefit agreement, a friendly BC jurisdiction, and a 59,000-hectare permitted land package with comprehensive road coverage. These are the same boxes Letwin ticked at Côté before Sumitomo committed capital, and they are the attributes he is now presenting to prospective strategic partners at Cassiar.The principal risks are execution-related: mill refurbishment timeline, metallurgical outcomes, PEA results, and the terms and timing of any strategic deal. Investors should treat the August 2026 PEA as the next material de-risking milestone and monitor the strategic partnership process as the potential step-change catalyst for the company's valuation.View Cassiar Gold's company profile: https://www.cruxinvestor.com/companies/cassiar-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Claudia Tornquist, President and CEO & Christopher Taylor, Chairman of Kodiak CopperOur previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-maiden-resource-hits-24b-lbs-to-show-potential-8750Recording date: 2nd of March 2026Kodiak Copper Corp. is positioning for significant growth after releasing its maiden resource estimate at the MPD copper-gold project in southern British Columbia in December 2025. Speaking at the PDAC conference in Toronto, President and CEO Claudia Tornquist and Founder and Chairman Christopher Taylor outlined an aggressive expansion strategy designed to double the resource base while maintaining capital discipline.The initial resource estimate totals 440 million tons of mineralisation containing 2.4 billion pounds of copper and 1.7 million ounces of gold across indicated and inferred categories. This follows seven years of district consolidation and over 90,000 meters of drilling, incorporating significant historical data from previous operators.Management characterised the resource as "a starting point not a finish line," emphasising substantial expansion potential. The company plans a sizable drill program in 2026 focused on systematic infill drilling and testing high-priority extensions. With 70,000 meters of historical exploration drilling creating defined gaps in the resource, management expressed confidence in substantially growing tonnage within 12 months, with an updated resource estimate expected in Q1 2027.The strategy comes as copper sector consolidation accelerates. Hudbay Minerals' recent acquisition of Arizona Sonoran Copper at a 30% premium represents the first material transaction involving a non-producing copper company, validating strategic interest in earlier-stage assets as majors seek to secure future supply amid electrification-driven demand growth.Tornquist explained that demonstrating the project can reach approximately 880 million tons would bring Kodiak into the size range of more advanced peers such as Faraday Copper, Cisco Metals, and Northisle, which trade at multiples of Kodiak's current valuation. Beyond resource expansion at known zones, the company has identified over 20 additional exploration targets across the MPD property, offering substantial discovery upside.With $56 million raised to date and only 96 million shares outstanding, Kodiak has maintained relatively low dilution while advancing the project, positioning the company for increased institutional participation as it transitions from explorer to developer status.Learn more: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Robin Dunbar, CEO, Grid MetalsOur previous interview: https://www.cruxinvestor.com/posts/grid-metals-tsxvgrdm-fast-tracking-potential-on-lithium-nickel-copper-projects-5444Recording date: 2nd of March 2026Grid Metals Corp is advancing one of the world's rarest mineral opportunities—a cesium deposit in Manitoba, Canada, targeting production by 2027 in a market dominated by Chinese suppliers and constrained by extreme geological scarcity.The company has identified what CEO Robin Dunbar describes as one of only six cesium deposits ever discovered globally. With just three historically reaching production and only three new discoveries emerging despite intensive lithium exploration over the past five years, cesium's rarity drives premium pricing in a concentrated $400 million annual market where Chinese entities control 85% of supply.Grid Metals' development strategy diverges sharply from conventional mining economics. The shallow deposit, located 20-40 meters below surface, enables low-cost open-pit extraction of 50,000-100,000 tons of material. Processing relies on simple crush-and-sort technology using XRT optical sorting—eliminating the need for complex milling, tailings facilities, and environmental infrastructure that typically delay projects for years and require hundreds of millions in capital.The company has drilled approximately 100 holes with grades reaching 20-30% cesium oxide content. Based on prior discussions with nearby processor Tanco, concentrate could fetch $6,000-$9,000 per ton, potentially generating $30-100 million from an initial pit—representing 3-4 times Grid Metals' current $30 million market capitalization.Cesium applications span high-value sectors including drilling fluids for oil and gas wells, atomic clocks for military guidance systems, medical imaging, and emerging perovskite solar technology that increases photovoltaic efficiency by 25%. Supply constraints have historically limited adoption, creating latent demand that new supply could unlock.Grid Metals benefits from a critical timing advantage. Major competitor Power Metals' billion-dollar lithium-cesium project won't reach final investment decision until 2027, providing a 5-7 year market window. The company also maintains portfolio optionality through a 7-million-ton lithium deposit and a base metals joint venture with Teck Resources containing over $2 billion in ground metal value, providing diversified pathways to value realization.Learn more: https://www.cruxinvestor.com/companies/grid-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Maura Kolb, President of Dryden Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-11m-exploration-budget-funds-32000m-program-in-high-grade-gold-district-9261Recording date: 2nd March 2026Dryden Gold Corp. (TSXV:DRY) is one of the more technically coherent high-grade gold exploration stories in the Canadian junior sector. The company holds an 80,000-hectare land package in northwestern Ontario, hosts mineralisation grading up to 53,700 grams per tonne gold, and is advancing a fully funded 32,000-metre drill programme in 2026 aimed at building the discovery footprint toward a future multi-million ounce resource.The company's primary focus is the Gold Rock target area, which has undergone a material transformation in the two years since systematic exploration began. At the outset, geologists had mapped three mineralised structures within the target. That count has now reached 15 parallel structures, with two separate drill holes separated by 500 metres of strike confirming the same structural inventory at each intersection. That spatial consistency is a meaningful geological signal: it suggests the system is not a series of isolated occurrences but a laterally continuous mineralised corridor with repeating, predictable architecture.The most recent drilling also extended the Big Master system, a secondary gold structure within Gold Rock, to a true depth of 460 metres, more than four times its previously drilled vertical extent. This depth extension effectively doubles the size of that target and introduces a meaningful question about the system's behaviour at depth, which the 2026 programme is well-positioned to begin answering.The company's broader geological model, the "string of pearls" thesis, holds that the 20-kilometre Gold Rock trend will ultimately host multiple discrete deposits, each analogous to the individual mines that define the Red Lake gold camp. The Mud Lake discovery last summer, which displays a geological footprint consistent with the Gold Rock target area, provides early validation of this model. Two further anomalies on the same trend remain untested and will be drilled in 2026.A property-wide soil geochemistry programme has added a further dimension to the targeting picture. The results align with the structural model, with the most pronounced anomalies occurring at the intersections the geological team had already identified as highest priority. The Hyndman target on the eastern side of the property is an emerging area of interest, with soil data indicating that initial drill holes tested only a fraction of the anomalous system.From a capital structure perspective, Dryden Gold is differentiated by its lean operating model. There is no corporate office; management and technical staff are based on-site in Dryden. Approximately 80% of all capital raised has been deployed directly into exploration. Centerra Gold holds a 9.9% strategic stake, providing third-party validation of the geological thesis without creating near-term dilution pressure.Management has been explicit about deferring a resource estimate until sufficient discovery footprint has been established to support a resource at institutional scale. The 2026 field season with 32,000 metres of funded drilling across multiple high-priority targets represents the most significant exploration period in the company's history to date, and the results will be the primary driver of value through the year.View Dryden Gold's company profile: https://www.cruxinvestor.com/companies/dryden-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Soock, VP Investor Relations & Development of Heliostar MetalsOur previous interview: https://www.cruxinvestor.com/posts/heliostar-metals-tsxvhstr-self-funding-path-from-40k-to-300k-ounces-by-2030-8846Recording date: 2nd March 2026Heliostar Metals is one of the more clearly defined growth stories in the emerging mid-tier gold space. The company is producing approximately 50,000 ounces of gold per year from its La Colorada mine in Mexico and is on a stated path to 300,000 ounces annually by the end of the decade. That growth is to be funded through internal cash flow, without reliance on the equity markets — a commitment management describes with increasing conviction as gold prices remain elevated.The investment case centers on Ana Paula, the company's flagship development asset. A PEA outlined a project capable of producing 100,000 ounces per year over a nine-year mine life at an all-in sustaining cost of approximately $1,000 per ounce. At that cost profile, Ana Paula would rank in the lowest decile of the global gold cost curve, generating substantial free cash flow across a wide range of gold price scenarios. The company is now progressing directly to a full feasibility study, expected in H1 2026, which will serve as the basis for a construction decision. First production is targeted for H2 2028.The geometry of the Ana Paula orebody underpins its economics. Rather than a series of narrow veins requiring extensive underground development, the deposit hosts a wide mineralised breccia flooded with high-grade gold, allowing meaningful ore access with relatively limited lateral development. The high-grade zone grades approximately 5,000 ounces per vertical metre — one of the highest density metrics of any underground gold project globally. Drilling has also confirmed that high-grade mineralisation continues at depth, opening the possibility of expanding Ana Paula beyond its current mine plan toward a potential tier-one scale asset.Beyond Ana Paula, the growth roadmap layers in Cerro del Gallo as a third mine, funded by Ana Paula cash flow and targeted to add another 100,000 ounces per year before the end of the decade. La Colorada continues to provide near-term production stability, with the Veta Madre open pit cutback and subsequent Creston pit extending mine life and sustaining cash generation through the Ana Paula development period.The company has also been tidying its portfolio, recently divesting a package of non-core early-stage exploration assets that did not fit the growth pipeline. Underground decline development at Ana Paula is being restarted in H2 2026, providing tangible operational momentum well ahead of the feasibility study and construction decision.On the capital structure side, Heliostar's share register is now approximately 50% institutional. Generalist funds are beginning to participate, viewing the company as a preferred vehicle for gold growth exposure. The re-rating from developer to producer multiple — which management expects to begin as Ana Paula advances through feasibility — is the key valuation catalyst for current investors.Heliostar's Q1 2026 cash flow results, Ana Paula's feasibility study release, and the progress of project finance conversations in mid-2026 are the primary milestones investors should monitor in the near term. The company has built a credible platform. Execution is now the determining factor.View Heliostar Metals' company profile: https://www.cruxinvestor.com/companies/heliostar-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Kiran Patankar, President & CEO of Maple Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-undervalued-investment-series-with-kiran-patankar-9201Recording date: 1st March 2026Maple Gold Mines enters 2026 at an operational and financial inflection point. The company is executing a 30,000-metre drill program, more than double its 2025 output, across two Quebec gold projects, Douay and Joutel, with three rigs turning around the clock in the Abitibi greenstone belt. The program is fully funded by a $30 million treasury, built through a disciplined series of financings at progressively higher share prices. There is no near-term capital requirement, which removes a significant source of uncertainty for investors assessing a junior explorer in a volatile market.The central investment argument for Maple Gold rests on a gap that is both quantifiable and actionable. Douay's existing NI 43-101 resource of approximately 3 million ounces was last updated in 2022 at a US$1,800 gold price and was constructed from drilling across just 6 of 55 kilometres of strike length the company controls. Douay has seen approximately 275,000 metres in total. The exploration upside that implies is not speculative; it is a function of metres drilled relative to geological scale.Agnico Eagle's presence as a joint venture partner and strategic shareholder matters beyond its symbolic value. It reflects the assessment of a major producer with direct operating experience in the Abitibi that Douay is a district-scale asset worth a long-term commitment. That endorsement supports both the geological thesis and the eventual range of commercial outcomes, from standalone development to strategic consolidation.The 2026 agenda is structured around converting exploration momentum into economic credibility. A resource update incorporating all post-2022 drilling and built on a geologically driven block model will provide a restated ounce count at current gold prices, giving the market a fresh basis on which to assess the per-ounce valuation gap relative to peers. That update will be followed by a preliminary economic study, the first formal analysis of what an operation at Douay-Joutel might look like. CEO Kieran Patankar has been explicit that the study will present a realistic starter scenario such as a 5,000-tonne-per-day operation rather than an optimal but unfinanceable mega-project, keeping the analysis credible and actionable for Maple Gold's current market capitalisation of approximately C$200 million.Joutel, the past-producing high-grade component of the portfolio, adds a blending and grade-optionality dimension that the economics study will need to address. Early drilling results already indicate that mineralisation extends well beyond historical mine workings, and 32 of 39 completed holes are yet to be released, providing a near-term catalyst pipeline throughout the year.For investors, the combination of a funded multi-year drill program, a deeply under-explored Tier 1 asset, institutional backing from one of the world's leading gold producers, and a clear 2026 de-risking roadmap makes Maple Gold one of the more compelling risk-reward propositions currently available in the junior gold exploration space. The resource update and economic study are the milestones to watch.View Maple Gold Mines' company profile: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO, First Mining GoldOur previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-5moz-springpole-targets-q1q2-2026-federal-ea-decision-in-canada-8689Recording date: 2nd of March 2026First Mining Gold is advancing two of Canada's largest undeveloped gold projects toward production at a time when unprecedented commodity prices are transforming development economics across the mining sector. CEO Dan Wilton, speaking at the 2026 PDAC convention, outlined how the company's flagship Springpole project in Ontario is approaching a critical inflection point with environmental assessment approval expected in Q2 2026.At current gold prices of $5,400 per ounce, Springpole's economics are exceptional. The project, which holds over 5 million ounces and is designed to produce 300,000 ounces annually for eight years, would generate margins of $4,000-4,500 per ounce—levels never before seen in the gold industry. With upfront capital estimated at $1.1 billion and an NPV of $2.1 billion at conservative $3,100 gold assumptions, the project's returns are substantially higher at current spot prices.The company's market capitalization has surged from $150 million to nearly $1 billion CAD over the past year, yet at $45 per ounce of resources, First Mining trades at an 82% discount to the $250 per ounce average for peer advanced developers. Management attributes this gap to institutional investors waiting for EA approval to validate the project's viability, particularly given Springpole's location in Attwood Lake. Institutional ownership has already doubled from 10% to 22% over eighteen months and is expected to accelerate post-approval.Rather than pursuing independent construction, Wilton openly discusses seeking a partnership model similar to successful precedents like Osisko's Windfall and Gold Road in Australia, where experienced operators provide construction expertise while the developer retains significant equity. This approach aims to mitigate execution risk while maintaining upside exposure.Beyond Springpole, the company's Duparquet project in Quebec receives minimal market valuation despite an estimated $3 billion NPV at $4,000 gold. With environmental baseline work underway and potential EA submission in 2027, Duparquet represents substantial hidden value that management believes could be "worth multiples of our current market cap" once Springpole advances.Learn more: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Lamb, CEO, Myriad UraniumOur previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-86m-raise-funds-drilling-across-wyoming-uranium-endowment-8578Recording date: 3rd of March 2026Myriad Uranium Corp is advancing what could become America's largest uranium project, leveraging a substantial historical foundation combined with new geological discoveries that have expanded the resource potential at its flagship Copper Mountain project in central Wyoming.The project carries exceptional historical credentials. Union Pacific invested approximately $100 million in the late 1970s, drilling 2,000 boreholes and identifying seven uranium deposits before the Three Mile Island incident halted a planned 1983 mine start. More significantly, a 1982 Department of Energy assessment estimated the uranium endowment at 655 million pounds across the broader area, with 245 million pounds in the central zone. Myriad controls approximately 60% of the larger area's acreage and 80-85% of the central zone.Recent high-resolution radiometric and magnetic surveys have identified more than 100 new anomalies east of a major geological structure, potentially doubling the exploration footprint beyond the original western deposits. These eastern anomalies display geophysical signatures matching the known deposits, suggesting similar mineralization styles and grades.Perhaps most significantly, modern assay techniques are revealing 50-60% more uranium than historical gamma probe data indicated, with extended mineralized intervals at depths ranging from surface to 1,495 feet. The original mine plan only considered uranium to 600 feet depth.With $8.4 million Canadian in treasury and permits for 222 drill holes, Myriad plans to commence a 7,000-10,000 meter drill program within two months. The program will target both historical resource confirmation and new eastern anomalies, with an initial budget of approximately $4 million.Strategic positioning enhances the project's value proposition. Located five miles from rail and power infrastructure and 113 miles from the Sweetwater Mill processing facility, Copper Mountain benefits from exceptional logistics. More critically, recent US government mandates requiring technology companies to secure independent energy sources for AI data centers have created new uranium demand from buyers prioritizing supply security over current pricing. At a market capitalization of $60-70 million Canadian, Myriad trades at a significant discount to analyst-estimated in-ground valuations of $3 per pound.Learn more: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeffrey R. Wilson, President & CEO OF Precipitate Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-tsxvprg-positions-for-discovery-in-de-risked-dominican-republic-9049Recording date: 1st March 2026Precipitate Gold Corp. (TSXV:PRG) is a junior gold and copper explorer focused on two projects in the Dominican Republic. Entering 2026, the company is better capitalised, better connected, and closer to meaningful exploration results than at any point in recent years. For investors evaluating the junior gold space, the setup warrants attention.The company closed a $6.5 million financing in January 2026, distinguishing itself not by the amount raised but by the source. Dominican Republic generational-wealth families with diversified business interests and decades of in-country influence anchored the round. They now hold more than 20% of the share registry. These are not speculative mining investors. They have also backed neighbouring Goldquest at successively higher price points, and they have expressed willingness to support future capital requirements if the exploration programmes deliver results. That kind of aligned, long-term, in-country capital is rare for a company at Precipitate's stage, and it materially changes the company's operational and regulatory posture in the Dominican Republic.The first drill programme begins at Pueblo Grande in March 2026. The project sits immediately adjacent to Barrick Gold's Pueblo Viejo open-pit mine, one of the largest gold operations on the planet. Barrick previously spent approximately $7 million exploring this ground before returning it to Precipitate. In reviewing that dataset, Precipitate's geologists identified a chargeability anomaly of geophysical indicator of potential sulphide mineralisation that appears to have been overlooked or deprioritised. The anomaly is substantial: approximately 800 by 400 metres, beginning at around 100 metres depth and extending to 350 metres, sitting roughly half a kilometre from the pit edge. Precipitate confirmed it with independent geophysical surveying. An initial programme of approximately 2,000 metres across four to five holes will determine whether the target contains meaningful mineralisation. Management has been clear: this is a binary event. Positive results will expand the programme; negative results shift focus entirely to Juan de Herrera.Juan de Herrera is the company's flagship project and sits adjacent to Goldquest's Romero deposit, a reported resource of approximately 3.5 million gold-equivalent ounces. Precipitate has assembled an extensive exploration database there over several years—surface geochemistry, geological mapping, and multiple rounds of ground geophysics—on ground that has never been drilled by any prior operator. A 10,000-metre campaign across four to five targets is planned to run from Q2 through year-end 2026. Goldquest's own 2026 drilling activity at and around Romero will independently generate news flow that draws attention to the belt, functioning as an additional catalyst that costs Precipitate nothing.The broader context matters. The Dominican Republic's regulatory environment has shifted. Community opposition that stalled permits for years has been addressed through structured engagement. Permits are being issued. Institutional interest in the jurisdiction is growing. And gold's macroeconomic backdrop—sustained elevated prices, constrained supply from ageing deposits, and continued central bank demand—provides the most supportive exploration environment in nearly a decade.Precipitate enters 2026 with a funded balance sheet, strategic assets, quality backers, and two imminent drill programmes. The risk profile is that of a junior explorer: binary outcomes are possible at Pueblo Grande, and first-pass drilling at Juan de Herrera carries inherent uncertainty. But the conditions supporting a positive outcome—geological, financial, jurisdictional, and macroeconomic—are as well aligned as they have been in the company's history. Investors with appropriate risk tolerance should be watching closely as results begin to flow from March onward.View Precipitate Gold's company profile: https://www.cruxinvestor.com/companies/precipitate-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO of Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/western-nickel-projects-gain-momentum-as-supply-dynamics-improve-9150Recording date: 1st March 2026After several years of volatility in nickel markets driven largely by Indonesian oversupply, signs of structural recalibration are emerging. Canada Nickel Company is advancing the Crawford nickel sulfide project in Ontario at a time when improving supply discipline and supportive Western industrial policy may reshape the investment case for the metal.CEO Mark Selby points to Indonesia's evolving fiscal framework as a central catalyst. Tiered royalty systems and ore quota management now align government revenue incentives with higher realized nickel prices. Year-to-date, nickel prices have risen approximately 30%, while ore, nickel pig iron, and stainless steel prices have increased up to 40%. These indicators suggest that tightening supply dynamics are beginning to support price stabilization.Crawford represents one of the largest undeveloped nickel sulfide resources in North America. The project is progressing through permitting and engineering, with federal permits expected mid-year and provincial coordination under Ontario's “One Project, One Process” framework. Detailed engineering has commenced, and long-lead procurement planning is underway. The project has a projected mine life of approximately 40 years and expected annual production approaching 50,000 tonnes of nickel in its initial phase.Financing visibility has improved materially. The company estimates roughly C$600 million in refundable tax credits across two Canadian critical minerals programs. In addition, Samsung SDI has committed US$100 million for a 10% stake in the project, validating its strategic importance within battery supply chains. Remaining equity requirements are estimated at approximately US$300 million, with potential access to Ontario's Critical Minerals Processing Fund, Canada's C$2 billion Critical Minerals Sovereign Fund, infrastructure programs, and G7-aligned financing relationships in Europe.Beyond Crawford, Canada Nickel controls additional assets within the Timmins Nickel District, including Midlothian and Reid. Reid's footprint exceeds that of Crawford and may support higher annual production rates. Over time, the district could potentially support multiple production lines and significantly expand output, subject to sequencing and partnership decisions.Currently trading at a discount to net asset value relative to comparable advanced-stage projects in other commodities, Canada Nickel may benefit from valuation re-rating as nickel fundamentals stabilize and project milestones are achieved. While development risks remain inherent in large-scale mining projects, the alignment of improving commodity dynamics, government-backed funding frameworks, and project readiness positions the company within a differentiated segment of the nickel development space.For investors seeking exposure to critical minerals within a stable jurisdiction, Canada Nickel offers participation in both near-term construction catalysts and long-term district-scale growth.View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Heye Daun, President & CEO of Koryx Copper Inc.Our previous interview: https://www.cruxinvestor.com/posts/koryx-copper-tsxvkry-seasoned-executives-aim-to-unlock-value-in-huge-namibian-copper-project-6281Recording date: 1st March 2026Koryx Copper Inc. is developing the Haib copper project in Namibia, one of sub-Saharan Africa's most stable and established mining jurisdictions. Under the leadership of CEO Heye Daun, a Namibian citizen, mining engineer, and serial dealmaker, the company has transformed a previously mismanaged junior mining asset into a credible large-scale copper development opportunity in under two years.The Haib project was drilled originally by Rio Tinto in the 1970s but was left undeveloped as copper prices at the time did not support a low-grade sulfide deposit. It eventually passed to Deep South Resources, which proposed bio-heap-leach processing, a method not proven at commercial scale for sulfide material, and subsequently lost its operating licenses. When Daun's team assumed control, they reinstated conventional milling and flotation, the standard and bankable processing route for sulfide copper, and rebuilt both the technical and financial credibility of the asset from the ground up.The resulting PEA published in 2025 modelled just under 100,000 tonnes of annual copper production at a capital cost of approximately $1.5 billion, using a copper price of $4.30 per pound which roughly 30% below spot at the time of the PDAC 2026 interview. The middle-of-the-cost-curve economics hold up at conservative assumptions, and management's stated approach to study assumptions has historically been validated: on both prior Namibian transactions, the step from PEA to PFS maintained or improved the project scope rather than contracting it.The next milestone is the PFS, expected by end of 2026. This study will sharpen engineering and cost estimates, providing a more bankable document for potential financing discussions and strategic partner conversations. Alongside the PFS, Koryx is expanding its mineral resource and adding exploration ground around the Haib project, with a new, larger resource estimate expected in the near term.Financially, the company has moved from a $10 million market capitalisation to raising over $100 million, including a $51 million institutional placement that attracted Middle Eastern and Chinese financial groups as strategic participants. The company states it is sufficiently capitalised to reach an investment decision without further dilutive financing in the near term.The long-term construction path is expected to involve a major mining company or capital partner given the scale of investment required. Daun has been explicit about this: a $1.5 to $2 billion project is beyond the appropriate scope for a junior developer to build independently. Whether that takes the form of a joint venture, acquisition, or offtake-led financing arrangement will be determined in part by prevailing market conditions and the company's share price at the time of the investment decision.For investors, the near-term investment case rests on two catalysts: the mineral resource expansion and the PFS delivery. Both are well-defined, time-bounded events that, if executed credibly, represent meaningful de-risking steps for an asset that already has institutional and strategic interest at the door.View Koryx Copper's company profile: https://www.cruxinvestor.com/companies/koryx-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Philippe Cloutier, CEO, Cartier ResourcesOur previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-market-economics-fuel-250000m-drilling-campaign-9002Recording date: 1st of March 2026Cartier Resources (TSXV: ECR) has emerged as a unique investment opportunity in Quebec's Abitibi Greenstone belt, positioned as the only remaining independent junior explorer in the 50-kilometer corridor between Val-d'Or and Malartic. The company finds itself surrounded by major producers—Agnico Eagle, Wesdome, El Dorado, and Fresnillo—whose combined market capitalization of $200 billion dwarfs Cartier's $130 million valuation.CEO Philippe Cloutier outlined a disciplined exploration strategy that prioritizes building per-share value over responding to retail investor pressure for aggressive drilling expansion. The company is systematically evaluating 10 targets representing four mineralization types along a single fault corridor, leveraging over 100,000 meters of historical drilling data from 600+ diamond drill holes spanning 15 kilometers. Rather than prospecting randomly, Cartier is developing a comprehensive camp-scale geological model by reassessing 80 years of historical discoveries around a past-producing gold mine.Cartier's 2026 program includes continuous drilling with two rigs, metallurgical testing integration, an updated resource estimate, and a refreshed preliminary economic assessment using current gold prices rather than the $1,750 assumption from the 2023 study. The company is evaluating multiple development pathways including toll milling, proprietary mill construction, bulk sampling, and direct shipping ore scenarios, with the Portal target's proximity to infrastructure offering near-term monetization potential.Significantly, senior producers are already reviewing Cartier's data room, seeking assets with 20-30 year mine lives. Recent M&A consolidation—including Fresnillo's acquisition of Probe Gold and IAMGold's purchase of Northern Superior—demonstrates the thinning pool of quality Canadian junior assets. The company has recently acquired ground enabling exploration of Canadian Malartic-type mineralization similar to discoveries that led to Agnico Eagle's Odyssey program.With 85% of budget directed to ground-based exploration and expanded marketing efforts in Europe and Asia, Cartier maintains strategic focus on controllable factors while positioning for potential acquisition by neighboring majors seeking to extend mine life in this proven tier-one jurisdiction.Learn more: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with George Bee, President & CEO of US Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-meet-the-team-luke-norman-9353Recording date: 1st March 2026US Gold Corp sits in a position that very few junior mining companies can claim in the current market cycle: a fully permitted, fully engineered gold-copper project in a stable North American jurisdiction, backed by $30 million in cash, with a Feasibility Study on the immediate horizon and active financing discussions already underway. For investors trying to identify companies with a credible, near-term path to cash flow, that combination of attributes is difficult to find.The flagship CK Gold Project in Wyoming is the core of the investment case. Located adjacent to the I-80 interstate corridor with a power substation just 16 miles away, the project benefits from infrastructure access that meaningfully reduces capital requirements relative to more remote peers. The operation is designed to be straightforward: a low strip-ratio open pit feeding a concentrator to produce a copper-gold concentrate, with a minor silver credit. That concentrate is currently in high demand from smelters facing feedstock shortages — a market dynamic that adds commercial relevance to the project's timing.The reserve and resource base supports a mine life of 10 to 11 years producing approximately 110,000 gold-equivalent ounces per year, with mineralization open at depth. Management has stated that a modest follow-on exploration program could potentially double the mine life, adding further value without requiring a wholesale redesign of the operation. The prefeasibility study outlined initial capital of $277 million — a figure that has moved higher due to inflation and evolving tariff conditions, but one that management believes is more than counterbalanced by the dramatic improvement in gold and copper prices over the same period.The Feasibility Study, described by CEO George Bee as imminent, is the next major catalyst. Its release will formalize the financing process, and with an 18-to-24-month construction timeline, production by end-2027 or 2028 is a realistic target. The company enters that financing process from a position of strength: $30 million in cash, a tight share structure with approximately 16 million shares outstanding, and strong management alignment through meaningful insider ownership.Jurisdictional quality is not an afterthought here — it is a structural advantage. Wyoming is a resource-friendly state with regulatory agencies that understand mining, a secure legal framework, and no history of the retroactive fiscal changes that have introduced risk premiums into projects across Africa, Latin America, and parts of Asia. At a time when supply chain security has become a policy priority for Western governments, a NASDAQ-listed, US-domiciled asset with near-term production credentials is a genuinely differentiated proposition.Looking further out, the Keystone Project in Nevada — 20 square miles of ground situated 11 miles from Nevada Gold Mines' Cortez complex — provides the kind of blue-sky exploration upside that can redefine a company's scale. AI-assisted target generation is now underway across the property. The Challis deposit in Idaho adds a third exploration asset to the portfolio. Together, these positions mean that CK Gold's cash flow, once generated, funds the pursuit of a potentially company-defining discovery rather than simply servicing debt.US Gold Corp is not a speculative exploration story. It is a pre-production company with a defined asset, a clear financing pathway, a management team with real operating credentials, and exploration upside that the market has not yet priced in. For investors seeking leveraged exposure to gold and copper with a credible near-term production timeline, it warrants serious consideration.View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO, New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-permitted-infrastructure-accelerates-path-to-gold-production-9383Recording date: 2nd of March 2026New Found Gold is executing a calculated transformation from exploration company to near-term producer under CEO Keith Boyle, who joined the company one year ago with a clear mandate: convert five years of exploration work into cash flow generation.The cornerstone of this strategy was the acquisition of Maritime Resources, which delivered two critical assets—the producing Hammerdown mine and the permitted Pine Cove Mill. Hammerdown achieved first pour in November 2025 and is ramping to steady-state production, generating immediate cash flow at current gold prices. Meanwhile, the Pine Cove Mill, which restarted in March 2025, will be expanded from 700 to 1,400 tons per day capacity to process material from both Hammerdown and the flagship Queensway project.This acquisition-driven approach solves a fundamental challenge: accelerating Queensway production by 2-3 years. Building an on-site mill would require in-pit tailings deposition, significantly extending permitting timelines and forcing continuous dilutive financing. Instead, New Found Gold plans to ship Queensway material 270 kilometers along the Trans-Canada Highway to Pine Cove by the end of 2027.The economics prove compelling. Queensway's Phase 1 targets 700 tons per day at grades of 9-10 grams per ton gold, with all-in sustaining costs of $1,300 per ounce. Combined trucking and processing costs approximately one gram per ton, leaving substantial margins at current gold prices above $5,000 per ounce. The company projects over $250 million in free cash flow during the first four years, which will fund construction of an on-site mill for Phase 2 expansion.Recent grade control drilling on 5x5 meter centers addresses previous concerns about "nuggety" mineralization, revealing instead consistent gold distribution as fine flakes throughout high-grade shoots. This systematic de-risking, combined with visible gold at surface in the Iceberg zone, positions Queensway for low-capital-intensity production start-up while the company continues district-scale exploration with 100,000 meters of drilling planned for 2026.Learn more: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams, CEO, IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-production-advancement-with-exploration-upside-commencing-winter-drill-program-8967Recording date: 1st of March 2026IsoEnergy is a diversified uranium developer and near-term producer operating across Canada, the United States, and Australia — three jurisdictions deliberately chosen for their strong regulatory and mining track records. The company is gaining significant attention from institutional investors as the uranium sector enters what many believe is a sustained structural bull market.Earlier in 2026, IsoEnergy raised $50 million in a capital round that attracted over $300 million in demand — more than six times oversubscribed — from 45 global institutional investors, roughly half of whom were new to the company. CEO Philip Williams, speaking at PDAC 2026, described it as a signal of a meaningful shift: where uranium investing was once the domain of a handful of specialists, generalist funds and large institutions are now actively deploying capital into quality names. IsoEnergy's scale and track record position it to capture that wave.IsoEnergy's flagship asset, the Hurricane deposit in Saskatchewan's Athabasca Basin, holds 48.6 million pounds of U₃O₈ at an average grade of 34.5% — the highest-grade uranium resource on earth. The deposit sits adjacent to Cameco and Orano's Dawn Lake project, whose operators have publicly confirmed high-grade mineralisation comparable to Cigar Lake and McArthur River, the two largest uranium mines in the world. IsoEnergy is currently running an expanded winter drill program and believes significant additional pounds remain to be discovered.The Tony M Mine in Utah is the company's most advanced production asset. A bulk sample program is currently underway underground, generating the data needed for a final restart decision. With approximately $150 million in cash, the company is fully funded for that decision without needing new equity or debt.IsoEnergy stages its portfolio deliberately — advancing Tony M first, then Daneros and Rim in Utah, then its Australian assets — allowing a core technical team to transfer expertise sequentially rather than spreading it thin. This matters because experienced uranium mine builders are globally scarce. The company is also well-positioned to access US government capital, with agencies including the Department of Energy and the Export-Import Bank actively advertising critical minerals funding at industry events.With multiple catalysts converging in 2026 — Hurricane drill results, a Tony M production decision, and broad institutional tailwinds — IsoEnergy is structurally positioned as one of the uranium sector's most compelling development stories.Learn more: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com

Interview with Wesley Whymark, Director & CEO of Inventus MiningRecording date: 1st March 2026Inventus Mining is doing something most junior gold companies cannot: generating cash from its asset before it has a formal resource estimate, and using that cash to fund its own growth. At its Pardo Paleoplacer project in Ontario, Canada, the company extracts gold-bearing conglomerate from surface, crushes it on-site, and trucks it to McEwen Mining's nearby mill under a pre-sale arrangement. The first bulk sample returned approximately two dollars for every dollar invested. That single data point separates Inventus from the majority of its peers, who depend entirely on shareholder capital to advance their projects.The geology underpinning this model is straightforward and well-understood. The Pardo Paleoplacer project targets a conglomerate reef averaging 2 metres thick and grading 2.5 to 3.5 grams per tonne gold, sitting at or near surface. Drilling costs are low — a single rig can complete two to three holes per day at the current target depths of 0 to 50 metres. Gold recoveries at McEwen's mill are running in the mid-90% range, with 70% of gold captured in the gravity concentrate alone. The metallurgy is not a question mark here. It has been tested at scale through the bulk sampling program itself.The company has now completed 30,000 of its permitted 50,000 tonnes of bulk sample. With 20,000 tonnes remaining, management is prioritising grid drilling to define a maiden mineral resource estimate, targeted for Q3 2026. That resource estimate is the most important near-term event for investors. It will be the first time the market has a formal, independently verified number to attach to the asset, and it will form the basis of the subsequent production permit application targeting 200,000 tonnes of material. Ontario's permitting framework is efficient — once a third-party environmental report is submitted, Ministry approval can come within 45 days. A permit submission is targeted for late 2026, with production potentially commencing in early 2027.The shareholder base adds a further layer of conviction. Eric Sprott holds 16%. McEwen's founder personally holds 17%. McEwen Inc. holds approximately 10%. Together, these three positions account for roughly 43% of the company. These are not passive holders — McEwen's mill is the processing partner, and Sprott has been involved since approximately 2013. Their continued presence signals that those closest to the asset continue to believe in its scale and economic potential.Ore sorting represents the most significant unpriced optionality in the story. A 2018 scoping study showed XRF particle sorting could recover 93% of the gold from just 40% of the mined material — a 160% uplift in mill feed grade and a meaningful reduction in trucking and processing costs. Modern XRF sorters can now process 40 to 120 tonnes per hour, making commercial-scale deployment viable in a way it was not when the study was first conducted. Bulk-scale testing is planned, and the results will be a key secondary catalyst.The risks are real but manageable. McEwen's mill pace has been slower than hoped. The resource remains undefined. Modest additional capital may be needed. But for investors looking for gold exposure through a near-production junior that funds itself, operates in a top-ranked jurisdiction, and carries endorsement from two of the resource sector's most credible names, Inventus Mining presents a case worth examining closely.View Inventus Mining's company profile: https://www.cruxinvestor.com/companies/inventus-mining-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Tara Christie, President & CEO of Banyan Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-76moz-gold-project-advances-toward-2026-pea-8866Recording date: 1st March 2026Banyan Gold Corp. (TSXV:BYN) enters 2026 as one of the more substantive junior gold development stories in Canada's Yukon Territory. With a 7.7-million-ounce gold resource at its AurMac project, a fully funded 40,000-metre drill program underway, and a maiden Preliminary Economic Assessment scheduled for the second half of the year, the company has a clear and near-term catalyst pipeline.The 2025 drill program of approximately 43,000 metres targeted two high-grade zones—Airstrip and Powerline—which are expected to anchor the starter pit economics in the upcoming PEA. Intercepts of 16 metres at 9 g/t and 40 metres at 4 g/t at Airstrip, and multiple 2–3 metre intervals at 16 g/t at Powerline, represent above-average grades relative to the broader deposit. Assay results from the full 2025 campaign remain pending, with a resource update to follow. Step-out drilling has extended the deposit's surface expression by approximately one kilometre in both directions along Airstrip, reinforcing management's view that AurMac is a substantially larger system than legacy models indicated.A separate high-grade silver discovery—18 drill hits across six shallow veins, with grades exceeding 13,000 g/t at depths as shallow as 65 metres—adds a layer of optionality not yet captured in any economic study. The most significant external data point for valuing AurMac is Franco-Nevada's February 2026 acquisition of the project royalty for $52.2 million. The royalty carries a buydown provision reducing it to 1% for $10 million—meaning Franco-Nevada effectively paid approximately $42 million for a 1% net smelter royalty. At Banyan's current market capitalisation, this implies the equity market is ascribing a fraction of the value to the full project that a leading royalty company paid for just one percent of it. That gap is the central valuation argument for the stock.Despite a share price increase of approximately 350% in 2025, Banyan trades at under US$50 per ounce of resource. Yukon development peers trade at US$60 to US$300 per ounce. Christie noted that comparable companies were achieving the US$50/oz valuation at US$1,800 gold—implying the current per-ounce value has not kept pace with the commodity. Three investor misconceptions resolved in October 2025—heap leach versus mill, legacy shareholding overhang, and partial property ownership—had suppressed the stock relative to peers and have now been corrected.Execution risk is reduced by full funding secured in October 2025, an early season start with five drills operating by mid-March, and contracts with senior field personnel signed ahead of competitors. The company is not seeking additional capital and is focused on delivering value from existing resources.The PEA in H2 2026 is the defining event. It will establish the first public economic framework for AurMac and provide the foundation for any subsequent corporate transaction, partnership, or development financing discussion. For investors positioned ahead of that catalyst, the combination of resource scale, jurisdictional quality, external royalty validation, and a measurable per-ounce discount to peers represents a specific and trackable investment case.View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Joseph Ovsenek, President & CEO of P2 Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-tsxvpgld-all-known-questions-answered-february-2026-9351Recording date: 1st March 2026P2 Gold Inc. is entering a milestone-driven phase as it advances its Gabbs Project in Nevada through drilling, feasibility work, and permitting. The company's stated objective is to complete a feasibility study by the end of 2026 and position the project for potential construction in 2027.Gabbs is located in Nevada, one of the most established gold-producing jurisdictions globally. The state offers regulatory predictability, developed infrastructure, and a long history of mine development. For investors, jurisdictional stability remains a central consideration, particularly at a time when permitting delays and regulatory changes have affected projects in other regions.Operationally, 2026 is expected to deliver several key catalysts. The company has expanded its drill program to approximately 25,000–30,000 metres, supporting both infill and step-out objectives. Results to date have been reported as consistent with expectations, and the data will feed into an updated mineral resource estimate anticipated by the end of summer 2026. This updated resource will underpin the feasibility study.The 2025 Preliminary Economic Assessment outlined a 9 million tonne per year operation producing roughly 110,000 ounces of gold and 33 million pounds of copper annually over a 14-year mine life. Management is currently evaluating increasing throughput to 12 million tonnes per year. If supported by resource growth and economic analysis, this could lift annual gold production toward 150,000 ounces, with copper output potentially rising to 45–50 million pounds per year.Permitting is recognized as the project's critical path. The company has filed its Mining Plan of Operations with the U.S. Bureau of Land Management and has initiated baseline environmental studies in advance of final requirements. This proactive approach is intended to reduce schedule risk and align permitting timelines with feasibility completion.From a valuation perspective, P2 Gold's market capitalization of approximately C$225–250 million reflects its status as a mid-stage developer. Successful delivery of a feasibility study, continued de-risking, and measurable permitting progress may support valuation reassessment, particularly given the limited number of advanced-stage development projects of comparable scale in Nevada.Investors evaluating P2 Gold should monitor the delivery of the updated resource estimate, feasibility cost assumptions relative to prevailing gold and copper prices, and permitting progress. As the project transitions from development toward construction readiness, execution against stated milestones will be central to investment performance.Overall, P2 Gold's investment case rests on advancing a scalable Nevada gold-copper project through defined technical and regulatory milestones within a supportive commodity environment.View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Healey, CEO of Premier American Uranium Inc.Our previous interview: https://www.cruxinvestor.com/posts/premier-american-uranium-tsxvpur-advances-towards-pea-studies-for-235-mlbs-uranium-resource-7900Recording date: 1st March 2026Premier American Uranium enters 2026 in a structurally improved position relative to the prior year, with financing secured, ETF-driven selling pressure resolved, and a clearly articulated operational roadmap. For investors evaluating junior uranium developers, the company now presents a more defined catalyst calendar and capital structure than it did through most of 2025.The company's flagship Cebolleta project in New Mexico anchors the investment case. A 2025 preliminary economic assessment outlined a single-source uranium operation producing approximately 1.4 million pounds per year over a 13-year mine life. The base-case after-tax net present value (NPV) was estimated at $84 million, based on an 80% uranium recovery assumption. That recovery rate now represents the central lever for potential value creation in 2026.Management has initiated a metallurgical test work program designed to determine whether recovery can be increased to 90%. The projected economic impact is significant: at 90% recovery, after-tax NPV is estimated at $159 million, implying a $75 million increase relative to the base case. The cost of this metallurgical program is approximately $1 million, including drilling and laboratory analysis. If results confirm the higher recovery rate, a revised PEA is expected in late 2026 or early 2027.From a capital markets perspective, the resolution of the URNM ETF rebalancing is equally important. In 2025, a change in minimum free float requirements triggered forced selling across several uranium equities, including Premier American Uranium. That selling was completed by December 2025. The company subsequently closed an upsized $15 million bought deal financing, providing sufficient capital to execute its planned 2026 programs without near-term dilution risk.In addition to Cebolleta, the Kaycee project in Wyoming provides an in-situ recovery (ISR) exploration pipeline. A substantial drill program was conducted in 2025, and further drilling is expected in 2026. While earlier results were not optimally disseminated due to concurrent corporate transactions, management anticipates more consistent news flow this year.Strategically, the company remains focused exclusively on U.S.-based assets. This geographic concentration aligns with broader federal efforts to reduce reliance on imported uranium, as the United States currently produces less than 5% of the uranium required for its civil nuclear fleet. While direct upstream subsidies remain limited, regulatory reforms aimed at streamlining permitting could benefit domestic developers over time.At a market capitalization of approximately C$90 million, the company trades at a level that does not fully reflect the potential NPV uplift at Cebolleta, nor does it attribute material value to the Kaycee exploration pipeline. The central investment question for 2026 is therefore execution: whether metallurgical testing confirms improved recovery and whether operational milestones are met on schedule.For investors comfortable with commodity price volatility, permitting timelines, and development-stage technical risk, Premier American Uranium offers a clearly defined catalyst framework and a capital-efficient pathway to potential valuation expansion over the next 12 to 18 months.View Premier American Uranium's company profile: https://www.cruxinvestor.com/companies/premier-american-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Charles C. Downie, President & CEO of Eagle Plains ResourcesOur previous interview: https://www.cruxinvestor.com/posts/eagle-plains-resources-tsxvepl-cashed-up-explorer-jvs-on-uranium-asset-4898Recording date: 26th February 2026Eagle Plains Resources (TSXV:EPL) offers investors something relatively rare in the junior mining sector: a business model designed to generate and return value across multiple market cycles, not just in a single commodity bull run.The company has been operating for over 30 years and holds the distinction of being the oldest company on the TSX Venture Exchange never to have undergone a share consolidation. That record reflects a management philosophy centred on capital discipline, operational self-sufficiency, and long-term value compounding — qualities that stand in contrast to the dilution-heavy practices common among exploration-stage peers.Eagle Plains' five-pillar model encompasses mineral exploration, project generation, corporate incubation, geological contracting, and royalty generation. Each pillar contributes independently to the company's financial position. TerraLogic Exploration, the company's wholly owned geological contracting subsidiary, generates between $1 million and $2 million annually in third-party revenue. Option deals on Eagle Plains' 100-plus project portfolio provide ongoing cash and share payments from partners advancing exploration programmes at their own cost. Royalty interests retained across optioned and sold properties are building into a portfolio with long-term monetisation potential.The most powerful element of the model, however, is the spinout mechanism. Eagle Plains has completed four spinouts over its history, three of which have been sold to larger acquirers — generating approximately $115 million in total shareholder returns. In each case, existing shareholders received shares in the new entity while retaining their original Eagle Plains position. The most recent example, Eagle Royalties, was sold to Summit Royalties for approximately $13 million, with assets that had previously been carried on Eagle Plains' books at zero value.For 2026, the company has outlined its most ambitious exploration programme to date. Eagle Plains is targeting 29 projects with approximately $13 million in combined expenditures and seven planned drill programmes — up from 22 projects and approximately $1.3 million in expenditures in the prior year. Critically, the vast majority of that capital is being deployed by option partners rather than the company itself, giving Eagle Plains broad exploration exposure with limited treasury risk.The company's balance sheet entering 2026 includes just over $8 million in cash and approximately $2.1 million in equity holdings, with only 12 million shares issued over the last six years. Management has stated no intention to access equity markets in the near term, relying instead on contracting income, option payments, and portfolio events to sustain and grow the business.Uranium exposure adds a further dimension. Through two partner-funded programmes in Saskatchewan's Athabasca Basin, Eagle Plains holds leverage to one of the world's most significant uranium jurisdictions at a time when renewed nuclear energy interest is driving increased exploration activity in the region.Eagle Plains is not a near-term discovery story. It is a long-duration compounding vehicle with a demonstrated track record of returning capital, a self-funding operational model, and a growing pipeline of optioned projects that could generate further spinout and royalty monetisation events. In a market where junior mining capital is beginning to flow again, that combination warrants serious investor attention.View Eagle Plains Resources' company profile: https://www.cruxinvestor.com/companies/eagle-plains-resources-ltdSign 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-tsxveu-isr-leader-secures-115m-funding-and-tripling-production-rates-7869Recording date: 1st March 2026enCore Energy (TSXV: EU) is one of a small number of operating in-situ recovery uranium producers in the United States. That alone puts it in a select category at a time when domestic uranium supply has become a policy priority for the US federal government. But the company's investment case currently rests on three distinct elements — and investors would benefit from understanding each one separately before assessing them together.The first is the existing production business. enCore operates ISR uranium mines in Texas and Wyoming. These are producing assets generating revenue, which distinguishes enCore from the large majority of uranium-focused companies listed on North American exchanges. ISR is a low-footprint, relatively low-cost extraction method with an established regulatory track record in the US. For investors seeking uranium exposure with operational substance behind it, enCore's production base provides that foundation.The second element is Verdera Energy and the spinoff. Verdera holds approximately 80 million pounds of uranium resources across four deposits in New Mexico's Grants Mineral Belt — a region that accounts for more than half of the seventh-largest uranium district in the world. All mineral rights are private, which simplifies the permitting process relative to federal land. The assets are underworked: resource estimates are historic rather than NI 43-101 compliant, and the geological models were built using grade cutoffs of 0.06% — substantially higher than the 0.25–0.30% cutoffs applied under current industry practice. Remodelling under modern parameters is likely to expand the stated resource base. Verdera completed a $20 million capital raise to fund this work.The mechanism for investor participation requires no action. Once Verdera files its US registration statement, enCore shareholders will receive Verdera shares on record date. Investors who hold enCore today are effectively acquiring an option on the New Mexico resource package at no additional cost.The third element is the consolidation thesis. William Sheriff, who built enCore from exploration stage to producer, has been direct about what the US ISR sector needs: scale. Individual producers generating one million pounds per year cannot access the institutional capital required to trade at premium valuations. His argument is structural — larger producers carry better credit ratings, negotiate more favourable off-take terms with utilities, and qualify for investment by major funds that have minimum market capitalisation thresholds. Sheriff has indicated that unsolicited tender offers, rather than negotiated mergers, may be the mechanism through which consolidation is pursued. His M&A advisory role at enCore means this work continues under the same corporate umbrella.Taken together, the investment case for enCore is built on assets that are operating today, a resource package being unlocked at no cost to current shareholders, and a strategic agenda that could materially increase the company's scale and institutional profile over the next several years. The near-term catalysts to monitor are the Verdera registration statement filing, quarterly production updates from the Texas and Wyoming operations, and any M&A announcements involving the broader US ISR sector.View enCore Energy's company profile: https://www.cruxinvestor.com/companies/encore-energySign up for Crux Investor: https://cruxinvestor.com

Recording date: 25th February 2026The gold mining sector stands at a critical juncture as major producers generate unprecedented free cash flow while consolidation activity remains notably absent. Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair at Olive Resource Capital, discussed this disconnect during their February 25, 2026 industry commentary.The BMO Capital Markets conference in Hollywood, Florida concluded without the major corporate announcements typically expected at such gatherings, bringing only B2 Gold's leadership transition instead of the anticipated mega mergers or strategic acquisitions. This surprised both executives given the industry's exceptionally strong financial position.Major producers are now generating extraordinary cash flow. Agnico Eagle reported approximately $11 million in daily free cash flow during Q4 2025, while AngloGold Ashanti posted similar figures. With gold prices having climbed to above $5,000 per ounce, these companies could potentially generate an additional $7-8 million daily. Pelaez characterized the industry as becoming "over capitalized," with substantial cash accumulating on producer balance sheets faster than it can be deployed through dividends and buybacks alone.The executives emphasized that M&A activity must eventually materialize, noting that producer stocks have appreciated approximately 5x since the Great Bear Resources acquisition. This suggests $10 billion takeouts are now mathematically feasible, compared to the $2 billion Great Bear precedent. However, both acknowledged being wrong about timing, with developer valuations remaining "long overdue" to catch up with producers.The key signal they're monitoring is competitive bidding situations with multiple parties pursuing single assets. Once this dynamic emerges, a "herd mentality" should drive rapid consolidation as companies move quickly to secure remaining quality targets.Looking ahead to the PDAC conference in Toronto, both executives plan to identify new opportunities, particularly in copper development assets and Argentina's emerging mining sector. The conference represents a key test of whether the industry will finally deploy its substantial cash reserves toward strategic acquisitions.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Daniel Henao, President & CEO of Mineros SAOur previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-record-earnings-fund-aggressive-expansion-across-latin-america-8048Recording date: 25th February 2026Mineros SA (TSX:MSA), a Colombian gold producer with over 100 years of operational history, is executing a fundamental transformation that positions the company as a compelling growth opportunity in the current $5,000 per ounce gold environment.The company delivered exceptional 2025 results, producing 227,000 ounces of gold equivalent and generating $800 million in revenues—a 50% increase year-over-year. With $360 million in adjusted EBITDA generated at an average realized price of $3,500 per ounce, the company now operates in a significantly more favorable pricing environment that provides immediate margin expansion.Mineros operates two producing assets with distinct characteristics. Hemco in Nicaragua produces approximately 140,000 ounces annually from the historic Bonanza mining district, while Colombia contributes 90,000 ounces through an unusual century-old alluvial operation that employs flooded-pit methodology, gravity separation without chemicals, and hydroelectric power.The company's near-term growth strategy centers on Nicaragua, where processing capacity represents the primary constraint despite abundant mineral resources. Mineros is investing in a 40% throughput expansion at Hemco, increasing capacity from 1,800 to 2,500 tons per day by year-end 2026. Simultaneously, gold recoveries have improved from 87% to 90%, representing pure margin enhancement from already-mined material.On the exploration front, Mineros is launching its largest-ever drilling program of 100 kilometers across its 450,000-hectare Nicaragua land package. The district has produced nearly 10 million ounces historically yet remains substantially underexplored by modern methods. The company is targeting both brownfield expansion near existing operations and greenfield discoveries under the leadership of Carlos Rios, who joined from Collective Mining in December 2025.Despite 1,000% stock appreciation over two years, management argues the company remains undervalued at 2x revenues and 4x EBITDA—multiples based on $3,500 gold rather than current prices. The company has returned $145 million to shareholders over five years while maintaining its ability to fund growth initiatives, dividends, and explore selective M&A opportunities from strong operating cash flow.View Mineros S.A.'s company profile: https://www.cruxinvestor.com/companies/mineros-saSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, Director & CEO of New Found GoldOur previous interview:  https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-meet-the-team-hashim-ahmed-9202Recording date: 26th February 2026New Found Gold Corporation (TSXV: NFG) is executing a calculated strategy to fast-track its high-grade Queensway project into production through a infrastructure-focused acquisition approach. CEO Keith Bole recently detailed how the company's acquisition of the Hammerdown gold project and Pine Cove mill facility serves as the catalyst for bringing Queensway online by the end of 2027—approximately three years ahead of traditional greenfield development timelines.The acquisition rationale centers on accessing permitted milling infrastructure rather than resource ounces. "We wanted the mill and tailings for Queensway. That's what we were shooting for," Bole explained. By leveraging the existing Pine Cove facility, New Found Gold avoids the lengthy permitting process and construction delays associated with building new processing capacity from scratch.The company is currently ramping up 700 tons-per-day production at Hammerdown while simultaneously expanding the Pine Cove mill from 700 to 1,400 tons per day. This expanded capacity will process high-grade material from Queensway—approximately 700 tons daily grading between 9 and 10 grams per ton—trucked 270 kilometers to the Pine Cove facility.Queensway Phase 1 economics are compelling: 69,000 ounces annually at all-in sustaining costs around $1,300 per ounce translates to over $200 million in annual cash generation at current gold prices. The phased development approach addresses a critical constraint that would have faced a traditional large-scale build. As Bole noted, "The capex on a large plant that we had in the PEA was somewhere close to $900 million. Our market cap at the time was only $350-400 million." Raising nearly three times market capitalization would have required massive shareholder dilution and delayed first production until at least 2031.The two-asset strategy provides additional advantages beyond timeline acceleration. Operational experience gained ramping up Hammerdown's 700-ton-per-day open pit operation transfers directly to Queensway's identical-scale mining operation, significantly de-risking execution. Current production at Hammerdown also strengthens the company's position in project financing discussions, with lenders viewing existing cash flow favorably when evaluating facility terms for the Pine Cove expansion and Queensway development.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com