CruxCasts

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.Recording date: 28th November 2025Silver Tiger Metals presents investors with a rare opportunity to gain exposure to a near-term silver production scenario backed by exceptional project economics, secured financing, and an experienced development team. The company has achieved a significant milestone in obtaining Mexico's first new mining permit since 2020, enabling development of the El Tigre bulk tonnage stockwork deposit in Sonora state with an 18-24 month construction timeline beginning January 2026.The project's pre-feasibility study demonstrates compelling financial metrics: an after-tax NPV of $750 million, a 92% internal rate of return, one-year capital payback, and projected annual cash flow exceeding $100 million once in production. These economics reflect current precious metals prices of approximately $31-32 per ounce silver and $2,700 per ounce gold, with sensitivity analysis showing substantial upside to higher metal prices. At $35 silver and US$3,000 gold, annual after-tax cash flow increases to $60 million.Silver Tiger's capital position differentiates the company from typical development-stage mining projects. With US$60 million in treasury against US$186 million total capital requirements, the company has deliberately avoided the constraints associated with debt-heavy financing structures. Management has secured debt financing options with favourable terms to be finalised in 2025, whilst maintaining sufficient cash reserves to pursue parallel objectives including underground mine advancement, regional exploration programmes, and early-stage work at satellite deposits.The execution risk profile benefits significantly from the appointment of Francisco Albelais, a Mexican mining engineer with 25 years of experience building and operating bulk tonnage mines in Sonora. From 2010 to 2023, Francisco built two 55,000 tonnes-per-day mines for Argonaut Gold, managing teams of 400 personnel through complete project lifecycles. He brings established contractor relationships and access to a 200-person construction team based in Hermosillo, approximately two hours from site.Critical preparatory work already completed includes final engineering scheduled for completion on December 2025, construction of a 53-kilometre all-weather access road capable of transporting mill components, and securing long-term power supply arrangements with Mexico's federal electricity regulator. The company will operate on generator sets during the 18-month construction period, transitioning to grid power within two years.Beyond the initial bulk tonnage operation, Silver Tiger will release a preliminary economic assessment in January 2026 for an 800 tonnes-per-day underground mine targeting high-grade silver mineralization. The underground resource contains 113 million silver-equivalent ounces, representing a 31-year mine life before considering exploration upside. The company has already purchased and delivered the processing mill to site.The broader investment case encompasses significant exploration potential across a 30-kilometre mineralized trend. Current resources of approximately 213 million silver-equivalent ounces (100 million bulk tonnage, 113 million underground) exist within only 2-3 kilometres of explored territory, with independent consultants identifying near-term potential for an additional 73-100 million ounces through infill drilling. Historical mines to the north and south offer district-scale discovery opportunities.At a current market capitalization of approximately $350 million versus $750 million NPV for the initial operation alone, Silver Tiger offers investors substantial re-rating potential as construction progresses and production de-risking occurs.View Silver Tiger Metals' company profile: https://www.cruxinvestor.com/companies/silver-tiger-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Hartmann, VP Exploration, and Dev Randhawa, Chairman & CEO, of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-billion-dollar-discovery-team-strikes-again-in-worlds-best-uranium-district-7874Recording date: 27th November 2025F3 Uranium Corp. (TSXV: FUU) has completed a $20 million financing to fund a year-long drilling campaign at its Tetra Zone discovery in Saskatchewan's Athabasca Basin. The financing, which included $15 million in flow-through funds, brings the company's treasury to $30 million and eliminates near-term dilution pressure as the exploration program advances.CEO Dev Randhawa explained the strategic shift toward Tetra Zone, which has emerged as the company's primary focus after the JR Zone failed to grow as anticipated. Despite JR's promising initial indicators, including peak grades of 4.5 meters at 50% uranium along a large conductor, the system has not delivered the expansion investors expected. Tetra Zone, by contrast, shows significantly greater potential with 60 meters of mineralization-three times what JR produced-sits just 12 kilometers from the Arrow and Triple R deposits along an apparent productive geological trend.Recent drilling results support management's confidence in the discovery. The most recent hole intersected mineralization in a 15-meter step-out, with scintillometer readings exceeding 10,000 counts per second across 30+ meters. Chief Geologist Sam Hartmann estimates a 2.3-meter high-grade interval "will be well over a percent" when laboratory assays are returned. This successful step-out confirms both continuity and the geological model's predictive capability.The technical understanding of Tetra has evolved considerably from initial interpretations. Unlike typical Athabasca deposits controlled by graphitic conductors, Tetra appears to be shear-zone-controlled, with mineralization in micaceous structures that generate weaker geophysical signatures. This realization explains why early drilling repeatedly intersected mineralization at unexpected depths and has enabled more confident targeting going forward.F3's systematic approach involves methodical 25-50-100 meter step-outs to balance resource definition with expansion testing. With an experienced discovery team that previously found Waterbury and contributed to the Triple R discovery (sold for approximately $1 billion), the company is positioned to methodically test whether Tetra can join the ranks of significant Athabasca Basin uranium deposits. Regular drilling results are expected throughout 2026 as the delineation program progresses.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Recording date: 25th November 2025Derek Mcpherson and Sam Pelaez of Olive Resource Capital highlight critical developments reshaping mining investment, with asset scarcity and supply chain vulnerabilities emerging as defining challenges for the sector.The ongoing Anglo American situation exemplifies limited growth options for major miners. Despite BHP quickly dismissing weekend speculation about a renewed bid, the December 9th shareholder vote underscores how few tier-one assets exist that can materially impact large producers' portfolios. Pelaez notes these critical assets remain concentrated among major companies like Teck, Anglo, and Glencore, with many already partnered on world-scale Chilean copper projects. The executives emphasize that while acquisition targets are scarce, "eventually someone has to build something, and the biggest companies are best positioned to build something."Sovereign wealth funds are now competing for direct critical minerals exposure. The Qatar Investment Authority's memorandum of understanding with Ivanhoe Mines to support Democratic Republic of Congo growth mirrors earlier Chinese sovereign investments in tier-one African assets. This development signals Middle Eastern capital seeking strategic positioning in what Pelaez views as an emerging electrification commodities bull market, though he stresses there are "simply not enough investable assets and companies for everyone to get direct exposure."The gold equity market continues maturing, with Muddy Waters pitching pre-revenue explorer Snowline Gold at the generalist Sohn Conference—a significant milestone indicating institutional capital flowing beyond traditional mining investors. This follows sustained inflows into the GDX ETF and suggests generalists are increasingly willing to evaluate unprofitable developers.However, the most critical structural challenge remains Western processing capabilities. Despite domestic mining efforts, North American materials still require Chinese processing for battery precursor conversion. Pelaez emphasizes the West lags China "more than a decade" in rare earths, lithium, and graphite processing, creating supply chain vulnerabilities that policy alone cannot address. For investors, understanding complete processing pathways matters as much as resource quality when evaluating critical minerals projects.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-19m-funded-pea-in-2026-targets-multi-generational-40-year-mine-life-8052Recording date: 25th November 2025Omai Gold Mines has executed a dramatic transformation of its flagship Guyanese project in 2025, expanding its mineral resource by 51% from 4.3 million ounces to 6.5 million ounces through an aggressive drilling campaign. This growth trajectory positions the company among the developers of the world's largest undeveloped gold projects, achieved through a strategic pivot that CEO Elaine Ellingham describes as capitalizing on unexpected geological success.The turning point came in early January 2025 when assay results revealed exceptionally wide, high-grade intercepts at the Wenot deposit - 4.5 grams per tonne over 57 meters and 3.2 grams per tonne over 68 meters. "These are the widest, best intercepts ever for Wenot," Ellingham explained. "When you're seeing things like that you can add the ounces quickly." The company immediately redeployed drilling resources to pursue these zones, ultimately deploying up to four rigs focused on expansion rather than incremental resource conversion.The results exceeded internal expectations. "We even surprised ourselves," Ellingham noted following the August 2025 resource update that added 2.2 million ounces. The company is now advancing an integrated preliminary economic assessment targeting 12,000-15,000 tonnes per day processing capacity - substantially larger than the previous 9,000 tpd concept - combining the Wenot open pit (averaging 1.5+ g/t) with the nearby Gilt Creek underground mine.Perhaps most significant for future growth, deep drilling 700 meters below known mineralization successfully intersected the shear structure with seven distinct gold zones, proving the system continues at depth. If the 2.5-kilometer strike length extends downward, Ellingham suggested the deposit "could potentially double in size."With $40 million in recent financing completed at four times earlier pricing, five operating drill rigs, advancing permitting including scheduled community consultations, and strong government support following September's decisive election results, Omai has positioned itself for continued newsflow and development progress in a favorable gold price environment. The company expects substantial assay results through early 2026 as laboratories process samples from the intensive drilling campaign.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with David Cataford, CEO of Champion Iron Ltd.Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-champion-iron-tsxcia-playbook-for-success-7198Recording date: 24th November 2025Champion Iron stands at a compelling inflection point for investors seeking exposure to steel industry decarbonisation. After seven years and over $2 billion of capital investment, the Canadian iron ore producer is weeks away from completing its transformation into one of the world's premier ultra-high-grade concentrate suppliers, with the major expenditure cycle ending December 2025 and material free cash flow generation beginning 2026.The company just delivered its strongest quarterly performance in two years, generating approximately $175 million EBITDA with record sales of 4 million tonnes. This operational momentum comes as Champion works through a 3-million-tonne stockpile of premium 66.2% concentrate that provides near-term cash generation visibility as inventory converts to sales over coming quarters. Management owns over 10% of the business, ensuring strong alignment with shareholder interests.Champion's most significant catalyst arrives with December 2025 completion of its $500 million DR Pellet Feed project, over 80% complete with remaining work focused on piping and electrical systems. This upgrade transitions half of production – approximately 7-12 million tonnes annually – to up to 69% iron ore concentrate, positioning Champion amongst the world's highest-grade producers with first commercial shipments expected early 2026.The strategic rationale extends beyond grade premiums. Current production ships approximately 9 million tonnes annually to China, incurring freight costs of $23-25 per tonne whilst competing against proximate Australian and Brazilian suppliers. The DR Pellet Feed material targets North Africa, Middle East, and European customers where Champion's Canadian location becomes proximity advantage, reducing freight costs whilst commanding premiums for material essential to Direct Reduction Iron processes central to steel decarbonisation.Champion's ore stability provides critical competitive advantage. The company maintains an unblemished on-specification delivery record, enabling long-term contracts with sophisticated buyers who cannot tolerate specification risk in DRI feedstock. Whilst premiums for high-grade material currently sit at historical lows, Champion has witnessed premiums reaching $45 per tonne during previous periods of tight supply, suggesting significant upside potential as steel industry decarbonisation accelerates.The valuation disconnect presents compelling opportunity. Champion trades at market capitalisation under $2 billion against over $6 billion in replacement costs – approximately 70% discount to asset replication value. This gap exists despite management's unblemished track record of delivering three consecutive major projects on time and on budget since 2017. Management is now evaluating share buybacks as value-creating strategy given this substantial discount.Iron ore pricing resilience stems from Chinese domestic production economics. China produces over 450 million tonnes at relatively high cost, creating natural price support as high-cost producers curtail output when prices decline. This dynamic has provided consistent support around $100 per tonne despite analyst forecasts of lower pricing since 2015.Beyond current operations, Champion secured attractive growth optionality through its Kami project – potential 9-million-tonne-per-year development with 49% sold to Nippon Steel and Sojitz. Partner equity contributions fund several years of permitting and feasibility work without requiring Champion shareholder capital, with construction decision possible in 2027.With capital expenditure cycle ending December 2025, Champion maintains four-year track record of semi-annual dividend payments (10 cents per share) whilst evaluating enhanced returns as free cash flow materialises. Multiple value drivers converge through 2026: working capital release, cost improvements, premium product sales, and enhanced capital returns at compelling valuation for investors believing in iron ore price stability and steel decarbonisation trends.View Champion Iron's company profile: https://www.cruxinvestor.com/companies/champion-iron-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Chad Peters, President & CEO of Ridgeline Minerals Corp.Our previous interview: https://www.cruxinvestor.com/posts/partnership-driven-mining-exploration-reducing-risk-maximizing-returns-8307Recording date: 21st November 2025Ridgeline Minerals (TSXV:RDG) presents investors with an unusual proposition: leveraged exposure to a Nevada carbonate replacement deposit discovery that South32 publicly compares to its $2 billion Taylor acquisition, yet trades at valuations suggesting significant market scepticism. Understanding this disconnect requires examining both the technical merits of the Selena discovery and the strategic value of Ridgeline's partner-funded business model.The company's second drill hole at Selena intersected multiple massive sulphide horizons including 17 metres of 6% zinc with 30-40 g/t silver plus copper, gold, and antimony credits. Using metallurgical recovery rates from South32's Taylor feasibility study (79-95% across all metals), this intercept grades approximately 30% higher on a metal equivalent basis than Taylor's resource grade. The hole validated a 2-kilometre-long magnetotelluric anomaly comparable in scale and intensity to Taylor, which South32 is spending US$3 billion to develop as one of the world's largest silver-lead-zinc deposits.South32's Chief Development Officer publicly congratulated Ridgeline on the discovery and compared it to Taylor's early days, providing external validation from a major miner with global CRD expertise. The partnership structure requires South32 to spend US$10 million over five years to earn 60% of Selena, with Ridgeline earning 10% of every dollar spent. An optional phase two allows South32 to spend another US$10 million over three years to reach 80%, automatically triggering Ridgeline's fully carried interest to commercial production on the remaining 20% stake.CEO Chad Peters emphasised the significance: "Taylor to build is publicly announced US$3 billion. So what is our 20% free carry worth? US$600 million - that's US$600 million less of dilution to Ridgeline shareholders." Even if South32 stops at 60% ownership, Peters noted that "if we own 40% of what might be a world-class CRD, we can fund that all day long" through project financing or third-party investment.The market's muted response to technically strong drill results reflects the challenge of valuing polymetallic deposits where zinc, silver, copper, gold, antimony, and lead contribute simultaneously to economics. Peters acknowledged this communication difficulty, noting that antimony alone - averaging 0.1% in the discovery hole - "is five times as valuable as copper," making that byproduct credit equivalent to 0.5% copper over 17 metres. For investors capable of conducting independent metallurgical and economic analysis, this complexity may create information arbitrage opportunities.Ridgeline's business model eliminates near-term financing pressure through US$60 million in total partner commitments across three Nevada projects with South32 and Nevada Gold Mines. The company anticipates approximately US$12 million in partner-funded exploration for 2026, the largest budget in its history, whilst requiring no equity financing to advance core projects. With drill hole 54 testing the heart of the Selena magnetotelluric target (results expected January 2026), pending Swift project assays, and only 18 months elapsed in South32's five-year phase one earn-in, the company sits at maximum exploration leverage where each subsequent hole materially impacts valuation.The investment thesis centres on whether South32's demonstrable commitment and public comparison to Taylor signals world-class potential that the market has failed to recognise, or whether current valuations appropriately reflect the substantial execution risk inherent in translating one discovery hole into a viable mining operation. Investors with appropriate risk tolerance and capability to evaluate complex polymetallic deposit economics may find current entry points attractive ahead of multiple near-term catalysts, whilst recognising that CRD discoveries require 7-10 years minimum from discovery to production and significant additional drilling to validate system scale and grade continuity.View Ridgeline Minerals' company profile: https://www.cruxinvestor.com/companies/ridgeline-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jean-Marc Lulin, President & CEO of Azimut Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/azimut-exploration-tsxvazm-kghm-funds-nickel-hunt-as-quebec-explorer-weighs-gold-asset-options-6611Recording date: 21st November 2025Azimut Exploration (TSXV:AZM) is executing a strategic transformation from prospect generator to focused development company, concentrating resources on three 100%-owned gold discoveries in Quebec's prolific mining districts. Jean-Marc Lulin, president and CEO with 40 years of global exploration experience, outlined the company's evolution and provided comprehensive project updates in a recent interview.The flagship Wabamisk property hosts two significant discoveries separated by 15 kilometers of underexplored ground. The Fortin Zone represents one of Canada's largest antimony systems, spanning at least 1.8 kilometers of strike length with mineralized envelopes reaching 50 meters in width. Drilling across 86 holes totaling 12,000 meters has tested the system to 250 meters depth, where strong mineralization continues with the deposit remaining open in multiple directions. Metallurgical testing with SGS is underway, with preliminary results described as encouraging—critical validation for economic viability during a period of elevated antimony prices driven by critical mineral supply constraints.The Rosa Zone emerged as an unexpected breakthrough in terrain explored for 90 years by 11 previous companies. Systematic prospecting revealed 300 meters of outcropping high-grade gold with abundant visible gold—both coarse and fine dust—that correlates strongly with a 1.4-kilometer induced polarization anomaly. Initial drilling intersected visible gold in 11 of 26 holes, with assay results expected by year-end 2025 or early January 2026.The company's third focus, Elmer-Patwon, represents the most advanced asset with an existing resource that benefits from gold prices substantially above the $1,800 per ounce used in the original definition. A scoping study is well advanced, with clear expansion targets identified along strike.Azimut maintains strategic leverage through partnerships, notably with KGHM on the Kukamas nickel-copper-PGE project, where drilling delivered grades up to 19.6% nickel and 15 grams per ton platinum-palladium in a kambalda-type system. KGHM is funding advancement toward a preliminary economic assessment while Azimut retains operator status with no funding obligations.Lulin emphasized the company's technical discipline: "We want to advance as quickly as possible but in a rational way." Detailed 2026 program guidance is expected in Q1 following receipt of critical assay results that will shape resource expansion strategies across the portfolio.View Azimut Exploration's company profile: https://www.cruxinvestor.com/companies/azimut-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Richard Young, Chief Executive Officer of i-80 GoldOur previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-pitch-perfect-november-2025-8431Recording date: 19th November 2025i-80 Gold (TSX: IAUX) is executing a methodical three-phase development plan designed to transform the company from a marginal Nevada gold producer into a profitable mid-tier operator generating 200,000 ounces annually by 2028 with projected EBITDA of $200 million to $300 million. The company's third quarter 2025 results marked a critical inflection point, delivering the strongest financial performance in company history whilst completing permanent dewatering infrastructure that had previously constrained access to higher-grade mineralisation at the flagship Granite Creek underground mine.President and CEO Richard Young confirmed that permanent dewatering systems installed during Q3 2025 will enable accelerated underground development over the next six months into zones where "grades get better, ground conditions get better, and we expect mining rates to rise." A 47-hole infill drilling programme scheduled for completion in mid-December 2025 is yielding results that Young characterised as "consistently solid. Very good grades over very good widths," with a feasibility study incorporating these results expected at the end of Q1 2026 showing "materially better" economics than previous assessments.Construction of the Archimedes underground mine commenced in Q3 2025, providing the second production centre necessary to justify the strategic refurbishment of i-80 Gold's Lone Tree autoclave facility. The autoclave refurbishment represents the pivotal value creation opportunity in management's development thesis. With current toll milling costs ranging between $1,000 and $1,500 per ounce, i-80 Gold is effectively surrendering $200 million to $300 million in annual EBITDA at the 2028 production target of 200,000 ounces. Young stated unequivocally: "Strategically and economically, that refurbishment is very important for us to move forward with."Engineering firm Hatch has largely completed engineering work on the approximately $400 million autoclave refurbishment, with the board approving a $25 million limited notice to proceed authorising detailed engineering, long-lead equipment orders, and permitting initiation. The company expects to commence pouring gold through the refurbished autoclave before the end of 2027, creating an 18 to 24 month payback period on the capital investment at current gold prices.Beyond Granite Creek and Archimedes, i-80 Gold completed infill drilling at its Cove underground project during Q3 2025, with results showing the total mineralised envelope up between 10 and 20 percent compared to previous estimates. A feasibility study is scheduled for Q1 2026, with permitting targeted for completion before the end of 2028. The company will release three major feasibility studies between Q1 2026 and Q1 2027 covering its core underground operations, each expected to show material improvements over preliminary economic assessments.Management has received six term sheets from financing partners and is advancing toward recapitalisation completion by Q2 2026 to fund both phase one and phase two of the development plan. The company has successfully recruited experienced technical teams across mining engineering, metallurgy, and geology disciplines, a critical leading indicator of execution capability as i-80 Gold transitions from single-asset operator to multi-mine producer.For investors evaluating Nevada-focused gold producers, i-80 Gold offers substantial leverage to successful execution and higher gold prices, with the 2028 target of 200,000 ounces production and $200-300 million EBITDA generation providing a concrete benchmark for measuring management's progress toward transformational value creation.Learn more: https://cruxinvestor.com/companies/i-80-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-200-million-pound-potential-as-rush-merger-delivers-100-project-control-7894Recording date: 19th November 2025Myriad Uranium Corp. is unlocking significant value at its Copper Mountain uranium project in Wyoming through modern analytical techniques that reveal substantially higher uranium grades than historic exploration indicated. CEO Thomas Lamb recently outlined how the company's systematic chemical assaying program has discovered radiometric disequilibrium that shows 50-60% more uranium than conventional gamma probe readings detected during Union Pacific Railway's $85 million exploration campaign in the 1970s.The company recently completed a bought deal financing that raised C$8.6 million, exceeding its C$6 million target, led by Research Capital and Red Cloud Securities. This brings Myriad's cash position to approximately C$10 million, providing capital to expand land holdings, convert historic resources to NI 43-101 compliance, and aggressively drill high-priority targets that remained untested during previous exploration.Central to Myriad's investment thesis is a 1982 U.S. Department of Energy Bendix report identifying a 655 million pound uranium endowment across the broader Copper Mountain area, with 245 million pounds in a core zone where Myriad controls 70% of the acreage. Critically, these estimates only extend to 600 feet depth, while Myriad's recent drilling has encountered uranium mineralization as deep as 1,495 feet with assays exceeding 800 ppm.The chemical assay breakthrough transforms project economics by revealing that much of what Union Pacific classified as waste rock actually contains economic uranium grades. Myriad submitted nearly 800 samples from zones where probes detected little or no uranium, with results showing significant uranium content that expands grade shells while increasing contained metal.Myriad is also pursuing a merger with Rush Rare Metals Corp. to achieve 100% ownership of Copper Mountain, currently owned 50-50, and advancing plans for a U.S. exchange listing to unlock institutional investment. The company has permitted 222 new drill holes and bonded 70 of them, targeting underexplored areas where favorable geological structures suggest multiple additional deposits comparable to Copper Mountain's largest known resource.Learn more: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, Vice President of Corporate Development, Americas Gold & Silver Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-triples-ore-production-targets-5moz-annually-8137Recording date: 18 November 2025Americas Gold & Silver is rapidly executing a growth and consolidation strategy in Idaho's historic Silver Valley, highlighted by its recent $65 million acquisition of the Crescent Mine and an oversubscribed $150 million capital raise. The company's strategic moves have attracted significant institutional interest, with ownership increasing from just 7% to over 63% as top-tier global mining institutions recognize the value proposition.The Crescent Mine acquisition represents a calculated move to utilize spare milling capacity at the flagship Galena complex. Located just 9 miles from Galena, Crescent historically produced over 25 million ounces of silver at grades averaging 900 grams per ton and can be restarted within six months. The mine's ore is metallurgically identical to Galena's tetrahedrite, enabling seamless integration into existing processing facilities. With Crescent's average grade of 655 grams per ton silver exceeding Galena's blended average of 466 grams per ton, the acquisition provides immediate high-grade feed while Galena ramps underground production.Management aims to restore Galena to historical production levels of 5+ million ounces annually potentially within 36 months, up from current levels. The operation currently utilizes only one of four available shafts and has ramped throughput from 300 tons per day to over 410 tons per day, yet still maintains spare mill capacity of 750-1,050 tons per day. Key catalysts include the paste backfill plant commissioning in Q3 2026 and formal production guidance expected in February-March.Beyond silver, Americas Gold & Silver has emerged as the largest active antimony producer in the United States, producing 450,000 pounds year-to-date. Management is pursuing development of a domestic antimony processing circuit with potential government support, addressing critical mineral security while potentially adding significant margin expansion at minimal incremental cost. Trading at 0.7-0.8x NAV versus peer average near 2x NAV, the company offers compelling value as it transforms into a major silver producer with exceptional byproduct credit potential.Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-inside-isoenergys-strategic-play-on-uraniums-supply-demand-revolutiont-7872Recording date: 19th November 2025IsoEnergy is building an institutional-scale uranium platform spanning Canada, the United States, and Australia through strategic acquisitions and targeted exploration spending. CEO Philip Williams recently announced the acquisition of Toro Energy, which adds the 75-million-pound Wiluna project in Western Australia to what the company calls its "Core Four" assets. This portfolio includes Canada's Hurricane deposit, described as the world's highest-grade uranium resource, along with near-term production capabilities at past-producing Utah mines and the 160-million-pound Coles Hill resource in Virginia, the largest uranium deposit in the United States.The company is prioritizing exploration capital in Canada's Athabasca Basin, where its PurePoint joint venture recently made the Dorado discovery, validating the consolidation strategy. Additional programs target the LaRocque East project and US properties in Utah's Henry Mountains district, where IsoEnergy sees accessible near-term discovery potential from historically productive areas that haven't been systematically explored in decades.Williams emphasized the company's positioning to benefit from US government initiatives to rebuild domestic uranium supply chains, including the Strategic Uranium Reserve. With uranium demand fundamentally outstripping supply through 2040 and governments deploying multiple support mechanisms, from direct purchases to project investments and accelerated permitting, IsoEnergy's diversified portfolio provides multiple value realization pathways across different development timelines and jurisdictions.The diversification strategy deliberately mirrors industry leader Cameco, reducing single-asset risk while maintaining the technical teams and financial strength to advance projects simultaneously. Management maintains flexible capital allocation responsive to jurisdictional developments and market conditions, with plans for significant project milestones across all Core Four assets in 2026.—Learn more: https://cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Hanson, President & CEO of Surface Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/surface-metals-csesur-former-lithium-player-pivots-to-nevada-gold-with-walker-lane-project-7467Recording date: 21st November 2025Surface Metals Inc. (CSE: SUR) has strategically positioned itself across two commodity cycles through its April 2025 acquisition of the Cimarron gold project in Nevada whilst maintaining a diversified lithium portfolio anchored by a 300,000+ ton LCE resource at Clayton Valley, California. This dual-commodity approach provides investors with exposure to gold's current bull market and lithium's structural electrification demand.Following recent meetings on Wall Street and Bay Street, President and CEO Steve Hanson reports renewed institutional appetite for junior and mid-cap mining opportunities. Major banks including JP Morgan, Goldman Sachs, UBS, Deutsche Bank, and HSBC forecast gold reaching $5,000 per ounce in 2026, driven by central bank accumulation, interest rate dynamics, and geopolitical tensions. Simultaneously, lithium markets show stabilisation following the 2023-2024 correction, with institutional interest returning to quality projects.The Cimarron gold project, located in Nevada's prolific Walker Lane trend approximately 35 kilometres south of Kinross's Round Mountain mine, benefits from extensive historical work conducted by Newmont and Echo Bay during the 1980s-1990s. Surface Metals has digitised this historical database and created three-dimensional geological models, positioning the company to commence phase one drilling in early 2026 with clear targeting rationale. The programme aims to confirm historical high-grade intercepts, validate a non-43-101 compliant resource, and expand towards a million-ounce target. Shallow oxide mineralisation suggests potential heap leach processing economics - a lower-cost development pathway relevant for junior companies.Surface Metals' lithium portfolio demonstrates geographic and geological diversification across three projects. The Clayton Valley brine project sits immediately northwest of Albemarle's Silver Peak operation - North America's only producing lithium brine facility operational since 1966. The company targets a preliminary economic assessment in 2026, evaluating direct lithium extraction technology offering faster processing and higher recovery versus traditional evaporation ponds. Neighbouring operator SLB's 2025 demonstration facility successfully produced lithium from similar brine chemistry, de-risking technology application.Fish Lake Valley represents exposure to sedimentary claystone lithium mineralisation, sitting contiguous to Ioneer's Rhyolite Ridge project backed by Ford, Toyota, and Panasonic offtakes with 2026 construction commencement planned. Surface Metals actively seeks joint venture partners to fund initial drilling. In Manitoba, NASDAQ-listed Snow Lake Resources earns into the company's pegmatite project through funded exploration whilst Surface Metals maintains carried interest without capital outlay.Capital efficiency distinguishes Surface Metals' approach. The company has reduced operational costs whilst advancing projects through partnership structures and targeted technical work avoiding dilutive capital raises during unfavourable market conditions. Sector consolidation reduced lithium-focused companies from 200-250 to approximately 60, with Surface Metals amongst survivors maintaining intact portfolio positioning to capture recovery momentum.Management contemplates multiple value realisation pathways including asset sales, joint ventures, or corporate restructuring to separate gold and lithium portfolios. In market conditions where commodities experience distinct cycles, portfolio separation could unlock valuation disparities whilst providing shareholders direct exposure to preferred commodity themes.All projects benefit from tier-one North American jurisdictions with established infrastructure, proximity to operating mines, and relatively streamlined permitting. Nevada exploration permits typically achieved in 90-120 days. As gold supply deficits emerge from major producers exhausting high-grade reserves, and lithium supply security achieves strategic priority, Surface Metals' portfolio positioning addresses structural market dynamics favouring quality junior mining opportunities in premier jurisdictions.View Surface Metals' company profile: https://www.cruxinvestor.com/companies/acme-lithiumSign up for Crux Investor: https://cruxinvestor.com

Recorded November 19, 2025, from the Benchmark Conference in Los Angeles.In this critical episode of The Compass, Sam Pelaez (President, CEO & CIO of Olive Resource Capital) and Derek Macpherson (Executive Chairman of Olive) dissect a fundamental shift occurring in mining project finance as traditional debt-equity structures replace the exotic capital arrangements that dominated recent years.KEY TOPICS COVERED:Troilus Gold's Financing BreakthroughThe expanded debt facility announcement signals developers can now credibly finance construction independently rather than depending entirely on takeovers. At $4,100 gold, project profitability has driven down the cost of capital materially, enabling traditional banking structures instead of 20%+ private equity arrangements."The Generalists Are Coming"Nine-figure equity financings now occur weekly, with non-resource institutions like Fidelity regularly participating. This marks a dramatic expansion of available capital pools beyond traditional mining investors and validates the sector's investment thesis to Wall Street.Year-End Market DynamicsNo tax loss selling pressure this year as most mining equities are substantially higher than purchase points. However, seasonal liquidity constraints from holiday spending may create temporary dislocations and attractive entry points ahead of typically strong Q1 performance.Flow-Through Financing RushCanadian flow-through funds must deploy 2025 capital before December 31st, creating a year-end rush of placements working down the capitalisation spectrum from larger companies to progressively smaller explorers.Building as Negotiating LeverageDevelopers who can credibly "threaten to build" maintain stronger negotiating positions with potential acquirers. Clean capital structures without permanent streaming impairments make projects more valuable takeover targets post-construction.Why This Matters:Traditional banking institutions have long been willing to finance mining projects but were constrained by developers' inability to assemble the equity component without destroying capital structures. With both debt and equity now accessible at reasonable rates, a select group of well-positioned developers may advance independently, populating the mid-tier producer pipeline essential for an industry facing depletion of existing assets.ABOUT OLIVE RESOURCE CAPITAL:Olive Resource Capital is a specialist mining investment fund focused on precious metals, base metals, and battery metals across the development and production spectrum.

Interview with Rupert Verco, Managing Director & CEO, Cobra ResourcesOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-high-grade-copper-gold-acquisition-ree-isr-7824Recording date: 19th November 2025Cobra Resources is positioning itself as a potential disruptor in the global rare earths market through its innovative Boland project in South Australia. The London-listed company is developing an in-situ recovery (ISR) operation targeting high-value heavy rare earths including dysprosium and terbium - critical components in permanent magnets for electric vehicles, renewable energy, and defense applications.What distinguishes Boland from conventional rare earth projects is its unique geological setting. Unlike traditional clay-hosted deposits, the project features permeable paleochannel geology similar to uranium ISR operations, which Managing Director Rupert Verco says "bypasses a lot of the operational challenges of traditional clays." The mineralization sits within naturally confined sand horizons, protected by 20 meters of impermeable clay above and below.Recent field hydrology studies have validated commercial viability, achieving pump rates of nearly 20,000 liters per day with 60% tracer recovery in just four days. These results support well spacing of 20-30 meters - comparable to uranium operations - and demonstrate the uniform aquifer response essential for efficient ISR extraction.The project's most significant breakthrough involves natural acid generation from sulfide-rich organics within the ore body. When oxidized, these materials produce sulfuric acid in-situ, potentially eliminating the largest operating cost and reducing dependence on Chinese supply chains. Current testing indicates acid consumption under 4 kilograms per ton—dramatically lower than typical rare earth operations.Metallurgically, Cobra has achieved 90% cerium suppression without heavy rare earth loss, producing concentrate containing 35% magnet rare earths and 50% heavy rare earths. This compares favorably to traditional carbonatite deposits that typically contain over 50% low-value cerium.With 3,300+ square kilometers of controlled tenure, resource drilling planned for early 2026, and a modular development approach targeting 4,000-5,000 tons annual production, Cobra is advancing toward what Verco describes as cost competitiveness comparable to "how Kazatomprom established themselves in the uranium game"—potentially offering Western supply chains a commercially viable alternative to Chinese rare earth dominance.Learn more: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

US Gold Corp (NASDAQ: USAU) represents an increasingly rare investment opportunity in the North American mining sector - a fully permitted, shovel-ready gold-copper development project approaching a critical inflection point. The company's CK Project in Wyoming is completing its Definitive Feasibility Study by mid-December 2025, with public release planned for January 2026, positioning investors ahead of formal project financing negotiations and potential strategic interest from consolidating producers.The project's fundamental advantages centre on infrastructure and operational simplicity. Located 20 miles from Cheyenne, Wyoming, the CK Project benefits from established power and water infrastructure, rail connectivity within three miles, and access to a skilled industrial workforce without requiring worker accommodation. Chairman Luke Norman emphasized this distinction: "If we were trying to build this up in the snow belts in Alaska or something, it would be an entirely different undertaking." These infrastructure advantages translate directly into reduced capital intensity and lower operating costs compared to remote mining developments.The operational approach further differentiates the project from conventional precious metals mining. Norman characterized it as "a glorified quarry just with a little more infrastructure to extract the minerals," utilizing straightforward crushing and flotation processes with no on-site smelting required. The geology enhances this simplicity, with mineralization exposed at surface and "the richest stuff at surface," eliminating extensive pre-stripping requirements and accelerating the timeline to cash flow generation.Project economics demonstrated sub-year payback potential in previous studies, an exceptional metric that speaks to rapid capital recovery. Whilst Norman acknowledged the forthcoming DFS will reflect increased capital costs for enhanced environmental measures, he maintained that "the margins on the project have just increased dramatically" due to gold and copper price appreciation. This economic robustness has attracted considerable financing interest, with Norman confirming "so many term sheet come across our desk in the last 12 months."The resource base comprises a 1.7 million ounce gold reserve supporting projected annual production exceeding 100,000 ounces over a minimum 10-year mine life. Importantly, management identifies potential for "another million ounces plus potential for harvesting within the pit," providing resource growth opportunity without requiring additional permitting or fundamental changes to the mining plan.The strategic context enhances the investment thesis. Norman characterized the project financing environment as "a lot of capital chasing very few projects that are permitted and ready to go," reflecting the scarcity of development-ready projects in North America. This dynamic creates both favourable financing terms and potential M&A premium, with Norman acknowledging the DFS completion "might even trigger some interest from an M&A perspective." Management's stated focus on equity value creation - "whatever is best for the stock" - aligns with shareholder interests across multiple potential value realisation pathways.For investors seeking exposure to North American gold and copper production development without the regulatory uncertainties that plague most junior mining investments, US Gold Corp offers a differentiated opportunity. The convergence of complete permitting, exceptional infrastructure advantages, robust project economics, secured financing interest, and imminent DFS completion positions the company for significant value creation as it enters what management anticipates will be "a really fast and furious 2026."

Interview with Gwen Preston, VP Communications, West Red Lake Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsxvwrlg-all-known-questions-answered-7761Recording date: 18th November 2025West Red Lake Gold Mines is restarting the Madsen Mine in Ontario's prolific Red Lake district, positioning itself as a rare new gold producer emerging at the beginning of a bull market rather than after years of depressed prices . The company targets commercial production in early 2026 with expected annual output of 50,000 ounces, growing to 100,000 ounces by 2028 through site optimization and development of the high-grade Rowan deposit .The third quarter of 2025 demonstrated significant operational momentum, with production exceeding 7,000 ounces generating $33 million in revenue . October data showed a 24% increase in daily mine tons compared to September, driven by completion of underground waste rock storage solutions that eliminated the need to truck waste material to surface, freeing equipment for ore movement . The company has achieved cash-flow positive status during ramp-up while maintaining over $45 million in treasury, providing substantial financial flexibility heading into commercial production .West Red Lake's dual-asset production growth plan aims to reach 100,000 annual ounces without requiring external financing . The first phase involves optimizing Madsen production to 60-65,000 ounces by 2027 as mining progresses to deeper, less-historically-worked zones with higher grades . The Rowan project, located 80 kilometers by road from Madsen, will contribute an additional 35,000 ounces annually starting in 2028 from a remarkably high-grade deposit averaging nearly 13 grams per ton . Critically, Rowan requires no mill construction, with ore trucked to the existing Madsen facility, simplifying permitting to an advanced exploration permit rather than full mining authorization.The company expects to finance Rowan's $70 million capital cost entirely from operational cash flow, spread over multiple quarters beginning mid-2026 . Management has explicitly stated no further equity financing is expected for Madsen, contrasting sharply with typical junior producers who exhaust capital during construction and face dilutive financings just as production begins . This financial discipline resulted from acquiring the asset at favorable terms and executing a methodical restart plan that prioritized reaching cash flow over aggressive production targets .Learn more: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, Chief Executive Officer of Canada Nickel. Our previous interview: https://www.cruxinvestor.com/posts/g7-nations-advance-critical-minerals-pact-to-reshape-global-supply-chains-and-industrial-policy-8401Recording date: 18th November 2025Canada Nickel Company has secured a transformative milestone with its Crawford Nickel project's referral to Canada's Major Projects Office, joining only three mining developments selected for expedited government support. This highly selective designation provides coordinated permitting assistance, enhanced financing access, and direct political backing from Prime Minister Mark Carney and Minister of Natural Resources Tim Hodgson.The MPO, led by proven infrastructure executive Dawn Farrell and backed by $200 million in funding, functions as a single point of contact that eliminates bureaucratic duplication across federal and provincial jurisdictions. For Crawford, this translates to accelerated permitting timelines, with federal approvals targeted for early 2026 and provincial permits following through Ontario's new accelerated framework. CEO Mark Selby has committed to breaking ground by the end of 2026, representing an aggressive 18-month timeline from referral to construction start.Beyond permitting efficiency, the MPO provides priority access to international funding programs in France, Germany, and Japan, plus government-led engagement with sovereign wealth funds seeking billion-dollar co-investment opportunities. Canada Nickel expects multiple financing announcements through early-to-mid 2026, with the complete capital stack in place by mid-year to support a Q3-Q4 construction decision.The project's selection from among 15-20 late-stage critical minerals candidates validates Crawford's competitive positioning across government priorities: scale, deliverability, First Nations partnership, and low-carbon credentials. Prime Minister Carney's statement that Crawford is "setting a new standard in terms of how responsible mining gets done" underscores the political commitment extending well beyond typical project announcements. For investors, this government backing substantially de-risks the development pathway while providing clear near-term milestones for value inflection.—Learn more: https://cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Mumford, President of Scottie Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/scottie-resources-tsxvscot-funded-to-advance-high-grade-2m-oz-gold-asset-in-bc-golden-triangle-5191Recording date: 17th November 2025Scottie Resources is positioning itself as a near-term gold producer through a direct ship ore (DSO) model that bypasses traditional milling infrastructure, targeting commercial production by mid-2028 at its flagship property 40 kilometers north of Stewart, BC. The company's strategic approach leverages existing deep water port facilities and high-grade mineralization outcropping at surface to accelerate project timelines while minimizing capital intensity in an environment of sustained elevated gold prices.The project's location adjacent to North America's northernmost ice-free deep water shipping port provides critical infrastructure advantages. Recently acquired by the Nisga'a First Nation in partnership with Tsimshian people, this facility already services established operations like Brucejack and Red Chris, eliminating concentrate transportation challenges that typically burden remote exploration projects. President Thomas Mumford emphasizes this represents "a simple project" that capitalizes on regional infrastructure rather than requiring standalone processing facilities costing $300-500 million.Ocean Partners secured an 11% equity position while committing $25 million US toward construction financing and an offtake agreement covering the feasibility-level resource. CEO Brent Omland joined Scottie's board concurrent with the transaction, aligning producer and offtaker interests. The agreement incorporates flexible buyout provisions and per-ton penalties rather than restrictive covenants, preserving Scottie's optionality as the project scales. This partnership capitalizes on favorable smelter market dynamics, with structural supply deficits in China driving negative treatment charges that enhance margins for direct ore shipments.Project economics demonstrate significant leverage to elevated gold prices, with preliminary economic assessment showing an NPV of $216 million CAD at $2,600 per ounce expanding to $670 million CAD at $4,200 per ounce with a 150% internal rate of return. The initial 18-month open pit phase targets 80,000 ounces at 7.7 grams per ton, generating sufficient cash flow to self-fund underground development and repay initial capital expenditures. This rapid payback profile reduces execution risk while accelerating unencumbered cash flow generation.Total capital requirements of $130 million CAD will be met through Ocean Partners' facility, traditional project financing structures evaluated post-feasibility study, and open pit cash flow. The company recently launched a $23 million financing round with strong insider participation, including mining entrepreneur Ross Beaty's 5% position. Management plans a competitive process for remaining funding, targeting a 70/30 debt-to-equity ratio that minimizes shareholder dilution while leveraging institutional appetite for senior secured positions in near-production precious metals projects.Permitting progresses through two-year environmental baseline studies initiated summer 2025, positioning Scottie to submit a Joint Permit Amendment Application in 2027. This streamlined pathway modernizes the property's historic mining permit rather than requiring full environmental assessment. Using Ascot Resources' eight-month approval precedent for a more complex operation, Mumford projects mid-2028 permitting completion enabling commercial production that year.First Nations relationships benefit from unique circumstances involving the Nisga'a Nation, BC's only treaty First Nation, whose recent port facility acquisition creates direct economic alignment with regional mining success. The company is negotiating an Impact and Benefit Agreement formalizing commercial terms and community commitments that underpin social license. Beyond near-term production, Scottie maintains active exploration targeting resource expansion from 700,000 ounces toward 2+ million ounces through a planned 10,000-meter drilling campaign in 2026.View Scottie Resources' company profile: https://www.cruxinvestor.com/companies/scottie-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with NexMetals Mining's CEO Morgan LekstromRecording date: 18 November 2025NexMetals Mining Corp has executed a comprehensive transformation that positions its two past-producing Botswana copper-nickel-cobalt assets as potential near-term development opportunities in a market characterised by acute supply constraints and major mining company acquisition activity.The company recently closed an US$80 million equity financing led by Texas-based institutional investor Condire Capital, which acquired a 9.9% stake, whilst existing major shareholder EdgePoint increased its position despite having no obligation to participate. The financing increased institutional ownership from 30% to 75% and eliminated US$21 million in legacy debt that had created a significant market overhang. With approximately US$90 million in cash, the company is fully funded for its 2026 work programme without near-term dilution requirements.Perhaps more significant than the financing itself is the metallurgical breakthrough that underpins the investment thesis. The original Selebi operation utilised a bulk concentrate smelter that subsequent owners dismantled. Rather than contemplate rebuilding infrastructure requiring over US$1 billion in capital, NexMetals' technical team developed concentrate-splitting technology that fundamentally alters project economics. Management now targets sub-US$500 million capital intensity per asset - a fraction of integrated smelter operations - whilst enabling cobalt recovery that previous operators could not economically achieve.The asset base comprises two distinct opportunities. Selebi represents an underground operation that produced continuously for over 30 years, with existing workings providing several years of access without additional development. The current resource stands at approximately 30 million tonnes grading 3.35% copper equivalent (roughly 1.75% copper and 1% nickel), with cobalt grades to be incorporated following metallurgical test work. Electromagnetic surveys have identified numerous additional conductive anomalies strongly associated with mineralisation, providing systematic drill targets for resource expansion.Selkirk presents a different profile as an open-pit deposit hosting over 200 million tonnes of mineralised horizon, though only 44 million tonnes currently feature in the resource estimate. The company completed a comprehensive 30,000-metre reassay programme of historical core and drilled 13 additional holes to support metallurgical test work, with a resource update expected in Q1 2026 and preliminary assessment-level economics targeted for Q2 2026.Management's strategy centres on demonstrating scale through 2026 exploration programmes before committing to development scenarios, targeting 15-20 year mine lives at optimal throughput rates. This approach positions the assets for either internal development or strategic transactions at substantially higher valuations than optimising smaller, near-term production scenarios. Selkirk, with its open-pit profile and platinum-palladium credits, may attract joint venture interest or acquisition proposals, potentially providing non-dilutive funding for Selebi North advancement.The board combines relevant experience across exploration, development, operations, and strategic transactions, including former BlackRock CIO Chris Leavy, former Gatos Silver CFO André van Niekerk (Gatos sold for US$1.2 billion), and Chairman Paul Martin (former CEO of Detour Gold). The team operates in Botswana's stable 59-year democracy with established mining infrastructure and government support for economic diversification away from diamonds.With preliminary assessments expected on both assets in 2026 and a compressed two-year strategic timeline, NexMetals has positioned itself as a potential acquisition target or development candidate in a copper-nickel market characterised by supply deficits and major company appetite for quality assets.

Interview with Nic Earner, Managing Director of Alkane Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-post-merger-gold-producer-targets-180k-aueq-ounces-7916Recording date: 17th November 2025Alkane Resources has successfully completed its transformational merger with Mandalay Resources, establishing itself as a diversified mid-tier gold producer with three operating mines across Australia and Sweden. The integration, finalized in August 2025, has delivered on all key strategic objectives while positioning the company for its next phase of growth in a strengthening gold price environment.The merger has transformed Alkane's market profile substantially. Production guidance now stands at 160,000-175,000 ounces annually, with management targeting a 180,000-ounce run rate by next year. Market capitalization has expanded from approximately A$900 million at the pro-forma merger date to around A$1.4 billion currently. Trading liquidity has improved dramatically, with daily ASX turnover reaching A$8 million and the company securing placement in the ASX 300 index while approaching ASX 200 status.Perhaps most significantly, Alkane maintains a pristine balance sheet with A$170 million in cash and bullion and zero debt beyond equipment financing. This financial strength, combined with the company's largely unhedged production profile, creates substantial cash generation capacity. Managing Director Nic Earner explained the mathematics: with 80% of production unhedged, "each 100 bucks you add to the gold price, it's 15 million bucks" in additional cash flow.Looking ahead, management has established a 12-month timeline for potential acquisitions while maintaining strict jurisdictional discipline, focusing exclusively on tier-one regions including Australia, New Zealand, USA, Canada, and Scandinavia. Simultaneously, operational priorities center on cost reduction at Sweden's Bjorkdal mine, where initiatives could reduce all-in sustaining costs by 20-25% from US$2,700 to approximately US$2,200 through production increases and grade optimization.The company's disciplined capital allocation framework, operational focus, and accelerating cash generation position Alkane as a compelling investment opportunity in the current gold market environment, with management emphasizing that superior cash accumulation should drive valuation re-rating versus comparable peers.View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin van der Toorn, President & CEO of Greenheart Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/greenheart-gold-tsxvghrt-proven-explorer-accelerates-guiana-shield-drilling-for-major-discovery-8003Recording date: 17th November 2025Greenheart Gold (TSXV:GHRT) is leveraging a proven management team and substantial capital base to pursue multiple gold discoveries across Guyana and Suriname. Led by President and CEO Justin van der Toorn, the executive team previously built Reunion Gold and discovered the 6-million-ounce Oko West deposit, which is now advancing toward production in 2027. This track record provides credibility as Greenheart pursues its disciplined exploration strategy across the highly prospective Guyana Shield.The company's most distinguishing feature is its approximately $35 million cash position—unusual for a junior explorer. This capital cushion enables Greenheart to operate differently than competitors, maintaining exploration momentum across multiple projects simultaneously without the constant pressure of capital raises and shareholder dilution. As van der Toorn explains, this financial flexibility allows systematic project evaluation where promising targets advance quickly while underperforming projects are dropped without hesitation.Greenheart has already demonstrated this discipline by relinquishing certain Guyana projects that failed to generate attractive drilling targets or lacked the scale necessary for economic development. The company recognizes that discovery thresholds vary significantly based on location—projects near existing operations like Newmont's Merian mine could be valuable with smaller discoveries, while remote interior projects require substantially larger deposits.Currently, Greenheart is executing an active drilling program at its Majorodam project in Suriname, with 1,500 meters planned by year-end. The program builds on earlier reverse circulation and diamond drilling that established structural controls on mineralization. Additional drilling campaigns are scheduled for Igab in January 2026 and Tosso Creek in Q1 2026, creating multiple discovery opportunities over approximately six months.Operating in Guyana and Suriname provides significant jurisdictional advantages, including efficient permitting and established infrastructure. The Oko West example demonstrates what's achievable: a seven-year timeline from discovery to production, remarkably fast by global standards. Greenheart maintains all-in drilling costs of approximately $300 per meter despite challenging jungle terrain, reflecting operational efficiency developed through years of regional work.Despite favorable gold market conditions creating investor demand for rapid results, Greenheart maintains its methodical approach of thorough soil sampling, trenching, and structural mapping before committing significant drill capital. This strategy optimizes capital efficiency even if it doesn't generate the rapid-fire news releases some investors expect in strong markets.With three Suriname projects at various advancement stages, proven management expertise, operational efficiency, and financial flexibility to maintain exploration momentum, Greenheart Gold has positioned itself to systematically pursue new discoveries in one of the world's premier exploration environments.View Greenheart Gold's company profile: https://www.cruxinvestor.com/companies/greenheart-gold

Interview with Riaan Davel, CFO, and Henriette Hooijer, CFO Designate and GM: Finance of DRDGOLD Ltd.Our previous interview: https://www.cruxinvestor.com/posts/drdgold-nysedrd-moving-towards-200000-oz-gold-production-from-tailings-8411Recording date: 17th November 2025DRDGOLD Limited, a 130-year-old South African gold mining company, is executing a carefully orchestrated leadership transition as CFO Riaan Davel prepares to hand over responsibilities to Henriette Hooijer on February 1, 2026. The succession, built on a 20-year working relationship including nine years together at DRDGOLD, reflects the company's commitment to maintaining strategic continuity as it pursues ambitious growth plans.The company operates a distinctive business model focused on surface tailings retreatment—processing historical mining waste to extract gold while simultaneously remediating over a century of environmental damage. This "mega volumes, nano recovery" approach processes material containing just 200 parts per billion of gold, demonstrating that environmental restoration and economic viability need not be mutually exclusive. As Davel explains, "We own waste essentially. So how do we make the most of that?"DRDGOLD's disciplined execution has generated impressive results. Market capitalization has grown to approximately $2 billion, enabling capital deployment of roughly 10 billion rand in recent years, with another 8 billion rand planned over the next three years. This investment is building infrastructure designed for 20-40 year operational lifespans at operations like Far West, while repositioning the older Ergo facility for improved cost efficiency.Despite favorable gold prices—currently around 2.2 million rand per kilogram versus 600,000 rand when Far West was initially planned- management maintains the cost discipline developed during tougher market conditions. The company has paid dividends for 18 consecutive years while internally financing major capital projects, balancing stakeholder interests through what Davel describes as keeping "all your stakeholders equally unhappy" to optimize long-term resource extraction over short-term profit maximization.Looking ahead, DRDGOLD is exploring expansion opportunities across Africa and potentially South America, considering partnerships with established operators in unfamiliar jurisdictions while maintaining gold as its primary focus. Hooijer's operational project experience, combined with Davel's continued 12-month consulting support, positions the company to execute its Vision 2028 strategy while exploring how its proven retreatment model might address tailings challenges for major mining companies globally.View DRDGOLD's company profile: https://www.cruxinvestor.com/companies/drdgold-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-environmental-milestone-clears-path-for-q1-2026-ground-breaking-8471Recording date: 14th November 2025Marimaca Copper is advancing its Pampa Medina project in northern Chile with drill results that significantly exceed expectations and confirm the potential scale of a sedimentary-hosted copper system. The latest intercepts include nearly 50 meters at 2% copper within a broader 160-meter zone grading 1% copper, representing a material extension to the oxide envelope with grades surpassing current resource models.The company's aggressive exploration strategy has delivered impressive results from long-distance stepout drilling. Holes positioned 900 meters south of known mineralization successfully intersected the same sedimentary horizon, encountering zones of 20 to 40 meters at 1.5% copper. According to CEO Hayden Locke, these results were "thicker higher grade zones than we were expecting in that area where we thought it was going to be thinning," prompting continued drilling in multiple directions.Marimaca is executing a 30,000-meter drill program split between aggressive 300-meter-spaced stepouts to define deposit limits and tighter infill drilling to establish grade continuity. The approach reflects confidence that sedimentary-hosted copper systems "tend to be laterally and regionally quite extensive," with early results suggesting mineralization across a basin spanning multiple kilometers.Perhaps most significantly, geological review has prompted a fundamental reassessment of the deposit's development potential. The mineralized sedimentary horizon averages over 200 meters thickness with consistent grades, leading management to reconsider what was previously viewed as an underground-only opportunity. The identification of lower-grade material in halos around high-grade cores suggests potential for large-tonnage open-pit development, fundamentally expanding the project's scale.The oxide resource, originally expected to add 20,000 tons of annual copper production, now appears poised to deliver "significantly more than that" according to Locke. The company is targeting release of a standalone Preliminary Economic Assessment by December 2025, which will provide initial economics for the oxide opportunity while sulfide potential continues to be evaluated through ongoing exploration.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Trey Wasser, CEO of Dryden Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-centerra-backed-explorer-targets-district-scale-gold-in-ontario-8109Recording date: 17th November 2025Dryden Gold Corp (TSXV: DRY) has emerged as a compelling strategic acquisition target in Ontario's gold sector following successful execution of its 2025 exploration program and explicit endorsement from major mining company partners. The company controls 70,000 hectares in northwest Ontario hosting multiple high-grade gold discoveries across four distinct mineralization types, with fully funded drilling planned for 2026 under management explicitly targeting a Great Bear Resources-style exit.The investment thesis centers on systematic district-scale exploration designed to attract strategic buyers rather than pursue standalone mine development. Recent drilling fundamentally reshaped the geological understanding at the Gold Rock target area, revealing nine interconnected high-grade structures within a 300-meter span—including intercepts of 300 grams per ton over 3.9 meters and 55 grams per ton over 3.5 meters—connected by continuous one gram per ton mineralization. This discovery transformed what appeared to be isolated veins into an integrated system where lower-grade material provides economic continuity while high-grade shoots create exploration upside.Strategic validation provides perhaps the most compelling near-term catalyst. Centerra Gold invested in 2024 and has explicitly directed management to continue district-scale exploration rather than focus exclusively on infill drilling at known high-grade zones. Alamos Gold maintains similar engagement, while additional confidentiality agreements with unnamed major and mid-tier mining companies indicate active corporate interest. These sophisticated mining companies endorse the systematic approach because it generates the comprehensive geological understanding and high-quality data they require for acquisition decisions.The technical team significantly de-risks execution. President Maura Kolb led the Red Lake mine exploration team for five years, managing 90 personnel and a $50 million annual budget while reducing finding costs from $500 to $50 per ounce. Her major-mine experience directly informs Dryden's exploration protocols including oriented core drilling, 100% core assaying, and property-wide geochemical surveys—practices that distinguish systematic explorers from promotion-focused juniors. Kolb's team discovered the hanging wall structures specifically because they assayed all rock types rather than only visible quartz veins.The property's geological diversity creates multiple value pathways. Beyond the Archean lode gold system at Gold Rock—which Kolb compares directly to Red Lake geology—the company has confirmed intrusive-related mineralization at Sherridon, granite diorite-hosted stockwork at Hyndman analogous to NexGold's 1.5-million-ounce Goliath Gold project, and VMS-style mineralization elsewhere. CEO Trey Wasser characterizes this as a "Timmins-like camp" where exceptional gold endowment manifests across multiple geological settings, creating optionality for project-specific joint ventures or staged transactions.Infrastructure advantages reduce development risk and enhance acquisition appeal. Highway 502 provides direct access from Sherridon through Gold Rock to the town of Dryden, while the Trans-Canada Highway accesses Hyndman. Both regional projects have been clear-cut for logging, creating existing access roads. The northwest Ontario location provides political stability, established mining regulations, available contractors and skilled labor, and proximity to operating mines including Red Lake—attributes that command premium valuations as mining companies reassess exposure to jurisdictions with increasing political risk.Dryden enters 2026 fully funded from August 2025 financing to complete 20,000-25,000 meters of drilling, with approximately 50% dedicated to Gold Rock expansion and the remainder advancing multiple district targets. At $4,000 gold, the company offers leveraged exposure to exploration success, strategic transaction, or both, backed by partner validation and systematic technical approach designed specifically for strategic buyer requirements.View Dryden Gold's company profile: https://www.cruxinvestor.com/companies/dryden-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Gow, CEO, Tribeca ResourcesOur previous interview: https://www.cruxinvestor.com/posts/tribeca-resources-trbc-why-copper-start-up-is-hitting-it-big-2978Recording date: 14th November 2025Tribeca Resources Corporation has rapidly emerged as a focused copper exploration company in northern Chile, backed by a recent C$6.5 million financing that exceeded its original C$5 million target. The raise, completed in a strengthening copper market, brought 82 investors onto the register, including 67 new shareholders, and diversified ownership while still keeping management significantly aligned through a 22% stake. This capital provides roughly 18 months of runway and positions the TSX Venture-listed junior to advance a three-project portfolio across several of Chile's most prolific copper belts.At the core of Tribeca's strategy is a portfolio approach to early-stage exploration, designed to manage the inherent risk of discovery. The flagship La Higuera project, located in Chile's coastal iron oxide copper gold (IOCG) belt, is the most advanced asset, with about 10,000 meters of drilling completed. Results outline a 1.5-kilometer mineralized strike with broad copper intersections amenable to open-pit, bulk-tonnage development. Low all-in drilling costs of roughly 300 USD per meter, shallow cover, and strong infrastructure support an efficient exploration model. Planned 4,000-meter drilling will expand known zones, test additional targets, and refine the project toward eventual resource definition, while metallurgical work highlights copper, gold, magnetite, and cobalt recovery potential.Complementing La Higuera, the newly acquired Jiguata project offers high-risk, high-reward exposure to a large porphyry system in a belt hosting world-class deposits such as Chuquicamata. A back-end loaded, five-year option agreement totaling 15 million USD minimizes early cash outlay and mandates 3,000 meters of deep drilling to properly test the system. Tribeca aims to generate clear technical outcomes that can either justify a major joint venture or allow disciplined exit. A third project, Chiricuto, remains in the portfolio as an earlier-stage opportunity, underscoring the company's willingness to follow data and recycle assets as value and results dictate.Tribeca augments traditional geological expertise with artificial intelligence, partnering with WovenAI to interrogate Chile's SIGEX database of more than 1,200 prospects and rank the top IOCG targets for potential acquisition. Operating with a lean team and directing a high proportion of capital into the ground, the company offers investors leveraged exposure to copper discovery in a tier-one jurisdiction, balancing near-term advancement at La Higuera with the scale potential of Jiguata and future AI-driven project generation.Learn more: https://www.cruxinvestor.com/companies/tribeca-resourcesSign up for Crux Investor: https://cruxinvestor.com

Recording date: 14th November 2025The precious metals sector is experiencing a convergence of favorable conditions that veteran investors describe as one of the best commodity setups in decades. At the recent Precious Metals Summit in Zurich, industry leaders including Pierre Lassonde, Frank Giustra, and Marc Faber highlighted observable market fundamentals supporting this outlook: global liquidity at record highs, structural demand emerging from technological infrastructure, and mining companies generating unprecedented cash flows while trading at reasonable valuations.Global liquidity continues expanding despite recent volatility. The People's Bank of China maintains liquidity injections, while the New York Fed has announced plans for substantial liquidity injection into US markets during Q1 2026. The recent government shutdown ending will release capital trapped in the treasury system for over a month. This liquidity expansion creates sustained support for precious metals as fiat currency purchasing power deteriorates.A less obvious but transformative demand driver emerges from artificial intelligence infrastructure development. The US needs to build at least 350 gigawatts of power dedicated to AI infrastructure—equivalent to 50 nuclear power plants—representing a trillion-dollar investment cycle for power generation alone. This excludes electrical grids, transmission infrastructure, and computing hardware. Recent government partnerships with Brookfield, Cameco, and Westinghouse for nuclear facility development signal the beginning of infrastructure spending requiring massive copper, steel, and concrete quantities while necessitating continued government liquidity injection supportive of gold prices.Third quarter 2025 results demonstrated the financial leverage inherent in gold mining operations. AngloGold Ashanti increased quarterly operating cash flow from $300 million to $1.4 billion—more than quadrupling while gold prices doubled. Even accounting for the Centamin acquisition contributing 20% of production, cash flow expansion significantly exceeds gold price appreciation. The company now operates with zero net debt, increased dividends, and strategic flexibility for acquisitions or capital returns while trading at roughly half the valuation of Agnico Eagle Mines despite comparable cash generation.K92 Mining offers equally compelling value, posting six consecutive quarters of free cash flow while organically funding construction of a complete new mill, twin declines, and associated infrastructure. The Phase 3 expansion completing commissioning in Q4 2025 will drive significant cash flow growth as throughput increases with minimal incremental operating costs. Operating costs scale favorably—an 800 tonne per day mill requires similar oversight as a 3,000 tonne per day mill. Market valuations have not yet reflected this coming cash flow expansion, creating opportunity for investors who understand the timeline and trust management execution.The M&A cycle is accelerating as producers with pristine balance sheets deploy capital. Recent examples include B2 Gold taking a 19.9% stake in Prospector Generator (now funded with $40 million for 2026 exploration), Probe Gold's acquisition, New Gold's pending takeover, and Gold Fields committing $50 million to junior investments. The competition for quality assets remains in early stages despite this activity.Investment opportunities span the market capitalization spectrum: established producers generating record profits at reasonable valuations, funded developers approaching major cash flow inflections, and well-backed exploration companies positioned for discoveries. Current Q4 volatility represents tactical entry opportunities before typical Q1 seasonal strength, with multiple fundamental drivers supporting sustained outperformance of real assets over the coming decade.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-titanium-market-disruptor-targets-2026-pilot-pant-7736Recording date: 12th November 2025Empire Metals is developing the Pitfield project in Western Australia, home to one of the world's largest titanium deposits with a maiden resource estimate of 2.2 billion tons grading just over 5% TiO2. This multigenerational asset positions the company as a potential disruptor in global critical minerals supply chains at a time when the industry faces unprecedented restructuring.The company's strategic advantage extends beyond scale. Pitfield's geology features high-purity titanium minerals formed through weathering processes in sandstone formations, eliminating deleterious elements that typically complicate conventional processing. Empire has already produced 99% pure TiO2 products, validating the ore's metallurgical responsiveness and demonstrating the viability of its innovative hydrometallurgical approach.Unlike traditional titanium processing that relies on energy-intensive smelting and generates substantial waste, Empire's three-stage process bypasses these costly operations entirely. The surface deposit requires no blasting, drilling, crushing, or grinding, with friable material feeding directly into flotation circuits. This technical differentiation, combined with low mining costs, positions Empire to deliver products at significantly lower cost than 90% of existing global supply.Management is pursuing dual revenue streams, targeting both pigment production and strategic metal feedstock for defense and aerospace applications. The company has engaged with Boeing, the U.S. Department of Defense, and other end-users to align product specifications with market demand before finalizing process design. This customer-driven approach preserves optionality while reducing downstream marketing risk.The timing proves strategic. Major producers including Rio Tinto, Venator, and Iluka are retreating from titanium operations amid Chinese price competition and tariff responses. Empire aims to fill emerging supply gaps with government support through Australia's $4 billion Critical Minerals Facility.With £11 million in funding secured and continuous piloting targeted for mid-2026, Empire maintains development momentum toward demonstrating cost competitiveness and securing end-user commitments that could accelerate the project's pathway to production.View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with David D'Onofrio, CEO of White Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/white-gold-corp-wgo-project-generator-finding-gold-in-the-yukon-3263Recording date: 11th November 2025White Gold Corp is developing one of Canada's most compelling gold stories in Yukon's historic Klondike district, where the company controls a massive 300,000-hectare land position - 15 to 30 times larger than typical junior exploration companies. Founded in 2016 by CEO David D'Onofrio, PowerOne Capital, and renowned explorer Shawn Ryan, the company has delineated a substantial 3 million ounce gold resource at its flagship Golden Saddle deposit, representing the highest-grade open-pit resource in the Yukon at 1.4 grams per ton.The project's most significant attribute is an ultra-high-grade core containing 700,000 ounces at 5 grams per ton with exceptional 92% metallurgical recoveries. This high-grade zone, identified through recent structural reinterpretation by Dylan Langille from Great Bear Resources' discovery team, positions the company for robust starter-pit economics with rapid payback potential. A Preliminary Economic Assessment targeted for the first half of 2026 will quantify these advantages and evaluate accelerated development scenarios.White Gold recently closed a $23 million financing that represents a capital inflection point, enabling a 25,000-meter drill program—nearly ten times larger than the company's historical 3,000-meter programs. This expanded budget allows simultaneous pursuit of multiple high-probability targets: extending the ultra-high-grade zone at depth, drilling newly identified parallel footwall zones, and returning to earlier discoveries for systematic expansion. Management considers 4 to 5 million ounces a "reasonable" target, with potential pathways to 7 to 10 million ounces if deposits connect at depth.The company benefits from strategic validation through Agnico Eagle's maintained 19% shareholding and the advancement of the neighboring Coffee project to production, which establishes clear permitting pathways and infrastructure benefits. With the Yukon jurisdiction regaining favor following recent major discoveries and resolution of regional concerns, White Gold offers investors leveraged exposure to rising gold prices in an underexplored Canadian frontier with major company backing and clear development catalysts ahead.Learn more: https://www.cruxinvestor.com/companies/white-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/hawk-resources-asxhwk-new-exploration-model-revitalises-historic-utah-mining-district-6860Recording date: 12th November 2025Hawk Resources (ASX:HWK) is preparing to drill its flagship Cactus copper-gold project in Utah this December, targeting five high-priority prospects in a historically productive mining district. Managing Director Scott Caithness recently outlined the company's systematic exploration approach and the multiple pathways to value creation at this advanced-stage project.The Cactus district boasts an impressive mining heritage, with the original mine operating between 1905 and 1920, producing 1.3 million tons at 2% copper with gold credits of 0.3 grams per ton and 6-7 grams per ton silver. Modern exploration has validated this potential, with Rio Tinto's previous work intersecting 42 meters at 1.9% copper and 0.6 g/t gold, while multiple historical drill holes have exceeded 1.4% copper grades.Hawk has employed a sophisticated dual-track strategy, identifying both deep geophysical targets with district-scale potential and near-surface oxide mineralization that could provide rapid development opportunities. The company's comprehensive geophysical surveys and systematic soil sampling—the first conducted over these targets - have defined five priority drill targets ranked by geological confidence.The Copperopolis target exemplifies the project's exploration potential, featuring a massive geophysical anomaly with surface soils returning up to 1,000 ppm copper. A 1974 drill hole off the anomaly's edge intersected 30 meters at 0.2% copper, yet the core remains untested with potential for substantial mineralization.With A$5 million recently raised and Utah permitting expected by end-November 2025, Hawk is fully funded for its 12-hole drilling program. Initial assay results are anticipated in Q1 2026, providing regular newsflow through the critical discovery phase.Beyond Cactus, the company has secured the Olympus scandium project in Western Australia, featuring a 4km x 7km soil anomaly grading over 500ppm scandium. This provides significant optionality in an emerging critical mineral with growing aerospace and defense applications, currently valued at approximately $3-3.5 million per ton.View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, CEO & Jose Antonio Merino, CFO of Marimaca CopperOur previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-industry-leading-economics-meet-growth-potential-7830Recording date: 10th November 2025Marimaca Copper has secured environmental approval for its oxide copper project in northern Chile, marking a significant milestone that positions the company to break ground by the end of Q1 2026. The approval, granted through Chile's Declaration of Environmental Impact (DIA) pathway, represents years of strategic planning and proactive stakeholder engagement that distinguished the company's approach from typical mining development.The DIA approval followed submission of a comprehensive 4,800-page document that underwent rigorous review by 17 separate government agencies. Each agency examined whether the project would generate "significant environmental impact" within their specific scope, from water resources and flora to archaeology and air quality. Managing Director Jose Antonio Merino emphasized that the pathway selection was not arbitrary but rather "a result of your environmental impact assessment," with the company's design qualifying for the streamlined DIA process by demonstrating minimal environmental impact.Marimaca's strategic approach centered on designing the project around environmental sensitivities from the outset rather than retrofitting considerations after engineering completion. This methodology, while adding approximately one quarter to the submission timeline, proved instrumental in securing approval. The company also engaged proactively with local communities despite no regulatory mandate, opening dialogue about expectations and concerns that informed the final community engagement plan.The approval arrives amid favorable shifts in Chile's political environment, where Merino noted "more consensus in the Chilean political and regulatory agencies about the importance of economic growth" compared to the environmentalist wave of four to five years ago. CEO Hayden Locke views the timing as optimal, stating that "the next 5 to 10 years in copper is going to be very favorable, and we are coming to market with a new project at exactly the right time."With primary environmental approval secured and remaining sectoral permits considered low-risk, Marimaca has successfully navigated what Locke described as permitting issues that have "delayed junior companies in some cases by two decades," positioning the oxide project for near-term construction commencement.Learn more: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Recording date: 4th November 2025The gold mining sector demonstrated extraordinary financial performance in Q3 2025, with gold stabilizing near $4,000 per ounce and silver between $47-49 after a recent $300 pullback. Major producers generated unprecedented free cash flow despite market volatility, positioning the sector for sustained growth.Agnico Eagle Mines produced exceptional results with $3 billion in revenue and 66% gross margins, generating $1.2 billion in free cash flow at all-in sustaining costs of $1,400 per ounce. At current gold prices, this translates to approximately $17-18 million in daily free cash flow. Newmont Corporation similarly posted strong performance with $8 billion in revenue and $1.6 billion in free cash flow from 1.4 million ounces produced.Despite Federal Reserve rate cuts temporarily reducing global liquidity flows, the fundamental investment case for precious metals remains robust. Market weakness may extend through November, but recovery is anticipated approaching December's Fed meeting as monetary debasement trends continue supporting sector strength.M&A activity accelerated significantly with Fresnillo acquiring Probe Gold for $780 million cash, marking the world's largest primary silver producer's expansion into Canadian gold assets. This departure from Mexican operations may signal jurisdiction concerns given limited recent permitting activity. Coeur Mining's acquisition of New Gold demonstrated valuation arbitrage opportunities, with the U.S.-domiciled company leveraging its 50% premium to double operational scale while achieving 40% net accretion.Strategic investments are flowing downstream from major producers to developers and explorers. Gold Fields invested $50 million in Founders Metals targeting Suriname projects, while B2Gold deployed $10 million into Prospector Metals for Yukon exploration. These investments represent modest commitments relative to daily free cash flow generation Agnico's $180 million Perpetua investment equals just ten days of current free cash flow.The preference for cash transactions injects capital directly into specialist mining funds likely to redeploy within the sector, creating a multiplier effect. Development-stage assets trading at 0.4 times net asset value versus full NAV multiples for producers enable immediate accretion through strategic acquisitions.This capital migration down the market capitalization structure from major producers to mid-tier companies, developers, and explorers represents an early-stage phenomenon with substantial additional activity expected as producer profitability compounds at sustained gold prices.Sign up for Crux Investor: https://cruxinvestor.com

Recording date: 17th October 2025Jeff Phillips has spent three decades navigating the volatile junior resource sector, developing an investment philosophy he describes as "parental supervision" rather than traditional activism. His approach involves taking substantial positions of 4-10% ownership in carefully selected companies and providing strategic guidance on capital raising, shareholder composition, and development milestones.Central to Phillips's strategy is maintaining a concentrated portfolio of just 10-14 meaningful positions across different commodities and exploration models. He argues that excessive diversification—he cites investors holding 97 or more junior resource stocks—makes portfolio management impossible and dilutes the impact of successful investments. His mathematical reasoning is straightforward: even a 10,000% return becomes insignificant if spread across too many positions.Share structure represents Phillips's primary investment criterion. He seeks companies where 50-60% of outstanding shares are held by fully reporting insiders and major shareholders whose holdings must be publicly disclosed. This concentration indicates genuine long-term commitment, contrasting sharply with companies claiming high insider ownership where only minimal percentages are actually reported. Phillips has recently taken this preference further, requesting year-long lock-ups on his investments rather than standard four-month holds to prevent warrant flipping and allow management to execute their programs.Management quality ranks equally important. Phillips invests exclusively with proven teams who have previously built companies, made significant discoveries, or successfully navigated projects to exit. He avoids "lifestyle" management teams who perpetually raise money without building substantial value, focusing instead on those pursuing tier-one discoveries through what he calls "elephant hunting."Phillips believes the sector is entering a generational bull market driven by government supply security concerns and direct state investment in critical metals projects. He favors copper, uranium, rare earths, and antimony, though he cautions investors to expect periodic corrections or "rain delays" rather than uninterrupted appreciation. His typical holding period extends five to six years, reflecting the patient capital required for junior exploration companies to advance through development stages and create meaningful shareholder value.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Rudi Deysel, Board MD & CEO OF West Wits MiningOur previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-gold-producer-doubles-npv-to-500m-with-81-irr-in-updated-dfs-7533Recording date: 30th October 2025West Wits Mining (ASX:WWI) has successfully transitioned from project developer to gold producer, achieving a significant milestone on October 14, 2025, with its first underground ore production in South Africa's renowned Witwatersrand Basin. Managing Director and CEO Rudi Deysel confirmed that following a three-month mobilization period beginning in July, the company completed its first physical blast and ore transport from the mine.The project's unique structure allows for simultaneous development and production, facilitated by previous early works that established an operational footprint. "We actually produced our first ore around the 14th of October. So that was the first physical blast and first transport of ore out of the mine," Deysel stated. Stockpiles are being transported to Sibanye Stillwater's Ezulwini processing plant under tolling arrangements, enabling the company to generate revenue while advancing development.Early results have exceeded expectations, with production tracking marginally above resource model forecasts. Ground conditions have proven excellent, with fresh rock and strong stability allowing rapid advancement of the one-east and one-west temporary declines. Drilling and blasting cycle times are completing within single shifts, with the operation progressing toward multi-blast approvals that could double production capacity at working faces.West Wits has implemented modern hydropower technology over traditional compressed air systems common in older South African mines, delivering significant power savings by eliminating compression losses and leakage issues. The company has also deployed digital infrastructure including volume scanning, electronic sampling systems, and real-time vibration monitoring.The project remains fully funded through to steady-state production of 70,000 ounces annually, with an eight-to-nine-month payback period at current gold prices. Management maintains a disciplined focus on establishing sustainable mining practices and quality standards during this critical ramp-up phase, while pursuing a longer-term growth target of 200,000 ounces per annum within three years. "Once you prove yourself as a good operator and you deliver what you promised then you really get financial partners that support you," Deysel emphasized.View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Niël Pretorius, CEO of DRDGOLD Ltd.Our previous interview: https://www.cruxinvestor.com/posts/gold-strategic-vision-vs-market-hype-how-mining-leaders-navigate-cycles-7468Recording date: 29th October 2025DRDGOLD represents an unusual opportunity in the gold sector—a company that has paid dividends for 18 consecutive years without interruption, maintained a debt-free balance sheet through multiple commodity cycles, and is currently funding a transformative expansion entirely from operating cash flows. For investors seeking gold exposure through operational discipline rather than exploration speculation, DRDGOLD's business model warrants serious attention.The Johannesburg-based company, listed on both the JSE and NYSE with a market capitalization exceeding $2 billion, operates a distinctive business extracting gold from mine tailings—the waste material from historical mining operations. Current production runs between 100,000-155,000 ounces annually from two main operations: Ergo and Far West Gold. Success in this business depends entirely on processing massive volumes at the lowest possible cost, requiring relentless operational efficiency.CEO Niël Pretorius emphasizes a critical operational philosophy: "We don't gauge our efficiency on the basis of dollar per ounce. We gauge our efficiency on the basis of rand per ton." This focus on unit costs per ton processed rather than per ounce produced enables profitable operations across wider gold price ranges. As head grades inevitably decline when mining tailings, controlling costs per ton processed becomes the only sustainable path forward. Strategic investments in renewable energy—including a solar farm and battery storage at Ergo—have reduced power costs by 9-15 rand per ton, demonstrating management's commitment to continuous efficiency gains.DRDGOLD is currently executing Vision 2028, its most significant capital investment program. The initiative includes three major projects: extending Ergo operations with new infrastructure including the Withok tailings facility, expanding the DP2 plant to double processing capacity to 1.2 million tons monthly, and constructing an 800-hectare Regional Tailings Storage Facility—one of the largest in South Africa—capable of holding more than 800 million tons of mine residue. These projects will establish infrastructure for processing 3 million tons monthly and increase production to approximately 200,000 ounces annually by 2028-2029.The financial execution is particularly impressive. Vision 2028 requires $100-120 million in annual capital expenditure, dramatically higher than the company's typical sustaining capital of approximately 5% of cash operating costs. When designed, management anticipated requiring debt financing during peak capital periods. However, the gold price rally enabled funding the entire program from cash flows while maintaining the debt-free balance sheet and even doubling recent dividend payments. Upon completion, sustaining capital requirements will return to historical levels, substantially improving free cash flow generation.Beyond current operations, DRDGOLD is positioning for two growth opportunities: regional consolidation of nearby tailings operations leveraging existing infrastructure, and environmental restoration services for global mining companies. The restoration concept involves reprocessing mine tailings and depositing material into exhausted open pits, addressing the industry's escalating mine closure challenge while potentially generating economic returns. Management is actively engaging with operators of mature open-pit projects worldwide.Pretorius articulated the company's value proposition candidly: "Our value proposition is one of asset optimization. So we have a very large asset base. We can process at a particular rate, and our efforts are towards putting in the infrastructure to do that for as long as we possibly can and not leaving any value behind." This embedded resilience—prioritizing stability and longevity over speculative growth—has enabled uninterrupted dividend payments through commodity cycles and positions DRDGOLD as a disciplined, operationally focused investment in the gold sector.For investors seeking gold exposure through proven management, operational excellence, production growth, and financial discipline without exploration risk or acquisition-driven volatility, DRDGOLD presents a compelling case built on 18 years of demonstrated resilience.View DRDGOLD's company profile: https://www.cruxinvestor.com/companies/drdgold-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Gord Glenn, President & CEO of Minnova Corp.Our previous interview: https://www.cruxinvestor.com/posts/minnova-mci-planning-price-pace-potential-partners-1103Recording date: 28th October 2025Minnova Corp (TSXV:MCI) presents a distinctive investment opportunity in the junior gold development space, combining near-term production potential with substantial infrastructure advantages and exceptional leverage to elevated gold prices. The company is advancing the past-producing PL Gold Mine in northern Manitoba toward production by late 2027 or early 2028, following a strategic pivot from underground to open-pit mining that transforms the project's risk-return profile.The company's most significant competitive advantage lies in its existing infrastructure. An on-site 1,000-ton-per-day mill remains in serviceable condition, requiring only $15-20 million in refurbishment versus the $100+ million that peer companies must invest to build new processing facilities. Combined with owned power lines connected to Manitoba's hydroelectric grid and major permits still in place from the 1980s operation, Minnova effectively enjoys a $50-75 million head start over grassroots developments. The mill's location just 200-300 meters from the planned open pit eliminates the substantial haulage costs and logistical complexity that burden many competing projects.The transformation in gold prices has fundamentally altered project economics. Minnova's 2017 feasibility study, prepared when gold traded at $1,250 per ounce, contemplated an 800-ton-per-day underground operation producing 46,000 ounces annually. While technically viable, the project struggled to attract financing. With gold now above $4,000 per ounce, the company has shifted to an open-pit strategy that can utilize the mill's full 1,000-ton-per-day capacity from day one. The 2017 underground scenario showed a 300% after-tax internal rate of return at $2,500 gold; the lower-cost open-pit approach should deliver even stronger metrics.The technical program supporting this strategy has progressed rapidly. Minnova engaged A&B Global Mining, a South African engineering firm with extensive open-pit and narrow-vein experience, to develop preliminary pit designs and engineering studies. Current drilling, initiated in September 2025, has intersected visible gold in mineralized structures outside the existing resource estimate, while infill drilling aims to upgrade resource confidence levels. The company targets Q1 2026 for its preliminary economic assessment and updated mineral resource estimate, followed by an updated feasibility study in Q3 2026.The financing environment has shown early signs of validation. In summer 2025, Minnova attracted its first Australian institutional shareholder, along with new interest from European and US investors—a geographic diversification that signals the investment thesis is resonating beyond traditional Canadian junior mining circles. Open-pit development specifically appeals to project financiers, offering lower operating costs, reduced technical risk, and shorter development timelines compared to underground operations.For investors, Minnova occupies an interesting position on the risk spectrum—beyond grassroots exploration but before established production. The 24-30 month timeline to cash flow generation, existing infrastructure, and advanced permitting status reduce several categories of development risk that plague many junior mining projects. The company expects annual production of 40,000-50,000 ounces at full throughput, with significant resource expansion potential demonstrated through recent drilling results.Key near-term catalysts include assay results from the current drill program, the Q1 2026 PEA release, and the Q3 2026 feasibility study—each representing inflection points where investors can evaluate whether preliminary economic expectations are validated by detailed engineering and costing. The combination of infrastructure advantages, gold price leverage, and near-term production timeline creates a differentiated opportunity for investors seeking exposure to elevated gold prices through an advanced development project with reduced capital intensity.View Minnova's company profile: https://www.cruxinvestor.com/companies/minnova-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Nicholas Holthouse, MD & CEO, and Peter Ruse, Head of Corporate Development, Mont Royal ResourcesRecording date: 21st October 2025Mont Royal Resources (ASX:MRZ) is preparing to list on the Australian Securities Exchange on 5th November 2025, following its merger with Commerce Resources. The combined entity brings together North America's largest undeveloped rare earth deposit - the Ashram project in Quebec, Canada—with experienced management and a clear development strategy aimed at capitalizing on unprecedented Western government support for critical minerals.The Ashram deposit contains nearly 200 million tons of resource grading approximately 2% total rare earth oxide (TREO), supported by over 30,000 meters of drilling. What distinguishes the project is its exceptional metallurgical characteristics, with CEO Nicholas Holthouse noting the asset produces concentrates of 35-37% through strong flotation kinetics, a critical factor where many rare earth projects fail to deliver despite promising headline numbers.Holthouse, who brings eight years of rare earth sector experience including roles at Hastings Technology Metals and Meteoric Resources, will relocate to Montreal to oversee development. This on-site leadership approach mirrors the successful strategy employed by Michael O'Keefe at Champion Iron, also operating in Quebec.The company plans to scale operations to 1.2 million tons per year throughput, producing approximately 2,800-3,000 tons of NdPr annually, a "bite-sized chunk" attractive to separators while maintaining scalability for future expansion. The project also contains valuable fluorspar mineralization, contributing 10-15% of projected value and addressing North American supply shortages.The merged entity will comprise approximately 190 million shares at 20 cents per share with $10 million cash, creating an enterprise value of $25 million - compelling value for a resource of this scale. Near-term focus centers on securing government support for road infrastructure connecting the remote deposit to markets, leveraging Canada's recent commitment to allocate 1.5% of GDP specifically to critical mineral projects and associated infrastructure.View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Ténière, CEO, Lafleur MineralsOur previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cselflr-swanson-expansion-targets-500k1m-oz-resource-in-quebec-gold-camp-8112Recording date: 28th October 2025Lafleur Minerals is positioning itself for gold production within 12 months through the strategic integration of its Swanson deposit with the fully-owned Beacon Gold Mill in Quebec. CEO Paul Ténière outlined the company's comprehensive development plan during a detailed discussion, emphasizing how existing infrastructure and historical data are being leveraged to accelerate the path to production.The company is targeting completion of a preliminary economic assessment by December 2025, though Ténière noted the study approaches prefeasibility-level detail despite its PEA classification for regulatory purposes. "It's kind of misleading in a way to call it a PEA. We're calling it a PEA level only because really we're moving into a PFS level," he explained. The scope includes comprehensive work by ERM consultants covering pit design, metallurgical testing, ore sorting evaluation through SRC in Saskatchewan, and a mineral resource update incorporating twin holes at Swanson.The Beacon Gold Mill, which operated until 18 months ago under previous ownership by Monarch Mining, provides Lafleur with detailed operating cost data rarely available to development-stage companies. A dedicated team of engineers is already mobilized at the site, with initial maintenance and repairs estimated at $2-6 million. The restart strategy includes processing 5,000 tons of existing stockpile to validate equipment performance before Swanson material arrives in early 2026.Swanson's location on an existing mining lease 45-50 kilometers from Beacon significantly streamlines the permitting pathway. The company needs only to submit an updated mine plan and environmental closure plan to Quebec authorities, a process Ténière indicated "can be done in a matter of months" rather than years. The initial development phase envisions an 80,000-100,000 ton bulk sample that represents the first phase of mining, serving to validate metallurgical projections while generating early cash flow.Beyond the initial open-pit scenario, Lafleur has identified multiple expansion pathways including underground resources at Swanson showing higher grades at depth, potential mill expansion to 3,000 tons per day, and custom milling opportunities for regional deposits.Learn more: https://www.cruxinvestor.com/companies/lafleur-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Gentile, InvestorRecording date: 6th October 2025Michael Gentile, a strategic investor with 25 years of institutional money management experience, is conducting a five-city European roadshow featuring six of his largest portfolio investments. The tour through London, Paris, Geneva, Zurich, and Frankfurt comes at a pivotal moment—gold prices are reaching new highs while institutional appetite for precious metals equities returns after years of dormancy.Gentile's investment approach centers on contrarian positioning in the junior mining sector. His gold thesis, established during the 2018 downturn, was built on concerns about unsustainable government debt levels, excessive spending, and questionable monetary policy. While these fundamental concerns have intensified over seven years, market recognition has lagged dramatically as investors remained captivated by extraordinary returns in technology and artificial intelligence sectors.The investor manages a portfolio of 25-30 junior mining companies, typically entering positions at $5-20 million market capitalizations. His philosophy emphasizes three critical elements: significant insider ownership to align management with shareholders, disciplined capital allocation that avoids excessive dilution, and strategic acquisitions during downturns rather than expensive drilling programs when capital is scarce.What makes the current environment particularly compelling is the fundamental shift in gold demand. Central banks have been the primary driver of gold prices since 2019, acting as price-agnostic buyers targeting specific allocation percentages. Now, institutional investors and family offices are beginning their first meaningful allocations to precious metals—a sector representing just 0.5% of global investor capital despite its growing monetary importance.Gentile notes that mining companies are already highly profitable at current gold prices, eliminating the need for further appreciation to justify equity valuations. Despite recent strength, the sector shows none of the typical exuberance that characterizes late-cycle peaks, suggesting the rally remains in its early innings with substantial room for growth.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Jones, Managing Director & CEO of Perseus MiningOur previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-record-financial-results-capital-returns-7829Recording date: 27th October 2025Perseus Mining has embarked on a new leadership chapter with Craig Jones assuming the managing director and CEO role, bringing 15 years of operational and capital project expertise from Newcrest Mining to guide the African-focused gold producer through an ambitious expansion phase.Jones outlined a strategy centered on operational continuity rather than radical change. The focus remains squarely on delivering Perseus's five-year growth plan, which encompasses three key pillars: maintaining performance across existing operations, ramping up the Nyanzaga project in Tanzania by March quarter 2027, and developing CMA Underground as the company's first underground mine.The September quarter results underscored the operational foundation supporting this growth agenda. Perseus produced just under 100,000 ounces at an all-in sustaining cost of $1,463 per ounce, generating $161 million in operating cash flow while maintaining an industry-leading safety record with a 6.0 total reportable injury frequency rate. The company ended the quarter with net cash and bullion of $837 million.This robust balance sheet positions Perseus to fund more than $800 million in planned capital expenditure over five years without requiring debt financing, while simultaneously supporting a $100 million share buyback program. "We can fund all of our aspirations through the cash that we have on the balance sheet," Jones stated.All three operating mines - Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana are transitioning to higher-grade ore sources that should lift production in coming quarters. Meanwhile, the Nyanzaga project is tracking on schedule and budget with over 1,000 workers on site, mill fabrication ahead of schedule, and promising exploration results suggesting a potential reserve update later this year.Jones emphasized Perseus's commitment to its African focus, noting that any acquisitions outside the region would require compelling strategic rationale. "You have to stick to your knitting," he explained, highlighting the company's expertise in building and operating mines across West Africa as its core competitive advantage in creating shareholder value.View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Kevin Bailey, Executive Chairman & CEO of Po Valley EnergyRecording date: 27th October 2025Po Valley Energy, a $60 million Australian-listed natural gas producer operating in northern Italy's Po Valley basin, represents a compelling investment case built on immediate cash generation, visible production growth, and alignment with Europe's energy security priorities. With a single well currently producing and plans to drill multiple additional wells over the next two years, the company offers exposure to premium European gas pricing in a geopolitically strategic market.The company's sole producing asset, the Podere Maiar well in the Selva Malvezzi concession, has delivered consistent performance since commencing production in 2022, flowing 79,000-80,000 standard cubic meters per day and generating approximately $10,000 AUD in daily revenue. Operating at 60% free cash flow margins with minimal overhead costs of just $2 million AUD annually, Po Valley maintains a debt-free balance sheet with $15 million AUD cash on hand.Russia's invasion of Ukraine in February 2022 fundamentally transformed Po Valley's economics and strategic positioning. Gas prices, which historically traded at €0.20 per standard cubic meter, now rarely fall below €0.30 and frequently trade at €0.50 or higher. The Italian government, having reduced domestic production from 40% to just 8% while becoming dependent on Russian imports, is now actively encouraging producers to accelerate development and restore indigenous supply.Po Valley plans to drill 4-5 additional wells over the next two to three years, targeting known anticlines that ENI identified during exploration campaigns in the 1950s-1970s but did not fully develop. The company estimates this program will cost €35-40 million, of which its 63% operated interest represents approximately €22-25 million. With current cash reserves and ongoing production expected to fund 60%+ of requirements internally, Po Valley anticipates needing only modest debt financing or a small equity raising to complete the program. Once new wells are connected, production is expected to increase 3-4x to over 300,000 scm/day.Chairman and CEO Kevin Bailey, who owns 25% of the company through open market purchases, has emphasized Po Valley's focus on shareholder returns rather than empire building. Management intends to return capital via dividends or buybacks once the drilling campaign is complete, with no interest in acquisitions or expansion beyond core assets.Beyond its producing concession, Po Valley owns the offshore Teodorico asset containing approximately 37 billion cubic feet of 2P gas reserves, valued at $40-50 million AUD in 2022 - nearly equal to the company's current market capitalization. While not planning independent development, management will derisk this asset for potential sale to larger European operators.View Po Valley Energy's company profile: https://www.cruxinvestor.com/companies/po-valley-energy-limitedSign up for Crux Investor: https://cruxinvestor.com

Recording date: 24th October 2025Derek McPherson (Executive Chair) and Sam Pelaez (President, CEO, and CIO) of Olive Resource Capital are viewing recent weakness in gold and mining equities as a buying opportunity rather than a trend reversal, despite gold correcting from $4,300 to $4,000 per ounce and leading equities declining 15-20% from recent highs.In their October 24th podcast recorded from Zurich, the duo characterized the pullback as normal seasonal volatility within an ongoing bull market. Sam noted that gold reached an RSI reading of 92—the highest ever recorded before the correction, suggesting the rally had extended beyond sustainable levels. Historical analysis shows mining equities commonly correct 33-66% within bull markets, making current pullbacks of 10-20% modest by comparison.The team has strategically positioned for this volatility, transitioning from net sellers in August-September to net buyers in October after raising approximately 10% cash. They plan to increase deployment through November-December, particularly targeting high-conviction names like K92 Mining and Bellevue Gold that have pulled back significantly.Derek and Sam identified the upcoming Q3 earnings season as a critical catalyst for renewed momentum. With the third quarter featuring the highest gold prices on record, producers should report exceptional results. Additionally, buyback programs, typically suspended during pre-earnings blackout periods are expected to reactivate around November 15, providing technical support.The duo emphasized that the fundamental investment thesis remains intact. The "monetary debasement trade" continues with government spending growing faster than economic output, exemplified by the Department of Homeland Security spending $181 million on private jets during a government shutdown. They also noted copper presents opportunities, with the commodity holding firm at $5 per pound while equities have weakened.With most gold equities trading within 10% of 52-week highs, tax-loss selling pressure should be minimal this year, potentially allowing momentum from Q3 earnings to carry through year-end and into what is historically the strongest seasonal period for commodities in Q1 2026.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Spring, President and CEO, Kincora CopperOur previous interview: https://www.cruxinvestor.com/posts/kincora-copper-tsxvkcc-project-generator-strategy-transforms-growth-path-6975Recording date: 20th September 2025Kincora Copper has successfully transformed from a traditional single-project explorer into a diversified project generator, backed by prominent resource investors Rick Rule and Jeff Phillips through a C$4 million financing with a 12-month hold period. Following a 10-for-1 share consolidation, the company now operates with only 43 million shares outstanding and less than 40% free float, creating one of the tighter capital structures in the junior mining space.The strategic pivot emerged after the company invested over A$11 million and drilled 24,000 meters at its flagship Trundle project without achieving the share price movement or technical breakthrough needed to justify continued sole-funded exploration. President and CEO Sam Spring recognized that the traditional exploration approach risked exhausting capital before reaching discovery scale. The solution: partner projects while retaining meaningful equity stakes of 20-30%.Since adopting the project generator model, Kincora has completed five deals unlocking approximately $100 million in partner funding commitments. The company has already deployed $6.5 million across 13,500 meters of drilling from Q4 2024 through Q2 2025, with seven different licenses scheduled for drilling over the coming year. Critically, Kincora operates two earning joint ventures and receives management fees, creating an income stream that approaches covering all corporate costs.AngloGold Ashanti has emerged as the most active partner, planning approximately 11,000 meters of drilling across three projects in the Macquarie Arc, home to Australia's second-largest porphyry mine at Northparkes and Evolution Mining's flagship Cowal operation. The company has retained its two most advanced projects—Trundle and Fairholme—seeking optimal partnerships that preserve long-term value rather than simply accessing near-term drilling capital.Additional opportunities include the Bronze Fox project in Mongolia, which offers near-term SX-EW copper production potential at current prices, and the Condobolin project in the consolidating Cobar Basin. Spring emphasizes the portfolio approach: "Any one disappointment isn't going to be a disaster to the share price, but any one big success will give you that multiple re-rating."Learn more: https://www.cruxinvestor.com/companies/kincora-copper-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Barnholden, CEO of Luca Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/luca-mining-tsxvluca-high-grade-drilling-results-boost-mexican-mining-operations-7559Recording date: 22nd October 2025Luca Mining (TSXV:LUCA) is pursuing an ambitious transformation strategy designed to triple its market capitalization from $300 million to over $1 billion by scaling production to 200,000 ounces of gold equivalent annually. The company operates two underground mines in Mexico-Campo Morado, a polymetallic VMS deposit in Guerrero, and Tahuehueto, an epithermal gold-silver mine in Durango—both previously starved of capital for a decade.CEO Dan Barnholden, bringing two decades of investment banking experience, has spent his first year stabilizing operations and strengthening the balance sheet. With only $6 million in debt remaining, two-thirds retiring by year-end 2025 and complete elimination by June 2026 and $25 million in cash reserves, the company is pivoting decisively toward growth.The most compelling element of Luca's strategy centers on transforming Campo Morado from a zinc-focused operation into a significant gold producer. Currently recovering only 20-30% of gold content, the company has engaged Ausenco to develop metallurgical processes targeting 50-70% recovery rates. "At Campo Morado, if we can double the gold grades, if we can better than double the gold recoveries, now you're talking about a real gold mine," Barnholden explained.Simultaneously, drilling at the Reforma zone has delivered exceptional results, with intercepts of 30+ meters grading over 12 grams per ton gold equivalent. Management believes this represents a potential 8 million ton high-grade gold pod that could position Campo Morado as an 80-100,000 ounce annual producer.Tahuehueto offers a more straightforward expansion pathway, with mill capacity increasing from 1,000 to 1,500 tons per day targeting 40-50,000 ounces annually. The company has also engaged three investment banks pursuing strategic acquisitions in Mexico's consolidating mining sector, where five competitors were acquired over the past year.With operating cash flow funding exploration without dilution and debt elimination providing maximum financial flexibility, Luca Mining presents investors with a clear roadmap from mid-tier producer to potential billion-dollar enterprise.View Luca Mining's company profile: https://www.cruxinvestor.com/companies/luca-mining-corpSign up for Crux Investor: https://cruxinvestor.com

Interview withKiran Patankar, President & CEO of Maple Gold MinesMatt Manson, President & CEO of Radisson Mining Resources Inc.Recording date: 16th October 2025Two junior mining companies are systematically advancing high-grade gold projects in Quebec's Abitibi greenstone belt, leveraging the region's extensive infrastructure while pursuing disciplined capital allocation strategies that prioritize technical de-risking over speculative development.Radisson Mining Resources focuses on the O'Brien Gold Project, a historical high-grade mine that operated until 1957 when economic constraints at $35-per-ounce gold forced closure at one-kilometer depth. CEO Matthew Manson now targets two kilometers as the economic floor, with approximately 1.5 million ounces of high-grade resources currently identified. The company has launched a 140,000-meter drill program, its largest ever, to systematically expand the resource base within the well-understood Piché formation geology adjacent to the Cadillac-Larder Lake break.Maple Gold Mines controls 481 square kilometers straddling the Cadillac Break, hosting over 3 million ounces including the historical Eagle mine that produced one million ounces at 6.5 grams per tonne between 1974 and 1993. Since 2021, CEO Kiran Patankar has restructured operations, reducing annual administrative costs from $6 million to $2 million while repositioning the company's joint venture with Agnico Eagle. The restructuring secured 100% project ownership while maintaining Agnico Eagle as a strategic equity partner.Both companies executed substantial institutional financings, with Radisson raising approximately $25 million through a fully institutional bought deal involving 22 institutions, and Maple securing investment at a 100% premium to previous rounds, including a $7 million lead order from a US mutual fund. These financings deliberately targeted long-term institutional investors rather than retail speculators, with Maple implementing 12-month lock-up agreements to ensure shareholder alignment.The Abitibi region provides critical infrastructure advantages that fundamentally alter project economics. Highway access, grid power at 4 cents per kilowatt-hour, proximity to multiple operating mills with existing permitted capacity, and an established mining workforce reduce capital requirements and enable toll milling opportunities. Both CEOs reject small-scale, bootstrapped development approaches in favor of right-sizing projects based on optimal economics.Strategic investor Michael Gentile plays a central role in both companies, providing capital, board expertise, and validation through thorough diligence-based investment decisions. His involvement signals quality to sophisticated investors and provides network access to institutional capital sources.With discovery costs around $30-40 per ounce against current company valuations near $150 per ounce, both management teams emphasize that successful systematic exploration creates immediate shareholder value accretion while positioning assets for potential acquisition by producers seeking to extend existing mill operations.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Ravi Sood, Chairman & CEO of Golconda GoldOur previous interview: https://www.cruxinvestor.com/posts/golconda-gold-tsxvgg-aiming-to-deliver-a-step-change-in-production-4824Recording date: 20th October 2025Golconda Gold has established itself as a disciplined precious metals producer, emerging from a decade-long bear market to operate two permitted gold mines with strong growth prospects. The flagship Galaxy Gold Mine in South Africa, currently producing just over 10,000 ounces in 2025, is set for a production ramp up to more than 40,000 ounces annually by 2028. This expansion leverages the existing infrastructure, specifically a 50,000-ton-per-month mill running at only 30-40% utilization, which supports fourfold output growth without major new investment. The company is preparing to bring its second asset, the Summit Gold Mine in New Mexico, into production in mid-2026, targeting a steady-state 12,000 gold equivalent ounces a year. Both assets were acquired at nominal cost through distressed situations, allowing Golconda to bypass the heavy development and permitting risks that typically challenge junior miners.A defining feature of Golconda's model is its commitment to self-funded growth, with all expansion financed from internal cash flows and no reliance on equity dilution or additional debt. This approach, underpinned by more than 40% insider ownership, has driven management to prioritize survival through cost control and strict preservation of the share count—an approach that preserved capital structure during market lows and now positions the firm to maximize returns as gold prices surge. By the end of 2025, Golconda expects to be debt-free and operating with positive cash flow, having already repaid all creditors and a key offtake credit line.Management describes Galaxy's current approach as "harvest mode," prioritizing cash generation and risk-adjusted returns, particularly in light of the mine's 74% ownership structure due to local regulations. The clear capital discipline is also evident at Summit, where contract mining has been chosen to ensure operational effectiveness in a remote environment, despite higher reported costs. Looking ahead, Golconda's financial flexibility enables future capital distribution—potentially through buybacks, dividends, or further opportunistic acquisitions. For investors, Golconda offers a unique value proposition: a resilient, undiluted growth platform with long-life assets, prudent management, and the upside of flexible capital allocation in a favorable gold price environment.View Golconda Gold's company profile: https://www.cruxinvestor.com/companies/golconda-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-cartier-launches-massive-gold-exploration-7820Recording date: 21st October 2025Cartier Resources (TSXV:ECR) represents a compelling gold exploration opportunity centered on demonstrating mining camp-scale potential along Quebec's renowned Cadillac Fault in the Abitibi region—one of the world's most productive gold districts with over a century of mining history and hundreds of millions of ounces produced. The company has consolidated approximately 15 kilometers of strategic land position between multiple historic mining camps and adjacent to Agnico Eagle's producing operations, positioning itself to become what management characterizes as "the next mining camp along the Cadillac fault."The investment thesis centers on an exceptionally aggressive exploration program that fundamentally differentiates Cartier from typical junior explorers. The company has committed to a 100,000-meter, 600-hole diamond drilling program—representing an order of magnitude increase over the 5,000-10,000 meters that typical juniors drill annually. This intensive approach directly addresses the prolonged timelines that often frustrate junior resource investors by front-loading discovery work and compressing value recognition timelines. Strategic partner Agnico Eagle explicitly endorsed this aggressive strategy, with management noting Agnico's directive to "demonstrate that there's a mining camp there, not one mine, but a cluster of maybe three or four mines" with potential for 10-15 million ounces rather than the 3 million ounces typical of single-mine scenarios.Cartier's operational efficiency provides embedded value often overlooked in exploration-stage analysis. The company secured $12 million in full program funding while simultaneously locking in drilling costs at $110 per meter for two years—substantially below typical market rates of $150-200 per meter and representing 25-35% cost advantages. This pricing reflects fortuitous timing in contracting and the project's proximity to Val-d'Or mining infrastructure, effectively providing 15-20% more drilling capacity for the same capital outlay. Over a 100,000-meter program, these savings compound meaningfully while eliminating near-term dilution concerns.Recent exploration results validate the geological model, with the company's third press release since August program commencement demonstrating systematic expansion of mineralization. Drill intercepts include 11 g/t over 9 meters and ounce-per-ton material over metric widths in stacked vein systems with true widths extending approximately 50 meters. The mineralization occurs at surface in multiple parallel structures, suggesting both high-grade vein mining potential and bulk tonnage scenarios—a combination characteristic of the region's most successful operations.Management has structured a comprehensive five-pronged development program simultaneously advancing drilling, metallurgical testing, environmental baseline studies for permitting, resource estimate updates, and preliminary economic assessments. This parallel execution compresses typical sequential development timelines while generating bi-weekly news flow expected to continue for 18 months. The metallurgical work specifically targets toll milling opportunities at existing regional mills, a strategy that could reduce development capital requirements by 50-75% compared to standalone mill construction.The project benefits from exceptional infrastructure access, sitting within 30 minutes of Val-d'Or with its established workforce, service providers, power, and multiple processing facilities. The historic Chimo Gold Mine, encompassed within Cartier's land package, achieved 93% recovery rates and operated until 1997 when it closed not from resource exhaustion but from gold prices collapsing to $275 per ounce. With gold now exceeding $2,700 per ounce—nearly 10x higher—combined with superior mining technology and metallurgical methods, the same geological setting offers dramatically enhanced economic potential.CEO Philippe Cloutier articulates a clear timeline for value recognition, stating the program is almost 7 months pregnant with the company targeting a different level by the end of 2025, early 2026. For investors seeking exposure to gold discovery upside in a premier mining jurisdiction, backed by strategic producer validation and managed by a team demonstrating capital discipline and commercial focus, Cartier Resources presents a compelling risk-reward proposition with multiple near-term catalysts and substantial revaluation potential should management successfully demonstrate camp-scale mineralization.View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Gan-Ochir Zunduisuren, Managing Director of Asian Battery Metals PLCRecording date: 15th October 2025Asian Battery Metals (ASX:AZ9) is emerging as a focused critical minerals developer in Mongolia, strategically positioned at the doorstep of Asian consumption markets. Led by Managing Director Gan-Ochir Zunduisuren, a mining engineer with 22 years of experience including a board position at Rio Tinto's Oyu Tolgoi copper operation, the company is advancing a portfolio of copper, nickel, and gold projects in southwestern Mongolia's prospective Central Asian orogenic belt.The company's flagship Oval copper-nickel project has delivered significant validation through selection for BHP's prestigious Xplor accelerator program in 2023. As one of only seven companies chosen globally from 250 applicants - and the sole Asian representative - Asian Battery Metals received $500,000 USD to prove the concept of a magmatic mafic intrusion-related copper-nickel sulfide system. This third-party technical endorsement has been reinforced by encouraging metallurgical results, with initial test work achieving 89-95% copper recovery and concentrate grades of 18.5-24%, meeting industry benchmarks for economic viability.With approximately A$30 million in market capitalization and A$7-8 million deployed across exploration programs, the company has established 800 meters of continuous mineralization at Oval, with widths ranging from 50 to 80 meters. Recent drilling has extended mineralization to 290 meters depth, suggesting potential for deeper extensions along feeder conduit structures. The company is also advancing regional targets including MS1, located six kilometers south of Oval with geophysical signatures potentially larger than the main discovery, supporting a hub-and-spoke development model where multiple deposits could share centralized processing infrastructure.Complementing the copper-nickel focus, Asian Battery Metals is completing due diligence on the Maikhan Uul VMS copper-gold system, located just eight kilometers from Oval. Recent drilling confirmed more than 20 meters of massive sulphide mineralization with historic grades of approximately 1.7% copper and 1 gram per tonne gold, plus a high-grade shallow gold zone grading over 15 g/t. The company expects to complete this acquisition within four months, adding diversification and supporting the multi-deposit cluster strategy that Managing Director Gan-Ochir described as essential to achieving the company's goal of "more than 20 million tons of economic resources or potentially producing 50,000 tons of metals."Mongolia's maturation as a mining jurisdiction provides crucial support for development pathways. Over the past 15 years, the country has opened 20-30 new mines, improved infrastructure substantially, and developed multiple financing options including international financial institutions, domestic banks, and Chinese offtake arrangements. This evolution, combined with proximity to Asian markets and an established contractor mining sector, positions Asian Battery Metals to advance its projects efficiently in a jurisdiction that has demonstrated it can support world-class operations like Rio Tinto's Oyu Tolgoi copper mine.View Asian Battery Metals' company profile: https://www.cruxinvestor.com/companies/asian-battery-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Brett Marsh, President & CEO of Spartan MetalsRecording date: 16th October 2025Spartan Metals Corp has emerged as a focused player in the critical minerals sector with its Eagle project in Nevada, a past-producing district that encompasses two historic tungsten mines and a high-grade copper-silver operation. The company's strategic approach centers on reviving domestic tungsten production at a time when the United States faces near-total import dependence for this defense-critical metal.CEO Brett Marsh, bringing 25 years of geology experience across major mining companies and junior explorers, has deliberately structured Spartan around tungsten development despite the presence of valuable polymetallic mineralization on the property. The company's stock symbol 'W' reflects this unwavering focus on what Marsh describes as the cornerstone commodity driving the venture.The Tungstonia deposit presents compelling characteristics for modern exploration. Historic mining during World War II and earlier periods produced grades between 0.6% and 0.9% tungsten trioxide, with operations extending only to approximately 75 meters depth. Recent work reveals that veins mined over 700 meters of strike length actually extend to nearly 2 kilometers, suggesting substantial depth potential that previous operators never tested.An immediate catalyst exists in the form of 10,000 tons of historic tailings grading 0.15% tungsten trioxide. Drilling commenced October 20th to establish tonnage, grade distribution, and metallurgical characteristics, with Marsh indicating the company will likely partner with entities possessing downstream processing capability for monetization rather than developing standalone infrastructure.Spartan's recent $2.25 million financing fully funds a comprehensive Phase 1 exploration program including surface mapping, soil geochemistry, geophysical surveys, and 3D geological modeling ahead of maiden drilling tentatively scheduled for early spring 2026. The company's systematic approach to validating century-old data through modern exploration techniques has attracted attention from both investors and government entities interested in reshoring strategic mineral supply chains. With tungsten classified as critical by the U.S. government and China controlling approximately 80% of global supply, Spartan's timing aligns with heightened policy support for domestic production alternatives.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nicholas Bridgen, CEO of Ferro-Alloy Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/ferro-alloy-resources-lsefar-low-cost-vanadium-play-preps-feasibility-study-for-june-2025-6715Recording date: 15th October 2025Ferro Alloy Resources has released feasibility study results for its Kazakhstan vanadium project, revealing exceptional economics that position the company among the lowest-cost producers globally. Phase 1 development demonstrates a net present value of $749 million with a 22% internal rate of return, while production costs of just $0.36 per pound after byproduct credits place the project in the bottom decile of global vanadium operations.Chief Executive Nicholas Bridgen attributes these compelling economics to two fundamental advantages. The company's sedimentary ore deposit differs markedly from the magnetite sources that supply 95% of global vanadium production, requiring no concentration or roasting processes. This geological advantage translates directly into lower processing costs and reduced environmental impact. Additionally, the deposit contains 8.5% carbon content that can be processed into carbon black substitute, a valuable byproduct for tire manufacturing commanding prices around $500 per ton.The project's strategic positioning extends beyond pure economics. With vanadium designated as a critical metal across Western countries, Ferro Alloy Resources benefits from multiple financing pathways as governments seek to diversify supply chains away from Chinese dominance. The carbon black substitute product carries approximately one-tenth the embedded emissions of conventional production, potentially adding $100-200 per ton in value as carbon tariffs expand globally.Phase 1 targets 8,500 tons of vanadium pentoxide annually, with Phase 2 conceptually three times larger. Seven ore bodies have been identified across the project area, though only the first has been fully incorporated into current planning. Existing infrastructure including power lines, road access to international rail connections, and favorable open-pit mining conditions reduce both capital requirements and execution risk.The company now advances toward front-end engineering design, evaluating both Western financing aligned with critical minerals strategies and competitive Chinese contractors for cost-efficient development. With a 15,000 ton-per-year pilot plant already demonstrating superior recovery rates compared to laboratory testing, Ferro Alloy Resources presents investors with a de-risked pathway into vanadium production at a strategically significant moment for global supply chains.View Ferro-Alloy Resources' company profile: https://www.cruxinvestor.com/companies/ferro-alloy-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Blake Hylands, CEO of Lithium Ionic Corp.Our previous interview: https://www.cruxinvestor.com/posts/opportunity-in-volatility-lithium-projects-poised-for-rebound-5610Recording date: 15th October 2025Lithium Ionic has significantly strengthened the economics of its Bandeira lithium project in Brazil, delivering a rare improvement in feasibility study updates. The company's latest Definitive Feasibility Study reveals exceptional metrics: a post-tax internal rate of return exceeding 60%, net present value of $1.5 billion, and a two-year payback period over a 19-year mine life. Most notably, capital costs decreased by $70 million to $190 million, positioning Bandeira among the lowest-cost lithium developments globally.The capital reduction resulted from strategic partnerships and engineering optimization rather than project compromise. Lithium Ionic partnered with R-TEK Resources, the engineering team that successfully constructed the adjacent Sigma Lithium operation, bringing proven DMS plant design expertise. This collaboration enabled equipment standardization, simplified mine sequencing, and refined facility design while maintaining project robustness.Located in Minas Gerais' Araçuaí pegmatite belt, the Bandeira project benefits from exceptional geological validation. The deposit sits just 500 meters from the CBL operation, which has produced lithium for 30 years, with near-identical structural and geochemical characteristics. Through targeted drilling completed in late 2024, Lithium Ionic expanded measured and indicated resources from 21 million to 27.5 million tons, converting 21 million tons to proven and probable reserves at a 77% rate.The project's lowest-quartile cost profile provides resilience against lithium's recent price volatility, which has seen spodumene swing from $8,000 to $650 per ton. Management targets early 2026 for permit approval and end-of-2027 production, timing that could coincide with tightening supply-demand dynamics as sustained low prices curtail new supply development.With sub-$200 million capital requirements generating $1.5 billion in value, conservative operating assumptions, and a proven development team, Lithium Ionic presents a compelling proposition for project financing as battery demand continues expanding across electric vehicles, grid storage, and AI infrastructure applications.Learn more: https://www.cruxinvestor.com/companies/lithium-ionic-corpSign up for Crux Investor: https://cruxinvestor.com