Podcasts about aisc

In this discussion we talk with Professor Corinna Mullin who is a member of the Anti-Imperialist Scholars Collective.  Corinna Mullin is an anti-imperialist academic who teaches political science and economics. Her research examines the historical legacies of colonialism and the role of capitalist expansion and imperialist imbrications in producing peripheral state “security dependency,” with a focus on unequal exchange, super-exploitation, resource extraction, and other forms of surplus value drain/transfer as well as resistance. Corinna has also researched and published academic works on border imperialism, struggles around the colonial-capitalist university, fascism, multipolarity, and national liberation, with a focus on the Maghreb, West Asia, and Turtle Island. Corinna was a member of the Steering Committee for the International Peoples' Tribunal on U.S. Imperialism and organizes with CUNY for Palestine and Labor for Palestine. She serves on the Steering Committee of the Professional Staff Congress (PSC)-CUNY's International Committee and is a member of the Delegate Assembly. Full bio from AISC. In this discussion we primarily discuss her piece, Zionism, Imperialism, and the Struggle Against Global Fascism: Palestine as the ‘Hornet's Nest' of US Empire from the Anti-Imperialist Scholars Collective blog The Pen Is My Machete  And a little bit on her piece The ‘War on Terror' as Primitive Accumulation in Tunisia: US-Led Imperialism and the Post-2010-2011 Revolt/Security Conjuncture from Middle East Critique  Also I say more about this in the episode, but Dr. Mullin was fired from CUNY as a result of her stance and organizing with respect to Palestine. We will include a statement from AISC on this and a Statement in Solidarity with CUNY Faculty and Students Facing McCarthyite Retaliation for Palestine Solidarity which we have signed.  There are also a number of other calls to action for faculty and students at CUNY that we will include in the show description. Corinna talks about those at the end of the episode and we strongly encourage folks to support those calls to action it only takes a minute of your time. In this discussion Dr. Mullin talks a little bit about Dr. Ali Kadri's The Accumulation of Waste: A Political Economy of Systemic Destruction and it just so happens that we have a study group on that exact book starting on October 1st, it's available to everyone who supports the show, whether through patreon, BuyMeACoffee or as a YouTube member of the show. Details on that study group and how to join it are linked in the show description. But just to note that there are only about 40 spots left in the group as we publish this, so if you want to join us, make sure you do so ASAP to reserve your space. Calls to Action:  "Hadeeqa Arzoo Malik is being made an example of for the sake of setting the tone across the nation at public universities, as they seek further control over the student movement for Palestine. City College President Vincent Boudreau has already denied her appeal for a drop to the charges, without even an acknowledgement to the 2,000+ calls and emails from the community that demanded her reinstatement. Now, it is time to escalate both our tactics against CUNY and whom we pressure— Take it to the Board of Trustees. Your rage is needed to make it loud and clear that CUNY's repression will not go uninterrupted.  CALL CUNY STUDENT AFFAIRS: 646-664-8800 EMAIL THE BOT: https://tinyurl.com/Defendhadeeqaarzoo" Free Tarek Bazrouk! Tarek is a 20-year-old Palestinian from NYC, unjustly convicted of federal charges stemming from his participation in protests against the genocide in Gaza. "Demand Immediate Reinstatement of Terminated Adjunct Faculty and Defend Academic Freedom Send a letter to Brooklyn College President Michelle Anderson, CUNY Chancellor Félix Matos Rodríguez, and CUNY Board Chairperson William Thompson urging them to reinstate the fired adjunct faculty and protect the rights of CUNY students and workers who stand in solidarity with Palestine. The targeting of these individuals is part of a broader assault on higher education and academic freedom. Their fight is our fight—silencing them is an attack on us all. Send your letter here ➔" Sanctuary & Popular University Network (SPUN statement & instagram) Related conversations: War is the Basis of Accumulation with Ali Kadri Charisse Burden-Stelly on Black Scare/Red Scare  Link to the latest issue of Middle East Critique & the conversation with Matteo Capasso   “Attica Is an Ongoing Structure of Revolt” - Orisanmi Burton on Tip of the Spear, Black Radicalism, Prison Rebellion, and the Long Attica Revolt  Heading Towards Invasion? The US Empire's Campaign Against Venezuela with José Luis Granados Ceja  Palestine's Great Flood with Max Ajl

ACG Metals CEO Artem Volynets joined Steve Darling from Proactive's OTC studio in New York City to share news the company's ordinary shares have qualified and commenced trading on the OTCQX Best Market under the ticker “ACGAF”, while continuing to trade on the London Stock Exchange. Volynets said this milestone is a key step in ACG's strategy to broaden its international shareholder base and expand visibility among U.S. institutional and retail investors, positioning the company for its next phase of growth. ACG's financial performance has already demonstrated strong momentum, with market capitalization doubling in the past year from $100 million to $200 million. The company generated $90 million in free cash flow last fiscal year and is forecasting $75 million this year, even under conservative assumptions. Looking ahead, as ACG transitions to copper production by mid-2026, management expects annual free cash flow to rise to ~$100 million, implying the stock is currently trading at roughly 2x projected free cash flow. The company's existing gold operations in Turkey continue to perform strongly, with 2025 production guidance of 36,000–38,000 ounces. At an all-in sustaining cost (AISC) of ~$2,000/oz, ACG is delivering “very significant margins” in the current gold price environment. Importantly, the company's brownfield copper expansion is fully funded. The project requires approximately $70 million of capital investment, while ACG already has double that amount on its balance sheet. A bond issue earlier this year was met with strong demand and is currently trading at a significant premium, underlining investor confidence in the company's strategy. Volynets added with copper positioned as a critical metal for electrification and the energy transition, ACG Metals is entering the next stage of its evolution as a cash-generating gold producer transitioning into a diversified, high-margin copper growth story. #proactiveinvestors #acgmetalslimited #lse #acg #otcqx #acgaf #CopperMining #GoldProduction #FreeCashFlow #MiningStocks #OTCQX #ArtemVolynets #GoldPrices #MiningInvestment #CopperExpansion #InvestorUpdate #ProactiveInvestors

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 financials and operations, along with the dual-pronged 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.    Q2/25 MDN Operating Highlights:   Q2/25 production of 11,437 GEO and AISC of $1,779/oz Unit costs expected to continue to decline as production increases in H2/2025 Q2/25 Adjusted EBITDA of $7.4 million Record heap leach production of 7,864 GEO during the Quarter Underground development at Paloma started with three access portals CIL plant receiving initial contribution from underground development; production expected to ramp up over H2/2025 20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs into H2. The production profile will also keep growing with the underground mining having now commenced.  With higher gold prices, the CIL plant continued to process lower-grade stockpiles in Q2/25, but new high-grade material from the underground mining operations will start being blended with it moving forward, and this will increase the average grade throughput at the mill.   Another area of future growth will be the 20,000 meter drill program will be a combination of  underground exploration work targeting new areas of mineralization and growing the mine life, in addition to surface drilling that is exploring around the open pit resources, as well as identifying additional satellite open-pits at surface.     Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by Q1 2026.  Construction is targeted for H2 of 2026, with first production slated for early 2028.   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   * In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap the key record Q2 2025 financial results along with a comprehensive review of all operations.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.     Q2  2025 Highlights   Revenues of $73.3 million, a 4% increase year-over-year. Gross Profit of $25.3 million, a 59% increase year-over-year. Net Income of $21.0 million, a 1,348% increase year-over-year. Adjusted EBITDA of $26.8 million, a 68% increase year-over-year. Cash and short- and long-term investments of $57.8 million, a 691% increase year-over-year. Working Capital of $60.3 million, a 303% increase year-over-year. Cash cost per silver equivalent ounce sold ($/oz) of $19.48, a 10% decrease year-over-year. AISC per silver equivalent ounce sold of $22.95, a 8% decrease year-over-year. Silver Equivalent Ounces produced of 3,547,054, a 15% decrease year-over-year1.     Q2 2025 Production Highlights: Silver Equivalent Production: 3,547,054 silver equivalent ounces Silver Production: 1,423,081 ounces Zinc Production: 21,148 tonnes Lead Production: 2,773 tonnes Copper Production: 229 tonnes   Arturo discussed the very strong revenues, gross profit, net income, adjusted EBITDA, cash and cash equivalents,  and working capital all up substantially in year-over-year metrics. In addition their cash costs and All-In Sustaining Costs (AISC) numbers came down in a meaningful way due to a combination of factors from mine optimization work paying off, to favorable currency exchange rates, and the positive impact of paying down the Glencore loan early, which will save the Company US$40 million. The Company plans to successfully complete the final 2 payments to Glencore by October 31, 2025, and will likely pay off both installments in the month of September.  The company also announced a sale of 70 million Bolivian Bolivianos Promissory Note at 7.00% interest rate, a maturity date of June 15, 2026, just to give them treasury efficiencies for working capital in country.   Switching over to the operations for the quarter, there was better revenues from their San Lucas ore-feeding business, which is now absorbing the Reserva Mine ore to then blend it with ore from the small-scale miners.   This leaves the ore from both the Tres Amigos and Colquechaquita mines to report to Caballo Blanco, making all operations much more efficient with better metals recoveries.   The San Lucas production and revenues largely offset the lagging effects in the quarter from the water issues at Bolivar, which have now been mostly resolved, and those high-grade veins will be a bigger contributor to production again for H2 of 2025.   Transitioning over to Mexico, we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this will continue growing in the Q3 and Q4 production profile from Zimapan for the balance of this year and for many years into the future.   Arturo also highlighted that with the strength of the balance sheet, the coming elimination of the Glencore debt, and robust incoming revenues, that the Company is now currently ramping up more exploration and development work at their Soracaya Project, to put it on the pathway to primary silver production about a year and a half out. An internal study was completed by Glencore with an estimated capex of ~US$40MM for construction of a processing plant and tailings facility. Mine plan envisions a 7 year mine life with average annual payable production of ~4.5MM oz AgEq (based on consensus prices). Development is subject to permitting.     If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them to me Shad@kereport.com.   In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from Santacruz Silver

Zak Mir talks to Segun Lawson, President & CEO of Thor Explorations, in the wake of the recent announcement that the West African-focused minerals exploration and mining Company, which is currently producing gold from its wholly owned Segilola Gold Mine in Nigeria and is advancing its exploration properties in Senegal and Côte d'Ivoire. They include the Douta Gold Project in Senegal which is being advanced towards development. We delved into the company's current priorities, the recent high-grade mineralisation intersected at Segilola (its flagship mine in Nigeria), and the broader growth story across West Africa — including projects in Senegal and Côte d'Ivoire. Below, I summarise the key takeaways, numbers and strategy Segun shared, and what it means for Thor's investors. Why Segilola remains the priority Segilola is Thor's cash cow. Segun made it clear that the company's main focus this year is extending the mine life at Segilola because each additional year of production at current metrics is highly value‑creative. Segilola is already one of the lower cost gold mines globally for Thor; the company has fully repaid senior debt and is building cash monthly. Current production averages around 85,000 ounces per year. All‑in sustaining costs (AISC) are running at just under $1,000 per ounce. Segun put the economics in stark terms: at a gold price around $3,000/oz and the production/AISC profile above, every additional year of mine life translates into substantial free cash flow, which he described as “north of $100 million of free cash for every additional year” added to the bottom line. Actions underway to grow resource and life of mine Thor isn't relying on hope — they've been actively investing to find more ounces and accelerate drilling: Increased exploration budget for Nigeria. Purchased new drilling rigs to speed up the pace of drilling. Completed structural studies over the last few years to better target mineralized zones. Segun emphasized that with the mine's strong margins, “every additional ounce of gold we find now is hugely value creative.” Where Thor stands financially and why it may not be “too late” Thor's share price has performed strongly — up roughly 2x year‑to‑date at the time of our discussion — and Segun addressed an obvious investor question: is it too late to get in? "“I don't think so. Our values are underpinned by our production and existing mine life. If we were, in the unlikely event, not to find another ounce of gold, we would still generate very strong cash. We are paying a dividend at the moment over the next two years and we are delivering value to shareholders just based on our existing project.”" In short: Thor already generates strong cash flow from Segilola, has a clean balance sheet after repaying senior debt, and is returning capital to shareholders. That base case gives investors downside protection while the company pursues upside through exploration and development. Development and exploration pipeline: Senegal and Côte d'Ivoire Segun highlighted two key growth pillars beyond Nigeria: Senegal (Douta and related assets) The Douta project is advancing through a Preliminary Feasibility Study (PFS) expected to be completed soon; this will be the first time a formal set of economics are published for the asset. Segun described Douta as materially larger in terms of ounces than what Thor currently produces in Nigeria and expects a mine life north of 10 years, although at a lower grade and hence likely a lower margin compared to Segilola. The PFS is viewed as a significant rerating opportunity for the company once economics are released. Côte d'Ivoire (early stage and near‑term drilling) Thor entered Côte d'Ivoire in 2024 and has started reporting drilling results. Segun noted encouraging results at the company's Guichi (100% owned) project and mentioned an earlier‑stage target, Maravei, where they plan to start drilling later in Q3 and continue through year‑end. This jurisdiction provides “blue sky” exploration upside and a portfolio of targets at different stages of maturity. Why these jurisdictions — and why Thor's approach works Thor operates in Nigeria, Senegal and Côte d'Ivoire — three very different operating landscapes, but Segun argued each has strong merits: Nigeria: Thor built the first (and so far only) large‑scale gold mine in the country. Rather than viewing Nigeria as an exotic, risky jurisdiction, Segun points out that it's a sophisticated economy with large amounts of foreign direct investment across sectors, a skilled workforce, and a mining code that allows 100% project ownership, tax holidays and repatriation of foreign exchange. Senegal: A proven mining jurisdiction with existing producing mines and projects under development. Strong local geological expertise and government institutions make it straightforward to operate there. Côte d'Ivoire: One of West Africa's success stories in moving projects from exploration to production; the country hosts many recent and active mine developments. Segun believes Thor's early mover status in Nigeria gave the company a blueprint and operational learnings that are transferable as they expand elsewhere. Investor takeaways Base case strength: Segilola is producing cash at attractive margins and the company is debt‑free at the senior level while paying dividends — that reduces investment risk. High leverage to exploration success: Extending Segilola's mine life materially increases free cash flow and shareholder value; Thor has increased exploration spend and drilling capacity to deliver that growth. Portfolio growth: The Douta PFS in Senegal is a near‑term milestone that could unlock meaningful rerating potential, and Côte d'Ivoire provides additional exploration upside. Jurisdiction risk: While some investors may perceive Nigeria as risky, Segun argues the country offers significant upside and has the regulatory framework and skills to support mining operations. Conclusion Thor Explorations today is a company with a strong, cash‑generating operation at Segilola and an active program to extend that mine life — a move that, at current gold prices and production metrics, translates into substantial free cash per added year. At the same time, Thor is advancing a development project in Senegal and building an early‑stage portfolio in Côte d'Ivoire. That combination of cash flow, dividends, near‑term development catalysts and exploration upside is what Segun argues makes Thor compelling today. If you're tracking junior producers and developers in West Africa, Thor is a name worth watching: they already produce, they're paying shareholders, and they're investing to create more ounces and more years of production. Disclaimer & Declaration of Interest: The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.

Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us for a wide-ranging discussion on various operational and exploration updates around their 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.   We also review the key metrics and takeaways from the Rowan Project Preliminary Economic Assessment (PEA).   In July 2025, three gold pours were made at Madsen, producing a total of 3,800 ounces of gold. Of that, 3,595 ounces were sold at an average price of US$3,320 per oz, which generated CND $16.4 million in revenue.  In July the Madsen mine operations team completed sill development and mining in eight (8) areas spread across McVeigh, South Austin, and Austin. Mined material carried an average grade of 8.9 grams per tonne gold.   Gwen outlines that the Company currently has a dual focus during the Madsen Mine ramp-up for the balance of 2025.   Achieving targeted ramp-up gold ounce production. Instituting new operational efficiencies.   These objectives will be reached by continuing to adding new equipment and haul trucks, developing more underground access to high-priority mining areas and stopes, and getting the first phase of Madsen Shaft rehabilitation operational.  Additionally, their operations team is working to get the Cemented Rock Fill (CRF) Project in place to convert waste rock into cement to be filled into historic underground voids, which are ideal repositories for this waste rock.    Once those objects have been achieved, then the Company will feel confident in declaring commercial production; with an internal target to reach this by year-end.   Next, we discussed the exploration strategy moving forward for expanding high-confidence ounces in the South Austin Zone of Madsen, which have seen some bonanza-grade intercepts from drilling throughout this year:   SOUTH AUSTIN ZONE EXPLORATION HIGHLIGHTS:   Hole MM24D-08-4447-069 - Intersected 6 meters (m) @ 114.26 g/t gold (Au), from 122.0m to 132.6m, Including 0.7m @ 1,609.26 g/t Au, from 130.5m to 131.2m, within a broader high-grade interval of 4.25m @ 282.00 g/t Au Hole MM25D-12-4669-011 - Intersected 5m @ 52.86 g/t Au, from 25.0m to 29.5m, Including 1m @ 213.62 g/t Au, from 26.5m to 27.5m Hole MM25D-12-4669-024 - Intersected 7m @ 48.97 g/t Au, from 5.3m to 24.0m, Including 2m @ 428.83 g/t Au, from 20.5m to 22.5m Hole MM25D-08-4380-011 -Intersected 1m @ 61.51 g/t Au, from 11.0m to 23.1m, Including 1m @ 725.00 g/t Au, from 12m to 13m, Hole MM25D-11-4420-024 Intersected 6.9m @ 36.85 g/t Au, from 79.1m to 86.0m   In addition to growing the known areas, there will also be a renewed focus on making new discoveries and following up on the promising earlier-stage drill targets tested in last year's program like the high-grade shoot at Upper 8, the MJ/Wedge area, North Venus, and North Shore.  Gwen also highlights how the Fork Deposit will get some more drilling to further define the higher-grade zone and move it up the matrix of areas to potentially come into the mine sequencing in the medium-term.   Wrapping up we reviewed NI 43-101 PEA prepared on June 30th, 2025, for a toll milling mine operation at its 100%-owned Rowan project in the Red Lake Gold District of northwestern Ontario, Canada.   Rowan PEA Highlights:   High-Grade Efficient Mine: Underground mine via long hole retreat method, delivering an average diluted head grade of 8.0 grams per tonne (“g/t”) gold (“Au”), accentuated by 10.4 g/t Au average grade in Year 1. Notable Production: 35,230 oz. average annual Au production over the 5-year mine life from an average mining rate of 385 tonnes per day (“tpd”). Strong Value: $125.3M post-tax Net Present Value (“NPV”) at US$2,500 per oz Au. Post-tax NPV rises to $239M at US$3,250 per oz Au. Low Costs and Strong Returns: US$1,408/oz all-in sustaining cost (“AISC”) and 41.9% post-tax internal rate of return (“IRR”), underscoring the viability of the Company's second potential mine in the region. IRR increases to 81.7% at a US$3,250/oz gold price. Modest Initial Capital: Multiple mills in the area with excess capacity create the opportunity to develop Rowan as a toll milling operation with initial capital of just over $70 million. High Confidence Inventory: PEA mine design includes 63% of mined tonnes and 72% of mined ounces from the Indicated category – provides solid base for transition into prefeasibility study (“PFS”) level assessment.     If you have any follow up questions for Gwen or the team over at West Red Lake Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.   In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from West Red Lake Gold Mines

I'm joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for a deep dive into the company's recent milestones, led by the release of the Preliminary Economic Assessment (PEA) for the Valley deposit and ongoing 2025 exploration. Key discussion points: PEA Highlights: 6.8M ounces payable gold over a 20+ year mine life Average annual production of ~544,000 oz gold in first 5 years All-in sustaining costs (AISC) under US$600/oz in early years Post-tax NPV of C$3.37B at $2,150/oz gold, rising to over C$6B at $3,150/oz gold Strong operational efficiency with a strip ratio of 0.14:1 Project Financing & M&A Potential: High early cash flow profile makes the project financeable through multiple pathways. Pre-Feasibility Study (PFS) Work: Engineering, permitting baseline studies, and stakeholder engagement underway to keep development timelines tight. Exploration Updates: 30,000m drill program in 2025 - 20,000m focused on infill and step-outs at Valley, with notable new zones identified. Regional drilling on 7 targets within the district, with visible gold found across multiple reduced intrusion-related systems. Strategic approach to district-scale discovery without sacrificing Valley's development pace. If you have any follow up questions for Scott please email me at Fleck@kereport.com.   Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company. 

Urban living has shaped architect Ho-gyeum Kim since his childhood, and his experience in New York sparked an award-winning design concept.

New Found Gold Corp CEO Keith Boyle joined Steve Darling from Proactive to announce the results of the company's Preliminary Economic Assessment (PEA) for the AFZ Core zone at its Queensway Gold Project, located near Gander, Newfoundland and Labrador. The report marks the first comprehensive look at the economic viability of the project and highlights its potential to become a low-cost, high-margin gold producer. The PEA outlines a 15-year life-of-mine (LOM) with total gold production of 1.5 million ounces, averaging an all-in sustaining cost (AISC) of US$1,256/oz and a total cash cost of US$1,085/oz. In a base-case scenario using a gold price of US$2,500/oz, the after-tax NPV5% is $743 million with an IRR of 56.3%. When modeled at a higher gold price of US$3,300/oz, the NPV increases dramatically to $1.45 billion, and IRR rises to an impressive 197%. The company is targeting initial gold production by Q3 2027, pending regulatory approvals. Phase 1 construction is expected to begin that same year. In preparation, New Found Gold is advancing an aggressive 70,000-metre drilling program aimed at upgrading and expanding its initial mineral resource estimate (MRE). Further work includes environmental baseline studies, engineering trade-offs, and project definition activities. Boyle also emphasized the expansion potential at Queensway, citing more than 110 km of strike length for future exploration and the opportunity for camp-scale development beyond the current resource area. This PEA positions New Found Gold to transition into a significant gold producer in Atlantic Canada, aligning with its strategic vision of building and operating a world-class gold mine in Newfoundland. #proactiveinvestors #newfoundgoldcorp #tsxv #nfg #nyseamerican #nfgc #gold #mining #NewFoundGold #KeithBoyle #MiningNews #GoldExploration #PEAResults #NewfoundlandMining #ResourceDevelopment #JuniorMining #ProactiveInvestors

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a review of H2 2025 guidance and an operations update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end for potential production in 2026. We also review the news out today about the closing of the acquisition of a package of development and exploration projects from NorthX Nickel Corp.   We kick off the conversation with a review of production and cost guidance for the second half of 2025 a their McCreedy West Mine.   Highlights (in USD unless otherwise stated):   Quarterly ore sales from the 700 Copper Zone are expected to be between 80,000 and 92,000 tons in the second half of 2025. Contained copper equivalent grade expected to be between 2.9% to 3.4% in Q3 2025, and 3.8% to 4.4% in Q4 2025. Cash costs (per copper equivalent pound) expected to be $3.85 to $4.40 in Q3 2025, reducing to $3.11 to $3.66 in Q4 2025. AISC (per copper equivalent pound) expected to be $4.95 to $5.49 in Q3 2025 and $3.85 to $4.47 in Q4 2025.   Jason discusses the primary focus at McCreedy West for this year is really getting all the development work completed to be able to really ramp up production in a big way in 2026.  The company has invested capital into underground equipment and additional development, hired additional people to support a 24-7 operation at the mine, and they are seeing the benefits of this plan materialize. The mine plan for this year is evolving, where a 3rd party contractor has been brought in to get in front of 6+ months of extra underground development, with the plan to get access to mining areas that have better grades like the area to the west of the 700 Copper Zone.  Jason explains that they expect all-in sustaining costs to decrease in 2026 after concluding their accelerated capital development program and achieve our optimization goals.   There will still be ore processed each quarter, but the operations teams wants to get enough stopes opened up through development for the balance of this year to have options in accessing mineralization from different parts of the mine.   We also reviewed how in addition to the high-grade copper area of the mine in the 700 Copper Zone, that there is the Intermain Nickel Zone and a Precious Metals Zone, with platinum, palladium, and gold that can be accessed down the road at the right metals prices and margins.   Next we transitioned over to all the exploration focus at the past-producing Levack mine and Jason outlines the Company strategy to keep aggressively drilling and delineating mineralization with a targeted Resource Estimate for Q3, while also continuing with engineering work to then put out a Mine Restart Plan by year end or the beginning of next year. This is all leading towards the pathway for bringing the Levack Mine back into production in 2026.   Additionally, the team is still advancing similar derisking and development work at their Crean Hill Project where, depending on financial market conditions, it could be on a dual track for production in late 2026 or early 2027.    Wrapping up we reviewed a few of the exploration and development properties included in their acquisition which closed today with portfolio of properties located in the Sudbury Basin from NorthX Nickel Corp. (CSE: NIX). The NorthX properties being acquired represent 304 km2 of mineral claims, leases and patents in the Sudbury area. The acquisition of the NorthX property portfolio brings Magna's aggregate holdings in the Sudbury area to 584 km2. Several properties host known exploration targets within Sudbury Breccia units in the footwall of the Sudbury Igneous Complex (SIC), including the Wisner, Blezard, Frost Lake and Creighton South properties. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt + Pd + Au from the surface Broken Hammer Zone (Technical Report on Wallbridge's Sudbury Area Properties, Ontario (Canada), 2017). The Blezard and Creighton South properties cover portions of the footwall environment near the known Blezard and Creighton contact deposits, which have measured and indicated resources of 7.9 million tonnes grading 1.0% Ni, 0.7% Cu and 6.2 million tonnes grading 4.5% Ni, 3.3% Cu, respectively.     If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording.   Click here to follow along with the news at Magna Mining

Canagold Resources CEO Catalin Kilofliski joined Steve Darling from Proactive to share the positive results of the Feasibility Study for the company's 100%-owned New Polaris gold-antimony project in northwest British Columbia. The study confirms robust project economics and sets the stage for Canagold's transition into permitting and development. Kilofliski highlighted that the FS outlines an after-tax Net Present Value (NPV) of $425 million and an Internal Rate of Return (IRR) of 30.9% based on a base-case gold price of US$2,500 per ounce, with a project payback period of just 2.4 years. Under a spot gold price of US$3,300 per ounce, the economics become even more compelling, with an after-tax NPV of $793 million, an IRR of 47.3%, and a reduced payback period of 1.7 years. The Life of Mine (LOM) after-tax free cash flow is projected to be $649 million at the base-case price and $1.1 billion at the spot price, reinforcing New Polaris as a low-capex, low-AISC project with significant upside potential. Kilofliski stated, “The Feasibility Study results demonstrate exceptional economics, even at conservative gold prices. As we continue optimizing the project—including antimony recovery and potential cost reductions through green power solutions—our immediate priority is progressing through the permitting phase toward construction and eventual production.” He also acknowledged the Taku River Tlingit First Nation for their collaborative engagement and ongoing open dialogue, emphasizing the company's commitment to responsible development. #proactiveinvestors #canagoldresources #tsx #ccm #otcqb #crcuf #mining

Interview with Lon Shaver, President of Silvercorp Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silver-demand-rises-as-supply-struggles-to-keep-pace-7082Recording date: 9th July 2025Silvercorp Metals presents a compelling investment opportunity as a proven silver producer positioned to capitalize on favorable market dynamics and structural shifts in silver demand. With nearly two decades of profitable operations in China, the company has demonstrated exceptional operational resilience, maintaining profitability and free cash flow generation even during challenging market conditions.The company's competitive advantage lies in its exceptionally low-cost production structure. With all-in sustaining costs (AISC) of just over $12 per ounce compared to current silver prices trading in the $35-36 range, Silvercorp generates substantial profit margins that provide significant cash generation capacity. This cost efficiency stems from mature operations and operational expertise developed over 20 years of continuous production.President Lon Shaver believes the silver market has entered "a new paradigm" where prices are "unlikely to trade below $30 and more likely to touch $40." This fundamental shift is driven by silver's dual nature as both a precious metal investment vehicle and critical industrial commodity. The convergence of traditional investment demand with accelerating industrial consumption creates multiple demand drivers supporting higher price levels.Silvercorp's growth strategy centers on disciplined geographic diversification while maintaining focus on precious metals production. The company is constructing a new mine in Ecuador, targeting production commencement in 2027. Crucially, this expansion is funded entirely through internally generated cash flows, avoiding shareholder dilution through equity raises. As Shaver explained, "We've built up this cash balance to be able to go out and grow the company, we are self-funding some initial growth programs."The company's financial strength provides strategic flexibility for opportunistic growth. Rather than pursuing aggressive expansion that could strain resources, Silvercorp has built substantial cash reserves from profitable operations. This approach reduces execution risk while maintaining financial flexibility for future opportunities in an industry where management describes the project pipeline as "skinny."Silver's industrial applications continue expanding across solar panels, electric vehicles, electronics, and renewable energy infrastructure. The metal's superior electrical and thermal properties make it irreplaceable in advanced technologies. Simultaneously, monetary policy uncertainty drives investment demand for precious metals, with silver offering accessible entry points compared to gold.Supply constraints compound favorable demand dynamics. New mine development faces increasing regulatory hurdles, extended permitting timelines, and technical challenges. Limited new supply additions benefit established producers like Silvercorp with proven operational capabilities and existing production capacity.Beyond the Ecuador project, Silvercorp maintains strategic optionality through its position in New Pacific Metals, providing exposure to silver growth assets in Bolivia. This structure allows participation in potential future production growth while limiting direct development risks.The silver mining sector's ongoing consolidation creates opportunities for larger, more efficient operators. Silvercorp's scale, operational expertise, and financial strength position it favorably as either a consolidator or strategic partner. The company's nearly two-decade track record of profitable operations across multiple market cycles demonstrates management expertise and operational resilience.For investors seeking exposure to silver's structural growth opportunity, Silvercorp offers established profitability, substantial profit margins, strategic growth initiatives, and financial strength. The combination of low-cost production, geographic diversification, and favorable market fundamentals positions the company to capitalize on what management views as a fundamental shift in silver pricing dynamics.View Silvercorp Metals' company profile: https://www.cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com

Fraser Reid did not envision becoming a sustainability champion when he began his structural engineering career, but he has flourished in that space and found an industry niche where he's comfortable.

How can a deeper understanding of materials and a closer collaboration with builders reshape the way we design?In this special episode of Practice Disrupted, we spotlight a hidden gem for architects: the Architecture Center at the American Institute of Steel Construction (AISC). While AISC has long been a technical hub for engineers, the Architecture Center is working to change that perception, offering architects the tools, knowledge, and support to innovate with steel.Evelyn is joined by Nima Balasubramanian, Director of Architecture at the AISC Architecture Center, and Parke MacDowell, an Associate Principal and the Director of Fabrication at Payette Architects. Nima details the Center's mission to be a resource "for architects, by architects," bridging the gap between design and fabrication by making technical information more accessible and fostering connections with the fabrication industry.Parke offers a compelling perspective from the world of practice, sharing how Payette's in-house fabrication group uses physical models and prototypes to foster shared agency, accelerate decision-making, and expand the role of the architect. He argues that embedding fabrication into a firm's process starts not with expensive tools, but with a cultural shift and by building direct relationships with specialty trade fabricators."For me the architecture center is all about forging connections, and that's connections between the designer and the builders who execute their ideas. It's about establishing a common language and a common knowledge base. It's that shared territory which accelerates innovation." - Parke MacDowellThe conversation also touches on practical concerns, including steel supply chains and project costs, and explores the future of the profession. Nima shares the Architecture Center's upcoming initiatives, such as hands-on welding workshops and steel mill tours, designed to give architects tangible experience with the material they specify. Parke concludes with a powerful call for architects to recognize the agency they have to shape a more equitable built environment for everyone.Guests:Nima Balasubramanian is the Director of Architecture at the American Institute of Steel Construction (AISC), where she leads the Architecture Center. A former practicing architect, she is now focused on building out the center's mission to provide architects with the resources, knowledge, and support they need to work more effectively and efficiently with structural steel, bridging the gap between design and fabrication.Parke MacDowell is an Associate Principal and the Director of Fabrication at Payette Architects in Boston. As both a licensed architect and a fabricator with a background in welding, his work sits at the intersection of craft and community. He uses fabrication to drive design excellence, foster shared agency among project teams, and broaden the role of the architect in the building process.Is This Episode for You?This episode is for you if: ✅ You want to learn about the resources the AISC Architecture Center provides for architects. ✅ You are interested in how to better integrate fabrication and making into your design process. ✅ You are a small firm owner wondering how to collaborate more effectively with builders and fabricators. ✅ You are curious about hybrid steel-timber structural systems. ✅ You believe architects have a responsibility to broaden their agency and reclaim territory in the building process.What have you done to take action lately? Share your reflections with us on social and join the conversation.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap the key record Q1 2025 financial results along with a comprehensive review of all operations.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.   Q1 2025 Highlights   Revenues of $70.3 million, a 34% increase year-over-year. Gross Profit of $27.9 million, a 6882% increase year-over-year. Net Income of $9.5 million, a 93% decrease year-over-year1. Adjusted EBITDA of $27.5 million, a 2202% increase year-over-year. Cash and cash equivalents of $32.5 million, a 706% increase year-over-year. Working Capital of $51.7 million, a 7530% increase year-over-year. Cash cost per silver equivalent ounce sold ($/oz) of $17.84, a 16% decrease year-over-year. AISC per silver equivalent ounce sold of $22.34, a 8% decrease year-over-year. Silver Equivalent Ounces produced of 3,688,129, a 5% decrease year-over-year.    Q1 2025 Production Highlights:   Silver Equivalent Production: 3,688,129 silver equivalent ounces Silver Production: 1,590,063 ounces Zinc Production: 20,719 tonnes Lead Production: 2,718 tonnes Copper Production: 279 tonnes Underground Development: 10,135 meters   Arturo discussed the very strong revenues, gross profit, cash and cash equivalents,  adjusted EBITDA, and working capital up substantial in year-over-year metrics. In addition their cash costs and All-In Sustaining Costs (AISC) numbers came down in a meaningful way due to a combination of factors from mine optimization work paying off, to favorable currency exchange rates, and the positive impact of paying down the Glencore loan early.    Additionally, there was better setup with San Lucas ore-feeding business absorbing the Reserva Mine ore to blend with ore from the small-scale miners, and with it not being blended with Tres Amigos and CQCQT. This made Caballo Blanco much more efficient with better metals recoveries, as well as the San Lucas operations improving efficiencies.   The water issues at Bolivar were limited to just this quarter and resolved and the reason Zimapan was higher cost this quarter was because they just bought some new equipment to optimize operations (like 3 new Scoop trams), and to take advantage of the higher-grade 960 Level.  Those were both one-off effects taken in Q1, but resolved for Q2 and moving forward for the balance of the year.   Wrapping up we reviewed the plan in place to exercise its Acceleration Option to satisfy the Base Purchase Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst meeting the Company's commitment to financial discipline and a strong balance sheet. The plan's primary objective is to save the Company US$40 million. The Company successfully completed payments to Glencore of USD$17.5 million by the end of Q1, and will be paying the remaining of USD$22.5 million by October 31, 2025.     If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them to me Shad@kereport.com.   In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from Santacruz Silver

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

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins us for a review of Q1 2025 operations and financials from its Segilola Gold mine, located in Nigeria, and for the Company's ongoing exploration and development programs in Nigeria, Senegal and Cote D'Ivoire.    Q1 2025 Financial Highlights   22,750 ounces ("oz") of gold sold (Q1 2024: 17,420 oz) with an average gold price of US$2,720 per oz (Q1 2024: US$2,033). Cash operating cost of US$711 per oz sold (Q1 2024: US$418) and all-in sustaining cost ("AISC") of US$950 per oz sold (Q1 2024: US$632). Revenue of US$64.0 million (Q1 2024: US$33.3 million). EBITDA of US$43.6 million (Q1 2024: US$23.2 million). A quarterly record Net Income of US$34.4 million (Q1 2024: US$12.4 million). Net Cash of US$24.7 million (Q1 2024: Net debt of US$14.3 million). Maiden quarterly dividend of C$0.0125 per share per quarter (C$0.05 per year)   This strong financial balance sheet with no debt is allowing the Company to increase exploration initiatives at all projects.   In Nigeria, there is ongoing near-mine exploration focused on testing depth extensions of the Segilola deposit, with a diamond drilling program targeting the continuity of high-grade shoots down-plunge to the south. Early results confirm mineralization below the current final pit design. Drilling returned encouraging high-grade intercepts both north and south of the existing resource, indicating the potential for extensions and new target areas beyond the current limits of the Segilola resource. Regional exploration efforts concentrated on geochemical sampling targeting structurally complex zones within the Ilesha Schist Belt identified through geological modelling as prospective for gold mineralization.   In Senegal, at the Douta Gold Project, workstreams in support of a Preliminary Feasibility Study ("PFS") were advanced during 2024 on the metallurgical test work, process flow sheets and resource update.  Exploration work focused on  at depth between the main Makosa resource base along the 6km strike from Makosa Tail to the northern extent of the deposit, with RC drilling targeting increased oxide resource definition at the parallel Makosa East Prospect. The discovery of the Baraka 3 Prospect in Douta West has had positive implications to the Douta PFS, but has delayed the delivery of this study as a result. This 3km of strike length of very wide near-surface oxide gold mineralization could be very import to the early economics in a development scenario of this Project, and thus the Baraka 3 drilling has been accelerated.   Wrapping up we discuss the exploration prospectivity over the 3 different exploration projects in Côte d'Ivoire: The Guitry Gold Project and two additional option agreements to acquire an 80% interest in the early-stage Boundiali Exploration permit and the Marahui Exploration permit. At these project the company is assessing target-generative geochemical surveys and sampling and mapping, with drilling planned for after rainy season in Q3 2025.     If you have any questions for Segun regarding Thor Explorations, then please email them into us at Fleck@kereport.com or at Shad@kereport.com.   *In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.   Click here to follow the latest news from Thor Explorations

An architecture career that has included stops in three countries brought Nima Balasubramanian to AISC, where she's helping create a crucial resource for educating architects about structural steel.

How can architects build better relationships with materials - and each other?In this episode of Practice Disrupted, Evelyn Lee sits down with Nima Balasubramanian, Director of Architecture at the American Institute of Steel Construction (AISC), to explore how architects can deepen their material knowledge, challenge industry norms, and find joy in alternative career paths. Nima's story takes us from long nights at overworked firms to welding workshops and global entrepreneurship—and along the way, she invites us to imagine a better way of practicing architecture.Nima opens up about her early days in traditional firms where overwork was rewarded, not questioned. She speaks candidly about the toll it took on her health, family, and sense of purpose—and how two pregnancy losses ultimately pushed her to reexamine her future in the profession. After launching her own practice in the Netherlands and experiencing a radically different approach to work-life balance, Nima returned to the U.S. with a new perspective—and an openness to roles that extended beyond conventional practice.Today, she leads AISC's Architecture Center, where she works to bridge the gap between architects and the steel industry. Through hands-on learning experiences like job site tours and welding workshops, Nima is helping architects reconnect with material craft and access information in ways that are practical, visual, and engaging. She and Evelyn discuss what it means to build collaborative cultures, the power of small shifts in firm leadership, and how designers can advocate for healthier, more sustainable ways of working.“When we give architects the chance to pick up a welding torch, to walk a steel mill, to actually feel the material—that's when real learning happens. It's not about memorizing data sheets. It's about creating experiences that stay with you and inform your design choices.”- Nima BalasubramanianThe episode concludes with encouragement for anyone exploring nontraditional paths: your architecture education is not wasted—it's a foundation. Nima shares how skills like communication, empathy, and project management translate far beyond firm life, and offers advice for others navigating career transitions, burnout, or culture misalignment in their current roles.Guest: Nima Balasubramanian is the Director of Architecture at the American Institute of Steel Construction (AISC), where she leads the Architecture Center in creating tools, events, and resources that connect architects more deeply with the steel industry. Trained as an architect in India and the U.S., Nima has worked across three continents, founded her own practice, and held leadership roles in both design and operations. Her mission today is to champion hands-on, human-centered approaches to material education and professional development.Is This Episode for You?This episode is for you if: ✅ You're an architect curious about career paths outside of traditional practice ✅ You're burned out and wondering what else is possible ✅ You want to reconnect with materials and craft in your work ✅ You're thinking about how firm culture affects health, happiness, and retentionWhat have you done to take action lately? Share your reflections with us on social and join the conversation.

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q4 and full-year 2024 operations and financials at Minera Don Nicolas in Argentina, the transformative acquisition underway of Ascendant Resources and the value proposition at the Lagoa Salgada VMS Project in Portugal, along with the further value and optionality at the Mont Sorcier Iron-Vanadium project in Quebec.   Q4/24 and Annual Minera Don Nicholas Financial and Operating Highlights:   Production of 10,431 GEO in Q4 and Annual production of 54,494 GEO Adjusted EBITDA of $4.5 million in Q4 and US$24.4 million for the year excluding assets sales and Option payment proceeds. Received $34 million in Asset sale and Option payment proceeds in Q4: Received $49 million for the full year with up to $25 million ($15 million guaranteed) due in the coming years. AISC of $1,953 during Q4 vs $1,594 in Q4/23 due to lower production levels and ongoing inflationary pressures in Argentina Received Asset Sale and Option payments totaling $34 MM during the quarter, significantly strengthening the balance sheet. Focus remains on ramping up heap leach production to 4,000 - 4,500 GEO per month   Mark and I review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as finding more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets. Operational results for the fourth quarter demonstrated a decrease in production relative to Q4/23 as high-grade ore to the CIL plant declined as mining from the Calandrias Norte pit was completed, and as the operation transitioned to focus on heap leach production. With higher gold prices, the CIL plant is expected to continue processing low grade stockpiles through Q2/25 when it will be blended with new high-grade material from initial underground mining feed from Q3/25 onward. The ramp up of heap leach operations continues to improve as crushing capacity continued to climb with production of 5,956 GEO during the quarter.   Next we unpack the ongoing transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. The vote is next week and this Project adds both substantial precious metals resources along with critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile. Project economics studies anticipate lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years.  Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project.  There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec.   Recent metallurgical test work, announced on May 1st has reaffirmed the potential to produce high grade and high purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%. More ongoing test work and improvements to the overall process design will be at the core of the NI 43-101 Bankable Feasibility Study ("BFS") which is targeted to be completed by the end of Q1 2026.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.

Growing up near Philadelphia helped shape Jill Lavine's childhood architectural aspirations. Decades later, she's a prominent figure in the area's architecture scene.

Interview with Jeff Quartermaine, Managing Direcotr & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-gold-operations-deliver-22-profit-growth-6748Recording date: 29th April 2025Perseus Mining Limited (ASX/TSX: PRU) has emerged as one of Africa's most compelling gold investment opportunities, demonstrating exceptional financial strength and a clear growth trajectory. With its March 2025 quarter results revealing cash and bullion reserves of US$801 million, zero debt, and an additional US$300 million in undrawn credit facilities, Perseus stands on remarkably solid financial footing among mid-tier gold producers.The company's operational excellence continues to impress, with quarterly production of 121,605 ounces at a competitive all-in site cost (AISC) of US$1,209 per ounce. This efficiency, combined with strong gold prices averaging US$2,462 per ounce during the quarter, has generated substantial cash margins of US$1,253 per ounce and a notional operating cashflow of US$152 million. Such robust margins highlight Perseus's ability to maximize value from its existing asset base.Most significantly, Perseus has now taken the Final Investment Decision to develop the Nyanzaga Gold Project in Tanzania. This strategic expansion represents a US$523 million investment to develop a large-scale, wholly open-pit operation expected to produce first gold in Q1 2027. Over its initial 11-year mine life, Nyanzaga is projected to produce 2.01 million ounces of gold, with production averaging over 200,000 ounces annually from FY28 to FY35 and peaking at 246,000 ounces. The project's strong economics are reflected in its pre-tax NPV10% of US$404 million and IRR of 26%, figures that improve dramatically at higher gold prices.Complementing the Nyanzaga development is Perseus's commitment to the CMA Underground project at its flagship Yaouré operation in Côte d'Ivoire. This development will make history as Côte d'Ivoire's first mechanized underground mine while extending Yaouré's operational life until at least 2035. With Byrnecut appointed as the specialized underground mining contractor and mobilization already underway, the project is advancing rapidly toward portal development in July 2025.Despite these significant capital commitments, Perseus continues to prioritize shareholder returns through its ongoing A$100 million share buyback program, which was approximately 33% complete at quarter-end. This balanced approach to capital allocation demonstrates management's commitment to creating both immediate and long-term value for investors.Perseus Mining has clearly positioned itself for sustainable growth beyond this decade. CEO Jeff Quartermaine's strategy of building "a sustainable, geopolitically diversified but African-focused gold business involving 3-4 operating mines that produce between 500-600koz of gold per annum" is now coming to fruition. With its exceptional financial position, strong operational performance, and two major growth projects underway, Perseus offers investors exposure to a well-managed gold producer with significant upside potential in a favorable gold price environment.—View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA - OTCQX:LUCMF - FSE:TSGA), joins us to provide insights on key production milestones and upcoming catalysts across both of Luca's assets - Tahuehueto and Campo Morado.   Key topics discussed: Commercial Production Declared at Tahuehueto: As of March 31st, the company has officially declared commercial production at Tahuehueto, with an initial throughput rate of 800 tonnes per day and plans to expand toward full mill capacity. Dan outlines how recent capital raised enabled this milestone and details the growth potential from improved mill availability and throughput. 2025 Production Guidance Released: Luca projects 85,000 to 100,000 ounces of gold equivalent production, with 65,000 to 80,000 ounces payable. Dan breaks down the company's polymetallic revenue mix - currently weighted about 55-60% toward precious metals - and explains how changes in metal prices impact gold-equivalent calculations. Metallurgical Optimization at Campo Morado: A major focus is the Campo Morado Improvement Project, now in Phase 3. The company is transitioning from two to three concentrate streams, which will significantly enhance metal recoveries and payabilities. Looking ahead, Phase 4 targets improvements in precious metals recovery. Exploration Ramps Up at Both Mines: Underground drilling has resumed at Campo Morado for the first time in over a decade, aiming to extend mine life. Surface drilling is also underway, targeting higher-grade precious metal zones, a strategic shift given current gold prices. Similar exploration plans are in motion at Tahuehueto. Strong Free Cash Flow Outlook: Dan highlights forecasted $30-$40 million in free cash flow for 2025, after capital expenditures, G&A, and exploration. He emphasizes the company's focus on bankable, bottom-line growth over traditional cost metrics like AISC. Upcoming Catalysts: Additional exploration results from both mines Technical reports and updated resource estimates Year-end and Q1 financial results Analyst site visit at Campo Morado—the first in over 15 years   Please email us with any follow up questions for Dan - Fleck@kereport.com & Shad@kereport.com.   Click here to visit the Luca Mining website.

Kimberly Guzman has found her place in structural engineering after shifting gears to it during college and navigating early career challenges.

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review a production and exploration update at Minera Don Nicolas in Argentina, the transformative acquisition of Ascendant Resources and their Lagoa Salgada VMS Project in Portugal, and the optionality and value proposition in the Mont Sorcier Iron-Vanadium project in Quebec.   We start off digging into an operations update and review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as find more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets.   Next we unpack the key news announced on February 3rd, on the transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. This adds substantial precious metals and critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile, with expected lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years.  Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project.  There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec.   The company will have a stronger balance sheet at the end of 2025, growing production and revenues, and 3 strong projects each with key news catalysts for the balance of this year.   Click here to see the latest news from Cerrado Gold.

David Wolfin, President and CEO of Avino Silver and Gold Mines (TSX:ASM – NYSE:ASM), joins me to outline the key metrics and takeaways from the record Q4 and record full year 2024 financials and operations.  Then we take a deeper dive into the Company's 5-year production growth plan, to become a Mexican intermediate silver producer, with the development of both the La Preciosa Project in 2025, and then the Tailings Project a few years out.   Fourth Quarter 2024 Financial Highlights (compared to Q4 2023)   Record Revenues: The Company realized revenues of $24.4 million, an increase of 95%, driven by increased production and higher realized silver and gold prices in the quarter. Record Gross Profit: Gross profit, or mine operating income, was $10.5 million and represented an increase of 308%. The significant improvement was a result of items noted related to revenues, as well as meaningful unit cost reductions and currency movements between the US dollar and Mexican Peso. Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $15.6 million, up over 2,000%, as well as mine operating cash flows before taxes 3 of $11.9 million, up 230%. Record Earnings and Adjusted Earnings: The Company realized net income of $5.1 million, or $0.03 per share, up 804%, and adjusted earnings 3 of $10 million, or $0.07 per share, an increase of 405%. Earnings before interest, taxes, depreciation and amortization ("EBITDA") 3 was $9.1 million, up 712% Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold was $13.88 and all-in sustaining cash costs per silver equivalent payable ounce sold was $18.62, down 8% and 14%, respectively.   Full Year 2024 Financial Highlights (compared to FY 2023)   All-Time High in Cash Strength: Cash balance of $27.3 million, an increase of 916%. This represents the highest balance in the Company's history and positions the Company to execute on its organic growth plans. Record Revenues: The Company realized revenues of $66.1 million, an increase of 51%, driven by improved production and sales volumes, as well as higher realized metal prices in 2024 Record Gross Profit: Gross profit, or mine operating income, was $23.2 million and represented an increase of 197%. Record Earnings and Adjusted Earnings: The Company realized net income of $8.1 million, or $0.06 per share, with adjusted earnings 3 up 364% at $21.3 million, or $0.15 per share. EBITDA 3 rose significantly and was $18 million, up 620%. Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold came in at $14.84, down 5% and all-in sustaining cash costs per silver equivalent payable ounce sold was $20.57, down 6%. Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $23.1 million, up over 1400%. Mine operating cash flow before taxes of $27.6 million, an increase of 150%   David outlines the consistent silver, gold, and copper production coming from the Avino Mine,  where the Company delivered record financial performance driven by higher metal prices and increased production from their Avino Mine. With records set in revenues and cash flow generation, their operating margins were further strengthened, and with a debt-free balance sheet and over $27 million in cash to close out the year, they are well-positioned for the future.  There is also a concerted effort in 2025 to invest in exploration around the Avino Gold Mine to spur on more organic growth.   For the balance of the discussion, we shifted over to the ongoing development work at the La Preciosa Project, now that the final permits were received to begin development, and the work on the underground decline has commenced and mining will get underway with first production expected in Q4 of 2025. We talk about the grade being about 3 times as high, and once in production it will start bringing AISC down into the high teens. Then the Oxide Tailings Project is also in cue for a few years out with low ~$10 All-In Sustaining Cost, it will contribute to their 5-year production growth plan and lowering costs down into the mid-teens.     If you have any follow up questions for David regarding Avino Silver and Gold then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Avino Silver & Gold at the time of this recording.   Click here to follow the latest news from Avino Silver and Gold

VOV1 - Lần đầu tiên, hơn 1.000 lãnh đạo, chuyên gia của các tên tuổi lớn và các tập đoàn công nghệ đã quy tụ tại Hội nghị quốc tế về “Trí tuệ nhân tạo và Bán dẫn 2025”, gọi tắt là AISC 2025, khai mạc sáng nay tại Hà Nội.

Tim Kohany found comfort in carpentry at a young age, but working with wood shaped a curiosity about engineering and designing with steel.

Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-a1b-in-liquid-assets-growing-6623Recording date: 24th February 2025Perseus Mining Limited (ASX/TSX: PRU) has announced robust financial results for the half-year ending December 2024, demonstrating solid performance across its African gold operations. The company reported gold production of 253,709 ounces at an all-in site cost (AISC) of US$1,162 per ounce, positioning it in the upper half of its guided production range while keeping costs below expectations.Financial highlights include revenue of US$581.8 million (up 19% year-on-year), profit after tax of US$201 million (up 22%), and EBITDA of US$352.7 million (up 26%). The company's earnings per ounce reached US$819, representing a 25% increase from the previous comparable period."What's really important from our perspective is that our earnings per ounce are around $819 per ounce, which is 25% higher than in the previous period," noted Jeff Quartermaine, CEO and Managing Director.Perseus's financial strength is evident in its balance sheet, with US$704 million in cash and bullion as of December 31, 2024, an increase of US$117 million in just six months. The company maintains zero debt while having access to a US$300 million undrawn credit facility.This strong position has enabled Perseus to double its interim dividend to 2.5 Australian cents per share and implement a share buyback program of up to A$100 million. As of February 10, 2025, the company had purchased 4,689,269 shares for approximately A$12.16 million.Production was distributed across Perseus's three operating mines: Yaouré (123,158 ounces), Edikan (96,634 ounces), and Sissingué (33,917 ounces). For the June 2025 half-year, the company forecasts production between 215,000 and 250,000 ounces at an AISC of US$1,360-1,435 per ounce.Perseus's growth strategy includes underground development at CMA in Côte d'Ivoire, advancement of the Nyanzaga Gold Project in Tanzania (scheduled to begin production in early 2027), and potential mine life extensions at existing operations.The company employs a measured approach to gold price risk management, with approximately 24% of production hedged at US$2,500 per ounce while allowing the remaining 76% to benefit from current high spot prices."Our business is not about spending money; it's about generating benefits," Quartermaine emphasized, highlighting Perseus's disciplined approach to capital allocation.With its robust financial position, operational efficiency, clear growth pathway, and commitment to shareholder returns, Perseus Mining appears well-positioned to navigate the opportunities and challenges of gold mining in Africa while capitalizing on the current favorable gold price environment.View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Nic Earner, Managing Director of Alkane Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-fully-funded-growth-plan-exploration-upside-for-potential-re-rating-6182Recording date: 18th February 2025Alkane Resources, an ASX-listed gold producer operating in New South Wales, is capitalizing on record-high Australian gold prices of around A$4,600 per ounce. The company has positioned itself for strong performance with recent operational improvements and a strategic hedging approach.For FY2025, Alkane expects production to be in the lower range of its 70-80,000 ounce guidance, with all-in sustaining costs (AISC) between A$2,400-2,600 per ounce. Production is projected to be closer to 80,000 ounces in FY2026, with AISC expected to decrease to around A$2,000 per ounce after completion of development work in the new mining area.The company has recently completed significant infrastructure investments, including a flotation and fine grinding circuit that has increased gold recoveries by 7%, along with a new pace carbon-in-leach plant. While these investments have resulted in higher near-term costs, they are expected to improve long-term operational efficiency.Alkane's hedging strategy leaves two-thirds of its production exposed to current high gold prices, with only one-third hedged at A$2,850 per ounce through June 2027. At current spot prices, this results in an average realized gold price of approximately A$4,000 per ounce.The company's flagship Tomingley Gold Operations, including its underground mine and satellite deposits of Roswell and San Antonio, demonstrate significant exploration potential. Since 2013, the operation has exceeded initial expectations, having mined about 650,000 ounces from an initial 370,000-ounce mine plan, with substantial reserves still remaining.Financially, Alkane maintains a strong position with A$40 million in cash and bullion as of December 2024, expected to increase in the current quarter. The company's debt structure includes A$45 million in bank debt, with A$5 million scheduled for repayment by June 2025.Looking ahead, Alkane is developing a new open pit mine alongside its underground operations, which should provide additional operational flexibility. The company's growth strategy is supported by extensive exploration upside, with its underground operations and satellite deposits remaining open at depth.The broader market environment appears favorable for Alkane, with gold prices at record highs in Australian dollar terms, driven by global economic factors including monetary stimulus, inflation concerns, and geopolitical tensions. As an Australian producer, Alkane benefits from both the high gold prices and the stability of operating in Australia's established mining jurisdiction.View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Konnert, President & CEO of Vizsla Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/vizsla-silver-tsxvvzla-all-known-questions-answered-6110Recording date: 3rd February 2025Vizsla Silver represents a unique investment opportunity in the silver sector, combining robust financials, clear development momentum, and significant growth potential. The company's recent transition from explorer to developer has been backed by several strategic decisions that differentiate it from peers in the precious metals space.At the core of Vizsla's investment case is its financial strength, with approximately C$130 million (US$90+ million) in treasury. This substantial cash position wasn't just opportunistic fundraising - it represents a deliberate strategy to de-risk the project's development pathway and provide flexibility in execution timing. As CEO Michael Konnert emphasizes, this approach ensures the company won't face pressure for discounted financings at crucial development stages.The company's flagship project in Sinaloa, Mexico, demonstrates compelling economics with an industry-leading NPV to CAPEX ratio of 5x. Recent resource growth of 43% in the Measured & Indicated category, now totaling over 222 million ounces, provides strong foundational support for the upcoming feasibility study. The project's sub-$9 AISC positions it to generate substantial margins across various silver price scenarios.Development progress is evident in the ongoing test mine, which represents more than just exploration - it's the permanent production access being developed ahead of schedule. This strategic approach to development, learning from successful predecessors like SilverCrest, aims to de-risk the crucial startup phase by building significant ore stockpiles before mill construction begins.Near-term catalysts include the feasibility study expected in the second half of 2025, ongoing permitting progress, and potential construction commencement in the first half of 2026. The company targets production for the second half of 2027, with project payback potentially as quick as six months at current silver prices.Beyond the initial development project, Vizsla offers substantial exploration upside across its expanded 30,000-hectare land package in the Sinaloa Silver Belt. The company's strategy of district consolidation, rather than external M&A, focuses value creation within a proven geological terrain.What makes Vizsla particularly compelling in the current market is the scarcity of quality silver development projects. As Konnert notes, "There's really only a handful of development stories at all in silver, and there's really only a small few, Vizsla certainly included, that have any real economic value."This positioning, combined with silver's positive supply-demand dynamics and its role as both a precious and industrial metal, creates a unique investment opportunity in the silver sector.For investors seeking exposure to silver with a clear path to production, strong management execution, and multiple avenues for value creation, Vizsla presents a compelling investment case backed by substantial financial resources and strategic development planning.—Learn more: https://cruxinvestor.com/companies/vizsla-silver-corpSign up for Crux Investor: https://cruxinvestor.com

A recent project has made University of Kansas professor Caroline Bennett a well-known voice on the behavior of hot-dip galvanized steel.

Interview with Jeff Quartermaine, Managing Director & CEO, Perseus Mining Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-q3-results-show-strong-gold-production-cashflow-growth-6128Recording date: 28th of January, 2025Perseus Mining has reported exceptional quarterly performance, producing 132,419 ounces of gold at an industry-competitive all-in sustaining cost (AISC) of US$1,127 per ounce. The company's operational efficiency has maintained its position as one of the lowest-cost gold producers, generating an operating cash flow of US$173 million for the quarter.The Australian-listed miner, operating three mines in West Africa, ended 2024 with a robust balance sheet of approximately A$1 billion (US$704 million) in cash and bullion. CEO Jeff Quartermaine has outlined a strategic approach to capital allocation, balancing organic growth projects, shareholder returns through dividends and buybacks, and potential acquisitions.Perseus is advancing several growth initiatives across its portfolio. The company has approved underground development at its Edikan mine in Ghana, with contractor mobilization scheduled for April 2025. In Tanzania, Perseus is nearing a final investment decision on the Nyanzaga project, targeting first gold production in early 2027, subject to government negotiations on fiscal terms.The company is actively working to extend mine life across its operations, including Edikan, Sissingué, and Yaouré, through near-mine exploration. However, Quartermaine acknowledges the need to balance growth with cost considerations, noting that expanding operations using higher gold price assumptions would impact unit costs.A cornerstone of Perseus's strategy is its commitment to host communities and countries. Quartermaine emphasizes the importance of equitable benefit sharing, recognizing that local stakeholders "reasonably expect to get their fair share of the benefit of their resources." The company maintains that social license to operate through responsible ESG practices is fundamental to long-term success, regardless of changing market sentiments.Looking ahead, Perseus's investment thesis rests on several key pillars: its competitive cost structure, strong balance sheet, organic growth potential, and proven track record in West Africa. The company's disciplined approach to capital allocation and growth, coupled with its commitment to stakeholder engagement, positions it well for sustainable long-term growth.The broader macroeconomic environment appears supportive of gold, with factors such as geopolitical tensions, inflation concerns, and potential monetary policy shifts potentially providing a favorable backdrop for the sector. However, Perseus maintains its focus on operational excellence and cost management, rather than relying on gold price movements to drive profitability.Learn more: https://cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to dive under the hood at the key metrics and takeaways from Pre-Feasibility Study (PFS) announced to the market January 7th,  working to support the restart of gold production by end of Q2 at the Madsen Mine, in the Red Lake district of Ontario, Canada.   We started off digging into the some of the specific numbers noting the very high Internal Rate of Return (IRR) and low capex as positives for the Project. Shane also put more color around why the All-In Sustaining Costs (AISC) had moved higher, due to all the ongoing development work underground; but also highlighted ongoing initiatives that could bring that number down over time.  Another key point we kept coming back to was that the PFS was simply a snapshot in time to show that the project is quite economically viable, but that it isn't factoring in 1.1 million ounces of gold in the indicated category or all the other resources still in the inferred categories; not to mention the ability to bring in known deposits at Fork, or Rowan, or the new Upper 8 area. There are a number of levers the company can and will pull over time to show the upside and to optimize bringing in more higher-grade ore earlier in the mine plan.      Madsen Mine PFS Highlights:   Post-tax net present value (“NPV”) (5%) of $315 million at a long-term gold price of US$2,200 per oz. IRR (post-tax) 255% with a Discounted Payback Period less than 1 year. High Grade Mine: Diluted head grade averages 8.2 g/t gold Average Annual Production: 67,600 oz. gold per year over 6 years of full production, within a 7.2-year mine life Strong Free Cash Flows: $69.5 million average annual free cash flow from an operation with average total operating cost of US$919 per oz. and average all-in sustaining cost (“AISC”) of US$1681 per oz. These metrics and strong value reinforces the rationale to restart the Madsen Mine imminently based on this initial mine plan; with a production start date of Q2 2025. There is also potential for Madsen to grow beyond this initial plan with further definition and exploration drilling strengthens the rationale Construction and Capital Investment to Mine Startup Substantially Complete. Bulk sample currently being mined; mill startup to process bulk sample planned in March; 21 km of modern underground development (since 2019) provides good mining access and represents significant time and cost savings Actual Costs: The Company has been operating underground for 16 months and the mill operated in 2022, which enabled a PFS based on realized costs for most operating metrics.   Wrapping up we also touched upon the strong endorsement and key milestone announced on January 2nd, that the Company has entered into a completed credit agreement with Nebari Natural Resources Credit Fund II LP pursuant to which the Company will borrow up to a maximum principal amount of US$35 million to be issued in three tranches of : (i) US$15 million (“Tranche 1”), (ii) US $15 million (“Tranche 2”), and (iii) US$5 million (“Tranche 3”). Tranche 1 was drawn down on December 31, 2024.  Shane shared the level of due diligence that Nebari had conducted and how this was simply another layer of professional vetting that the Madsen Mine restart plan has checked off successfully.   If you have any follow up questions for the team over at West Red Lake Gold please email me at  Shad@kereport.com.   In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording.   Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

Gary Stein has guided the steel distribution company his father founded from a one-location operation into a market leader.

In this exclusive interview, Amex Exploration's (TSXV: AMX | FSE: MX0 | OTCQX: AMXEF) President, CEO and Director, Victor Cantore, breaks down the company's exceptional PEA results at the Perron Gold Project in Quebec's prolific Abitibi region.The Perron Project demonstrates robust economics with projected annual production of 124,000 ounces of gold in the first five years and a 10-year mine life. With an industry-leading AISC and after-tax NPV, the project shows strong potential for significant returns.Tune in to discover the project's strategic advantages, development timeline, and their team's vision for expanding the resource through ongoing exploration.Learn more about Amex Exploration: https://www.amexexploration.com/Watch the full YouTube interview here: https://youtu.be/79STIULJsmQAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia?sub_confirmation=1

José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me to review the Q3 2024 financials and operations from the Tangana Mine at the Nueva Recuperada Project, located in central Peru.  We also look ahead to Q4 operations thus far, and the plans to expand the mill capacity to grow production, in tandem with exploration success raising the grade profile and factoring into an updated Resource Estimate in Q1.   We start off by having José outline some of the key takeaways from the Third Quarter 2024 financials and operations announced to the market on November 28th. He points out the mine performed well, despite having challenges and interrupting some production in September, and that the All-In Sustaining Costs were affected by capital invested into Tangana in Q3.   Revenues of $5.0 million (3Q24) vs. $2.1 million (3Q23), an increase of $2.9 million. Significant EBITDA improvement: Adjusted EBITDA of negative $0.1M (3Q24) vs. Adjusted EBITDA of negative $1.0M (3Q23). Cash costs of $21.5 per AgEq ounce produced and AISC of $26.2 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.0 million adding $3.9 per AgEq ounce produced to the AISC). Cash cost per tonne was $100 in 3Q24 compared to $148 per tonne in 3Q23, a reduction of 32.3%.   Next we get into a discussion on the current plant capacity of 720 tpd, but that there is an initiative in place to get access to some healthy corporate debt to expand the plant and also build a second plant, which would allow for a large increase in throughput, which would bring costs down with better efficiencies.   José also points to the upcoming update to the Resource Estimate due out in Q1, where it will show increasing the deposit size and grade.  We also discuss all the exploration upside the Company has across its district scale land package, not just at the Tangana Mining Unit, but also at both the Plata Mining Unit and Red Silver Mining Unit.   If you have any questions for José regarding Silver X Mining, then please email me at Shad@kereport.com, and we'll get those addressed by management or covered in future interviews.   In full disclosure, Shad is a shareholder of Silver X Mining at the time of this recording.   Click here to follow the latest news from Silver X Mining

We sat down with Shane Williams, CEO of West Red Lake Gold Mines (

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-upcoming-mre-and-pea-for-high-grade-perron-gold-project-in-quebec-5492Recording date: 5th December 2024Amex Exploration (AMX) is advancing a standout high-grade gold project in the prolific Abitibi region of Quebec, Canada that boasts robust economics, significant exploration upside, and a clear path to production.The recently published Preliminary Economic Assessment (PEA) highlights the project's potential to be a profitable standalone mine, with 594,100 of measured and indicated ounces of gold at 4.28 g/t and 1,049,650 of inferred ounces at 3.80 g/t. The unique combination of size and grade enables a low-capex, high-margin operation, with initial capex estimated at just $230 million and life-of-mine all-in sustaining costs (AISC) at $807 per ounce.The PEA outlines robust project economics including an average annual production of 124,000 ounces of gold for years 1-5 of a 10 year life of mine. At $2,000 gold, the after-tax IRR is 40.2% with a quick 1.8 year payback. The project boasts a $133 million in average annual free cash flow, or $1.33 billion over the life of mine.While the PEA is already attractive, Amex sees potential to further enhance economics through near-term exploration. The deposit remains open in all directions and Amex plans to ramp up drilling in 2025 to grow the resource, targeting areas within the current resource that have seen limited drilling to date. CEO Victor Cantore believes this offers the best return for shareholders, stating he "would love to put out a new PEA and resource in late 2025" and that he'd "rather spend $6-7 million finding new zones, finding another high grade zone" as that's "how you're enhancing value for shareholders."In parallel, Amex is advancing permitting and environmental baseline work to further de-risk the project. The permitting process in Quebec typically takes 2-3 years, putting Amex on track for a production decision by late 2025.With its high-grade resource, robust economics, exploration upside, and visibility to production, Amex stands out in a market where profitable ounces are increasingly scarce. The Abitibi region's world-class infrastructure, skilled labor, and low-cost renewable power further strengthen the investment case. As gold miners contend with rising costs and grades, Amex is well-positioned to attract investor interest and surface shareholder value.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Joshua Schultz entered the AEC world with visions of becoming an architect, but he has found his fit in academia after nearly a decade at Gonzaga University.

Interview with Dan Dickson, CEO of Endeavour Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/silver-steals-the-spotlight-once-more-5425Recording date: 8th November 2024Endeavour Silver, a mid-tier precious metals producer, is on the cusp of a significant growth inflection point as it prepares to bring the Terronera silver project online. Located in Mexico's Jalisco state, Terronera is expected to double Endeavour Silver's production profile to 15 million silver equivalent ounces (AgEq oz) while simultaneously cutting all-in sustaining costs (AISC) in half. This transformational expansion is slated to commence commissioning by year-end 2024.The Terronera project carries a total price tag of $271 million, of which Endeavour Silver has already invested $258 million. With $55 million in cash on the balance sheet at the end of Q3 and another $35 million in untapped credit, the company appears well-funded to complete the remaining build-out. Once operational, Terronera has the potential to generate robust free cash flow - an estimated $120 million in after-tax FCF in its first full year at current silver prices. This could enable Endeavour Silver to rapidly deleverage, with the potential to pay off the entire $120 million project debt in Year 1.Beyond Terronera, Endeavour Silver is advancing the Pitarrilla project as the next leg of growth. Acquired in 2022, Pitarrilla hosts an indicated resource of over 693 million AgEq oz (Inferred 151 million AgAq oz), positioning it as one of the world's largest undeveloped silver deposits. With a goal of becoming a senior silver producer (defined as 25 million AgEq oz annually), Endeavour Silver views Pitarrilla as the key to unlocking further scale and margin expansion.Underpinning Endeavour Silver's growth trajectory is a constructive outlook for silver fundamentals. Silver demand for industrial applications has surged over the past 15 years, rising from 200-250 million ounces to 550 million ounces today. This trend appears well-entrenched, driven by silver's essential role in the electrification and decarbonization of the global economy. Additionally, silver's monetary investment case has begun to reassert itself, with prices rallying from $26 to over $34 per ounce since September. As investor interest in silver's store of value properties continues to build, it could provide a further tailwind to prices.Given the company's impending production growth, margin expansion potential, and precious metals optionality, this appears inexpensive compared to senior peers. As Terronera ramps up and Pitarrilla advances, investors may start to award Endeavour Silver a greater multiple in recognition of its increased scale and portfolio quality.Risks remain - namely operational execution at Terronera and continued political stability in Mexico. However, for investors seeking pure-play exposure to silver's myriad demand drivers, Endeavour Silver may offer a compelling organic growth story bolstered by a strong balance sheet and an attractive relative valuation. As the Terronera catalyst approaches, Endeavour Silver feel they are well-positioned to deliver transformational returns.View Endeavour Silver's company profile: https://www.cruxinvestor.com/companies/endeavour-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Nic Earner, Managing Director of Alkane Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-late-stage-development-gold-producer-targets-100koz-annually-by-2027-5985Recording date: 5th November 2024Alkane Resources, an Australian gold producer, presents a compelling investment case based on its strong margins, fully funded organic growth pipeline, and potential for a valuation re-rating. Despite generating robust cash flow and advancing a clear path to increased production scale, Alkane trades at a significant discount to peer companies, offering investors an attractive entry point.At current gold prices around A$4,000 per ounce, Alkane is generating solid margins with all-in sustaining costs (AISC) of A$2,250 per ounce in the most recent quarter. AISC is expected to drop to A$2,000 per ounce next year as development spending rolls off, further boosting profitability. The company also has a prudent hedging program in place through June 2027, covering 35% of production at an average price of A$2,840 per ounce to protect downside risk while retaining 90% exposure to rising gold prices.Alkane is investing aggressively in organic growth projects to expand production from around 80,000 ounces currently to a targeted 100,000 ounces per year. Key initiatives include commissioning a paste plant and flotation circuit to improve recoveries, developing the Roswell deposit, expanding the processing plant, establishing open pits at San Antonio with over 180,000 ounces, and ongoing exploration to extend resources.With A$6 million budgeted for exploration, A$35 million for the plant expansion, and A$50 million for San Antonio, Alkane is fully funded to deliver this growth at current gold prices while still generating a return. The company also sees potential to extend mine life into the early 2030s. Despite this impressive growth profile, Alkane trades at a steep discount to peer companies generating similar levels of cash flow. Managing Director Nick Earner sees a certain inevitability that Alkane will re-rate higher as it demonstrates consistent cash generation.Beyond the near-term growth pipeline, Alkane offers additional upside potential from accretive M&A to diversify its single-asset risk and increase scale. The company is also starting to contemplate a capital return strategy, which could include dividends and share buybacks, as cash flow ramps up significantly from FY2026 onwards.The current macro environment appears extremely supportive for gold prices and producers like Alkane. Unprecedented global stimulus, geopolitical tensions, debt accumulation, and the likelihood of a persistently weak U.S. dollar should underpin demand for gold as a safe haven. At the same time, a constrained supply response from gold miners focused more on gaining scale than growing production limits downside risk.In summary, Alkane Resources offers a timely opportunity to invest in a growing gold producer at an attractive valuation with multiple upside drivers. The company's strong margins, fully funded organic growth, exploration potential, and optionality for M&A and capital returns position it well to deliver value to shareholders. As Alkane demonstrates its cash generation potential, the current valuation discount to peers appears likely to close, rewarding investors.View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

I know it has been a while since the last podcast came out. I have been taking a much needed break. We had a crazy summer with a new baby, tons of travel (including a month in Colombia), and starting a new job. Life has been crazy.This interview is from back in March with Rachel Jackson from Thornton Tomasetti. We chatted at the AISC Steel Conference after she gave a wonderful presentation to a group of students. I hope you enjoy this conversation.I wanted to also reflect on the great conversation we had and give you some insight on my takeaways.The Value of Hands-On ExperienceRachel emphasized the critical role of internships in professional development. She stated talked about how while theoretical knowledge is essential, practical experience is where true learning occurs. Her internships, particularly at Thornton Tomasetti, were instrumental in deepening her understanding of the field and establishing a robust professional network.This resonated strongly with my own experience. The transition from residential construction to bridge demolition has underscored the irreplaceable value of practical experience. Learning how to design a bridge can sometimes fall short of the actual design process. If you've been in the industry for any amount of time, I'm sure you've experienced the steep learning curve that comes with actually designing something, rather than just learning about how to design it.Networking and Career GrowthRachel highlighted the significance of professional connections. Rachel emphasized the importance of networking at events like the AISC conference. She explained that these gatherings provide excellent opportunities to build professional relationships that can significantly accelerate our career development.I wholeheartedly agree with this perspective. These conferences have consistently proven to be excellent platforms for engaging with industry leaders. In fact, many of the insightful guests featured on this podcast were connections made at these type of conferences.Life Long LearningIn the dynamic field of structural engineering, Rachel emphasized the necessity of ongoing education. She advocated for staying well informed on industry trends as well as the value that conferences have not only for our learning, but our career growth.I have been a big proponent of lifelong learning over the years. I used to think after school I was done learning, but since then I have found so many practical ways learning has improved not only my professional life, but my personal life as well. Take for example the "5-hour rule". It suggests dedicating at least 5 hours per week to deliberate learning, a practice followed by successful individuals like Bill Gates and Warren Buffett. Learning is considered the best investment of time, with Benjamin Franklin noting that "an investment in knowledge pays the best interest". There are many practical ways to incorporate learning into daily life including finding mini learning periods during downtimes, attending industry conferences, and engaging in topics you find interesting.Mentors and Mentorship RelationshipsOne of the most impactful segments of our discussion was Rachel's reflection on mentorship. She shared, "The guidance of an experienced professional is invaluable in navigating one's career." Now, she's is doing the same by mentoring junior engineers at Thornton Tomasetti.Throughout my career I have had formal and informal mentorships. These relationships have sometimes grown into professional friendships, but most importantly, they gave me a strong foundation starting off. The lessons as well as the insights was invaluable at the time.Strategic Advice for Aspiring EngineersRachel offered several key recommendations for students:* Engage in extracurricular projects related to structural engineering* Attend industry conferences and workshops (such as the AISC Steel Conference)* Develop strong communication skills, which are crucial in engineering* Secure internships at reputable firms to gain practical experienceTo this, I would add: cultivate a habit of curiousity. Whether in meetings with architects or on-site with contractors, asking thoughtful questions demonstrates engagement and a desire to learn, which is highly valued in our profession. Take a step further and record those lessons. The brigtest minds over the years have kept journals to reflect on what they learn. The impact of writing it down has been tremendously. Nowadays, with technology, there are so many great options. I personally use Notion to keep all my stuff in one place. I have class notes from years ago as well as design summaries and resources to help me at work. And with AI I don't have to manual search for what I am looking for, I can simply ask the chatbot.The Promising Future of Structural EngineeringAs our discussion concluded, Rachel's enthusiasm for the future of structural engineering was evident. From sustainable designs to innovative materials, our field is advancing rapidly. The structural engineering landscape is evolving with exciting developments in areas such as mass timber construction, high-performance concrete, and advanced computational design tools. These innovations are not only pushing the boundaries of what's possible in building design but also contributing to more environmentally friendly and efficient structures. The integration of artificial intelligence and machine learning in structural analysis is opening up new possibilities for optimizing designs and predicting structural behavior.Additionally, the growing focus on resilience and adaptability in the face of climate change is driving innovation in structural solutions. It truly is an exhilarating time to be a structural engineer, with opportunities to contribute to groundbreaking projects and shape the future of our built environment.Concluding ThoughtsIn conclusion, Rachel Jackson's insights offer valuable guidance for both aspiring and established structural engineers. Her emphasis on practical experience, continuous learning, and professional networking underscores the dynamic nature of our field. As we look to the future, it's clear that structural engineering is not just about building structures, but about shaping sustainable, resilient, and innovative environments. By embracing new technologies, fostering mentorship relationships, and staying curious, we can contribute meaningfully to the evolution of our profession. The journey in structural engineering is ongoing, filled with challenges and opportunities, and it's up to us to seize them and make a lasting impact on the world we build.Thanks for reading Engineering our Future! This post is public so feel free to share it. Get full access to Engineering our Future at engineeringourfuture.substack.com/subscribe

University of Notre Dame professor Ashley Thrall quickly immersed herself in engineering when she discovered it after college, and she's now a respected researcher who runs a cutting-edge campus laboratory.

Heather Gilmer studied linguistics before finding her way to her original engineering passion: bridges. Combining them has led to 20-plus years in fabrication quality management and specification writing.

Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-597-million-cash-ending-fy2024-with-strong-operational-performance-5750Recording date: 17th September 2024Perseus Mining Limited, an Australian gold mining company, has established itself as a significant player in the African gold mining sector. With an annual production of approximately 500,000 ounces of gold at an all-in sustaining cost (AISC) of around $1,000 per ounce, Perseus has positioned itself competitively within the global gold mining industry. The company's focus on African operations, recent acquisitions, and strong financial performance make it an interesting prospect for investors seeking exposure to the gold market through a growing mid-tier producer.CEO Jeff Quartermaine highlighted the company's recent success: "Clearly the last couple of years have been very good for us with the high gold prices and we've been generating an awful lot of cash and profit which we've been able to deploy into growing our business and establishing ourselves very firmly in the upper ranks of the mid-tier gold companies on a global basis." This statement underscores Perseus's ability to capitalize on favorable market conditions and reinvest in its growth strategy.A key recent development for Perseus is the acquisition of the Nyanzaga project in Tanzania from OreCorp. The company aims to make a final investment decision on this project by December 2024. Notably, Perseus has established a positive relationship with the Tanzanian government, which Quartermaine describes as a rare alignment of interests: "This is one of those very rare occasions I think where the agenda of the government is totally aligned with ours both of us want this project developed and want to have it into production as quickly as we can."Perseus's strategy involves geographical diversification across multiple African countries to mitigate country-specific risks. This approach, coupled with the company's focus on high-quality assets, positions it well in an industry facing challenges in finding new, economical deposits. As Quartermaine noted, "On the African continent, there is a lot more opportunity now and outstandingly good opportunities both at a Grassroots level and further up the food chain."The company has also made recent changes to its leadership structure, appointing Rick Mennel as the new non-executive independent chair and Amanda Weir as the new Chief Operating Officer. These changes demonstrate Perseus's commitment to strong governance and operational excellence.For investors, Perseus offers several attractive features:Strong production profile and competitive costsSignificant growth potential through new acquisitions and projectsGeographical diversification across multiple African countriesExperienced management team with a focus on sustainable growthStrong cash flow generation supporting growth initiatives and potential shareholder returnsHowever, potential investors should still consider the risks associated with Perseus's operations, including political and regulatory risks in African countries, gold price volatility, operational risks inherent in mining and currency fluctuations. In the context of the broader gold mining industry, Perseus appears well-positioned to capitalize on the scarcity of high-quality assets, particularly in Africa. The company's strategy aligns with industry trends towards consolidation and expansion into emerging regions.For investors comfortable with the risks associated with African mining operations and gold price volatility, Perseus Mining offers an opportunity to invest in a growing mid-tier gold producer with significant potential for future expansion. As always, potential investors should conduct thorough due diligence and consider their risk tolerance before making investment decisions.View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Doug Ramshaw, President & Director of Minera Alamos Inc.Our previous interview: https://www.cruxinvestor.com/posts/minera-alamos-mai-focus-is-on-growing-low-cost-gold-production-2758Recording date: 18th September 2024Minera Alamos, a gold producer and developer operating in northern Mexico, presents an intriguing opportunity for investors seeking exposure to the gold mining sector. The company's strategy, centered on disciplined growth and a strong focus on free cash flow generation, sets it apart in an industry often characterized by aggressive expansion and capital-intensive projects.Led by President Doug Ramshaw, Minera Alamos is navigating the complex landscape of Mexican mining with a portfolio of projects at various stages of development. The company's flagship operation, the Santana mine in Sonora State, demonstrates management's operational flexibility. In response to challenging market conditions, the team made the strategic decision to scale back production at Santana, prioritizing balance sheet protection over short-term output. This move positions the company for potential production increases as market conditions improve.The company's most promising asset, the Cerro de Oro project in Zacatecas State, could be a game-changer for Minera Alamos. With a base case scenario of 60,000 ounces of gold production annually for over 8 years and an attractive all-in sustaining cost (AISC) profile, Cerro de Oro has the potential to generate significant free cash flow. At a gold price of $2,000 per ounce, the project is estimated to produce $58 million in annual free cash flow, a substantial figure for a company of Minera Alamos' size.Investors should note the company's approach to capital allocation and financing. Over the past four years, Minera Alamos has raised $26 million, with $8.6 million still on hand as of June 30, 2024. This conservative approach to capital deployment could be particularly advantageous in the cyclical mining industry, where many companies struggle with dilutive financings and poor returns on invested capital.The political and regulatory environment in Mexico remains a key consideration for investors. However, with the upcoming transition of power from President Andrés Manuel López Obrador to president-elect Claudia Sheinbaum, there are indications that the permitting process for mining projects may improve. Minera Alamos appears well-positioned to benefit from any positive shifts in the regulatory landscape, particularly with its Cerro de Oro project.Potential catalysts for the company include progress on permitting for Cerro de Oro, production ramp-up at Santana, and positive developments in the project timeline for Cerro de Oro. However, investors should also be mindful of risks, including ongoing political uncertainty in Mexico, gold price volatility, and the inherent operational risks in mining.Minera Alamos' emphasis on free cash flow generation and disciplined growth could appeal to investors seeking gold exposure with a focus on shareholder returns. The company's projected free cash flow yield, particularly from the Cerro de Oro project, may compare favorably to larger gold miners, potentially offering an attractive value proposition.In conclusion, Minera Alamos represents a focused play on gold mining in Mexico, with a management team committed to capital efficiency and value creation. While the risks inherent in junior gold mining should not be overlooked, the company's strategic approach to navigating challenges and its portfolio of promising assets position it as an interesting option for investors looking to diversify their exposure to the gold sector.View Minera Alamos' company profile: https://www.cruxinvestor.com/companies/minera-alamosSign up for Crux Investor: https://cruxinvestor.com

John Derham, owner of KC Fab, shares his journey of starting a fabrication business and the challenges he faces in scaling and expanding. He emphasizes the importance of authenticity and transparency in his social media presence and how it has helped him connect with his audience. John discusses the growth of his business, the types of projects they undertake, and the need for more space to accommodate their increasing workload. He also talks about the costs and challenges of running a business, including hiring and managing employees, dealing with customer expectations, and the impact of scheduling on project timelines. In this conversation, John Derham and Jason discuss their experiences in the welding and fabrication industry. They talk about the challenges of running a business, dealing with unreliable employees, and the importance of letting go of pet peeves. They also touch on the growth of their companies, the importance of hiring smart and trustworthy employees, and the need for continuous learning and improvement. John shares his journey from starting his own welding business with minimal equipment to expanding and taking on high-profile projects. They also discuss the AISC certification process and the importance of proper documentation and quality control in the fabrication industry.     Follow John on Instagram @KConlyFab   Arc Junkies Podcast: Instagram: @Arcjunkiespodcast YouTube: https://www.youtube.com/@arcjunkiespodcast9253 Email: Show@arcjunkies.com LinkedIn: https://www.linkedin.com/in/jason-becker-45407b72?lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_contact_details%3BKipEwR3uQXCmCjaEfNzo6w%3D%3D Arc Junkies Website: https://arcjunkies.com Arc junkies Merch: https://shop.threadmob.com/arcjunkie/shop/home Underground Metal Works: https://www.underground-metalworks.com/   Friends of the Show: Outlaw Leather LLC Outlawleather.com Instagram: @outlawleatherusa Use ARCJUNKIES for 15% off all in-stock leather goods SendCutSend Instagram: @SendCutSend Save 15% off Online: https://sendcutsend.com/arcjunkies/   Everlast Welders Instagram: @everlastwelders  YouTube: Everlast Welders         Online: https://bit.ly/37xJstI Use Codeword ARCJUNKIES at checkout to get upgraded to a free Nova Foot Pedal and TIG Torch with the purchase of any machine that comes with a stock foot pedal and TIG Torch. ISOTUNES: Instagram: @isotunesaudio Online: https://shop.isotunes.com/arcjunkies10.  Use ARCJUNKIES10 at checkout and save $10 on your purchase    

Interview with Dan Barnholden, CEO of Luca Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/luca-mining-luca-gold-producer-building-up-speed-and-momentum-3276Recording date: 10th September 2024Luca Mining, a junior gold and base metals producer, is positioning itself for significant growth with its two operating mines in Mexico. The company, led by newly appointed CEO Dan Barnholden, aims to produce over 100,000 gold equivalent ounces by 2025 from its Campo Morado and Tahuehueto mines.Campo Morado, the company's primary asset, is a polymetallic volcanogenic massive sulfide (VMS) deposit with a 15-year production history. Luca Mining is implementing two major initiatives to optimize operations:Engaging a top-tier mining contractor to increase production from 1,400-1,600 tons per day to 2,000-2,400 tons per day.Collaborating with engineering firm Aseno on the Campo Morado Improvement Project to enhance mill recoveries.These initiatives are expected to boost gold equivalent production from about 50,000 ounces in 2024 to approximately 80,000 ounces in 2025. The diverse production profile at Campo Morado (40% zinc, 30% gold, 15% copper, 10% silver, 5% lead) provides natural hedging against metal price fluctuations.Tahuehueto, a newly constructed mine with a 10-year mine life, is entering the commissioning phase and will contribute to the company's production growth.Luca Mining recently completed a financing to strengthen its balance sheet and fund high-return opportunities. While the terms were favorable to new investors due to challenging market conditions for junior miners, the deal aimed to attract institutional investors and potentially generate equity research coverage.The company is actively managing its $18 million debt, with plans to repay $12 million over the next six quarters starting October 2024. A significant warrant position at C$0.50 could potentially generate $20 to $25 million if exercised, which the company intends to use for further debt reduction.One of the most exciting aspects of Luca Mining's story is the exploration potential at Campo Morado. The asset has not been explored since 2011, and the company has identified 38 exploration targets. Luca Mining plans to invest approximately $25 million in exploration over the next several years, aiming to double the resource base.For 2025, the company projects revenue between $200-250 million, with all-in sustaining costs (AISC) around $1,600 per gold equivalent ounce. CEO Barnholden anticipates potential free cash flow of over $40 million, significant compared to the company's current market capitalization of approximately C$70 million.While the outlook appears promising, investors should consider several risks:Execution risk in meeting production and optimization targetsMetal price volatility affecting revenuesGeopolitical and security risks associated with operating in MexicoFinancial risks, despite the recent improvement in the company's positionAs with any junior mining investment, thorough due diligence is essential. Investors should closely monitor quarterly production reports, exploration updates, and the company's progress in debt repayment and balance sheet improvement.Luca Mining represents an opportunity for investors seeking exposure to a growing precious and base metals producer with clear growth plans and exploration upside. The company's transition from a speculative junior to a more established producer could attract increased attention from institutional investors and analysts, potentially leading to a re-rating of the company's shares.View Luca Mining's company profile: https://www.cruxinvestor.com/companies/luca-mining-corpSign up for Crux Investor: https://cruxinvestor.com

There's too much M&A in Bitcoin mining to keep track of! Will and Charlie dig into this week's Bitcoin and Bitcoin mining news, including the short report leveled at Riot Platforms, CoreWeave's declined bid to purchase Core Scientific, BitDeer buying a fabless ASIC manufacturer for $140 million in shares, and lastly, Cleanspark's involvement in the Cheyenne, Wyoming Bitcoin mining slapped with an executive order by the Biden administration.Follow along on your favorite podcast player of choice by clicking here.Chapters: 00:00 Start02:31 Difficulty update04:51 Mining stocks08:04 Riot & Bitfarms16:30 Core Scientific rejects Coreweave22:00 Desiweminer (new AISC)27:21 Cleanspark vs White HousePublished twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!