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Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/vista-gold-nysevgz-undervalued-investment-series-with-frederick-h-earnest-9735Recording date: 4th June 2026Vista Gold is advancing its Mt Todd gold project in Australia's Northern Territory through a disciplined three-pillar strategy focused on permitting, people, and engineering, as it moves toward a definitive investment decision. The project, one of the largest undeveloped gold assets in the country, holds 5 million ounces in reserves and 10 million ounces in total resources. Recent efforts have centered on resizing operations from 50,000 to 15,000 tons per day to improve capital efficiency, prompting modifications to existing permits rather than entirely new approvals.Permitting remains the most time-sensitive component. Key steps include updates to mining and operating permits, engagement with Aboriginal stakeholders, and preparation for federal environmental approval under the EPBC Act. The application is expected in late 2026, with a decision timeline of six to nine months.At the same time, Vista Gold is strengthening its leadership team, hiring senior executives across technical, approvals, and external relations functions. The company is also recruiting an Australia-based Managing Director to oversee local development and support financing efforts, including a potential listing on the Australian Securities Exchange.Engineering optimization is a major value driver. Metallurgical testing aims to refine processing efficiency, while a geotechnical study on the Batman Pit could significantly reduce waste movement. If successful, this adjustment may lower mining costs by up to $200 million or unlock additional gold reserves.Project economics are highly sensitive to gold prices. At $3,300 per ounce, Mt Todd carries a net present value of $2.2 billion and an internal rate of return near 45%. With gold trading above $4,500, the project's upside is substantially greater. Despite this, Vista Gold's market valuation remains well below its estimated asset value, positioning the project as a leveraged play on strong gold market conditions.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com
Dr. Ayse Turak is Associate Professor and Associate Undergraduate Chair of the Department of Engineering Physics at McMaster University. Ayse develops and studies plastic-based electronic materials, such as solar cells and light-emitting diodes. Her goal is to create affordable, sustainable, and ubiquitous plastic materials to provide power and light for people around the world. In her free time, Ayse loves to travel, visit new places, see new things, explore new cultures, and seek adventure. She also enjoys theatre, writing, and volunteering with various social justice organizations. Ayse received her B.Sc. in Metallurgical and Materials Engineering from Queens's University and her PhD from the Department of Materials Science and Engineering at the University of Toronto, where she was a Canada Graduate Scholar. Afterwards, Ayse conducted research as a Marie Curie Fellow at the Max Planck Institute for Metals Research and subsequently worked as a visiting professor at Sabanci University in Istanbul, Turkey before joining the faculty at McMaster University. Ayse has received numerous awards and honors throughout her career, including the Early Researcher Award, the Petro-Canada Young Innovators Award, and a Leadership in Teaching and Learning Fellowship from McMaster University. In addition, she was recently nominated as a Full member at Sigma Xi, and she is the co-chair of the Canadian Chapter of the Society of Information Display. In our interview, Ayse shares more about her life and research.
Interview with Ian Graham, President, Oroco ResourcesRecording date: 11th May 2026Oroco Resources is advancing the Santo Tomás porphyry copper project in northwest Mexico toward a Pre-Feasibility Study (PFS) targeted for Q2 2027, positioning the asset as a capital-efficient development in a supply-constrained copper market.The project's August 2024 Preliminary Economic Assessment outlined robust economics: a $1.48 billion after-tax NPV, internal rates of return exceeding 22%, and initial capital requirements of approximately $1.1 billion based on $4 copper and $1,900 gold assumptions. Operating costs are projected below $1 per pound, with a 2.8-year payback period. Notably, Santo Tomás demonstrates capital intensity of roughly $10,000 per ton of annual copper production—about half the industry average—lowering the barrier for potential acquirers and reducing development risk.The resource base exceeds one billion tons grading over 0.5% copper equivalent. The current technical program focuses on converting inferred resources to the indicated category, particularly in the South Zone, while exploring expansion potential to the southwest. Metallurgical work by Whittle Consulting identified that 70–80% of the resource consists of softer material than originally tested, suggesting opportunities for reduced energy consumption and improved throughput.Strategically, Oroco envisions a district-scale development incorporating the Bahuerachi project to the north and the Vainilla exploration target to the south, potentially enabling shared infrastructure and extended mine life. The company also benefits from rare grassroots political support: community advocacy secured Santo Tomás a place on Plan México, President Claudia Sheinbaum's priority list of 40 large capital investment projects, improving the permitting outlook.With new CEO Charles Cryer—a former analyst who previously covered the project—joining mid-2026 to lead M&A outreach, Oroco aims to achieve transaction-ready status by mid-2027. Institutional investors are backing this Phase 2 restart after the stock's post-2021 correction, betting that Santo Tomás's scalable, low-intensity profile will attract mid-tier and major copper producers seeking growth assets in an electrification-driven market.Learn more: https://www.cruxinvestor.com/companies/oroco-resource-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Sean Whiteford, CEO, NexMetals MiningOur previous interview: https://www.cruxinvestor.com/posts/nickel-enters-a-new-era-as-indonesia-tightens-supply-and-prices-surge-10057Recording date: 8th May 2026NexMetals Mining is advancing the redevelopment of its Selebi and Selkirk copper-nickel-PGM deposits in Botswana through a combination of metallurgical innovation and aggressive exploration. A key breakthrough has been the successful production of separate, saleable copper and nickel concentrates, eliminating the need for costly smelter construction. This shift significantly reduces capital requirements and execution risk, making the projects more feasible for a development-stage company.The deposits currently host approximately 28 million tons grading over 3% copper equivalent, with ongoing drilling aimed at expanding the resource base. A newly identified “flexure zone” at Selebi Main, defined through modern geophysical techniques, represents a high-priority target with strong indications of extensive mineralisation. Wide-spaced drilling has already demonstrated the potential for rapid resource growth.Metallurgical testing has delivered results well above previous assumptions, with copper recoveries improving to 88% from 70% and palladium to 78.5% from 59%. Additional payable metals, including cobalt, gold, and silver, further enhance project value. These improvements are expected to increase net smelter return values and lower cutoff grades in the upcoming resource update, strengthening overall project economics.Backed by an $80 million financing, NexMetals is progressing toward a maiden preliminary economic assessment, which will outline capital costs, operating metrics, and returns under the new concentrate-based development plan. Analysts have set price targets ranging from $8.50 to over $12, suggesting potential upside from current levels.Strategically, the company is evaluating options such as a joint venture or spin-out of the Selkirk asset to unlock value while focusing on Selebi. Botswana's stable, mining-friendly environment, existing infrastructure, and streamlined permitting further support a potentially accelerated path to production compared to greenfield projects.Learn more: https://www.cruxinvestor.com/companies/nexmetals-mining-corpSign up for Crux Investor: https://cruxinvestor.com
In this Company Update, we are joined by Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V: SIG | OTCQB: SITKF). Mike provides an in-depth look at the company's 60,000-meter drill program currently underway at the RC Gold Project in the Yukon. Mike discusses the initial visual results from the Blackjack and Rhosgobel deposits, highlighting the presence of visible gold and metallurgical recoveries for both Gold and Tungsten. Key Discussion Points: 2024 Drill Program Overview: Mike shares details on the progression of the 60,000-meter program and what the current four-drill setup means for the season's timeline. Visual Gold and Mineralization: Get insights into the visual indicators found in the early drill cores, including the presence of visible gold and scheelite. Expanding the Resource Potential: Mike explains how the current drilling aims to test the expansion of open-pit resources and explore the potential for high-grade underground operations. Outstanding Metallurgical Recoveries: Insights into the recent lab results showing 94.3% gold recovery and 84.7% tungsten recovery from the Rhosgobel deposit. Upcoming Milestones: What investors can expect in the coming months, including the first batch of assay results anticipated in May. If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.com/ ------------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
Tudor Gold CEO Joe Ovsenek speaks with MSD's Ian Wagner, outlining steady progress at Treaty Creek, where a PEA is targeting a roughly 10,000-tonne-per-day underground operation producing up to 300,000 ounces annually. Metallurgical testing is nearing completion, while drilling at Perfect Storm and CBS aims to unlock additional multi-million-ounce deposits. The company also provided clarity on the Seabridge tunnel situation following a regulatory pause on permitting.
ng mines in Mexico. Production reflected stable operations at Campo Morado and the continued ramp-up of underground mining and processing activities at Tahuehueto. The company is also engaged in ongoing metallurgical testing to improve recovery rates and future payability for their 5 metals, and 3 concentrates; with an emphasis on gold and silver recoveries. 2025 Highlights Transformational Operational Growth: Tonnes mined and milled increased 53% and 51%, respectively, to 1.01 million tonnes, reflecting higher throughput and improved operational stability across both Campo Morado and Tahuehueto. Strong Multi-Metal Production Growth: Increase throughput resulted in significant growth across key metals, with silver production up 69%, zinc up 72%, lead up 53%, andcopper up 37% compared to 2024. As a result, Luca achieved revised guidance for all metals produced, including payable silver production above the top end of revised guidance. Strategic Investment in Mine Development: Sustaining capital expenditures increased to $27.3 million as the Company accelerated underground development and exploration programs designed to improve mine sequencing, access higher-grade zones, and support long-term production reliability. Strong Financial Performance: Revenue increased 103% to $176.8 million from $87.2 million in 2024, whileAdjusted EBITDA increased 226% to $46.0 million, compared to $14.1 millionin 2024, driven by higher production levels and stronger realized precious metal prices. Significant Balance Sheet Improvement: The Company reduced loans payable from $17.0 million at December 31, 2024 to $3.3 million at December 31, 2025, representing a reduction of more than 80% during the year. As of the date of this MD&A, outstanding loans payable have been further reduced to $1.4 million. Exploration Programs Reinitiated to Support Resource Growth: During 2025, the Company reinitiated exploration activities across its projects for the first time in more than a decade. To date, approximately 30,140 metres of exploration drilling have been completed, improving geological understanding of the deposits, identifying additional mineralized zones, and supporting potential resource expansion. These exploration programs represent an important step towards unlocking additional value within the Company's asset portfolio and establishing a pipeline of future growth opportunities Q1 2026 Operational and Financial Results Update: During the first quarter of 2026, the Company completed approximately 10,058 metres of drilling. Exploration activities were primarily focused on near-mine and resource expansion targets, achieving the objectives of extending mine life and improving production flexibility at the Company's operating assets. Operationally the company was on strong footing, with solid operating performance and strong silver production in a favorable price environment. The Company remained focused on operational improvements at both mines, with particular emphasis on Campo Morado which is moving into an expansion study towards a technical report in the second half of 2026. That company announced on March 9th the appointment of Nick Shakesby as Chief Operating Officer (“COO”), effective April 1, 2026. Luca has also strengthened its technical team to advance and execute on optimization and growth initiatives, including the Campo Morado Expansion. As of March 31, 2026, Luca's cash position increased to approximately $36.4 million, compared to $25.5 million at year-end 2025. The increase was primarily driven by strong operating cash flow, supplemented by approximately $2.1 million in proceeds from warrant and option exercises and net realized gains of approximately $3.6 million from silver call options. These options were implemented to re-establish exposure to silver prices in light of the silver stream at Tahuehueto. As previously disclosed in the Company's Q4/25 financial results, debt has been reduced to approximately $1.4 million, with the remaining balance expected to be fully repaid by mid-2026. Click here to follow the latest news from Luca Mining If you have any question for Dan regarding Luca Mining, then please email those into me at Shad@kereport.com. In full disclosure Shad is a shareholder of Luca Mining at the time of this recording and may choose to buy or sell shares at any time. For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned, and companies profiled may be sponsors of the KE Report.
Small Cap Breaking News You Can't Miss!Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:Power Metallic Mines Inc. (TSXV: PNPN) (OTCMKTS: PNPNF)CEO Terry Lynch pointed to drill intercepts exceeding 10% copper equivalent at the Nisk Nickel Sulfide Project in Quebec, with the Lion Zone continuing to grow. A maiden Mineral Resource Estimate is expected this summer, followed by a Preliminary Economic Assessment targeted for Q4. Metallurgical testing shows copper recoveries near 95–99%, and management is evaluating a potential U.S. listing as it advances the project.Aurion Resources Ltd. (TSXV: AU) (OTCQX: AIRRF)Agnico Eagle Mines Limited (TSX: AEM) (NYSE: AEM) has agreed to acquire Aurion in an all-cash transaction valued at approximately C$481 million, offering C$2.60 per share, a 46% premium to the April 17 closing price. The acquisition expands Agnico's footprint in Finland's Central Lapland Greenstone Belt, where Aurion controls roughly 761 square kilometres of ground. Closing is expected in early Q3 2026, subject to approvals.New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC)New Found Gold secured a $205 million financing package to advance its Queensway Gold Project in Newfoundland. The package includes a $100 million bought deal equity financing at $2.96 per share and a $105 million senior secured credit facility at 8.75% fixed for three years. The funding replaces a prior term sheet and supports initial capital expenditures for Phase I development.Revival Gold Inc. (TSXV: RVG) (OTCQX: RVLGF)Initial results from the Joss area at the Beartrack-Arnett Project in Idaho returned 6.4 g/t gold over 19.1 metres, within a broader 5.4 g/t interval over 32.6 metres in a 100-metre step-out hole. Two additional holes have intersected the target structure, with assays pending. The 2026 drill program has been expanded to 4,900 metres with two rigs active, as the high-grade underground target now extends more than 1.2 kilometres along strike and 700 metres vertically.Bottom Line: Today's headlines highlight strong momentum across the small-cap resource sector, from high-grade drill results and strategic acquisitions to fully funded development plans. Exploration, M&A activity, and capital markets support remain front and center.Stay ahead of the market by following AGORACOM for more breaking small-cap news and insights.
Interview with Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pge-developer-with-novel-process-exclusive-ip-clear-path-to-pea-9497Recording date: 31st March 2026ValOre Metals is developing the Pedra Branca platinum-palladium project in northeast Brazil and is making a straightforward argument to the market: it is significantly undervalued relative to the small peer group of development-stage PGE companies, and it has a clear plan to close that gap in 2026.The numbers support the premise. Pedra Branca hosts a 2.2 million ounce resource grading 1.08 g/t on a 2P+gold basis. Comparable peers: Stillwater Critical Minerals with its Stillwater West project in Montana, and Generation Mining advancing an Ontario project, carry resource bases of approximately 3 million ounces and trade at market capitalisations of $100–200 million. ValOre sits at approximately $26 million. That is a valuation gap that invites scrutiny, and CEO Nick Smart's explanation for it is credible.The discount reflects two correctable problems. First, the company's prior ownership of uranium assets created market confusion about its identity as a PGE developer. That has been resolved: the Hatchet uranium properties have been sold to Future Fuels, and ValOre is now a single-asset, single-commodity company focused entirely on Pedra Branca. Second, without an economic study on file, investors cannot model the project's returns. That changes with the delivery of a Preliminary Economic Assessment, targeted for 2026 and representing the single most important near-term catalyst for the stock.Smart brings unusual technical credibility to this mandate. His background is in chemical engineering and extractive metallurgy, with 21 years spent at Anglo American in platinum and palladium operations. His focus since joining in October 2024 has been on the metallurgical and engineering programme required to underpin the PEA and early results are positive.Metallurgical test work conducted with the University of Cape Town is delivering palladium and platinum extractions of 73–74% from a hydrometallurgical leaching route designed for Pedra Branca's weathered near-surface ore. These are initial results from shake-flask testing that are expected to improve as the programme scales. An additional finding that UCT's hot caustic pre-treatment can unlock high-grade chromitite-hosted PGEs grading 6.5–8.5 g/t at surface creates optionality for high-grade feed in the early mine-life years, with potentially positive implications for early-year project economics and NPV.The macro environment provides further support. Primary platinum supply has been in structural decline since 2021, falling from over 6 million ounces to a projected 5.12 million in 2026 despite a price that has roughly doubled. With 80% of global PGE production concentrated in South Africa, Zimbabwe, and Russia, the geopolitical case for supply diversification into jurisdictions like Brazil is building. Pedra Branca's near-surface, open-cast profile, existing infrastructure access, and proximity to a deep-water port position it as a potentially low-capital-intensity development relative to peers.For investors willing to act ahead of the PEA, the near-term news flow along with the interim metallurgical updates and early engineering outputs provide a series of checkpoints to monitor ahead of the binary catalyst. The valuation gap is large, the path to closing it is defined, and the macro tailwinds are in place.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com
This is the second of a series of posts about the literary alchemy of J. K. Rowling, a discussion jumpstarted by a post by ‘Iris' at a Strike fan website, an article that championed a Jungian perspective on this subject. The first post in this series, Literary Alchemy – A Primer for Those Interested in J. K. Rowling's Artistry, both explained what the ‘Iris' post asserted and reviewed much of the critical literature that the brevity of the S&E Files article prevented her from discussing. See that post for links to this material. The conversation between Nick Jeffery and John Granger above was recorded in the same spirit as the first post was written, namely, simultaneously a welcome to Strike fans and Rowling readers who have learned about literary alchemy only recently and an introduction to the work of the last twenty five years on this subject. Upcoming posts in the series will include a counter-point discussion in the debate Rowling is fostering about whether a psychological or spiritual perspective is better for understanding art and life and a review of the alchemical signatures that crowd Rowling-Galbraith's Hallmarked Man.This post is largely links to sources for points Nick and John discuss in their naturally enthusiastic and contrarian conversation, question by question. Enjoy!1. Welcome to the Conversation! (Nick) I just sent out an article about literary alchemy, John, in response to an article written by ‘Iris' and posted on the Strike-Ellacott Files website, a piece titled ‘What is Literary Alchemy? Spotting symbols that map Strike and Robin's growth.' What advice or guidance would you give to, say, Cormoran Strike readers who are brand new to the subject? * There are three types of alchemy and it is important to understand the common ground they share and the differences between them;* The first type is alchemy proper, which is to say ‘metallurgical alchemy,' the sacred science of purifying metals and the adept's soul via the creation of a Philosopher's Stone that will transform lead to gold and exude an elixir of life, the drinking of which will bestow immortality;* The second and third types of alchemy derive from interpretations of metallurgical alchemy's aims and the symbolic texts detailing the work in the hermetic laboratory;* Literary alchemy is the use of metallurgical alchemy's language, colors, sequences, and symbols in plays, poetry, and story to foster an edifying and transformative experience in the artist's theater or reading audience;* Psychological alchemy is Carl Jung's use of metallurgical alchemy's texts during and after WWII to illustrate his ideas of the integration of the conscious and unconscious aspects of the human mind;* Metallurgical alchemy was practiced in China, the Levant, India, and Europe within the revealed religious traditions of Hinduism, Buddhism, Judaism, Islam, and Christianity until its degeneration in the late Medieval period and eventual evolution into the strictly materialist chemistry we know today;* Literary alchemy has been a continuous stream in literature from Dante, Chaucer, Shakespeare, and the Metaphysical poets through to Dickens, Yeats, the Inklings, Joyce, Nabokov, and J. K. Rowling;* The academic study of “alchemy in literature” was the province of Baconian and allegorical readings of Shakespeare (cf., Beryl Pogson, Peter Dawkins, Martin Lings) until the late 20th Century and the advent of academic specialists in ‘Hermetic Studies,' e.g., Stanton Linden, Lyndy Abraham, and Charles Nicholl (cf., Cauda Pavonis: A Journal of Hermetic Studies, 1982-2000).* Jung and his followers used their psychological interpretations of metallurgical alchemy as allegories of the soul to interpret mythology (cf., Erich Neumann, Marie-Louise Von Franz, Robert Johnson);* Jungian analysis of story using Jung's ideas of subconscious archetypes within a collective unconscious was popularized by Joseph Campbell in his guides to Joyce's Ulysses and his more well known works on mythology (e.g., The Hero With a Thousand Faces);* ‘Isis' in her S&E Files article, ‘What is Literary Alchemy?,' suggests that Rowling-Galbraith is writing an allegory of soul transformation in the Cormoran Strike series using metallurgical alchemy's symbols and sequences as understood by Carl Jung and his disciples rather than as used by English writers since the 13th Century;* It's a challenging theory, the depth of which is hard to grasp without an appreciation of the types of alchemy, what they have in common, and their differences in approach and subject matter.2. The Lake: (John) What I found most fascinating in your post, Nick, was your best guesses about where Rowling would have learned about literary alchemy. She claimed in 1998 that she'd read a lot of alchemical texts from which she set the “magical parameters” of the Hogwarts Saga; if you had only three chances to name one of those books, what would you choose? * Charles Nicholl's The Chemical Theatre;* Titus Burckhardt's Alchemy: Science of the Cosmos, Science of the Soul (or Mirror of the Intellect: Essays on Traditional Acience and Sacred Art);* Lyndy Abraham Summerhaze's Marvell and Alchemy or her Dictionary of Alchemical Imagery;* Martin Lings' The Secret of Shakespeare3. Carl Jung, Alchemy: (Nick) I see you're chafing at the bit, John, with book titles I haven't mentioned so let me name-drop the author not on my list because, as you pointed out, he wasn't really a literary alchemist so much as a psychologist who discussed alchemy as a means of illustrating his own ideas about the ‘Great Work.' You've written, though, that literary alchemy as with metallurgical alchemy is a subset of soul-allegories or Psychomachia. Don't Jung's ideas jibe with that? * Yes and no!* Jung's ideas of the soul and archetypes (or archetypal forms) are based on late 19th Century Volkischer German ideas, which is to say, modern and materialist (some say ‘vitalist') premises. His hostility to Christianity and Judaism was grounded in his acceptance of Darwinian evolution and derived philosophically from Nietzsche (see Richard Noll's The Jung Cult and The Aryan Christ).* He conflates the spiritual with the psychological, consequently, and embraces integrated individual psychological health as the telos of human existence, none of which is consistent with traditional metallurgical or literary alchemy (see Titus Burckhardt's Mirror of the Intellect, Philip Sherrard's ‘An Introduction to the Religious Thought of C. G. Jung,' and Harry Oldmeadow's ‘C.G. Jung & Mircea Eliade: ‘Priests without Surplices'? Reflections on the Place of Myth, Religion and Science in Their Work.'* Psychological alchemy, insomuch as it is ‘Jungian,' is well removed from the other two types of alchemy. Which is not to say that Rowling is not a Jungian and hence a Jungian psychological alchemist.4. Back into the Lake: (John) You covered in your article, though, Nick, the several reasons to think it possible, even probable that the evidence from Rowling's life suggests she is using Jungian ideas in her literary alchemy. Iris over at S&E Files obviously thinks that is the case. What are the for and against ideas with respect to Rowling being a Jungian? There's Plenty of Evidence That Rowling IS a Jungian Writer:John Granger's discussion in Troubled Blood: A Jungian Reading* Robin's name-dropping Jung in conversation about astrology;* The Jungian notes sounded throughout Strike 5: Archetypes, Synchronicity, Persona;* The connection between Jung's illustrated ‘New Book' and Talbot's ‘True Book;' and* Pointers to Cupid-Psyche myth as understood by Jungians (see below)The Advent of Prudence Dunleavy, Jungian Psychologist, in Ink Black Heart* Hard to imagine a more sympathetic portrait of a Jungian than half-sister Prudence!* She clearly was the genius behind the Rokeby reconciliation in Hallmarked ManThe Cupid and Psyche myth underpinning the Strike series* A Mythological Key to Cormoran Strike? The Myth of Eros, Psyche, and Venus (note the discussion here of the Jungian understanding of this specific myth)* Ink Black Heart: Strike as Zeus to Robin's Leda and as Cupid to Mads' Psyche* ‘Rowling Points to Myth of Cupid and Psyche in order to Console Strike Fans Disappointed with Hallmarked Man‘* The Hallmarked Man‘s Mythological Template (Nick Jeffery, John Granger)Anything Else? Oh, yeah —* Rowling studied mythology in her ‘Classical Studies' program at UExeter and almost certainly encountered Jungian interpretation of myths there (e.g. the work of Neumann, Johnson, Campbell).* Rowling told Val McDermid if she had not become a successful writer she would have sought training and certification as a psychologist. * Her work reflects a broad reading in psychology (cf., Louise Freeman Davis' ‘J. K. Rowling and the Phantoms in the Brain,' ‘Cormoran Strike and the Itch that Cannot Be Scratched') and it is likely that she has read her fair share of Jung and Jungian authors during her studies.* Rowling benefited from psychological therapy and exercises herself when suffering from depression, the experience of and recovery from which she depicted in story via the Azkaban Dementors and Robin Ellacott's treatment for PTSD in Lethal White.And There is Plenty of Evidence That Rowling Is NOT a Jungian Writer:* Rowling has never been asked or revealed how she learned about literary alchemy; this includes, of course, any reference to Carl Jung, whose work was not focused on literary alchemy per se but a psychological interpretation or explanation of metallurgical alchemy's symbolism.* All that Rowling has revealed about her experiences as a patient seeking help with depression are about Cognitive Behavior Therapy (CBT), which treatment modality owes nothing to Jung or to Jung's students.* It is possible that Rowling encountered esoteric metallurgical alchemy, the precursor to literary alchemy, in her study of astrology, the complementary traditional sacred science to alchemy, a skill-set with which we know she was accomplished. That route to alchemy would have led her to Perennialist interpretations of alchemy, most notably Titus Burckhardt‘s Alchemy, Science of the Cosmos, Science of the Soul; the paperback cover of the Penguin Metaphysical Library edition of that book (1974) features an androgynous giant named REBIS standing on a dragon and a winged golden sphere (i.e., Rubeus, Norbert, Snitch).* As mentioned above, it is more likely that she encountered literary alchemy in her study of Shakespeare. The year she was studying for her A Levels, she traveled to see a production of King Lear which has prompted the idea that it was on her list of texts to prepare for her tests. The most challenging interpretation of Lear then in print was Charles Nicholl's The Chemical Theatre (1980), a book that explains almost every scene in perhaps Shakespeare's greatest tragedy as a parallel step in the Great Work of alchemy. If the budding astrologer was fascinated by this allegorical interpretation of the Bard, the most popular work in print at that time that championed reading Shakespeare as the author of soul allegories was Perennialist Martin Lings‘ The Secret of Shakespeare (1984).* Literary Alchemy is a tool set employed not only by Shakespeare but by a host of Rowling favorite authors to include Dickens, Nabokov, Lewis, and Tolkien. This view of alchemy, that is, as an allegorical depiction of the soul's transformation that affects that same cathartic experience in its theater or reading audiences, is the one found in Rowling's work, which is well removed from psychological alchemy, an analytic art which, though it springs from metallurgical alchemical texts, does not aim at the transformation at work in the sacred art or the science of traditional alchemy. * Rowling's use of chiastic structures and psychomachian allegory, tools that complement literary alchemy in spiritual perspective and aim, make a Jungian rather than a literary and Perennialist view of alchemy seem unlikely.* Alchemy: Jung, Burckhardt, or Maclean? John Granger, April 2007* Rowling's Soul Triptych Psychomachia: Is It From Shakespeare's ‘Macbeth'? John Granger, September 20245. The Debate at King's Cross: (Nick) So, John, you've mentioned Jung quite a few times in your posts about the Mythological framework of the Strike series and even written about the Jungian ideas of animus and anima with respect to Cormoran and Robin's relationship. You seem fairly confident, though, that Rowling is writing from the traditional esoteric ideas of alchemy a la Shakespeare rather than Jung's. Why is that? * Everything you just said!* As noted, Jung's ideas are modern and psychological while the stream of literary alchemy in English Literature is almost exclusively more Medieval and pointedly spiritual;* The Most Notable Exception: Angela Carter's The Passion of the New Eve (1977), that reads like a Jungian ‘Red Book' slide-show (think Bombyx Mori) or a transgender Odyssey written for feminists. Rowling has never mentioned her to my knowledge but it would be surprising if she hadn't read this book more than once. What Alana Bolton Cooke wrote about Carter's Passion could be said about Rowling's literary alchemy if she is a Jungian writer (or about Galbraith's fictional Elizabeth Tassel?):Angela Carter in The Passion of New Eve (1977) uses the exoteric phases of alchemy and Carl G. Jung's theory of esoteric alchemy as a means of demonstrating allegorically the idea ofrebirth and renewal. The purpose of this allegorical method is to produce an 'alchemical' change of thought in the reader about sexuality and gender associated with women's repression and liberation. In the novel Carter develops themes and ideas explored in her essay, The Sadeian Woman: An Exercise in Cultural History (1979), an analysis of the Marquis de Sade's pornography and its affect on the roles of men and women in society. The clash of opposites involved in combining alchemical symbolism, feminism and pornography within the fiction can be seen as representative of the state of chaos present in alchemy before the beginning of change. The circular narrative and alchemical structure of the fiction creates a literary version of the alchemical process as it brings together opposites involved in chaos, represented by events and characterisation that the protagonist, Evelyn/Eve, experiences, until, in the manner of alchemy, harmony is reached. The harmony created represents women's empowerment. Carter uses Evelyn's individuation process to encourage growth within the reader by altering patterns of thought to bring about change through self-confrontation and self-knowledge. The structure of Carter's fiction, thus, corresponds to the process of esoteric alchemy contained within the structure, imagery and symbolism of exoteric alchemy. The fiction is designed to stimulate the unconscious of the reader and make conscious hitherto unknown and repressed thoughts about gender and sexuality to bring about change in the lives of men and women.* I think what Rowling said she was trying to do with Harry Potter's meeting with Dumbledore at the dream-like King's Cross strongly suggests she is aware of the two approaches and wants readers to discuss them – but that she has made her own choice, however conflicted she may be.* In her 2008 interview with Adeel Amini, Rowling said that her hope for Harry's post-mortem conversation with Dumbledore at King's Cross was to stimulate “a debate” among readers about whether it was a psychological moment, that is, a fantasy in which Harry understands what he's been missing all along, or a spiritual event in which he is actually speaking with the late Headmaster:Enough Potter-plot, I think. Moving on to a slightly more contentious issue, Rowling has categorically said that she does believe in a higher power, a statement reinforced by her childhood church-going (“Till I was 17,” she clarifies). It must be difficult to reconcile her religious beliefs with those that denounce Harry Potter as anti-Christian, I wonder aloud. Rowling's expression does not change a fraction. “There was a Christian commentator who said, which I thought was very interesting, that Harry Potter had been the Christian church's biggest missed opportunity. And I thought, there's someone who actually has their eyes open.“I think he said it before the publication of the seventh book, and with the publication of the seventh book I think that clarified a lot of people's view on where I was standing. But I should emphasise that I am not pushing a specifically Christian agenda, and indeed till the very last moment in book seven, one can interpret what happens to Harry after he presents himself with death as him going into an unconscious state in which his subconscious reveals to him what he already knew.” I hum in faux-comprehension of what she's referring to; luckily my clued-in companion is nodding wildly. Proceed. “Any re-reading of Chapter 35 will show you that there's nothing that the Dumbledore he sees tells him that he couldn't have guessed for himself or already realised, and of course there's a key piece of information that Dumbledore doesn't articulate that Harry has realised. So you can deliberately interpret it that way, or you can say that he did go into a state of limbo beyond which there was another life, and that idea was expressed repeatedly, and most explicitly at the end of book five, Order of the Phoenix, where Harry understands that there is an ‘on', that you do go on. “I wanted there to be a debate there, so of my three main characters - when they come into the room which examines death at the Ministry of Magic - Hermione, the ultimate sceptic and a hyperrational person, hears nothing behind the veil and is scared of it. Ron is just uneasy; Ron is someone who does not grapple with anything deeper than beer, if he can avoid it. Harry's drawn to it, and therein lies Harry's slightly reckless, almost morbid streak, because Harry does have a hint of that dangerous adolescent trait which is the attraction to death.” Heavy. Obviously with this ambiguity, you do get a fair degree of misinterpretation as well; there is a certain section that does dislike Harry Potter intensely. “Oh, vehemently,” says Rowling, before muttering under her breath “…and they send death threats.”* I think that “debate” she's trying to foster is between the psychological, call it ‘Jungian' “just inside your head” subconscious perspective, and the authentically spiritual view of her work (well, of art and human existence, too, of course). And that this debate is one she has had for most of her life. Check out her comments about the “greatest missed opportunity” and explain to me how that doesn't line up with her preferring the spiritual, albeit “not explicitly Christian,” to the psychological and humanist. 7. Jungian Readings of Rowling's Work: (Nick) John, you're familiar with what has been written by Potter Pundits because of your PhD critical literature surveys; what are the better ones about Rowling and Jungian psychology and what do they emphasize? Here are seven off the top of my head (and Thesis ‘Works Cited' drafts):* Grynbaum, G.A. (2000). The Secrets of Harry Potter. The San Francisco Jung Institute Library Journal: Reviews From a Jungian Perspective of Books, Films and Culture, [online] 19 (4) pp. 17-48* Patrick, Christopher and Sarah (2007), ‘Exploring the Dark Side: Harry Potter and the Psychology of Evil,' in Mulholland (ed.), The Psychology of Harry Potter, BenBella Books, pp 221-232* Gerhold, C. (2011). The Hero's Journey Through Adolescence: A Jungian Archetypal Analysis of “Harry Potter.” PsyD. The Chicago School of Professional Psychology. * Rectenwald, Bob (2019). ‘Carl Jung's Impact on the Work of J. K. Rowling' * Skipper, Alicia and Kate Fulton (2021) ‘Out from the Shadows into the Light: Persona and Shadow in Harry Potter‘ in Anne Mamary (ed.) The Alchemical Harry Potter: Essays on Transfiguration in J. K. Rowling's Novels, McFarland, Jefferson, NC, 2021, pp 79-96* The Unfolding Journey, Jung's Shadow Self in Harry Potter: Confronting the Darkness Within (YouTube video)* My own Troubled Blood: A Jungian ReadingBob Rectenwald's piece is the best of the six I didn't write but it shares the several faults all the Jungian pieces make:* the first failing of even the best Jungian readers is the assumption that Rowling is a Jungian, which is an open question;* the next is that Jung's ideas (and Joseph Campbell's) are indisputably true; and* the last is, when alchemy is mentioned, the critics do not clarify either the commonalities of or the differences between literary alchemy, psychological alchemy, and Jungian analytic psychology. * Note, though, that Rowling, while aware of such Jungian tropes as the Hero's Journey, tweeks it shamelessly, adding a symbol of Christ and resurrection scene in every Potter story (cf., How Harry Cast His Spell, ‘The Harry's Journey,' pp 21-28).* Read her brief PotterMore piece on alchemy and note that it is written in such a way that it can be read as confirmation of either a psychological or spiritual perspective on alchemy and art:One interpretation of the ‘instructions' left by the alchemists is that they are symbolic of a spiritual journey, leading the alchemist from ignorance (base metal) to enlightenment (gold). There seems to have been a mystical element to the work the alchemist was engaged upon, which set it apart from chemistry (of which it was undoubtedly both an offshoot and forerunner).This “original writing” by Rowling, especially the words “spiritual” and “mystical,” suggests that she is a Perennialist rather than a Jungian, at least with respect to her understanding of alchemy. But the debate is still possible with Jungians who read those words as cyphers for the subsconscious contact they hold we have with archetypes.8. Back to the Alchemy: (John) I think the real question of whether Rowling's literary alchemy is predominantly literary and spiritual or psychological in orientation comes down to the postmodern confusion about the immaterial aspects of the human person, which is to say, the soul (or mind, psyche) and the spirit. Rowling's recent work may seem prosaic or secular to a casual reader who compares it to the relatively otherworldly and “obviously” symbolic Potter books, but she loads each Strike book with Shakespearean romance of soul and spirit, i.e., alchemical dramas, and hermetic tropes. I'm writing a piece now about the lions, dogs, incest, and the red man and white woman in Hallmarked Man, each of which are touchstones of alchemy. I think, though, that your work with Rowling's favorite books and her epigraph sources, Nick, point to a strong spiritual rather than psychological foundation in Rowling's work —* Louisa May Alcott, Little Women* Dodie Smith, I Capture the Castle* The Victorian Women Poets in Running Grave* Elizabeth Barrett Browning, Aurora Leigh* Robert Browning, The Ring and the Book* The Jungian love of the I Ching, Running Grave's epigraph source9. Jung in Running Grave: (Nick) Rowling's favorite writers, from Shakespeare and Nabokov to C. S. Lewis and Victorian Women poets, all clearly believe in a world-transcending spiritual realm. Given the quantity of the Jungian scholarship in Rowling Studies that Iris referred to and you've mentioned, it's curious -- if Rowling is aware of it and is resistant to it -- that she doesn't push back against it explicitly in her work. Can you think of a character that seems something like Jung in the books, someone as bad as Prudence Dunleavey is good? I can think of three:* United Humanitarian Church's guru Jonathan Wace in Running Grave: his “psychologizing of religion,” the comparative religion avenue to denial of any true faith, the psychological critical analysis of a patient using mythological tropes (”Artemis”), the cult leader, and the abuser of women and children -- he's a ringer for Jung! * Paul Satchwell, one-eyed serpent with a one-track mind, in Leamington Spa, a true Jungian artist working psycho-sexual motifs graphically on canvas:Naked figures twisted and cavorted in scenes from Greek mythology. Persephone struggled in the arms of Hades as he carried her down into the underworld; Andromeda strained against chains binding her to rock as a dragonish creature rose from the waves to devour her; Leda lay supine in bulrushes as Zeus, in the form of a swan, impregnated her.Two lines of Joni Mitchell floated back to Robin as she looked at the paintings: “When I first saw your gallery, I liked the ones of ladies…”Except that Robin wasn't sure she liked the paintings. The female figures were all black-haired, olive-skinned, heavy-breasted and partially or entirely naked. The paintings were accomplished, but Robin found them slightly lascivious. Each of the women wore a similar expression of vacant abandon, and Satchwell seemed to have a definite preference for those myths that featured bondage, rape or abduction. (Troubled Blood, 542)* And then there are the Masons, kind of an old school Jungian cult in Hallmarked Man. Like the UHC and “harmless” fraternal and charitable group with Christian touches but which doesn't change a man or human nature per Hardacre (and which harbors the rich and powerful like Lord Branfoot). * Coupled with Prudence, the Front of Jungian Beliefs, we get the front and back of Jung in Rowling's work, a characteristic touch of Rowling nuance as she did with Islam in Hallmarked Man.10. Conclusion: (John) I'm obviously not a Jung fan and I don't think Rowling is writing Jungian psychomachia in alchemical symbols a la Angela Carter, but I see how people would come to a contrary conclusion; Rowling's ‘spiritual not religious' public statements and political positions with respect to Same Sex Attraction and abortion line up much more easily with New Age and Jungian types than with any kind of orthodox Christianity. The great thing about essays like Isis' at S&E Files is that it brings more people into the conversation of what literary alchemy is and the various approaches to it. You've been reading about literary alchemy for several years now, Nick; what do you think the person whose first encounter with the subject was the S&E Files article do to hone their alchemy detection skills? * “Read your books and online talks, John!”* How Metallurgical Alchemy Worked and How it Became Literary Alchemy (from Deathly Hallows Lectures, Chapter 1):Alchemy, in a nutshell, was the science for the perfection or sanctification of the alchemist's soul. This heroic venture I need to say straight off is all but impossible today because the way we look at reality, at ‘things' per se makes the Great Work itself almost an absurdity. Unlike the medieval alchemists, we moderns and postmoderns see things with a clear subject/object distinction, that is, we believe that you and I and that table are entirely different things and between them is there is no connection or relation. The knowing subject is one thing and the observed object is completely ‘other.'To the alchemist that is not the case. His efforts in changing lead to gold are based on the premise that he as the subject will go through the same types of changes and purifications as the materials he is working with. In sympathy with these metallurgical transitions and resolutions of contraries, his soul will be purified in correspondence as long as he is working in a prayerful state within the Mysteries (sacraments) of his revealed tradition.Now, historically there was an Arabic alchemy, a Chinese alchemy, a Kabbalistic, as well as a Christian alchemy; each differs superficially with respect to their spiritual traditions but in every one, the alchemist was working with a sacred natural science or physics to advance his spiritual purification. This was only possible because he looked at the metal he was working with as something with which he was not ‘other' but with which he was in relationship, artifex and artifact in sacred art imitating and accelerating the work of the Creator creating a bridge, so that, as lead changes to gold or material perfection, his soul was going through similar transformations and purifications.The common ground is the logos in every created thing, to include persons (cf. John 1:9), which are all continuous with the Logos fabric of reality. As much as the alchemist identifies with this metaphysical ground, purifying himself of the ‘old man' or ego-driven individual and identifying himself with the spiritual Heart or light within him, that light will become his dominant quality, hence his “illumination” or “enlightenment”. And lead or solid darkness turning into gold, hard light.How does this edifying magic become the scaffolding for Harry's adventures? Largely through the genius of William Shakespeare. Hermetic wisdom and alchemical efforts were such commonplaces in Elizabethan England that Shakespeare and his contemporaries recognized, I think. that the magic of staged drama is essentially alchemical. If we groundlings are all watching what's going on up on the stage and everything is working the way it's supposed to, the subject-object distinction dissolves inasmuch as we identify with the characters and their agonies through our logos-imaginations. As they go through their changes, like the metals in a crucible, we identify with them and pass through the same cathartic moment.As the great dramatists of that period realized, “if what we're doing is alchemical, why don't we use alchemical imagery and language, too?” And, voila, literary alchemy is born. This stream of English literature in which narrator or characters and the reader or audience in correspondence pass through the stages of the alchemical work, the black the white and the red (basically dissolution, purification, and then perfection) runs through the next five centuries of poetry, stage work, stories and novels. You may not have recognized it, but its a big part of things you have read.* Literary Alchemy: Sacred Science, Sacred Art, and ‘The Alembic of Story':A Perennialist Explanation of J. K. Rowling's Signature Hermetic Symbolism This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hogwartsprofessor.substack.com/subscribe
Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) managing director Richard Belcher talked with Proactive's Stephen Gunnion about the company's latest exploration progress at the Mushima North project in Zambia, where a significant silver equivalent exploration target has been outlined. Belcher described the potential upper range of 58 million ounces of silver equivalent at target A1 as “a fantastic milestone” for the company, particularly given that the discovery was only made just over a year ago. He explained that this early-stage success highlights the rapid advancement of the project and its growing importance within the company's portfolio. The discussion also focused on the exploration upside at Mushima North, with Belcher noting that the target remains open in multiple directions and at depth. He highlighted that recent drilling efforts, although cut short by the rainy season, delivered the best intercepts to date, including both strong silver values and high-grade copper mineralisation. Looking ahead, the company is preparing to resume drilling, with a focus on expanding the known mineralisation and increasing geological confidence ahead of a maiden mineral resource estimate targeted by the end of 2026. Metallurgical studies and infill drilling will form key components of this next phase. Belcher also emphasised that target A1 is just one of several drill-ready prospects in close proximity, stating there is “lots of upside to go chasing” across the broader project area. For more insights and updates, visit Proactive's YouTube channel, like this video, subscribe to the channel, and enable notifications so you never miss future content. #TertiaryMinerals #SilverExploration #Copper #MiningStocks #ZambiaMining #MushimaNorth #SilverStocks #ResourceInvesting #MiningNews #Exploration #JuniorMining #NaturalResources
Interview with Diane R. Garrett, President & CEO of Hycroft MiningOur previous interview: https://www.cruxinvestor.com/posts/hycroft-mining-nasdaqhymc-nevada-giant-eliminates-debt-targets-2026-production-milestone-8914Recording date: 18th February 2026Hycroft Mining (Nasdaq: HYMC) has published an updated Mineral Resource Estimate confirming 55% growth in Measured and Indicated gold and silver resources at its Hycroft Mine in Winnemucca, Nevada. The deposit now stands at 16.4 million gold ounces and 562.6 million silver ounces in the M+I category, with inferred resources of a further 5.0 million gold ounces and 132.8 million silver ounces. The MRE was prepared by independent third parties and is based on commodity prices of US$3,100/oz gold and US$36/oz silver.The update incorporates results from 70 drill holes and reflects a geological reinterpretation that has fundamentally changed how management and institutional investors view the asset. In late 2023, Hycroft announced the discovery of two new high-grade silver systems, Brimstone and Vortex, within the existing resource footprint. After just 14 months of drilling, those systems have already yielded an initial high-grade M+I silver resource of 90.2 million ounces. Critically, both systems remain open along strike and at depth, and no results from the current 2025-2026 drill programme are yet incorporated into the MRE.Metallurgical test work using Pressure Oxidation has confirmed recoveries of 83% for gold and 78% for silver - robust figures for a refractory sulfide deposit and a key de-risking milestone ahead of a feasibility study. The company is also evaluating a roasting alternative that could convert a processing cost into a by-product revenue stream through sulfuric acid production.Financially, Hycroft is well-positioned to execute. The company holds approximately US$200 million in cash with zero debt, following the retirement of legacy liabilities in October 2024. The institutional shareholder base, led by Eric Sprott at 43%, with BlackRock, Schroders, and Franklin Templeton also on the register, reflects sustained conviction in the long-term thesis. Project economics on the large-scale operation are expected by end of Q1 2026, with an underground mining assessment of the high-grade systems also underway.—View Hycroft Mining's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com
Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins me to review their Q4 and full-year 2025 operations and key financial metrics, further debt repayment, ongoing metallurgical studies and development work, and expanded exploration programs moving into 2026. He provides insights on key upcoming growth initiatives through improving grades and better precious metals recoveries across both of Luca's producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico. For the full calendar year 2025, Luca delivered total payable production within or above revised guidance ranges for gold, silver, zinc, copper and lead across its two operating mines in Mexico (as broken out by each metal at each mine in the news released Jan. 19, 2026). Production reflected stable operations at Campo Morado and the continued ramp-up of underground mining and processing activities at Tahuehueto. The company is also engaged in ongoing metallurgical testing to improve recovery rates and future payability for their 5 metals, and 3 concentrates; with an emphasis on gold and silver recoveries. As of December 31, 2025, Luca increased its cash position to approximately $25.5 million, compared to $15.9 million at the end of the third quarter of 2025 and $10.2 million at December 31, 2024, the increase in the quarter driven by free cash flow from operations. During 2025, the Company also repaid $10.1 million of debt, reducing outstanding principal to $2.5 million at year end, with the remaining balance expected to be fully repaid by mid-2026. Dan goes on to highlight both the expanded CAD$25Million exploration program, with both underground drilling and surface drilling going on at Campo Morado and Tahuehueto, in the first meaningful drill campaign in over a decade. The exploration work at Campo Morado has been targeting new high-grade gold and silver areas at the Reforma zone. This drill will be ongoing, but is highlighting broad intercepts that will be amenable to bulk mining methods, lower costs and improving efficiencies. Surface drillhole CMRF25-13 intersected 25.1 metres ("m") of 8.31 g/t AuEq**, including 4.9 m of 11.32 g/t AuEq Surface drillhole CMRF25-15 returned 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq New underground and surface diamond drilling results from its ongoing exploration programs at the Tahuehueto gold-silver mine have been focused on the other side of the mountain at the Santiago Deposit. This has successfully extended high-grade gold mineralization by more than 100 metres along strike toward the west, in the direction of the producing Perdido vein, located approximately 600 metres away. Dan mentioned the working thesis that these two vein areas of similar mineralization getting closer together may end demonstrating that it is all one larger vein system going through the entire mountain. There is also a concerted effort to expand mineralization and extend the mine life for both projects. Click here to follow the latest news from Luca Mining If you have any question for Dan regarding Luca Mining, then please email those into me at Shad@kereport.com. In full disclosure Shad is a shareholder of Luca Mining at the time of this recording and may choose to buy or sell shares at any time. For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
Good day ladies and gentlemen, this is IRC news, and I am Joy Stephen, an authorized Canadian Immigration practitioner bringing out this Canada Work Permit application data specific to LMIA work permits or employer driven work permits or LMIA exempt work permits for multiple years based on your country of Citizenship. I am coming to you from the Polinsys studios in Cambridge, OntarioNew Brunswick issued work permits between 2015 and 2024 for Metallurgical and materials engineers under the former 4 digit NOC code 2142, currently referred to as NOC 21322.A senior Immigration counsel may use this data to strategize an SAPR program for clients. More details about SAPR can be found at https://ircnews.ca/sapr. Details including DATA table can be seen at https://polinsys.co/dIf you have an interest in gaining assistance with Work Permits based on your country of Citizenship, or should you require guidance post-selection, we extend a warm invitation to connect with us via https://myar.me/c. We strongly recommend attending our complimentary Zoom resource meetings conducted every Thursday. We kindly request you to carefully review the available resources. Subsequently, should any queries arise, our team of Canadian Authorized Representatives is readily available to address your concerns during the weekly AR's Q&A session held on Fridays. You can find the details for both these meetings at https://myar.me/zoom. Our dedicated team is committed to providing you with professional assistance in navigating the immigration process. Additionally, IRCNews offers valuable insights on selecting a qualified representative to advocate on your behalf with the Canadian Federal or Provincial governments, accessible at https://ircnews.ca/consultant.Support the show
In the first Weld Wednesdays with AWS episode of 2026, I'm sitting down with Dr. Josh Burgess, current President of the American Welding Society and Senior Program Manager for Metallurgical and Welding Engineering at the Tennessee Valley Authority. Dr. Burgess shares his path from welding in high school and competing at the national level to earning his bachelor's, master's, and doctoral degrees in materials science and engineering. Along the way, AWS played a pivotal role—providing scholarships, networking opportunities, mentorship, and leadership development that shaped his career. This conversation covers: How AWS membership opens doors at every career stage The value of section involvement and industry networking Leadership development through volunteering Welding metallurgy, inspection, and failure analysis Workforce development and future career paths in welding Emerging technology like additive manufacturing and automation Whether you're a student, working welder, inspector, educator, or industry leader, this episode highlights why welding remains one of the most versatile and opportunity-rich trades available today. For more on how you can get involved with the AWS Click Here
Interview with Diane R. Garrett, President & CEO of Hycroft MiningOur previous interview: https://www.cruxinvestor.com/posts/hycroft-mining-nasdaqhymc-pitch-perfect-december-2025-8886Recording date: 9th January 2026Hycroft Mining has executed a remarkable corporate turnaround in 2025, transforming from a debt-burdened developer into a well-capitalized exploration story commanding over $2 billion in market capitalization. The Nevada-based company eliminated all inherited debt that was accruing at 10% interest, triggering an immediate share price rerating and attracting blue-chip institutional investors who now comprise over 80% of shareholders.Under President and CEO Diane Garrett's leadership, the company made its most significant discoveries in over 40 years of site history. The team identified two high-grade silver systems - Brimstone and Vortex - achieving over 90% drill success rates. These continuous, wide vein systems represent the high-grade cores feeding Hycroft's world-class resource of over 10 million ounces of gold and nearly 400 million ounces of silver.The company's financial position provides substantial flexibility, with approximately $200 million in cash including warrant exercises, offering 3+ years of runway with no dilution planned. Management has accelerated exploration from one drill rig to four, rapidly developing resource definition to support production decision-making.Hycroft possesses critical infrastructure advantages worth nearly $1 billion, including complete permitting, existing leach pads, crushing facilities, and two processing plants. This positions the company years ahead of development peers. Metallurgical work on pressure oxidation is complete, while roasting studies continue - the latter potentially generating a third revenue stream through sulfuric acid sales to lithium and fertilizer industries.The company is pursuing a phased development strategy to minimize shareholder dilution. Near-term options include restarting heap leach operations within six months using existing material and infrastructure, followed by high-grade underground mining with lower capital requirements and superior early cash flows. This approach mirrors management's proven Romarco Minerals playbook, where they successfully transformed a perceived low-grade project into a tier-one discovery.Engineering studies are nearing completion for Q1 2026 release, with management maintaining that proper sequencing and thorough technical work minimize execution risk while advancing toward production decisions.View Hycroft Mining's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com
Interview with Christopher Taylor, Chairman, and Claudia Tornquist, President & CEO of Kodiak Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-q4-2025-resource-estimate-will-mark-critical-inflection-point-7948Recording date: 10th December 2025Kodiak Copper has announced its maiden resource estimate for the MPD project in British Columbia, marking a significant milestone after six years of exploration. The resource comprises 440 million tons at 0.39% copper equivalent (indicated) and 0.32% (inferred), containing 2.4 billion pounds of copper and 1.7 million ounces of gold across seven discrete deposits.The company achieved remarkable exploration efficiency, discovering nearly 2 million ounces of gold with only 90,000 meters of drilling—a superior discovery rate compared to peer projects. Chairman Chris Taylor noted this efficiency exceeded even his previous work at Great Bear Resources, which sold for C$1.8 billion.Metallurgical results are encouraging, showing 80% copper recovery and 60% gold recovery with no deleterious elements. The company is conducting optimization work to potentially improve gold recovery rates, which could significantly enhance project economics given current gold prices substantially above the $4,000 per ounce assumption used in resource calculations.All seven deposits remain open for expansion, with drilling already indicating significant growth opportunities. The company has identified approximately 20 additional exploration targets across the property, including areas with surface samples showing 4-5% copper grades—higher than any current resource deposit yet never drill-tested.Management is prioritizing resource expansion over immediate economic studies, believing this approach maximizes shareholder value by demonstrating the district's full scale potential. President Claudia Tornquist emphasized that "size is what will make this project attractive." The company maintains $7-8 million cash to fund a 2026-2027 drilling program, with a resource update expected in approximately one year.The project benefits from favorable market dynamics, with copper and gold at or near all-time highs and limited pipeline of development projects to address structural supply deficits. Located in British Columbia's established mining jurisdiction, MPD is positioned as a potential future copper-gold producer in a supply-constrained market.View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com
Great Southern Copper PLC (LSE:GSCU) chief executive Sam Garrett talked with Proactive's Stephen Gunnion about the latest high-grade drilling results at the Cerro Negro project, with a focus on the Mostaza target area. Garrett said recent intercepts confirmed the presence of stacked lenses, potentially increasing the size and value of the copper-silver system. “The realisation in the recent drilling of the potential for stacked lenses is clearly going to give us the opportunity to expand the potential size of this deposit,” he explained. Metallurgical testing is underway to determine copper and silver recovery rates, which will enable the company to report results in copper or silver equivalents. Garrett said this will offer clearer comparisons with other assets in the sector. He also highlighted progress at the Viuda Negra prospect, where early drilling indicates a potentially large Maricunga-style gold porphyry system, significant as such systems have not previously been recognised in Chile's coastal belt. While early gold grades were low, Garrett noted economic grades were intersected in mineralised porphyry zones. The company recently raised £2.5 million to fund expanded drilling at Especularita, with three rigs now active. Investors can expect news flow from ongoing drilling, further metallurgical updates, and planning for phase four drilling at Mostaza, as well as continued exploration at Viuda Negra and scout drilling across the broader Especularita region. For more interviews and updates from the mining and exploration sector, visit Proactive's YouTube channel. Don't forget to like the video, subscribe, and turn on notifications. #CopperExploration #SilverMining #GoldDiscovery #ViudaNegra #CerroNegro #MostazaDrilling #MetallurgyTesting #JuniorMining #ChileMining #MiningNews #NaturalResources #GreatSouthernCopper #ProactiveInvestors
Temas Resources CEO Tim Fernback joined Steve Darling from Proactive to provide an update on the continued advancement of the company's La Blache Property in Quebec, along with significant progress on its proprietary metallurgical technology initiatives. Fernback outlined Temas' unique dual-business model, explaining that the company operates both as a metallurgical technology developer and as an advancing critical minerals exploration and development company focused on titanium, vanadium, and iron. Fernback noted that Temas has completed approximately 45,000 metres of drilling at the La Blache Property to date, establishing a substantial geological database for the project. He highlighted that the company has already delivered a Preliminary Economic Assessment (PEA), which demonstrates the scale and strength of the asset. The PEA indicates approximately $6.6 billion of in-situ rock value underground with an internal rate of return (IRR) of over 60%, underscoring the project's robust economic potential. A key component of Temas' strategy is its proprietary regenerative chloride leach (RCL) platform technology. Fernback explained that the RCL system is designed to extract metals from complex mineralized rock while recycling reagents within a closed-loop process. By reusing key inputs, the technology is engineered to significantly reduce both operating costs and energy consumption compared to conventional processing methods. According to Fernback, the RCL platform can deliver approximately 65% savings versus traditional metallurgical approaches, positioning it as a potentially disruptive solution for the global mining and processing industry. Temas is actively evaluating international licensing and joint venture opportunities for the RCL technology, as the company looks to commercialize the platform beyond its own projects and create an additional revenue stream independent of mining operations. The interview also highlighted the company's recently completed 2,300-metre drilling program at La Blache, with assay results expected in early 2026. Fernback added that planned work in the coming year includes advancing both the La Blache and Lac Brûlé projects toward feasibility-stage studies, while continuing to strengthen the company's metallurgical division and expand its technology footprint. Fernback also pointed to the company's recently completed Australian initial public offering, which successfully raised $11.00 million. He said the financing leaves Temas fully funded for its upcoming work programs, positioning the company to execute on both its project development and technology growth strategies without near-term funding constraints. #proactiveinvestors #temasresourcescorp #asx #tio #cse #tmas #otcqb #tmasf #LaBlacheProject #MiningNews #CriticalMinerals #Titanium #Vanadium #IronOre #MetallurgicalTechnology #RCLTechnology #QuebecMining #ResourceStocks #DrillingUpdate #2026Outlook
Dr. Robert Quartermain, Co-Chairman, Director and CEO of Dakota Gold (NYSE American: DC), joins me for an exploration and development update from their Richmond Hill Oxide Heap Leach Gold Project. He also outlines the long-term optionality of their Maitland Gold Project. Both projects are located in the historic Homestake District of South Dakota, near existing mining infrastructure. Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. M&I plan identifies 168.3 million tonnes at a grade of 0.566 grams per tonne gold (“g/t Au”) for a total of 2.6 million ounces produced over a 17-year life of mine. MI&I plan identifies 273.7 million tonnes at a grade of 0.530 g/t Au for a total of 3.9 million ounces produced over a 28-year life of mine. Principle Projects are on Private Land which equates to a positive attribute for efficient permitting with State and County organizations. On November 19th, assay results from 26 drill more holes were reported as part of the ongoing 2025 drilling campaign at the Richmond Hill Project, including the first assays from expansion drilling in the northeast corner of the Project. Highlights from this update include: Expansion and infill drill holes in the northeastern corner of the Project area are intersecting significantly higher-grade gold than the average resource grade including RH25C-278 intersecting 1.75 grams per tonne gold (g/t Au) over 19.9 meters (35 gram meters) and RH25C-295 intersecting 2.15 g/t Au over 30.0 meters (65 gram meters). The expansion drilling surrounding the area has the potential to add to the resource based on prior drilling and current resources in the area, and is only limited by drilling and remains open. Metallurgical drill holes across the northern Project area continue to intercept high-grade gold, de-risking the Project and providing greater confidence in the resource including RH25C-270 intersecting 2.26 g/t Au over 29.2 meters (66 gram meters) and RH25C-288 intersecting 4.15 g/t Au over 14.5 meters (60 gram meters). The metallurgical drilling results demonstrate the low-risk nature of the deposit with widespread mineralization. Drilling continues to confirm high-grade gold mineralization in the northern portion of Richmond Hill, supporting the Company's plan to prioritize initial mining in this area. Dakota Gold currently has two drills operating on site and expects to complete approximately 27,500 meters (~90,000 feet) of drilling during the 2025 campaign. Robert highlights how these robust gold and silver resources, site infrastructure, and low cost project economics, point to a low-cost, long-life mining operation that can deliver high margins and generate meaningful revenues. He points out how the higher grade mineralization in the northeast corner may accelerate the economics and shorten the payback period outlined in the SK 1300 Initial Assessment with Cash Flow earlier this year. Strong Economics: At a base case gold price of $2,350 per ounce, the project has an after tax NPV5% of $1.6 billion and IRR of 55% for the M&I plan, and $2.1 billion and 59% respectively for the MI&I plan. At recent metal prices of $3,350 the NPV5%'s increase to $2.9 billion and IRR of 99% and $3.7 billion and 107%, respectively. Low-Cost: Initial Capital of $384 million, including $53 million contingency, with life of mine All-in Sustaining Costs (“AISC”) averaging $1,047 for M&I plan and $1,050 for MI&I plan. With the metallurgical drilling for the 2025 campaign now complete, the company is advancing heap leach column testing and looks forward to sharing those results as they are completed. The company is rapidly advancing its Richmond Hill project toward eventual surface heap leach gold operation as soon as 2029. Building on the robust IACF, ongoing exploration, metallurgical tests, and derisking workstreams will be incorporated into the Feasibility Study planned for completion in early 2027, with construction starting in 2028 and first production targeted for 2029. At the Maitland Gold Project the Company is currently assessing the exploration data collected to date from the JB Gold Zone and the Unionville Zone with the intent of outlining an initial inferred gold resource. The work is expected to be completed in the fall of 2025. To date the JB Gold Zone has encountered a number of high-grade intersections which average 10.76 g/t Au over 4.0 meters. If you have any questions for Bob Quartermain regarding Dakota Gold, then please email those in to me at Shad@kereport.com. In full disclosure, Shad is a shareholder of Dakota Gold 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 Dakota Gold For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
Interview with Jean-Marc Lulin, President & CEO of Azimut Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/azimut-exploration-tsxvazm-kghm-funds-nickel-hunt-as-quebec-explorer-weighs-gold-asset-options-6611Recording date: 21st November 2025Azimut Exploration (TSXV:AZM) is executing a strategic transformation from prospect generator to focused development company, concentrating resources on three 100%-owned gold discoveries in Quebec's prolific mining districts. Jean-Marc Lulin, president and CEO with 40 years of global exploration experience, outlined the company's evolution and provided comprehensive project updates in a recent interview.The flagship Wabamisk property hosts two significant discoveries separated by 15 kilometers of underexplored ground. The Fortin Zone represents one of Canada's largest antimony systems, spanning at least 1.8 kilometers of strike length with mineralized envelopes reaching 50 meters in width. Drilling across 86 holes totaling 12,000 meters has tested the system to 250 meters depth, where strong mineralization continues with the deposit remaining open in multiple directions. Metallurgical testing with SGS is underway, with preliminary results described as encouraging—critical validation for economic viability during a period of elevated antimony prices driven by critical mineral supply constraints.The Rosa Zone emerged as an unexpected breakthrough in terrain explored for 90 years by 11 previous companies. Systematic prospecting revealed 300 meters of outcropping high-grade gold with abundant visible gold—both coarse and fine dust—that correlates strongly with a 1.4-kilometer induced polarization anomaly. Initial drilling intersected visible gold in 11 of 26 holes, with assay results expected by year-end 2025 or early January 2026.The company's third focus, Elmer-Patwon, represents the most advanced asset with an existing resource that benefits from gold prices substantially above the $1,800 per ounce used in the original definition. A scoping study is well advanced, with clear expansion targets identified along strike.Azimut maintains strategic leverage through partnerships, notably with KGHM on the Kukamas nickel-copper-PGE project, where drilling delivered grades up to 19.6% nickel and 15 grams per ton platinum-palladium in a kambalda-type system. KGHM is funding advancement toward a preliminary economic assessment while Azimut retains operator status with no funding obligations.Lulin emphasized the company's technical discipline: "We want to advance as quickly as possible but in a rational way." Detailed 2026 program guidance is expected in Q1 following receipt of critical assay results that will shape resource expansion strategies across the portfolio.View Azimut Exploration's company profile: https://www.cruxinvestor.com/companies/azimut-explorationSign up for Crux Investor: https://cruxinvestor.com
Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins us to review their Q3 operations and key financial metrics, further debt repayment, ongoing metallurgical studies and development work, expanded exploration programs. He provides insights on key upcoming growth initiatives through improving grades and better precious metals recoveries across both of Luca's producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico. Third Quarter 2025 Highlights Safety: continued emphasis on safe, disciplined operations with strengthened housekeeping and visible leadership engagement across both sites. Throughput increased: consolidated tonnes milled of 250,807 (+66% vs. prior year), supported by increased plant availability at both mines which has resulted in higher metal output: Gold increased 51%, Silver increased 97%, Zinc increased 78%, Lead increased 81%, Copper increased 43% over Q3 2024. Profitability indicators: Adjusted EBITDA of $4.3 million for the quarter and positive year-to-date adjusted net earnings of $12.8 million, a reflection of greater operational performance. Revenue momentum: Revenues of $35.0 million (+94% vs. prior year), supported by higher sales volumes and increased realized precious-metal prices (gold +28%, silver +18%). Campo Morado performance: production in Q3 improved year-over-year (+75% ZnEq pounds) on higher grades, notably zinc (+30%) and silver (+27%) and increased volumes (+43% tonnes milled per day). Cash costs decreased to $1.09 per payable ZnEq pound (-14% vs. prior year) with AISC of $1.43/lb slightly increased (+8%) from the same quarter in the prior period, reflecting increased sustaining capital development and the commencement of a significant exploration program at the mine (all of the Company's exploration expenditures are included in AISC). Tahuehueto ramp-up: 77,548 tonnes milled, setting a record of 969 tonnes milled per day in the quarter (+187% vs. prior year), with AuEq production up 74% year-over-year. As a result of increased volumes, direct cost per tonne reduced to $149 (-22%). Lower grades in the quarter, as well as increased capital development and exploration, resulted in an increase in AISC (+35%) year-over-year. Increased grades and the benefit of this capital development are expected to decrease AISC at Tahuehueto in the subsequent periods. Investment for reliability: sustaining capital investment of $8.7 million in the quarter ($19.0 million YTD) to accelerate underground development and exploration drilling, positioning both mines for improved grades and operating flexibility. The Company made significant progress in exploration, with multiple high-grade intercepts at both operations. Repaid $2.5 million in debt. Operations going forward: Both Tahuehueto and Campo Morado are expected to enter higher-grade areas which, combined with the strong milling rates observed at both mines, is expected to drive increased production, improved recoveries, and lower unit costs through year-end. Dan goes on to highlight both the expanded CAD$25Million exploration program, with both underground drilling and surface drilling going on at Campo Morado and Tahuehueto, in the first meaningful drill campaign in over a decade. In addition to targeting new high-grade gold and silver areas, like the Reforma zone, there is also a concerted effort to expand mineralization and extend the mine life for both projects. The company is also engaged in ongoing metallurgical testing to improve recovery rates for their 5 metals, and 3 concentrates. If you have any question for Dan regarding Luca Mining, then please email those into us at Fleck@kereport.com or Shad@kereport.com. In full disclosure Shad is a shareholder of Luca Mining 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 Luca Mining For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
In October 2025, Kodiak Copper announced the commencement of an additional metallurgical testwork program for its 100%-owned MPD Copper-Gold Porphyry Project in Southern British Columbia, building on the maiden test results received in Q2 2025.President, CEO, & Director Claudia Tornquist joins us to discuss the progress of the metallurgical testwork, key highlights from the MPD Project, and upcoming milestones.Learn more: https://kodiakcoppercorp.com/Watch the full YouTube interview here: https://youtu.be/kg_PKPvHCqMAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia
In October 2025, Kodiak Copper announced the commencement of an additional metallurgical testwork program for its 100%-owned MPD Copper-Gold Porphyry Project in Southern British Columbia, building on the maiden test results received in Q2 2025.President, CEO, & Director Claudia Tornquist joins us to discuss the progress of the metallurgical testwork, key highlights from the MPD Project, and upcoming milestones.Learn more: https://kodiakcoppercorp.com/Watch the full YouTube interview here: https://youtu.be/kg_PKPvHCqMAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia
Copper Fox Metals (TSXV: CUU | OTCQX: CPFXF | FSE: HPU) is advancing its Schaft Creek Project in British Columbia, one of North America's most promising copper-gold-molybdenum-silver developments. In this interview, Chairperson, President, & CEO Elmer Stewart discusses the latest drilling program, the early geological signs it revealed, and how ongoing environmental and metallurgical studies are shaping the next phase of the project. He also explains how rising metal prices have strengthened the project's economics and why Copper Fox Metals continues to stand out in the copper sector.Learn more about Copper Fox Metals: https://copperfoxmetals.comWatch the full YouTube interview here: https://youtu.be/-djZwkS8ibsAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia
Copper Fox Metals (TSXV: CUU | OTCQX: CPFXF | FSE: HPU) is advancing its Schaft Creek Project in British Columbia, one of North America's most promising copper-gold-molybdenum-silver developments. In this interview, Chairperson, President, & CEO Elmer Stewart discusses the latest drilling program, the early geological signs it revealed, and how ongoing environmental and metallurgical studies are shaping the next phase of the project. He also explains how rising metal prices have strengthened the project's economics and why Copper Fox Metals continues to stand out in the copper sector.Learn more about Copper Fox Metals: https://copperfoxmetals.comWatch the full YouTube interview here: https://youtu.be/-djZwkS8ibsAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia
Pinnacle Silver and Gold CEO Robert Archer joined Steve Darling from Proactive to share encouraging results from preliminary metallurgical test work at the company's high-grade El Potrero gold-silver project in Durango, Mexico. Early testing has demonstrated consistently strong gold recoveries, reaching as high as 96.79% and averaging 95.09%, reinforcing the project's promising economic potential. Archer explained that three representative samples were collected from the mineralized zone inside the Pinos Cuates underground mine, part of the broader Dos de Mayo low-sulphidation epithermal vein system. These samples — each weighing approximately 25 kg — were submitted to SGS Labs in Durango for a series of scoping-level metallurgical evaluations, including grind calibration, gravity separation, and bottle-roll cyanide leach testing. Initial grind calibration using a ball mill achieved a targeted particle size of 80% passing 53 microns (270 mesh), a benchmark suitable for leach optimization. The subsequent cyanide bottle-roll tests returned excellent gold extraction, with recoveries of 92.81%, 95.68% and 96.79% across the three samples. Silver recovery rates were more variable, ranging between 41.41% and 73.53%, with an average of 54.68%. Archer noted that the lower silver recoveries suggest more complex mineralogy, indicating that extended leach times, finer grinding, and potential adjustments in the processing sequence may be required to unlock greater silver value. Looking forward, Archer said the next phase of metallurgical evaluations will likely combine gravity concentration followed by cyanide leaching of the remaining material, a common flow sheet for high-grade epithermal systems. Optimization studies will also focus on enhancing recoveries for lower-grade material while refining overall processing parameters. #proactiveinvestors #pinnaclesilverandgoldcrp #robertarcher #tsxv #pinn #otc #psgcf #GoldMining #SilverMining #Metallurgy #ElPotrero #PinnacleSilverGold #MiningProjects #ResourceDevelopment #MiningMexico #MiningNews #GoldRecovery
Interview with Joseph Ovsenek, President & CEO, and Ken McNaughton, CExpO of P2 Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-pgld-goldcopper-explorer-racing-to-production-3124Recording date: 27th August 2025P2 Gold Corp (TSXV:PGLD) is positioning itself as Nevada's next significant precious metals producer through its flagship Gabbs gold-copper project, led by veteran mining executives Joseph Ovsenek and Ken McNaughton who previously built Silver Standard from $10 million to $2.8 billion market capitalization.The company's updated Preliminary Economic Assessment demonstrates compelling project economics with a 21.6% internal rate of return and $300 million NPV at base case metal prices. At current spot prices, these metrics surge dramatically to 55-56% IRR and over $600 million NPV, highlighting the project's leverage to the current precious metals environment.The Gabbs project contains 3.5 million ounces of gold equivalent resources across four mineralization zones, comprising approximately 2 million ounces of gold and 1.5 million copper equivalent. This positions Gabbs to become the third or fourth largest gold deposit in Nevada, providing natural price hedging through its balanced precious-base metals profile.P2 Gold has achieved a critical metallurgical breakthrough through SART technology (Sulfidization, Acidification, Recovery, Recycling and Thickening), overcoming historical processing challenges that made the project uneconomic in the 1990s. The technology delivers 88% gold recovery and 67% copper recovery while dramatically improving leach kinetics from over 145 days to under 60 days.This technological advancement addresses the primary obstacle that previously prevented development - the interference between copper and gold in cyanide leaching. The SART process allows simultaneous recovery of both metals while regenerating cyanide, substantially reducing operating costs.Gabbs benefits from superior infrastructure including highway access, power lines crossing the property, and proximity to Hawthorne, an established mining town just 45 minutes away. These advantages eliminate typical remote mining challenges, reducing both capital expenditure and operational complexity while providing access to skilled workforce and services.The development plan envisions a 14.2-year mine life processing 9 million tons annually, beginning with oxide heap leaching to generate cash flow before constructing a conventional mill. With $365 million in pre-production capital and strong project economics, P2 Gold is advancing toward production in Nevada's mining-friendly jurisdiction with no anticipated permitting obstacles.View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-goldSign up for Crux Investor: https://cruxinvestor.com
Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update on all derisking work and development work that is building towards a Pre-Feasibility Study (PFS), including the excellent metallurgical results released today at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia. We start off reviewing the resource size and different metals contributions as well as the key economic metrics from the Preliminary Economic Assessment (PEA) released in June 2023. The updated Mineral Resource Estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category. Leif highlights that there has a been a fair bit of infill drilling completed over the last 2 years where more ounces will be moving from the inferred category and into the measured and indicated category when it gets updated along with the coming PFS. The 2023 PEA outlined a base case after-tax NPV8% of C$2.1 billion and IRR of 20% based on long-term commodity price assumptions of US$4.00/lb copper, US$15.00/lb molybdenum, US$23/oz silver, and US$1,800/oz gold plus foreign exchange of 0.77 USDCAD. There is a projected 30-year mine life with total payable production of 5.8 billion pounds (2.6 million tonnes) of copper equivalent (CuEq), including 3.7 billion pounds (1.7 million tonnes) of copper. Leif outlines that these economic metrics will see marked improvements in the upcoming PFS, based on a few different factors. The larger amount of resources in the indicated category will be a factor, as will the the geotechnical drilling showing the potential for steeper pit walls, and the inclusion of mineralization previously below the pit shell from that 2023 study. The conversation then shifted to the recent successful metallurgical tests that demonstrated improved recoveries for copper and molybdenum into the bulk concentrate, as well as the separation into the separate copper and moly concentrates. Highlights of the metallurgical testing: 27 variability composites tested, covering all major rock and alteration types spatially distributed across all areas and depths of the proposed open pit Over 60 flotation tests conducted to optimize parameters and improve recoveries Locked cycle testing achieved up to 90.7% Cu and 93.0% Mo recovery to bulk concentrate grading 29.7% Cu Excellent copper-molybdenum separation confirmed, with Mo recoveries of 94.6% and 95.6% from bulk concentrates across the main hypogene and supergene composites respectively Wrapping up we discussed a number of factors from what the permitting process will look like, the potential for government funding for critical minerals projects in British Columbia and Canada, the strategic partner they have in African Rainbow Minerals Limited (“ARM”) assisting the Project both financially and technically, and an overall sense of, and how the size and scale of the Berg stacks up to other large copper development assets in Canada. If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at Shad@kereport.com. In full disclosure, Shad is a shareholder of Surge Copper 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 Surge Copper
Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxv-cbr-near-term-production-pivot-advances-6950Recording date: 28th May 2025Cabral Gold Corp (TSXV:CBR) is positioning itself as a compelling transition story in the junior mining sector, advancing its Cuiú Cuiú gold project in northern Brazil from exploration toward near-term production through an innovative low-cost strategy. CEO Alan Carter has architected a development approach centered on extracting gold from saprolite—weathered rock material resembling mud—through heap leach processing, offering significant advantages over traditional hard rock mining.The company's starter operation targets a 60-meter thick saprolite layer requiring no drilling, blasting, or crushing, making it "an earth moving exercise basically, not a rock mining exercise," according to Carter. Metallurgical testing has yielded exceptional results, with 70% gold recovery achieved within 12 days compared to months typically required for heap leach operations. The September 2024 Preliminary Feasibility Study outlined $37 million USD in capital costs, generating a 47% post-tax Internal Rate of Return at $2,250 per ounce gold. With current gold prices around $3,250 per ounce, Carter projects approximately $2,300 per ounce profit margins.Beyond the starter operation lies significant district-scale potential. Historic placer production of 2 million ounces at Cuiú Cuiú compares to just 200,000 ounces at neighboring Tocantinzinho, which became a 2.5 million ounce deposit. Cabral's soil anomaly spans 7 kilometers versus 1.2 kilometers at Tocantinzinho, while the company has identified 50 exploration targets compared to six at the neighboring mine.Recent drilling has delivered impressive results, including 12 meters at 27 grams per tonne and 49 meters at 2 grams per tonne across multiple new discoveries. Following a successful $15 million CAD financing, the company has mobilized multiple drill rigs to advance various targets toward resource estimates.Carter has invested $2 million CAD personally, demonstrating management alignment while rejecting traditional dilutive financing models. The company expects a construction decision by mid-Q2 2025, with production targeted for mid-2026, positioning Cabral to generate cash flow for district-wide exploration while avoiding excessive shareholder dilution.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com
Join host Doug Glenn as he converses with Katelyn Kirsch, a metallurgical engineer with extensive experience in the heat treating industry. Katelyn discusses her career journey, including roles at Huron Casting, Federal Screw Works, and Moeller Aerospace. This episode highlights integrating new equipment and processes, managing thermal processing, and setting up a metallurgical lab. Katelyn also shares insights on the challenges of implementing new processes, the importance of hands-on experience, and the benefits of bringing processes in-house for improved turnaround times. The episode provides valuable perspectives for professionals in the heat treating field. Watch | Listen | Learn Full transcript, audio, and video to this episode is located here: https://heattreattoday.com/radio
Interview with Matthew Hayes, Executive Director of James Bay Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/james-bay-minerals-asx-jby-two-pronged-approach-near-surface-gold-high-grade-skarn-upside-6312Recording date: 28th April 2025James Bay Minerals is advancing its strategic 1.4 million ounce gold resource in Nevada toward potential near-term production. The project features a high-grade component of 980,000 ounces grading 6.67 g/t gold and a surface oxide component of approximately 400,000 ounces at nearly 4 g/t.Located adjacent to Nevada Gold Mines' Phoenix operation, described as "the largest gold mine in the world," JBY's asset shares identical geology with a proven neighbor that has produced 9 million ounces over 40 years. The project benefits from existing infrastructure including power, paved roads, and secured water rights, with just a 15-minute drive to the established mining town of Battle Mountain.Executive Director Matthew Hayes, who holds approximately 15% of the company, highlighted their production-focused strategy: "We've got advanced heap leach permitting in place. And within 8-12 months we could be in production." This heap leach approach could enable operations to begin at a relatively modest capital cost compared to conventional mining.JBY acquired the asset in a distressed situation for less than $4 per ounce (now effectively under $2 per ounce at current share prices) and maintains a healthy treasury with $7.3 million cash. The company is currently conducting a 4,000-meter drill program targeting significant resource expansion, including previously undrilled high-grade outcrops with samples up to 42 g/t gold.Metallurgical studies demonstrate favorable recoveries of 79% for oxide material, exceeding the neighboring operation's 68% recovery despite processing much lower grades (0.32 g/t).Management's substantial ownership (approximately 33% collectively) aligns interests with shareholders and supports their anti-dilutive approach, with Hayes noting: "We'll most likely be looking to do it majority through debt financing."In the current strong gold price environment, JBY represents a compelling opportunity for investors seeking exposure to a potential near-term gold producer in a premier mining jurisdiction.View James Bay Minerals' company profile: https://www.cruxinvestor.com/companies/james-bay-mineralsSign up for Crux Investor: https://cruxinvestor.com
On March 3, 2025, Canadian North Resources (TSXV: CNRI | OTCQX: CNRSF | FSX: EO0) announced the launch of a new metallurgical program at the Ferguson Lake Critical Minerals Project in Nunavut. This follows the successful technical evaluation of bioleaching technology.In this interview, Project Geologist Carl-Philippe Folkesson discusses key details of the metallurgical program, the promising results of the 2024 bioleaching tests, and the development of a mineral processing flowsheet aimed at reducing capital costs.Learn more: https://cnresources.com/2025/03/03/canadian-north-resources-inc-expands-metallurgical-programs-applying-low-carbon-footprint-bioleaching-technology-on-ferguson-lake-ni-cu-co-pge-project/Watch the full YouTube interview here: https://youtu.be/HLcH1aRkQLAAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia?sub_confirmation=1
On March 3, 2025, Canadian North Resources (TSXV: CNRI | OTCQX: CNRSF | FSX: EO0) announced the launch of a new metallurgical program at the Ferguson Lake Critical Minerals Project in Nunavut. This follows the successful technical evaluation of bioleaching technology.In this interview, Project Geologist Carl-Philippe Folkesson discusses key details of the metallurgical program, the promising results of the 2024 bioleaching tests, and the development of a mineral processing flowsheet aimed at reducing capital costs.Learn more: https://cnresources.com/2025/03/03/canadian-north-resources-inc-expands-metallurgical-programs-applying-low-carbon-footprint-bioleaching-technology-on-ferguson-lake-ni-cu-co-pge-project/Watch the full YouTube interview here: https://youtu.be/HLcH1aRkQLAAnd follow us to stay updated: https://www.youtube.com/@GlobalOneMedia?sub_confirmation=1
Matt Manson, CEO of Radisson Mining, discusses the recent metallurgical test results for their O'Brien gold project, highlighting the various recovery options available. He explains the significance of these results in the context of potential partnerships with IAMGOLD and the competitive landscape in the Abitibi region. The discussion also covers the complexities of toll milling agreements versus hub and spoke models, emphasizing the strategic positioning of Radisson Mining in a competitive gold market.
David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO – OTC: EMOTF), joins me to provide an update on the continued metallurgical testing beyond even the Phase 2, showing enhanced gold recoveries at La Romanera, along with an exploration and development update at El Cura and other derisking work being conducted to advance the polymetallic Iberian West Project (IBW), located in southern Spain. We start by discussing the ongoing metallurgical work completed in the Phase 2 testing at the IBW Project, mostly at the Zinc-Copper-Lead-Silver-Gold La Infanta and Romanera deposits. David shares how their approach has optimizing metal recoveries at both areas using separate copper, lead, and zinc concentrates; but also a new 2 phase system really improves the gold recoveries, which would impact future payables in production scenario at La Romanera which has a higher gold credit. The company is also still exploring the viability of a 4th arsenopyrite concentrate circuit at Romanera to capture even higher gold values and payable arsenic credit that would report to this concentrate, but the previously mentioned 2-phase process doesn't require this. Next we pivoted over to the exploration and development potential at El Cura , which was not part of the Phase 1 or Phase 2 metallurgical study, but is going through it's own testing at present. There has also been a continued focus on exploration drilling and expanding the mineralized area so that this 3rd deposit it can be included in the coming updated resource estimate due out in late Q1. David walks us through how each of these 3 deposit areas plays into the larger development strategy where the earlier stage mining at La Infanta can now drift through El Cura on the way to the development of La Romanera, bringing in El Cura as a future economic driver much earlier in the mining sequence now. This will be highlighted in a PFS due out later in 2025. We wrap up noting the ongoing exploration work at the earlier-stage Nuevo Tintillo Project, and got an update on where things are in the courts, with 3 months until the sentencing portion of the legal proceedings in their initiative to be awarded the high-grade polymetallic Aznalcóllar Project. If you have any follow up questions for David regarding Emerita Resources, then email those in to me at Shad@kereport.com. Click here to follow the latest news from Emerita Resources
Interview with Terry Lynch, CEO of Power NickelOur previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-unearthing-a-high-grade-polymetallic-gem-in-quebecs-james-bay-region-5925Recording date: 19th December 2024Power Nickel (TSXV:PNPN) has electrified the market with a major new nickel-copper-PGM discovery at its NISK project in Quebec. The company was originally exploring NISK for its high-grade nickel potential, but a wild step-out hole 5.5 km away hit a massive sulfide zone grading 1.5% copper and nearly 1 oz/ton platinum group metals (PGMs) over 8 meters. Subsequent drilling has traced this Lion Zone over 500 meters of strike length and to 500-600 meter depth, with exceptional grades of up to 7% copper equivalent over significant widths.CEO Terry Lynch believes they are just scratching the surface of a large mineralized system. "For every ton of copper sulfide you find, you find between 2-7 tons of nickel sulfides underneath, with an average of around five," he explained in a recent interview. "If we find 10, 15, 20 million tons of copper sulfide, ordinarily one would expect somewhere between 40 to 100 million tons of nickel sulfide. It's going to be big."Power Nickel already has an estimated 5-7 million tons grading 5-7% copper equivalent at Lion based on about 10,000 meters of drilling. The current 30,000 meter program aims to triple that to 15-20 million tons in 2025. Three drill rigs are turning now with a steady flow of assay results expected to start in January.The company is well funded after raising C$20 million in a financing anchored by mining magnate Robert Friedland and other billionaire backers including Rob McEwen. Power Nickel has also seen strong interest from major mining companies who are eager to secure new supplies of critical minerals like nickel and copper.Metallurgical studies are a key focus for 2025 to determine the best way to economically recover all the valuable metals in this polymetallic deposit. CEO Lynch is optimistic they can achieve good recoveries based on discussions with Friedland who has extensive experience with similar deposits in South Africa.The blue sky potential for Power Nickel is to have a world-class discovery on its hands, in the same league as giant camps like Norilsk, Voisey's Bay or Sudbury. Even at this relatively early stage, analysts ascribe a value of roughly C$100 million to the Lion Zone discovery. Lynch sees potential for a 10-bagger or more. "All great deposits get paid and this will be a great deposit," he affirmed. "Our shareholders will get what they deserve."With a monster discovery shaping up, a strong Quebec address, and lots of news flow on tap, Power Nickel has all the ingredients to charge up your mining portfolio. Drill results and metallurgy news in 2025 could provide the jolt to power shares significantly higher.
Interview with Graham Crew, CEO of Rupert Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/rupert-resources-tsxvrup-ikkari-shaping-up-as-tier-one-gold-asset-4674Recording date: 20th November 2024Rupert Resources, advancing its 4-million-ounce Ikkari gold deposit in Finland, is entering a transformative phase under new CEO Graham Crew, who brings significant mine-building experience to guide the project through development.The Ikkari deposit, discovered in 2020, stands out for its exceptional characteristics. With 96% of the resource in the indicated category and approximately 10,000 ounces per vertical meter in the first few hundred meters, the project offers robust fundamentals. Metallurgical recoveries exceeding 95% further enhance the project's technical merit."The deposit itself is very robust in terms of the endowment, the ounces, the grade close to the surface... it's going to be a relatively low-cost deposit on a world scale because of the quality of the deposit," notes Crew, highlighting the project's economic potential.The company has outlined a clear development timeline. A Preliminary Feasibility Study is due to complete in 2024, followed by Environmental Impact Assessment submission in 2025. Finland's transparent permitting process typically takes 12 months, suggesting potential project permits by end-2026. A recent $35 million financing ensures funding through these near-term milestones.Notably, management plans to develop the project independently rather than position for sale. Base case economics using $1,700 gold provide significant margin potential at current prices while maintaining conservative planning parameters. The development strategy emphasizes quality over speed, particularly important given recent sector challenges with capital cost overruns.The project benefits from its Finnish location, offering a stable mining jurisdiction with skilled workforce and established infrastructure. The permitting process, while thorough, follows predictable timelines with extensive stakeholder consultation throughout.Additional upside exists through several satellite targets within 10km of Ikkari. Management views this regional potential as complementary to development activities, potentially providing resource growth without compromising core project advancement.Key risks to monitor include gold price volatility, capital cost environment, permitting progress, and future construction funding requirements. However, the company's conservative approach to development planning and focus on technical excellence aims to mitigate execution risks.With few advanced gold projects progressing toward production in premium jurisdictions, Rupert Resources gives investors exposure to a high-quality development story with clear catalysts through 2024-26. The combination of asset quality, jurisdictional advantage, and experienced leadership positions the company to potentially capture significant value as it advances toward production.View Rupert Resources' company profile: https://www.cruxinvestor.com/companies/rupert-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Richard Osmond, President & CEO of Element 29 Resources Inc.Recording date: 20th November 2024Element 29 Resources (TSXV:ECU) is a copper exploration company that offers investors an attractive opportunity to gain exposure to a major new discovery in a top mining jurisdiction. The company's flagship Elida project in Central Peru has all the key ingredients for success: scale, grade, infrastructure, and exploration upside.Elida is a significant grassroots copper discovery with a current inferred resource of 321.7 million tonnes grading 0.32% copper, 0.029% molybdenum and 2.6 g/t silver. Discovered by Lundin Mining, which completed nearly 10,000 meters of drilling, Elida was acquired by Element 29 in 2019. The company has since expanded the resource with an additional 5,000 meters of drilling and sees potential to grow it substantially larger.The project benefits from excellent infrastructure, with power, water, and transport facilities nearby. Elida is located just 200 km from Lima at low elevation and is easily accessible by highway. It is close to the operating Antamina mine and it's concentrate pipeline and port facilities. This should enable the project to be developed at low capital and operating costs.Importantly, Elida is expected to produce a very clean, high-quality copper concentrate with negligible arsenic levels. This is a key differentiating factor that could command a premium price from smelters. Metallurgical testing is underway and will provide greater insight into the process flowsheet and recoveries.Peru is one of the world's top copper producers, with a mature mining industry and strong government support. Several major new copper mines have been successfully permitted and developed in the country in recent years. Element 29 has strong community relations and is actively engaging with local stakeholders to ensure the project provides sustainable economic benefits.The Elida project is large enough to be developed as a standalone operation or could be an attractive acquisition target. CEO Richard Osmond sees potential for Elida to grow to over 500 million tonnes, noting that the current resource covers just a small portion of the 2.5 x 2.5 km alteration footprint. Element 29 is targeting a preliminary economic assessment on the project within the next 2-3 years to demonstrate its economic potential.Despite its attractive fundamentals, Element 29 is currently trading at just C$0.45 per pound of copper-equivalent, well below the valuations of more advanced development projects. This reflects the earlier stage nature of the asset but provides considerable potential for re-rating as the company executes its business plan.With a major copper discovery, strong management team, and strategic location in a mining-friendly jurisdiction, Element 29 Resources offers a compelling investment opportunity. As the world faces a looming shortage of copper supply, the company is well-positioned to create substantial shareholder value through exploration success and project advancement. The Elida project provides exposure to a potential Tier 1 copper asset at an attractive valuation with multiple near-term catalysts on the horizon.View Element 29's company profile: https://www.cruxinvestor.com/companies/element-29-resourcesSign up for Crux Investor: https://cruxinvestor.com
In this episode of Energy Evolution, host Taylor Kuykendall engages with CEOs Jimmy Brock of CONSOL Energy and Randall Atkins of Ramaco Resources to discuss the evolving role of coal in the energy landscape. Although coal's share of US electricity generation has declined significantly, both executives argue that coal remains vital, particularly in steel production. They explore coal's diversification into new markets, including rare earth elements and advanced carbon products, while also discussing the future of carbon capture technologies. Subscribe to Energy Evolution to stay current on the energy transition and its implications.
In this episode of Energy Evolution, host Taylor Kuykendall engages with CEOs Jimmy Brock of CONSOL Energy and Randall Atkins of Ramaco Resources to discuss the evolving role of coal in the energy landscape. Although coal's share of US electricity generation has declined significantly, both executives argue that coal remains vital, particularly in steel production. They explore coal's diversification into new markets, including rare earth elements and advanced carbon products, while also discussing the future of carbon capture technologies. Subscribe to Energy Evolution to stay current on the energy transition and its implications.
Matt Warder, @mfwarder on Twitter/X, is back on the podcast to discuss all things Coal, including: overall thoughts on coal at this point September 2024, vision for coal with AI, met coal, upcoming election, Peabody $BTU 13D, $CEIX $ARCH merger and more! You can Follow Matt Warder on Twitter/X @mfwarder: https://twitter.com/mfwarder Matt Warder's first appearance on YAVP: https://www.youtube.com/watch?v=DF0uGS4swLM Chapters: [0:00] Introduction + Episode sponsor: Tegus [2:31] Where we are in the overall coal market [4:38] Coal for AI overview [12:18] Overall supply/demand for Metallurgical "met" coal [17:35] How does the election affect coal market [21:31] Vision for Coal and AI, how does coal morph into an AI play [30:26] AI arms race and building AI data centers, timeline to building this AI / Coal power play and how should folks think about new coal plants in America [35:21] Final thoughts on AI and Coal [38:31] Peabody $BTU 13D [46:40] Peabody and Consol Energy / Arch Resource merger conference calls; why are management communicating this way [49:16] Insider ownership in Coal stocks [55:37] Other levers that could be pulled to unlock value in PRB [59:38] How to think about met coal stocks right now and their performance [1:03:21] $BTU corporate action ideas [1:05:45] Comments on $CEIX $ARCH merger Episode sponsor: Tegus If you've been reading my newsletters, you know how often I rely on Tegus for my research. It's truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you're curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It's packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you're interested in. You'll find perspectives from insiders and executives that you simply can't get anywhere else. To see Tegus in action and understand why it's my go-to resource, visit Tegus.com/value – that's T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you'll never look back.
Interview with Ben Pullinger, President & CEO of ATEX Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-rapidly-advancing-new-copper-gold-discovery-5503Recording date: 12th September 2024ATEX Resources (TSXV:ATX) is rapidly emerging as a significant player in the copper exploration sector, advancing a potentially world-class copper-gold project in Chile's mineral-rich Atacama region. The company's flagship asset has already demonstrated substantial scale and continues to grow, offering investors exposure to one of the largest undeveloped copper resources globally.Current inferred resources stand at an impressive 1.5 billion tons at 0.7% copper, with a high-grade component that enhances the project's economic potential. Recent exploration success, particularly in the Phase 4 drilling program, has further bolstered the project's prospects. A new high-grade zone discovered in the final hole of Phase 4, featuring 100 meters at 2% copper equivalent, overlies the main porphyry system and could significantly impact future development scenarios.ATEX is poised to commence its largest drilling campaign to date with the upcoming Phase 5 program. This extensive drilling effort is expected to double the company's dataset, potentially expanding the resource and increasing confidence in grade and continuity. CEO Ben Pullinger emphasizes the company's exploration efficiency, noting their progress from "geological curiosity" to approaching a top 10 undeveloped copper project in just three to four years.Metallurgical performance is another strong point, with reported recoveries of 95% for copper and 94% for gold. These high recovery rates bode well for potential future economic viability. Additional large-scale metallurgical testing is underway to further validate these promising results.ATEX currently owns 49% of the project but has a clear path to 100% ownership with a final payment of $8 million due. This relatively modest payment for full ownership of a potentially world-class asset represents a significant value creation opportunity for shareholders.The macro environment for copper appears favorable, with demand expected to surge due to global electrification and renewable energy initiatives. This backdrop of rising demand against tightening supply could support higher long-term copper prices, potentially enhancing the economics of projects like ATEX's.While ATEX has demonstrated strong exploration capabilities, management is open to strategic partnerships to advance the project towards development. This pragmatic approach recognizes the significant capital requirements for large-scale copper projects and could provide a pathway to realizing the asset's full value.Investors should note that ATEX, as an exploration-stage company, carries risks typical of the junior mining sector. These include exploration risk, potential for dilution, and sensitivity to commodity prices. However, the project's scale, location in a premier mining jurisdiction, and continued exploration success mitigate some of these risks.ATEX's market capitalization may see significant re-rating as the project advances and derisks. Management draws parallels to other successful copper explorers that have seen substantial value appreciation based on exploration results.For investors seeking exposure to the copper sector with significant upside potential, ATEX Resources presents a compelling opportunity. The combination of a large-scale project in a top jurisdiction, ongoing exploration success, and favorable copper market fundamentals positions ATEX as an attractive option in the junior mining space. As always, investors should conduct their own due diligence and consider their risk tolerance when evaluating exploration-stage companies.View ATEX Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-incSign up for Crux Investor: https://cruxinvestor.com
Interview with David Smithson, Senior VP of Exploration of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvlift-the-next-north-american-lithium-supplier-5486Recording date: 6th July 2024Li-FT Power is making significant strides in lithium exploration with its Yellowknife Lithium Project in Canada's Northwest Territories. The company's integrated approach to project development and use of advanced technologies position it as a noteworthy player in the burgeoning lithium market.Senior Vice President of Geology, David Smithson, recently provided insights into the company's progress and strategies. Li-FT Power has completed 49,500 meters of drilling on eight pegmatites, with an initial mineral resource estimate expected in September 2024. This rapid progress demonstrates the company's commitment to swift project advancement.A key differentiator for Li-FT Power is its integrated approach to project development. Rather than following a linear progression, the company is simultaneously conducting exploration, resource definition, metallurgical studies, and environmental assessments. This parallel processing could potentially accelerate the overall development timeline, a crucial factor in the fast-moving lithium market.The company leverages cutting-edge exploration techniques, including spectral core scanning, multi-element geochemistry, and advanced geophysics. These technologies enable real-time data integration and visualization, enhancing the efficiency and accuracy of the exploration process.Li-FT Power's focus extends beyond drilling known outcrops. The company is actively working to understand the structural and chemical controls on spodumene mineralization across the entire pegmatite field. This comprehensive approach, including collaboration with academic institutions, could lead to significant discoveries beyond currently identified pegmatites.While advancing known pegmatites towards resource definition, Li-FT Power is simultaneously conducting brownfields exploration to expand the project's potential. This dual focus on resource definition and expansion could provide a significant advantage, potentially extending the project's lifespan and increasing its overall resource base.Alongside geological work, crucial metallurgical studies are underway to determine the most effective methods for recovering lithium from the pegmatites. The results of these studies will play a key role in determining the project's economic viability.Investors should note several upcoming milestones. The initial mineral resource estimate is expected in September 2024. Ongoing drilling to expand and further define the resource will continue. Metallurgical test results are anticipated to provide crucial information about processing methods. Finally, the company aims to advance towards a pre-feasibility study, which will incorporate economic parameters and feasibility considerations.It's important to recognize that while Li-FT Power's approach may mitigate some risks, mineral exploration and development are inherently risky endeavors. Challenges remain in defining an economically viable resource, developing effective processing methods, and navigating environmental and social aspects of project development.The broader context of the lithium market adds to the investment thesis. With projected demand increases of up to 40 times by 2040 (IEA), and growing interest in "friendshoring" critical materials, Canadian lithium projects like Li-FT Power's could be well-positioned to capitalize on these trends.Investors considering Li-FT Power should closely monitor the upcoming resource estimate and metallurgical test results, as well as ongoing drill results and lithium market trends. As with any early-stage mineral exploration company, thorough due diligence is essential, considering not only the geological potential but also the broader economic, environmental, and social contexts in which the company operates.View Li-FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com
Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-titanium-opportunity-taking-shape-at-pitfield-project-4933Recording date: 12 June 2024Empire Metals, a junior mining company, recently announced exploration targets of approximately 30 billion tons grading 4.5-5% TiO2 at their Pitfield titanium project in Australia. According to Managing Director Shaun Bunn, this represents about 20% of the project's total mineral system and equates to 1.5 billion tons of contained TiO2, enough to theoretically supply current world demand for 150 years.The company believes the project is highly unusual, with mineralization comprised predominantly of titanite (calcium titanium silicate) that has weathered to high-value titanium minerals like rutile and anatase in the oxidized surface zone. They see potential for a low-cost, fully integrated operation to produce finished TiO2 pigment. Significant infill drilling and technical studies would be required to convert these targets to mineral resources or reserves that could support a viable mining operation. The company acknowledges that the unique mineralogy may pose processing challenges. Metallurgical test work to define an economically feasible extraction method is at an early stage. Much more work is needed to assess mining and processing costs, capital requirements, product marketability and overall project economics.Development plans and timelines remain vague at this point. Management aims to complete a mineral resource estimate and processing flowsheet over the next 6-12 months. However, any potential production would likely be many years away, after extensive further drilling, technical studies, permitting, financing and construction.As with any early-stage exploration project, Pitfield carries very high risk for investors. Bold claims of world-class potential should be viewed skeptically without independent verification. The project's economic viability remains unproven. Even if exploration targets are confirmed, there is no guarantee the deposit will be mineable at a profit.Empire Metals should be considered a highly speculative stock. Investors must have a strong appetite for risk and ability to withstand potential loss of capital. As further studies are completed, the company may have to raise substantial additional equity funding, likely resulting in significant dilution.Key upcoming catalysts could include announcement of a maiden resource, metallurgical test results, and a preliminary economic assessment.In summary, Empire Metals' Pitfield is an intriguing but highly speculative exploration play. A cautious approach is warranted until the project is significantly derisked. Investors should monitor the company's progress in converting exploration targets to mineral resources, defining viable processing methods, and demonstrating economic potential.View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Alex Langer, President & Director of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvlift-upcoming-lithium-resource-update-5344Recording date: 4th June 2024Li-FT Power is emerging as a compelling investment opportunity in the rapidly evolving lithium market. The company's flagship project near Yellowknife, Canada, is shaping up to be one of the largest hard rock lithium resources on the continent. With demand for battery metals soaring on the back of government incentives and the EV revolution, Li-FT Power is positioning itself to be a key supplier to the North American supply chain.Over the past year, the company has completed more than 50,000 meters of drilling in the last 12 months, outlining a significant spodumene pegmatite system. Li-FT Power expects to release its maiden NI 43-101 resource report by the end of this summer. President & CEO Alex Langer is confident the report will show the project is "absolutely major" in size, potentially vaulting it to the top of the list of undeveloped lithium assets.While the resource estimate will be a key catalyst, Li-FT Power is already taking steps to systematically de-risk the project. Metallurgical studies are underway to define the optimal processing route. Environmental baseline work has begun, and the company is engaging early and often with local indigenous communities. These efforts demonstrate Li-FT Power is following a clear blueprint to advance the asset towards development and production.The company's strategy is to move with speed and purpose. Langer sees a narrow window for new lithium projects to enter production before the market faces a structural supply deficit. He believes only 10-20 major new mines will be built in time to serve the demand surge. By accelerating its timeline and checking off key milestones, Li-FT Power is looking to secure its position in this exclusive club.Importantly, the company has laid the groundwork to attract the significant capital a large project like this will require. The board has been restructured to bring in key skills around indigenous engagement, permitting, and M&A. This signals Li-FT Power is readying itself for the transition from explorer to developer and potential acquirer.Situated in the stable jurisdiction of Canada, Li-FT Power's project is ideally positioned to supply the U.S. market. The Inflation Reduction Act (IRA) has unleashed a scramble to secure "IRA-compliant" sources of lithium. Supply from China will not meet the bill's increasingly stringent requirements. This creates a premium opportunity for North American projects that can fill the gap. Li-FT Power is already seeing keen interest from Korean and Japanese battery makers looking to preserve access to American consumers.The upcoming resource report is the key catalyst to watch. A large, high-quality resource could quickly make Li-FT Power the go-to name for exposure to North American lithium development. Positive metallurgical results would further enhance the project's appeal. In a market facing long-term supply shortfalls, companies with large, scalable, de-risked assets in good jurisdictions will be in high demand.Li-FT Power has a clear path to creating significant shareholder value. With one of the biggest lithium resources in Canada, a methodical de-risking plan, and a board built for the next phase, the company is positioning itself to play a major role in the North American EV supply chain. As the scramble to secure "IRA-compliant" lithium intensifies, Li-FT Power stands out as a prime investment target. The upcoming catalysts could be just the spark to illuminate this opportunity for the market.View Li--FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com
Interview with Todd Ross, MD & CEO of Nordic Nickel Ltd.Our previous interview: https://www.cruxinvestor.com/posts/nordic-nickel-asxnnl-pursuing-high-grade-nickel-in-finland-4675Recording date: 24 May 2024Nordic Nickel (ASX:NNL) is an emerging nickel explorer focused on developing projects in the Central Lapland Greenstone Belt (CLGB) of Finland. With the EU aggressively pushing to build a domestic battery metals supply chain to feed its booming electric vehicle (EV) industry, Nordic appears well positioned to help fill the looming nickel gap.The company's flagship asset is the Pulju project. Pulju already hosts a resource of over 400 million tonnes grading 0.21% nickel, 0.01% cobalt, for over 1,000,000 tonnes of contained nickel and 47,000 tonnes of contained cobalt. Notably, mineralization starts at surface and remains open, offering potential for further growth.Nordic is actively advancing Pulju along the development curve. Key near-term catalysts include metallurgical test results to optimize recoveries and concentrate grades, along with a scoping study to define project economics. In parallel, Nordic is conducting regional exploration to make additional discoveries in this fertile nickel belt.According to CEO Todd Ross, the company is also pursuing strategic initiatives to build out its portfolio and create shareholder value. These include prospect generation to acquire additional battery metal assets in Finland, potential spin-outs or joint ventures for non-core projects, and selective earn-in deals.The investment case for Nordic is underpinned by the powerful macro tailwinds driving nickel demand. Europe in particular is facing a structural shortage of the metal as it looks to ramp up EV production. The EU is targeting 30 million EVs by 2030, which will require nickel supply to increase more than tenfold from current levels. However, Europe has limited domestic nickel production today, leaving it heavily reliant on imports. To address this, Brussels is enacting policies like the Critical Raw Materials Act to spur local mining of battery metals. The EU is backing this up with billions of euros in investment support.This combination of rising nickel demand and a concerted policy push has sparked a race to launch new nickel operations in Europe. As one of the few nickel explorers with an established resource in a top tier jurisdiction, Nordic appears well placed to capitalize.Key potential catalysts for Nordic over the coming 12 months include: Metallurgical test work results (Q2 2024), scoping study on Pulju project (H2 2024), exploration results from regional drilling and sampling programs, further delineation of nickel targets across project portfolio, and potential strategic partnerships or offtake agreements.While still an early-stage explorer, Nordic offers investors leveraged exposure to the themes of nickel demand growth, security of supply, and the European battery metals rush. With a large resource base, prospective land package, and active work programs, the company appears to be laying the groundwork to create value on multiple fronts. As such, Nordic may be worth a closer look for risk-tolerant investors seeking to gain exposure to the accelerating EV story.View Nordic Nickel's company profile: https://www.cruxinvestor.com/companies/nordic-nickelSign up for Crux Investor: https://cruxinvestor.com
Matt Warder, @mfwarder on Twitter/X, joins the podcast to discuss all things Coal, including: high level thoughts on coal, investing narrative from last few years, regulation, "greening" of metallurgical coal, $AMR, $HCC, upcoming election's impact on coal investment case and more! You can Follow Matt Warder on Twitter/X @mfwarder: https://twitter.com/mfwarder Range Global Resources Coal ETF: https://rangeetfs.com/coal Chapters: [0:00] Introduction [1:27] High level thoughts on Coal [6:07] Coal's investment narrative from last few years [12:50] "Commodities don't die down, they die up" / down cycle in thermal coal [16:07] Biden admin on coal [21:38] Metallurgical coal ideas [26:17] Global cost curve for metallurgical coal "met coal" / are we mining less efficiently? [35:41] "Greening" of metallurgical coal? [42:53] Domestic coal plays $AMR [48:54] $HCC / Blue Creek Mine [57:17] Does upcoming election matter for the coal investment case [1:00:28] $HCC $AMR valuations [1:06:09] Final thoughts on coal
Interview with Jean-Paul Tsotsos, Interim CEO of Chesapeake Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-tsxvckg-breakthrough-tech-new-gold-discovery-4534Recording date: 29th February 2024Chesapeake Gold is advancing two major precious metals assets that position the company with significant leverage to rising gold and silver markets.The flagship Metates project in Durango, Mexico contains a world-class resource of over 19 million ounces of gold and 500 million ounces of silver. A 2021 preliminary economic assessment outlined plans for a large-scale, low-cost open pit operation producing 350,000 ounces of gold and 16 million ounces of silver per year over a 27-year mine life.Meanwhile, the high-grade Lucy gold project in British Columbia provides near-term exploration upside and potential cash flow. Recent drilling returned intercepts up to 6.19 g/t gold over 24 meters starting from surface. Metallurgical tests achieved excellent 95% cyanide leach recoveries, indicating amenability to simple heap leach processing.In January 2024, Chesapeake was added to the NASDAQ Global Silver Miners Index, reflecting Metates' status as one of the largest undeveloped silver deposits globally. Index inclusion significantly expands Chesapeake's investor base.With inflation persisting and central banks adopting a less hawkish policy tilt, conditions appear increasingly positive for precious metals following a muted 2022 performance. Chesapeake offers exceptional leverage with two advanced-stage projects in top mining jurisdictions.View Chesapeake Gold's company profile: https://www.cruxinvestor.com/companies/chesapeake-goldSign up for Crux Investor: https://cruxinvestor.com
Newcore Gold's VP of Exploration, Greg Smith, joins the podcast today for a high level overview of the metallurgical testwork done on the deposits out of the Enchi Gold Project in Ghana. This is an important process of derisking the project towards its PEA. We also talk blue sky potential with its sulphide mineralization at depth.
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