Podcasts about natural resources

Jacob and Eric sit down with MSU Assistant Research Professor Dr. Melanie Boudrou to discuss the results of a recent project that used GPS collars to study deer-pig interactions. Check out the MSU Deer Lab's online seminar series (here) and select the Natural Resources option from the Categories drop-down menu. You will need to create an account to view the seminars. The seminars are free unless you are seeking professional educational credits. Also, be sure to visit our YouTube channel (here)

Interview with Chief Executive Officer, Keith BoyleOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-explorer-to-producer-8484Recording date: 3rd December 2025New Found Gold Corporation is executing a capital-efficient development strategy that combines near-term cash flow from the recently acquired Hammerdown mine with advancement of the flagship Queensway Gold Project in Newfoundland, Canada. The November 2025 Maritime Resources acquisition delivered two critical assets: a producing underground mine that poured first gold one day before closing, and the fully permitted Pine Cove mill that eliminates major infrastructure requirements for Queensway's planned 700-ton-per-day operation. Management's appointment of Cutfield Freeman to structure project financing for Queensway's $155 million initial capital requirement signals progress toward a debt-heavy capital structure, with Hammerdown cash flow serving as the equity portion to minimize shareholder dilution. Recent grade control drilling at five-meter spacing confirms exceptional grades at the Keats zone, with only 20% of results released from the 70,000-meter 2025 program. These dense drill patterns reduce estimation uncertainty in nuggety gold deposits and support anticipated resource upgrades in the 2026 technical report. Discovery of high-grade mineralization at Dropkick, located 11 kilometers from existing resources, demonstrates district-scale exploration potential beyond current mine plans. The company targets Q1 2026 permit submission for Queensway with approval expected in H2 2026, enabling development commencement toward late 2027 commercial production. Hammerdown is ramping to steady-state operations during H1 2026, providing cash generation that de-risks Queensway financing while maintaining exploration programs across both properties that could extend mine life and improve project economics.—Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Smart, CEO of ValOre Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pitch-perfect-november-2025-8623Recording date: 3rd December 2025ValOre Metals is executing an ambitious transformation from single-asset platinum-palladium explorer into an integrated precious metals producer operating across Brazil. Under CEO Nick Smart—an Anglo American veteran with 21 years of experience building and commissioning operations globally—the company is pursuing a dual-track strategy: advancing the flagship Pedra Branca PGM project towards production whilst acquiring near-term cash-flowing assets to accelerate transformation into a diversified producer.The platinum-palladium market has shifted dramatically from anticipated decline to structural deficit. Contrary to earlier predictions that electric vehicles would eliminate PGM demand, hybrid vehicles—now representing a larger automotive segment than pure EVs—actually require higher loadings of platinum and palladium in autocatalysts due to smaller engines operating at lower temperatures. This has created steady demand whilst years of low prices discouraged new supply investment.South Africa holds 90% of global PGM resources, but ageing deep-level operations face mounting operational challenges and costs. With relatively few development-stage projects globally and extended timelines for new supply even once financed, the supply deficit appears structural. Global platinum production approximates 6 million ounces annually—a fraction of gold's 120 million ounces—meaning modest demand shifts drive significant price impacts. Industrial catalyst applications and jewellery substitution for record-priced gold provide additional demand support.ValOre's Pedra Branca project in Ceará State, Brazil, offers compelling economics compared to traditional PGM operations. Most significantly, mineralisation extends to surface, enabling open-pit mining rather than the expensive 600-800 metre deep underground operations characterising South African production. This provides substantial cost advantages—open-pit mining is cheaper and faster to develop than underground operations requiring massive shaft infrastructure investment.The Pedra Branca project holds a 2.2 million ounce inferred resource at 1.08 grams per tonne, with higher-grade ore near surface providing advantages for early production economics. The asset spans 50,000 hectares with mineralisation extending over 80 kilometres, suggesting expansion potential. Infrastructure advantages—stable jurisdiction, excellent access, supportive government policies—compound the geological benefits.Accelerated Development PathwayValOre is leveraging Brazil's trial mining licensing programme, which allows demonstration-scale operations at approximately one-tenth of planned full capacity. For Pedra Branca, targeting eventual production of 150,000 ounces annually, the trial mining phase would operate at approximately 15,000 ounces per annum. Following a preliminary economic assessment by end-2026 and an 18-month construction period, the company expects H2 2028 production. This phased approach reduces capital intensity, enables operational refinement, and generates cash flow supporting subsequent expansion.ValOre is actively pursuing Brazilian precious metal projects (particularly gold assets) that have completed trial mining but require capital for full production. The company targets acquisitions in early 2026 that would provide production that same year, ramping through 2027-2028 as Pedra Branca advances. As a Discovery Group-backed entity with North American capital access, ValOre can provide financing that Brazilian-domiciled companies struggle to secure.Acquiring projects with existing operational teams, completed engineering work, and functioning demonstration plants accelerates production whilst building internal capability. This dual-track approach—near-term production via M&A alongside Pedra Branca development—aims to transform ValOre from explorer to diversified producer within compressed timeframes across multiple Brazilian operations, establishing production profile whilst maintaining leverage to potential PGM price recovery.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-new-quebec-producer-positioned-for-growth-cash-flow-buybacks-8051Recording date: 3rd December 2025Abcourt Mines (TSXV:ABI) has successfully transitioned from exploration to production at its Sleeping Giant mine in Quebec, representing an increasingly rare case study in debt-financed mine development that avoids the severe shareholder dilution typical of traditional equity-financed builds. The company secured $12 million in financing from Nebari—including C$8 million initial tranche, $2 million follow-on, and $2 million used to buy down the Triple Flag NSR royalty from 2% to 1.5%—and commenced gold production.October 2025 production reached 475 ounces whilst operating at conservative staffing levels and building mill circuit inventory. Management projects cash flow positivity by Q2 2026 at approximately 700 ounces monthly production, with current monthly burn rate below $1 million. The Nebari credit facility includes a two-year interest-only period until July 2027, providing critical runway to demonstrate operational consistency and build cash reserves before principal repayments commence.The operational leverage inherent in Abcourt's asset base is substantial. The company operates an 800-tonne-per-day mill (permitted for 950 tonnes per day) currently running at less than 45% capacity. Management targets 350 tonnes per day by autumn 2025, with the mill processing all current mine production in approximately eight hours on day shift only. Plans include expanding to two shifts in early 2026 and eventually four shifts as production scales, providing a clear pathway to meaningful production growth without major capital investment.The constraint on production growth is labour availability rather than geological or metallurgical factors. CEO Pascal Hamelin explicitly stated: "It's not the feed, it's the people, that's the problem you're trying to solve for." The company has invested in infrastructure to address recruitment challenges, including a sleep camp commissioned in September 2024 with Phase Two expansion pending permit approval.The current mine plan supports seven years producing 25,000–33,000 ounces annually, with variation driven by grade. Management's strategic priority centres on extending mine life to 10+ years through three underground drill rigs at Sleeping Giant, then increasing mining fronts to utilise full mill capacity. This narrow-vein, high-grade mining approach—room-and-pillar methods targeting veins 30 centimetres to one metre wide—inherently limits tonnes but maximises grade, with underground samples showing visible gold exceeding 300 g/t.The Flordin discovery adds significant exploration upside. Systematic work exposed 300 metres of strike length grading 5 g/t gold over 15–20 metres width at surface, located 138 kilometres from existing mill infrastructure within a potential two-kilometre mineralised corridor. Abcourt has planned 20,000 metres of drilling for 2026—winter programmes targeting the eastern extension towards Agnico Eagle's adjacent property boundary, spring/summer/autumn programmes targeting northwestern extensions—entirely funded from operating cash flow.Management and directors hold approximately 30% ownership, having consistently supported development through equity investments. Shareholders have expressed preference for share buybacks over dividends once balance sheet permits, with capital allocation decisions driven by financial strength rather than arbitrary timelines.Sustained gold prices above US$4,000 per ounce have fundamentally improved narrow-vein deposit economics. Every US$100 increase translates to approximately US$2.5–3.3 million in additional annual revenue at current production guidance. The investment case depends on execution during the 18-month ramp-up period, successful miner recruitment, and drilling success at both assets to extend mine life and confirm district-scale potential at Flordin.View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-high-grade-copper-expansion-project-in-canada-7823Recording date: 4th December 2025Abitibi Metals Corp. (CSE:AMQ) is rapidly emerging as a compelling copper-gold story in Quebec's prolific mining belt, with CEO Jon Deluce outlining a disciplined growth strategy centered on the company's flagship B26 deposit. After drilling over 25,000 meters in 2025, the company is targeting a substantial resource update to 25-30 million tons in 2026, up from the current 2+ million ounce gold equivalent resource.The drilling program has delivered exceptional results, including intercepts of 18% copper equivalent over 6.3 meters with 6 grams per ton gold, and 4.5% copper equivalent over 21 meters. These world-class grades demonstrate the deposit's polymetallic nature and draw comparisons to the historic Selbaie mine located just 7 kilometers away, which produced 53 million tons over two decades.Strategic capital management has been central to Abitibi's approach. The company recently completed a bought deal financing through BMO at 35 cents per share—a 65% premium to the September market price—with no warrants attached. This structure attracted institutional investors and built the treasury to $23-24 million, funding 45,000 meters of drilling through 2027 while maintaining a clean capital structure.With a market capitalization of $65 million and an enterprise value of just $40 million, Deluce believes the company remains undervalued relative to its resource potential. The 2026 exploration strategy balances systematic resource expansion through 150-meter infill drilling with aggressive 600-meter step-outs designed to test whether B26 could reach tier-one scale comparable to Selbaie's 60-million-ton endowment.Management has assembled an experienced advisory board including Victor Cantore, Craig Parry, and Shane Williams, positioning the company for Quebec's active M&A environment. Rather than accepting dilutive 20% strategic investments, Abitibi is selectively pursuing a 5% partnership with a Quebec producer that would provide validation without eliminating competitive tension or capping shareholder upside as the copper market potentially enters a sustained bull phase.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Swinoga, CEO of Exploits Discovery Corp.Our previous interview: https://www.cruxinvestor.com/posts/exploits-discovery-csenfld-new-found-gold-deal-unlocks-10m-treasury-value-7947Recording date: 5th December 2025Exploits Discovery Corp (CSE:NFLD) is a resource-stage gold exploration company focused on advancing properties with established historic resources in premier Canadian mining jurisdictions including Quebec and Ontario. Today it has completed a transformational deal with New Found Gold, receiving 2.8 million shares now valued at over $11 million plus a 1% royalty on properties along the Appleton fault. CEO Jeff Swinoga discusses how the company has strategically repositioned from grassroots exploration to resource-stage development.Key Highlights:- New Found Gold Transaction: 2.8M shares valued at $11M+ (up from $7M at announcement) with 1% NSR royalty on Bullseye and other properties adjacent to Keats discovery.- Enhanced Treasury: Approximately $3.6M in working capital against $11M market cap - analyst Brian Lundin notes company is "trading at cash value" with investors getting "the gold for free"- Resource Portfolio: Acquired three Quebec properties and one district-scale Ontario asset containing ~700,000 ounces of historic gold resources.- January 2026 Drilling: Fenton property programme targeting high-grade gold along magnetic corridors intersecting diabase dykes, following extensive geophysical work- Strategic Backing: Eric Sprott holds ~14% ownership stakeSwinoga explains: "We wanted our shareholders to benefit from a rising gold price by having resources in the ground."The company is at an inflection point, transitioning from transaction completion to operational execution with immediate drilling catalysts and systematic technical work designed to improve targeting beyond previous operators' efforts.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-approaching-key-permitting-milestone-6790Recording date: 4th December 2025First Mining Gold is approaching a pivotal moment in its development of two major Canadian gold projects, with CEO Dan Wilton outlining a clear pathway toward industry partnership and construction decisions over the next several years.The company's flagship Springpole project in Ontario, containing approximately 5 million ounces, awaits environmental assessment approval targeted for late Q1 or early Q2 2026. This milestone represents the culmination of an eight-year permitting process and addresses longstanding investor concerns about developing a deposit located in a lake bay. The recently updated prefeasibility study demonstrates robust economics with $2.1 billion after-tax NPV at $3,100 gold, rising to $3.8 billion at current spot prices of $4,200.Wilton emphasizes the project's exceptional gold price sensitivity, noting that "every hundred bucks the gold price goes up, that's $250 million of after tax NPV." Following environmental approval, the company plans to pursue an industry partnership modeled on Australia's Gold Road Resources, which retained 50% ownership while a partner built the mine, ultimately leading to a $2.5 billion acquisition.The company's second major asset, Duparquet in Quebec, contains 3.5 million ounces of measured and indicated resources and represents one of Canada's highest-grade open pit projects. Unlike Springpole, First Mining intends to advance Duparquet independently toward a potential 2030-31 construction decision, with the company currently expanding resources through ongoing drilling.First Mining has systematically monetized non-core assets, including recent partnerships on the Cameron project and retained interests in the high-grade Pickle Crow project. Trading at approximately $30 per ounce of resources compared to Canadian peer averages of $150-200 per ounce, Wilton frames the environmental assessment approval as "the biggest catalyst that we will see in this company probably from the time that it was formed."View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Newt talks with Congressman Bruce Westerman (AR-4th), Chairman of the Committee on Natural Resources, about the importance of the bipartisan legislation known as the SPEED Act, “Standardizing Permitting and Expediting Economic Development Act.” The SPEED Act aims to reform the National Environmental Policy Act (NEPA) to streamline permitting processes and expedite economic development. Westerman highlights the inefficiencies of the current NEPA process, which can delay projects for years, contributing to increased costs and hindering the U.S.'s ability to compete globally. Their discussion emphasizes the need for reform to facilitate infrastructure development, energy projects, and national security initiatives, while also addressing environmental concerns. The SPEED Act proposes a more streamlined permitting process, giving states a better role and reducing bureaucratic obstacles. Westerman has been working on this policy for eight years, aiming for bipartisan support to pass the legislation. Their conversation underscores the potential economic and environmental benefits of the proposed reforms, advocating for a balance between development and environmental protection.See omnystudio.com/listener for privacy information.

  The World Bank reports that, "today, more than half of the world's population – over 4 billion people – lives in cities." It also estimates that this shift is going to continue, in fact to DOUBLE to nearly 70% – or 7 out of every 10 people will live in cities by 2050. That's only 25 years away. At the same time, extreme weather events are increasingly devastating cities – we have all witnesses how Hurricane Melissa decimated Jamaica last week, for example, destroying home and businesses, schools, houses of worship, government buildings, everything. So what can, should and ARE cities doing to keep their people and economies safe and climate resilient?  What's working and what can we learn from them?  Today we're going to find out from four extraordinary women from across the globe." Joan Michelson's Introduction to the Panel at Smart City Expo 2025   We need to share what works in cities across the globe, and that's exactly what my esteemed panel did recently at the Smart City Expo World Congress 2025 in Barcelona, Spain. Here is the recording of Electric Ladies Podcast host Joan Michelson's panel which includes three women from three countries: Japan, Bolivia and Argentina, as well as Joan from the U.S. Listen to hear fascinating ideas and stories from these women: You'll hear from: ● Nidya Pesántez is UN Women for the Americas and the Caribbean Representative in Bolivia, where she also coordinates the Environmental Strategy for a Just Transition in Latin America and the Caribbean.  ●       Sofía María Galnares Giagnorio Cámara is Provincial Deputy of Santa Fe Deputy, Argentina, and the youngest elected provincial deputy in Santa Fe province. She also serves as President of the Commission on Environment and Natural Resources in the Legislature. ●       Asuka Ito is an international advisor to the Government of Japan's Cabinet Office on the Cross-ministerial Strategic Innovation Promotion Program (SIP). She serves on the International Advisory Board for the Phase-3 "Smart Mobility Platform" initiative in Japan. ●        Plus, questions from the audience   Read Joan's Forbes articles here.   You'll also like: ·       Predicting Climate Impacts In Neighborhoods – with Jessica Filante Farrington, AT&T's Director of Global Sustainability ·       The Politics of Climate & Energy – with Congresswoman Chrissy Houlahan, Co-Chair, Bipartisan Climate Solutions Caucus ·       AI and Climate Solutions – with Stephanie Hare, Ph.D., Researcher, Author of "Technology Is Not Neutral" and BBC Broadcaster ·       Climate Policy & the Economy – with Gina McCarthy, White House National Climate Advisor, Biden Administration, and former EPA Administrator under President Obama Subscribe to our newsletter to receive our podcasts, blog, events and special coaching offers. Thanks for subscribing on Apple Podcasts or iHeartRadio and leaving us a review! Follow us on Twitter @joanmichelson

Interview with Segun Lawson, CEO of Thor Exploration Ltd.Our previous interview: https://www.cruxinvestor.com/posts/thor-exploration-lsethx-nigerian-pioneer-preps-18m-oz-senegal-gold-project-for-q4-pfs-7891Recording date: 3rd December 2025Thor Explorations presents a compelling investment opportunity combining immediate cash generation from low-cost, high-grade gold production with a self-funded development pipeline spanning near-term mine life extension, advanced-stage project construction, and genuine exploration discoveries across three West African jurisdictions.The company operates the 100%-owned Segilola gold mine in Nigeria, producing 90,000–95,000 ounces annually at all-in sustaining costs below $1,000 per ounce. At current gold prices above $4,000 per ounce, Thor captures operating margins exceeding $3,000 per ounce, creating substantial free cash flow that funds quarterly dividends whilst simultaneously financing aggressive exploration and development programmes without equity dilution. Q3 2025 operational results demonstrated this financial strength, with production of 22,600 ounces generating approximately $70 million in revenue. Management's strategic decision to withhold 3,000 ounces for Q4 sale above $4,000 per ounce positions the company for potentially record quarterly financial performance. Thor has completely repaid its project debt, achieving a debt-free balance sheet that provides exceptional strategic flexibility for capital allocation decisions. This financial position distinguishes Thor from capital-constrained peers and enables the company to advance multiple projects simultaneously across different development stages.The Segilola operation represents Thor's immediate value creation opportunity through mine life extension. The company has deployed five drilling rigs exploring beneath the existing pit, systematically intersecting high-grade underground mineralisation averaging 5.5 grams per tonne (g/t) compared to open pit grades of just over 4 g/t. With all infrastructure capital expenditure already sunk and operational expertise established, every additional ounce discovered creates what management characterizes as "super ounces" requiring minimal incremental capital to extract. Thor targets an updated resource estimate in Q1 2026 whilst also pursuing satellite deposits within a 50-kilometre radius of the processing plant. The company plans a pilot mining operation in 2026 at one southern target, supplementing an existing stockpile containing over 44,000 ounces representing more than $175 million in contained gold value.Thor's Douta project in Senegal represents material near-term production growth, with a preliminary feasibility study weeks from completion. The project carries estimated capital costs of $250–$300 million, of which Thor will self-fund $150 million from operational cash flows. The remaining $100 million will be sourced through debt financing with Africa Finance Corporation, which financed Segilola and maintains an equity stake. Management targets first gold production in Q1 2028 following an investment decision expected in H1 2026, with the project featuring a larger resource base than Segilola and approximately 10 years of mine life that would materially increase Thor's consolidated production profile.Early-stage exploration success in Côte d'Ivoire provides genuine blue-sky discovery potential. At Guitry, 4,600 metres of drilling has delineated six mineralised lenses with high-grade intersections including 10 metres at 10 g/t across just 15% of an 8-kilometre by 5-kilometre geochemical footprint. The Marahui project has identified 8 kilometres of drill targets with surface rock chips returning 10–17 g/t. Both projects advance toward maiden resource estimates in H1 2026 through continuous drilling programmes funded entirely from internal cash generation.Thor's investment proposition centres on operational execution, financial strength, and portfolio diversification. The company's ability to generate substantial cash flows whilst advancing multiple growth opportunities without external capital requirements creates a differentiated risk-reward profile. Multiple near-term catalysts through 2026 include the Douta feasibility study release, Segilola resource update, Côte d'Ivoire maiden resources, construction decision-making, and continued operational cash generation supported by elevated gold prices and proven low-cost production capabilities.View Thor Exploration's company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, CEO, Amex ExplorationOur previous interview: https://www.cruxinvestor.com/posts/high-grade-projects-target-2026-production-to-take-advantage-of-4200-gold-price-8291Recording date: 2nd December 2025Amex Exploration is advancing a gold development project in Quebec's Abitibi Greenstone belt that eliminates traditional mining financing challenges through a carefully structured phased approach. President and CEO Victor Cantore outlined how the company plans to bring its Perron property into production while maintaining an aggressive exploration program across more than 500 square kilometers of prospective ground.The company controls over 70 kilometers of strike length on one of the world's most prolific gold-producing regions. The Perron project hosts 831,000 ounces of gold at approximately half an ounce per ton, located adjacent to hydroelectric power, an available workforce, and supportive communities including local First Nations groups.Amex has structured a self-funding development model that avoids the capital-raising challenges facing most junior miners. Starting in 2027, the company will begin toll milling operations targeting 112,000 ounces annually at all-in sustaining costs around $1,100 per ounce. Pre-production revenue of $68 million combined with over $100 million from initial production phases will internally fund the $146 million capex requirement before any major construction begins."By 2027, when you're getting your first ore from there, even if gold is at $5,000 Canadian, which we're well above that today, that's over $100 million that's going to come in," Cantore explained. At gold prices exceeding $3,200 per ounce, the operation could generate margins of approximately $2,000 per ounce pre-tax.The phased approach deliberately avoids two common mining failures: tailings management facilities and incorrect mill sizing. After four years of toll milling providing operational data, Amex will invest $191 million in growth capital to build its own processing infrastructure. The company has already secured $25 million in exploration funding through 2026, supporting over 100,000 meters of drilling across existing properties and recently acquired Ontario assets. Future exploration will be funded from operating cash flow, eliminating shareholder dilution while expanding the resource base across this highly prospective land package.Learn more: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with George Bee, President and CEO, US Gold CorpOur previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-permitted-gold-copper-project-targets-january-dfs-with-17moz-reserve-8558Recording date: 2nd December 2025US Gold Corp is positioning itself as one of the few fully permitted gold development projects in the United States as it prepares to release a feasibility study for its CK Gold Project in Wyoming. President and CEO George Bee, speaking at the Resourcing Tomorrow conference in London, outlined the company's timeline for transitioning from developer to producer while maintaining significant exploration upside in Nevada.The feasibility study, expected in January 2026, incorporates advanced Jameson cell flotation technology that delivers improved recovery rates with lower capital and operating costs compared to conventional processing methods. The company has also optimized its tailings management system, switching to continuous belt filtration for enhanced efficiency. While inflation will impact some cost estimates, Bee emphasized that rising gold, copper, and silver prices more than offset these increases.The CK Gold Project benefits from exceptional infrastructure, located just 90 minutes from Denver International Airport via interstate highways. This strategic positioning enables a daily commuting workforce, eliminating remote camp costs while providing access to established mining services. The local utility will provide power infrastructure through a substation connection, with the company paying only demand charges rather than capitalizing construction costs.Development activities have commenced with access road construction beginning December 2025 using existing treasury funds. Following financing completion in the first half of 2026, heavy earthworks will progress through 2027, with major equipment installation occurring year-end 2027. Commissioning is scheduled for late 2027, positioning the project for commercial production in 2028.The operation will produce approximately 110,000 gold equivalent ounces annually over an initial 10-year mine life, generating a clean copper-gold concentrate attractive to smelters. Once CK generates cash flow, management plans to self-fund exploration at the Keystone project in Nevada, located 11 miles from Barrick's Cortez complex in the same geological environment as world-class Carlin-type deposits. This strategy allows US Gold to pursue district-scale discovery potential without shareholder dilution while maintaining its near-term focus on construction execution.Learn more: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO, Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-all-known-questions-answered-november-2025-8553Recording date: 2nd December 2025Atlas Salt is advancing the Great Atlantic Salt project on Newfoundland's west coast to supply North America's deicing road salt market. The project targets production of 4 million tons annually by 2030-2033, representing approximately 10% of the northeastern US and eastern Canada market that consumes 30-36 million tons each year.The company offers rare public market exposure to a recession-proof commodity with stable demand fundamentals. CEO Nolan Peterson emphasizes the project's competitive advantages, particularly its three-day delivery capability compared to foreign competitors requiring approximately one month for vessel chartering and transit. This logistical edge proved critical during last winter's severe cold snaps when municipalities faced supply shortages and paid premium spot market prices.Total capital requirements reach C$590 million, phased over four to five years leading to 2030 production start. The financing structure reflects the project's low-risk profile, with Atlas Salt working to secure at least 60% debt financing from sovereign wealth funds, export development credit agencies, and major infrastructure banks. Recent working capital raises included a major Canadian pension fund, signaling institutional validation of the project's infrastructure-like characteristics.The deposit contains over one billion tons of reserves grading 96% pure salt, eliminating the metallurgical complexity that plagues most mining projects. Unlike conventional mines, operations simply extract product without chasing veins or managing tailings. Remaining project risks center on execution and financing rather than resource uncertainty.The project will create 200 direct jobs in rural Newfoundland with strong indigenous and local community support. Many potential employees currently fly to mines elsewhere in Canada and have expressed interest in repatriating for local employment opportunities. This stakeholder alignment distinguishes Atlas Salt from Canadian resource projects facing opposition, positioning it as what Peterson calls "a mine that everybody wants built" with profitability comparable to medium-sized gold operations.Learn more: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO, Coda MineralsOur previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-95-recovery-rate-transforms-copper-project-into-tier-1-asset-7833Recording date: 2nd December 2025As global copper markets confront a widening supply deficit, Australian junior Coda Minerals is positioning its Elizabeth Creek Copper-Silver Project as a potential solution to what CEO Chris Stevens describes as an industry crisis. Located in South Australia adjacent to BHP's Carrapateena operation and near the world-class Olympic Dam mine, the project benefits from established infrastructure in a proven mining jurisdiction.The company's economics have transformed dramatically since initial studies. At conservative base case assumptions of $9,260 per tonne copper and $30 per ounce silver, Elizabeth Creek delivers an $855 million post-tax net present value with a 35% internal rate of return. However, with copper currently trading at $11,600 per tonne and silver reaching record levels near $59 per ounce, the post-tax NPV expands to $1.9 billion with a 60% IRR. This compares to Coda's current market capitalisation of approximately $40 million.A fundamental strategic shift underpins this enhanced profile. Coda abandoned its original copper-cobalt-silver flowsheet in favor of a simplified approach focusing exclusively on copper and silver through proven leaching technology. "If you can base the project fundamentally off two commodities with deep liquid markets, you're in a much better shape," Stevens explains. This eliminates the marketing and technical challenges associated with cobalt while employing methods used for roughly 20% of global copper production.With three drill rigs currently on site and a fully funded prefeasibility study targeting completion by end-2026, Coda is systematically de-risking a large, flat-lying orebody spanning 4.5 square kilometers. The recent $12.3 million capital raise was heavily oversubscribed, funding critical hydrogeology drilling, geotechnical work, and mine optimization studies.Stevens articulates the supply challenge starkly: "You need 30 Codas to replace an Escondida. Where are they coming from? Because there are not 30 Codas in Australia." With demand accelerating through electrification and data center expansion while legacy mines deplete, credibly-financed development projects in established jurisdictions occupy an increasingly strategic position in global copper supply chains.Learn more: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Welcome to the daily304 – your window into Wonderful, Almost Heaven, West Virginia. Today is Thursday, December 4, 2025. #1 – From WVNS-TV - Christmas at Cass brings holiday magic to the rails The annual "Christmas at Cass" event at Cass Scenic Railroad State Park returns this December with a festive steam-train ride, holiday lights, visits from Santa, and cozy heated coaches for families. The experience, set against the backdrop of West Virginia's mountain landscape, offers a nostalgic and joyful way to celebrate the season.   Read more: https://www.wvnstv.com/top-stories/have-a-holly-jolly-christmas-at-cass/amp/   #2 – From WV WOMEN - WV Women's Business Center supports statewide empowerment The WV Women's Business Center continues its mission to support women and families across West Virginia, offering resources, advocacy, and community programs aimed at improving wellbeing, equality and opportunity. The commission remains a vital hub for addressing issues from health and economic security to civic engagement. Read more: https://wvwomen.org/   #3 – From WVDNR - WVDNR seeks art for next wildlife calendar  The West Virginia Division of Natural Resources is calling on artists to submit original wildlife paintings for the 2026 Wildlife Calendar. Painters capturing native game, fish or other WV wildlife — from songbirds and salamanders to deer and trout — have the chance to see their art featured, plus win a $200 prize (or $500 for the cover artist). This is a great opportunity for creatives wanting to connect art with conservation and Appalachian heritage.  Read more: https://wvdnr.gov/wvdnr-seeks-art-for-west-virginia-wildlife-calendar-contest-2/   Find these stories and more at wv.gov/daily304. The daily304 curated news and information is brought to you by the West Virginia Department of Commerce: Sharing the wealth, beauty, and opportunity in West Virginia with the world. Follow the daily304 on Facebook, Twitter, and Instagram @daily304. Or find us online at wv.gov and just click the daily304 logo. That's all for now. Take care. Be safe. Get outside and enjoy all the opportunity West Virginia has to offer.  

Interview with Mark Petersen, Senior Geological Consultant of Wallbridge MiningOur previous interview: https://www.cruxinvestor.com/posts/wallbridge-mining-wm-updated-resource-will-delight-market-2169Recording date: 27th November 2025Wallbridge Mining is pursuing a calculated two-pronged approach across its Quebec gold assets, balancing near-term development at Fenelon with aggressive exploration at the Martiniere system. Mark Peterson, Senior Geological Consultant with over 40 years of experience, leads the geological strategy following his tenure at New Gold.At Fenelon, the company has fundamentally restructured its resource model, simplifying mineralized domains from over 100 discrete zones to 16 user-friendly envelopes. This redesign better aligns with the project's 40-meter drill spacing and creates practical targets for underground mining operations. The deposit features coarse visible gold throughout all rock types, supporting bench-scale metallurgical test results showing 30% initial gravity recovery and 96% total recovery—characteristics that could enable simpler processing and lower operating costs.The company's preliminary economic assessment incorporates existing underground infrastructure from a flooded historic pit, providing capital-efficient portal access. Despite higher upfront costs, Wallbridge selected dry-stack tailings to address both industry trends and site-specific challenges posed by Quebec's saturated glacial overburden terrain. Approximately one million ounces of resource remain excluded from the current mine plan, offering future expansion potential.At Martiniere, Peterson has pivoted to testing fundamental system scale rather than incremental resource growth. The exploration team employs aggressive 150-meter drill spacing across a two-kilometer strike length, rapidly covering prospective ground while accepting that subsequent infill will be required. First-principles structural remodeling identified 14 distinct fault structures along the Bug Lake deformation corridor, with recent drilling encountering mineralization including three meters at approximately seven grams per tonne half a kilometer from the Horsefly area.The critical next phase involves a 50,000-75,000 meter infill drilling program at Fenelon to convert inferred resources to indicated category, while a mineral inventory assessment at Martiniere will determine whether data supports the target of a two-million-ounce-plus system before committing to closer-spaced delineation drilling.View Wallbridge Mining's company profile: https://www.cruxinvestor.com/companies/wallbridge-miningSign up for Crux Investor: https://cruxinvestor.com

Recording date: 1st December 2025Olive Resource Capital has delivered exceptional performance in 2025, with Executive Chairman Derek Mcpherson and President/CEO/CIO Sam Pelaez reporting record third-quarter results during their December 1st "Compass" podcast discussion. The fund achieved 61.8% gains in Q3 and 113.5% year-to-date returns, driven primarily by the rising gold market and strategic portfolio positioning.Despite generating $5.2 million in net income during Q3 against a market capitalization of just $7-8 million, management believes the share price trading around $0.07 significantly undervalues the fund's performance and asset base. This disconnect represents what Mcpherson characterizes as a meaningful opportunity for investors willing to recognize the fund's accomplishments.The discussion emphasized Olive's investment philosophy of identifying companies undergoing transformation before markets fully price in the changes. This approach has proven successful with holdings like AngloGold Ashanti, which has delivered over 200% returns year-to-date, alongside other transforming companies including K92 Mining, Orion Resources, and CanX Resources.A significant portion of the conversation analyzed Barrick Gold Corporation's announced plans to potentially spin out its North American assets, including Nevada Gold Mines, Pueblo Viejo, and the Fourmile project. The managers estimate this portfolio represents approximately 2 million ounces of annual production with an enterprise value of $40-50 billion.While Newmont emerges as the most logical acquirer given existing joint venture partnerships, the analysis revealed surprising complications. Newmont currently trades at lower valuation multiples than Barrick despite producing 50% more gold, creating challenges for structuring an accretive transaction. However, the deal could provide Newmont with 33-50% production growth impossible to achieve through any other single transaction.Management maintains conviction in continued commodity strength, supported by global liquidity expansion, central bank accommodation, and the recent end of Federal Reserve quantitative tightening. They see no material macro developments disrupting their bullish thesis on commodities entering 2026.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Brian William Penny, CEO of Wallbridge MiningOur previous interview: https://www.cruxinvestor.com/posts/wallbridge-mining-wm-updated-resource-will-delight-market-2169Recording date: 27th November 2025Wallbridge Mining is navigating challenging junior gold markets through a strategic two-asset approach in Quebec's Abitibi region under CEO Brian Penny, a mining finance veteran with three decades at Kinross, Western Goldfields, and New Gold . The company controls over 600 square kilometers of prospective ground and has secured financial runway through Q1 2027 following a $15 million equity financing and $8 million from selling its Detour East property to Agnico Eagle .The company's strategy prioritizes near-term value creation at Martinière while maintaining long-term optionality at the advanced-stage Fenelon deposit . Martinière has emerged as the primary catalyst, with 2025 drilling extending mineralization from 400 meters to 800 meters depth across a 2-kilometer strike length . Recent intercepts included 50 grams per tonne over 1.7 meters, with the company targeting expansion from the current 750,000-ounce resource to 2 million ounces by 2027—a threshold management considers economically compelling for partnerships or development .Fenelon represents a longer-term opportunity, with a March 2025 preliminary economic assessment outlining a 3,000 ton-per-day underground operation using ramp access, dry-stack tailings, and paste backfill . However, the required $50-60 million prefeasibility study cost—representing half the company's $100 million market cap—makes immediate advancement impractical . Instead, Wallbridge conducts limited metallurgical testing and desktop optimization while remaining open to joint venture partnerships .The Detour East sale exemplified disciplined capital allocation, eliminating future dilution risk and funding expanded Martinière drilling without requiring larger equity financings . Despite gold trading above $4,000 per ounce—up 40% in 2025—junior explorers have not participated meaningfully in the rally, though Penny expects capital to eventually rotate from cash-generating producers to quality exploration stories .With $31 million cash and a clear strategic roadmap, Wallbridge positions itself for multiple outcomes: continued independent development, strategic partnerships, or acquisition by larger producers seeking quality ounces in mining-friendly jurisdictions as the exploration cycle recoversView Wallbridge Mining's company profile: https://www.cruxinvestor.com/companies/wallbridge-miningSign up for Crux Investor: https://cruxinvestor.com

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

House Committee on Natural Resources Subcommittee on Water, Wildlife and Fisheries Sea Lion Predation in the Pacific Northwest Wednesday, December 3, 2025 | 10:00 AM On Wednesday, December 3, 2025, at 10:00 a.m. in room 1324 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Water, Wildlife and Fisheries will hold an oversight hearing titled “Sea Lion Predation in the Pacific Northwest.” Witnesses Panel I (Administration Witnesses) • Mr. Sam Rauch, Deputy Assistant Administrator, National Marine Fisheries Service, Silver Spring, MD Panel II (Outside Experts) • The Honorable Ken Choke, Chairman, Nisqually Indian Tribe, Olympia, WA • Ms. Aja DeCoteau, Executive Director, Columbia River Inter-Tribal Fish Commission, Portland, OR • Mr. Ed Johnstone, Chairman, Northwest Indian Fisheries Commission, Olympia, WA • Mr. Larry Phillips, Pacific Fisheries Policy Director, American Sportfishing Association, Olympia, WA (Minority Witness) Hearing Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418481

Kanika Arora from the University of Iowa and Julie Bobitt with the University of Illinois at Chicago discuss the Farm Families Coping with Dementia program.Dan Skinner from the Illinois Department of Natural Resources previews the second weekend of the firearm deer hunting season in Illinois. Stark County native Brianna Gehrig details her role with Brevant Seeds. 

Interview with Ingo Hofmaier, CFO of Lifezone MetalsOur previous interview: https://www.cruxinvestor.com/posts/lifezone-metals-nyselzm-tanzania-nickel-developer-boosts-resource-by-20-amid-ev-metals-push-6482Recording date: 24th November 2025Lifezone Metals (NYSE:LZM) is positioning its Kabanga nickel project in Tanzania as a strategic Western-aligned alternative to Indonesian supply dominance, following the successful acquisition of BHP's 17% stake through a deferred payment structure. CFO Ingo Hofmaier detailed the company's progress toward a final investment decision (FID) targeted for late 2025, highlighting how decades of exploration work and recent infrastructure improvements have transformed the project's development prospects.The July 2025 feasibility study marked a watershed moment, providing the first public financial analysis of the deposit in its 50-year history. The numbers demonstrate compelling economics: a $1.6 billion after-tax NPV, 23.3% IRR, and 4.5-year payback period, with all-in sustaining costs of $3.36 per pound net of byproduct credits. The deposit contains approximately 50 million tons of reserves at 1.9-2% nickel grades, with valuable copper and cobalt byproducts that position Kabanga in the lower quartile of the global cost curve.Infrastructure improvements have fundamentally de-risked the project. Tanzania's new standard-gauge railway from Dar es Salaam to Lake Victoria addresses historical logistics concerns, while three new hydropower stations provide grid connection with 95-98% availability. These developments eliminate the power and transportation constraints that previously hindered development efforts.Lifezone secured a $60 million bridge facility with Taurus Mining in August 2025, funding execution readiness activities while the company advances project financing discussions. The high-grade nature of the deposit supports a targeted 60/40 debt-to-equity financing structure for the $950 million to $1.2 billion capital requirement. Advanced discussions with the U.S. Development Finance Corporation, European export credit agencies, and Mineral Security Partnership members reflect Western government recognition of Kabanga's strategic importance amid 70-80% Indonesian supply concentration and associated geopolitical concerns.The company's proprietary hydrometallurgical processing technology offers environmental advantages over conventional smelting, eliminating sulfur dioxide emissions while leveraging the ore's 30% sulfur content to avoid purchasing sulfuric acid—a significant cost advantage over Indonesian laterite operations.View Lifezone Metals' company profile: https://www.cruxinvestor.com/companies/lifezone-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, President & CEO of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-dual-asset-strategy-offers-near-term-production-long-term-upside-7957Recording date: 27th November 2025Revival Gold presents investors with leveraged exposure to gold price appreciation through a 6 million ounce dual-project portfolio in the western United States trading at substantial discounts to both net asset value and producing peer companies. With the Mercur project in Utah advancing towards pre-feasibility study in 2026 and Beartrack-Arnett in Idaho at pre-feasibility stage, the company offers clear pathways to production on compressed timelines of two to three and a half years respectively.The investment thesis centres on valuation arbitrage within the gold equity spectrum. Revival Gold trades at 0.1-0.2 times net asset value whilst senior producers and royalty companies command 1.0-2.0 times NAV multiples, creating what CEO Hugh Agro characterises as "a real arbitrage there for investors today." The company projects potential revaluation to 0.6-1.0 times NAV as projects advance through permitting and feasibility studies, implying five to six times appreciation over the next two to three years. Equity analysts validate this framework with price targets ranging from two to four times current trading levels.Project economics demonstrate robust margins even within conservative gold price scenarios. Mercur's preliminary economic assessment envisions 100,000 ounces per year production at $1,400 all-in sustaining costs requiring only $210 million capital expenditure, generating net present value of approximately $1.2 billion at current $4,000 gold prices with an 18-month payback period. Beartrack-Arnett complements this with 65,000 ounces per year production requiring merely $110 million capital expenditure leveraging existing ADR processing infrastructure.The modest capital requirements reflect substantial brownfield advantages including existing power, roads, processing facilities, and water infrastructure available for redeployment. Both projects represent former producers with established metallurgical characteristics, community relationships, and operational precedent reducing technical and permitting risk. Mercur benefits additionally from private land ownership enabling streamlined state-level permitting rather than complex federal processes, whilst its dry environment eliminates water management complications.Capital efficiency considerations prove particularly compelling in current market conditions. The company maintains approximately $23 million cash backed by strategic investors Dundee Corporation and EMR Capital, with management emphasising disciplined capital deployment to minimise shareholder dilution whilst advancing projects towards production. As Agro notes, "Every dollar we put out the door right now is costing us roughly 0.2 times underlying NAV," incentivising value maximisation before accessing additional capital.The current valuation incorporates only 2.5 million of the company's 6 million ounce resource base, excluding value attribution for 3.5 million ounces not yet in engineering studies plus underground expansion potential and district-scale exploration upside. This optionality provides organic growth opportunities fundable through initial production cash flows without requiring dilutive external capital.Near-term catalysts include Q1 2026 column leach metallurgical results, ongoing drill result releases from over 70 unreported holes at Mercur, formal permitting launch in early 2026, and pre-feasibility study advancement. Recent drilling has delivered average grades 22% above resource estimates whilst metallurgical recoveries exceed PEA assumptions by 10%, providing progressive technical validation.For investors seeking leveraged gold exposure, Revival Gold offers compelling risk-reward characteristics: substantial valuation discounts to peers, clear production pathways on compressed timelines, robust project economics with strong margins, capital efficiency enabled by brownfield advantages, and significant optionality beyond base case scenarios. The combination positions the company to capture both near-term revaluation as projects advance and longer-term value creation through low-capital production and organic resource expansion.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Kurt Budge, CEO of Leading Edge Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/leading-edge-materials-tsxvlem-strategic-rare-earths-projects-amid-eus-critical-minerals-push-6094Recording date: 27th November 2025Leading Edge Materials Corp. (TSXV:LEM) is advancing its Norra Kärr heavy rare earth project in Sweden towards a prefeasibility study expected to complete in the first half of 2026, positioning one of Europe's few advanced-stage heavy rare earth assets closer to production. The project's production profile of 248 tonnes of dysprosium and 38 tonnes of terbium oxide compares directly to Lynas Rare Earths' recent Malaysian plant expansion, establishing Norra Kärr at strategically significant scale within global heavy rare earth supply.The strategic rationale for European heavy rare earth production has intensified as Chinese export restrictions throughout 2025 created supply disruptions and price volatility that industry leaders characterise as a crisis. Dysprosium and terbium are critical components in permanent magnets used in electric vehicle motors, wind turbines, and defence systems, with European manufacturers remaining almost entirely dependent on Chinese production. CEO Kurt Budge directly questions whether Europe can rely on heavy rare earths from potentially misaligned jurisdictions for defence equipment and armaments production, highlighting supply security as a national security imperative beyond industrial applications.Leading Edge Materials benefits from 16 years of technical work on Norra Kärr, providing a substantial data foundation that reduces technical risk compared to earlier-stage exploration projects. The current programme focuses on two critical work streams: optimising mineral processing using 28,000 metres of drill core for test work, and upgrading the mineral resource from inferred classification. The company is conducting hydrometallurgy assessment on eudialyte mineral concentrates containing heavy rare earths whilst evaluating nepheline syenite by-products for ceramics, glass, and coatings markets, providing dual revenue stream potential.The company's economic modelling focuses on mine gate economics without requiring integrated downstream processing infrastructure, acknowledging capital constraints whilst establishing fundamental extraction economics. This approach allows Norra Kärr to demonstrate project viability as if concentrates were sold to third-party processors, reducing capital requirements whilst maintaining optionality for future vertical integration. Independent market assessments are updating rare earth pricing decks and industrial mineral market analysis to inform the prefeasibility study economic model.Near-term catalysts include a mining lease decision expected in the near future, representing a critical regulatory milestone that de-risks the project and positions it favourably for government support programmes. Partnership discussions with downstream permanent magnet manufacturers are underway, with the company aiming to establish collaborative frameworks concurrent with prefeasibility study completion. The development timeline positions the resource approximately three to four years from production, assuming successful completion of studies and securing of project finance.European policymakers are actively discussing price support mechanisms including floor prices and contracts for difference, modelled on US Department of Defense interventions for MP Materials. These mechanisms acknowledge that market manipulation by dominant suppliers creates investment risk requiring government intervention to ensure European heavy rare earth production. Sweden's positioning as a leading European mining nation provides jurisdictional advantages, with the current government articulating ambitions to lead European critical minerals production.The 2026 work programme represents a pivotal year for Leading Edge Materials, with prefeasibility study completion and mining lease approval expected to catalyse government funding or strategic investment from downstream partners seeking supply security. The company operates across multiple exchanges including Toronto, Stockholm, New York, and Frankfurt, facilitating access to European and North American capital markets focused on critical minerals supply security.View Leading Edge Materials' company profile: https://www.cruxinvestor.com/companies/leading-edge-materialsSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Smith, Director & CEO of TooGood GoldRecording date: 27th November 2025TooGood Gold Corporation is developing an early-stage, district-scale high-grade gold project in northern Newfoundland, positioning itself within one of Canada's most active exploration regions. The company acquired the property through a favorable earn-in agreement with Prospector Metals, which made the initial discovery before redirecting focus to its Yukon assets. Under CEO Colin Smith, a geologist with 20 years of experience including roles at SSR Mining and Discovery Group, TooGood has expanded the land package from 110 km² to over 164 km², systematically consolidating ground along regional structural trends.The flagship Quinlan discovery demonstrates exceptional potential, with Prospector's initial 2022 drilling intersecting visible gold in 15 of the first 19 holes. The standout intersection delivered 24 meters at approximately 4 g/t gold, with Smith characterizing these as "70 to 80 plus gram-meter holes in the first swing of the bat, which in my experience is pretty rare." The geological model features a felsic intrusive dyke within black shale that extends to surface, providing clear targeting parameters. Smith notes the system "lines up like poker straight like a book" in 3D modeling, though the team seeks structural complexities where the dyke might expand to "20, 30, 40 meters of thickness."TooGood completed a 33-hole, 2,000-meter drill program in summer 2025, with results pending for 19 holes. The company has also consolidated the Golden Nugget property, featuring an 8.5-kilometer coastal trend averaging over 1 g/t gold in rock samples that remains largely untested. With over $4 million in treasury and five additional drill-ready targets identified, TooGood maintains full funding for its 2026 exploration program. The project sits on the same structural corridor as Equinox Gold's producing Valentine Lake mine and near New Found Gold's Queensway deposit, providing validated geological analogues within a mining-friendly jurisdiction offering year-round access and established infrastructure.Sign up for Crux Investor: https://cruxinvestor.com

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

What are Greenland's vision and priorities in the Arctic and the world? And how is the government addressing opportunities and challenges in the region?Joining the conversation are:Vivian Motzfeldt, Greenland's Minister for Foreign Affairs and ResearchNaaja H. Nathanielsen, Greenland's Minister for Business, Energy, Natural Resources, Justice and EqualityNivi Olsen, Greenland's Minister for Education, Culture, Sports and ChurchModerating is Ólafur Ragnar Grímsson, Chairman of Arctic Circle and former President of Iceland.This Session was recorded live at the 2025 Arctic Circle Assembly, held in Reykjavík, Iceland, from October 16th to 18th.Arctic Circle is the largest network of international dialogue and cooperation on the future of the Arctic. It is an open democratic platform with participation from governments, organizations, corporations, universities, think tanks, environmental associations, Indigenous communities, concerned citizens, and others interested in the development of the Arctic and its consequences for the future of the globe. It is a nonprofit and nonpartisan organization. Learn more about Arctic Circle at www.ArcticCircle.org or contact us at secretariat@arcticcircle.orgTWITTER:@_Arctic_CircleFACEBOOK:The Arctic CircleINSTAGRAM:arctic_circle_org

Send us a textJoin us as we sit down with Dr. Chris Daubert, who brings a wealth of experience from every corner of the Food Science world.Currently serving as Vice Chancellor and Dean of the College of Agriculture, Food, and Natural Resources at the University of Missouri Columbia, Dr. Daubert shares his unique career path—from his roots in agricultural engineering and becoming a recognized expert in rheology (the study of flow), to his pivotal roles as Department Head at NC State (2010-2017) and most recently, President of the Institute of Food Technologists (IFT).Join us as we explore the evolution of his leadership style, the crucial differences between leading a department versus an entire university college, the major challenges facing food science leadership today, and his top advice for students interested in leading the next generation. Don't miss this insightful look into the forces shaping the future of food!Got a questions for us? Email us at wolfingdownfoodscience@gmail.comPlease take a minute to help others find our podcast by leaving a rating and comment on your podcasting app!

Maybe there will be a pipeline in BC? Guest: Heather Exner-Pirot,  Senior Fellow and Director of Energy, Natural Resources and Environment at the Macdonald-Laurier Institute in Ottawa Are temporary foreign workers getting stuck by abusive employers? Guest: Catherine Connelly, Professor at McMaster Centre for Research on Employment and Work Weight loss drugs are changing portions at restaurants Guest: JoAnn McArthur, Founding Partner and President of Nourish Food Marketing The story of Santa's Postal Code Guest: Craig Baird, Host of Canadian History X Getting ready for Alcohol and the Sober Season. Guest: Dr. Sara McMullin - Assistant Professor of Psychology, Department of Psychology at Webster University, Take a break from booze this season Learn more about your ad choices. Visit megaphone.fm/adchoices

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

Thomas Princen explores issues of social and ecological sustainability at the School of Natural Resources and Environment at the University of Michigan. He works on principles for sustainability, overconsumption, the language and ethics of resource use, and the transition out of fossil fuels. His latest book is Fire and Flood: Extreme Events and Social Change Past, Present, Future (MIT Press, 2025). Princen is the author of Treading Softly: Paths to Ecological Order (2010), author of The Logic of Sufficiency (2005), and lead editor of Confronting Consumption (2002), all three published by MIT Press. The last two were awarded the International Studies Association's Harold and Margaret Sprout Award for the best book in the study of international environmental problems. He is co-editor of The Localization Reader: Adapting to the Coming Downshift (MIT Press, 2012), co-author of Environmental NGOs in World Politics: Linking the Local and the Global (Routledge, 1994) and author of Intermediaries in International Conflict (Princeton University Press, 1992/1995).  Princen was named an Aldo Leopold Leadership Fellow, sponsored by the Packard Foundation, and before that was a Pew Faculty Fellow for International Affairs. Princen received his Ph.D. in Political Economy and Government from Harvard University in 1988 and a Bachelor of Arts in biology from Pomona College in 1975. He was a MacArthur Foundation Post-Doctoral Visiting Research Fellow in International Peace & Security at Princeton University from 1988 to 1989. He now serves as an Associate Professor of Natural Resources and Environmental Policy at the University of Michigan. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Thomas Princen explores issues of social and ecological sustainability at the School of Natural Resources and Environment at the University of Michigan. He works on principles for sustainability, overconsumption, the language and ethics of resource use, and the transition out of fossil fuels. His latest book is Fire and Flood: Extreme Events and Social Change Past, Present, Future (MIT Press, 2025). Princen is the author of Treading Softly: Paths to Ecological Order (2010), author of The Logic of Sufficiency (2005), and lead editor of Confronting Consumption (2002), all three published by MIT Press. The last two were awarded the International Studies Association's Harold and Margaret Sprout Award for the best book in the study of international environmental problems. He is co-editor of The Localization Reader: Adapting to the Coming Downshift (MIT Press, 2012), co-author of Environmental NGOs in World Politics: Linking the Local and the Global (Routledge, 1994) and author of Intermediaries in International Conflict (Princeton University Press, 1992/1995).  Princen was named an Aldo Leopold Leadership Fellow, sponsored by the Packard Foundation, and before that was a Pew Faculty Fellow for International Affairs. Princen received his Ph.D. in Political Economy and Government from Harvard University in 1988 and a Bachelor of Arts in biology from Pomona College in 1975. He was a MacArthur Foundation Post-Doctoral Visiting Research Fellow in International Peace & Security at Princeton University from 1988 to 1989. He now serves as an Associate Professor of Natural Resources and Environmental Policy at the University of Michigan. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/environmental-studies

Thomas Princen explores issues of social and ecological sustainability at the School of Natural Resources and Environment at the University of Michigan. He works on principles for sustainability, overconsumption, the language and ethics of resource use, and the transition out of fossil fuels. His latest book is Fire and Flood: Extreme Events and Social Change Past, Present, Future (MIT Press, 2025). Princen is the author of Treading Softly: Paths to Ecological Order (2010), author of The Logic of Sufficiency (2005), and lead editor of Confronting Consumption (2002), all three published by MIT Press. The last two were awarded the International Studies Association's Harold and Margaret Sprout Award for the best book in the study of international environmental problems. He is co-editor of The Localization Reader: Adapting to the Coming Downshift (MIT Press, 2012), co-author of Environmental NGOs in World Politics: Linking the Local and the Global (Routledge, 1994) and author of Intermediaries in International Conflict (Princeton University Press, 1992/1995).  Princen was named an Aldo Leopold Leadership Fellow, sponsored by the Packard Foundation, and before that was a Pew Faculty Fellow for International Affairs. Princen received his Ph.D. in Political Economy and Government from Harvard University in 1988 and a Bachelor of Arts in biology from Pomona College in 1975. He was a MacArthur Foundation Post-Doctoral Visiting Research Fellow in International Peace & Security at Princeton University from 1988 to 1989. He now serves as an Associate Professor of Natural Resources and Environmental Policy at the University of Michigan. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/public-policy

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

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

Firearm season for deer hunters is largely over in Minnesota. Data from the state Department of Natural Resources shows hunters were more successful than they have been for a few years. The number of harvests has climbed back from a low point in 2023. In low years, some hunters see a lack of deer and point to wolves as the cause. A recent study from far northern Minnesota tells a different story. The Voyageurs Wolf Project studies wolves in Voyageurs National Park and the surrounding area. Biologist Tom Gable leads the project and joined MPR News host Chris Farrell with details on how fluctuating deer and wolf populations impact one another.

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

Jacob and Eric catch up to discuss the rut. They cover everything from what triggers the rut to phases of the rut, changes in buck behavior, and hunting strategies. Check out the MSU Deer Lab's online seminar series (here) and select the Natural Resources option from the Categories drop-down menu. You will need to create an account to view the seminars. The seminars are free unless you are seeking professional educational credits. Also, be sure to visit our YouTube channel (here)

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

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

House Committee on Natural Resources Subcommittee on Indian and Insular Affairs Wednesday, November 19, 2025 | 10:15 AM On Wednesday, November 19, 2025, at 10:15 a.m., in room 1334 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Indian and Insular Affairs will hold a legislative hearing on the following bills: H.R. 4276 (Rep. Case), To amend the Native American Tourism and Improving Visitor Experience Act to authorize grants to Indian tribes, tribal organizations, and Native Hawaiian organizations, and for other purposes. H.R. 5515 (Rep. Hurd), “Indian Trust Asset Reform Amendment Act” H.R. 5682 (Rep. Issa), To take certain land in the State of California into trust for the benefit of the Pechanga Band of Indians, and for other purposes. H.R. 5696 (Rep. LaMalfa), “Strengthening Tribal Real Estate Authority and Modernizing Land for Indigenous Nation Expansion Act” or the “STREAMLINE Act” Committee Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418466

House Committee on Natural Resources Subcommittee on Indian and Insular Affairs Wednesday, November 19, 2025 | 10:15 AM On Wednesday, November 19, 2025, at 10:15 a.m., in room 1334 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Indian and Insular Affairs will hold a legislative hearing on the following bills: H.R. 4276 (Rep. Case), To amend the Native American Tourism and Improving Visitor Experience Act to authorize grants to Indian tribes, tribal organizations, and Native Hawaiian organizations, and for other purposes. H.R. 5515 (Rep. Hurd), “Indian Trust Asset Reform Amendment Act” H.R. 5682 (Rep. Issa), To take certain land in the State of California into trust for the benefit of the Pechanga Band of Indians, and for other purposes. H.R. 5696 (Rep. LaMalfa), “Strengthening Tribal Real Estate Authority and Modernizing Land for Indigenous Nation Expansion Act” or the “STREAMLINE Act” Committee Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418466

House Committee on Natural Resources Subcommittee on Indian and Insular Affairs Wednesday, November 19, 2025 | 10:15 AM On Wednesday, November 19, 2025, at 10:15 a.m., in room 1334 Longworth House Office Building, the Committee on Natural Resources, Subcommittee on Indian and Insular Affairs will hold a legislative hearing on the following bills: H.R. 4276 (Rep. Case), To amend the Native American Tourism and Improving Visitor Experience Act to authorize grants to Indian tribes, tribal organizations, and Native Hawaiian organizations, and for other purposes. H.R. 5515 (Rep. Hurd), “Indian Trust Asset Reform Amendment Act” H.R. 5682 (Rep. Issa), To take certain land in the State of California into trust for the benefit of the Pechanga Band of Indians, and for other purposes. H.R. 5696 (Rep. LaMalfa), “Strengthening Tribal Real Estate Authority and Modernizing Land for Indigenous Nation Expansion Act” or the “STREAMLINE Act” Committee Notice: https://naturalresources.house.gov/calendar/eventsingle.aspx?EventID=418466