Podcasts about natural resources

Jacob and Eric get back to the basics of deer management with The Old Biologist, Mr. Lann Wilf. The conversation covers everything from managing expectations to understanding what drives deer herds.   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)

Recording date: 16th February 2026Gold mining companies are generating unprecedented levels of free cash flow, with major producers like Agnico Eagle reporting more than $11 million per day in Q4 2024 at an average realized gold price near $4,200 per ounce. With gold prices running approximately $800 per ounce higher in the current quarter, that figure is tracking toward $15 million or more per day - a level that is fundamentally reshaping how companies think about capital allocation.Speaking on the Compass podcast, Samuel Pelaez and Derek Macpherson of Olive Resource Capital argued that this cash flow environment gives producers the rare ability to pursue multiple priorities simultaneously: debt reduction, dividend increases, share buybacks, and acquisitions. That flexibility, they noted, sets the current cycle apart from previous periods in the sector.The discussion comes as the mining industry enters its most active conference season of the year. An institutional-focused gathering in Miami is followed shortly by PDAC in Toronto - the world's largest mining conference - beginning around March 1st. Both events are expected to accelerate M&A discussions, as corporate development teams from major miners hold direct meetings with junior company management. Pelaez and Macpherson suggested that transaction announcements could coincide with or immediately follow PDAC.In the near term, Chinese New Year - which began February 17th - introduces a period of thin liquidity across commodity markets as Chinese exchanges close for the week. The hosts characterized any resulting price volatility as mechanical rather than fundamental, and suggested investors treat sell-offs in stocks they already favor as potential entry points.On the macro side, four factors continue to underpin the commodity bull market: expanding US manufacturing PMIs, resilient employment data, continued global liquidity growth, and a US fiscal deficit of approximately $800 billion - the third largest on record - reinforcing the case for hard assets even as the economy grows.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Charlie Greig, CEO of Metal Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/metal-energy-tsxvmerg-unlocking-ontarios-massive-lithium-potential-drilling-dec-2023-4221Recording date: 19th February 2026Metal Energy Corp (TSXV: MERG) is preparing to drill its first holes on the NIV copper-gold-molybdenum porphyry project in British Columbia's Toodoggone district, one of the province's more active mineral exploration corridors. The company is led by Charlie Greig, a veteran exploration geologist whose prior work contributed to the assembly of the GT Gold Saddle discovery — a porphyry deposit sold for approximately $450 million in 2021. Greig and his technical partner, geophysicist Alex Walcott, have been building a dataset on the NIV property since 2010, funding much of the early work themselves before bringing in outside capital.The NIV property covers roughly 5 kilometres of strike length and sits in the same volcanic and intrusive rock package that hosts established porphyry deposits elsewhere in the Toodoggone. Soil geochemistry shows elevated copper, gold, and molybdenum values running continuously along the trend, while induced polarisation surveys have identified chargeability anomalies at depth consistent with a sulphide-bearing system. Porphyry-style sheeted veining visible at surface adds further geological weight to the target. Critically, all three datasets — geochemistry, geology, and geophysics -align spatially, giving the team a well-defined set of drill targets ahead of its first program.The project has drawn strategic investment from two significant industry names. Centerra Gold, which operates a mine approximately 40 kilometres to the north, and Teck Resources have each taken a 9.9% equity stake following independent technical review. Their involvement provides both financial support and meaningful third-party validation of the project's geological merits.The 2026 drill program is expected to total between 5,000 and 6,000 metres across 10 to 12 holes. Nearby, Amarc Resources' AuRORA copper-gold discovery in the same district serves as a direct geological analogue, while an adjacent Northwest Copper drill intercept confirms porphyry-style mineralisation within 1–2 kilometres of NIV ground.View Metal Energy's company profile: https://www.cruxinvestor.com/companies/metal-energySign up for Crux Investor: https://cruxinvestor.com

On this episode of the Alachua County Extension Cord Podcast, we discuss the upcoming Alachua County youth fair and livestock show.Guests: Dr. Cindy Sanders, Alachua County Extension Director.Mary Lee Sale, UF/IFAS Extension, 4-H Agent.Host: Dr. Kevin Korus, UF/IFAS ExtensionAgriculture and Natural Resources agent. For more information visit.https://www.acyfls.com/Music by the Walkers:https://www.facebook.com/thewalkersbandgvillehttps://the-walkers.bandcamp.com/track/rattling-bones 

Jacob and Eric get back to the basics of deer management with The Old Biologist, Mr. Lann Wilf. The conversation covers everything from managing expectations to understanding what drives deer herds.   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)

Jacob and Eric catch up with Dr. Bronson Strickland to discuss what deer managers can do now that deer season is over. 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 Clinton Booth, Managing Director & CEO of GCM CorporationOur previous interview: https://www.cruxinvestor.com/posts/green-critical-minerals-asxgcm-vhd-graphite-tech-targets-17b-data-center-market-7556Recording date: 10th February 2026GCM Corporation (ASX:GCM) is executing a critical transition from pre-revenue technology developer to commercial manufacturer in the thermal management sector, with first revenues targeted for the first half of 2026. The company has successfully pivoted from graphite exploration to industrial manufacturing following its late 2024 acquisition of proprietary VHD thermal management technology.CEO Clinton Booth outlined the company's progress through distinct commercialization phases during a February interview. After validating the technology in early 2025 and confirming market appetite in Q2, GCM entered active prototyping in the second half of the year. The company is now manufacturing customer-specific products under confidentiality agreements, sharing technical drawings with multiple customers across electronics, data centers, renewables, and electrical sectors.The VHD technology addresses a critical industry challenge: efficiently dissipating heat loads as devices become more powerful yet smaller. With thermal conductivity superior to copper and aluminum while being 4.5 times lighter than copper and 30 percent lighter than aluminum, VHD offers performance advantages that incumbent materials cannot match. As Booth noted, the market is actively seeking new solutions, with demand driven by electrification, artificial intelligence, and increasing power density requirements across the technology sector.GCM's modular manufacturing approach provides rapid scalability with minimal capital requirements. The current demonstration plant produces hundreds of units monthly, scaling to 1,000 units near-term with capacity to expand 100-fold within 12-15 months. The company achieved ISO 9001 certification in late 2025 and in-housed its product design capability, establishing systematic processes essential for scaling production as sales agreements materialize.Electronics and DC-to-DC converter markets offer the shortest sales pipeline, while data center opportunities present longer qualification periods but significant long-term value. The anticipated first major sales agreement represents a watershed moment that Booth expects will catalyze additional customer interest and validate the company's strategic transformation from explorer to industrial technology manufacturer.View GCM Corp's company profile: https://www.cruxinvestor.com/companies/green-critical-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview withShane Williams, President & CEO of West Red Lake Gold MinesAlex Black, Executive Chairman of Rio2 Ltd.Recording date: 13th February 2026Rio2 Limited and West Red Lake Gold Mines have successfully transitioned from developers to producers, achieving commercial production after years of navigating construction challenges and capital constraints. In a mid-February 2026 discussion, executives Alex Black of Rio2 and Shane Williams of West Red Lake shared the operational realities facing newly producing mining companies in a favorable commodity price environment.Both executives emphasized the importance of slow, measured ramp-ups rather than rushing to full capacity. This approach allows proper development of operational systems, procedures, safety protocols, and team training alongside physical production increases. Rio2 targets 60,000 to 70,000 ounces in 2026 at its Fenix Gold Project in Chile, with expansion potential to 300,000 ounces annually pending water infrastructure development. West Red Lake sees a pathway to 150,000 ounces annually with relatively modest capital investment for mill expansion.The discussion highlighted significant operational challenges often underappreciated by retail investors. West Red Lake battles extreme cold conditions with January temperatures reaching minus 45 degrees Celsius, where any plant stoppage results in complete mill freezing. Rio2's Fenix Gold operation faces high-altitude cold at nearly 5,000 meters elevation, space constraints in open-pit operations, and the complexity of mining an extinct volcano with three separate peaks.Labor shortages emerged as a critical industry-wide issue. Williams noted that decades of industry struggles have depleted skilled workforces in Canada, Chile, and Australia, with skill levels materially lower than 20 years ago. Both executives stressed that operational success depends primarily on building, empowering, and retaining talented teams willing to work through challenges methodically.The conversation revealed frustration with market dynamics, as development-stage companies with impressive feasibility studies often receive higher valuations than cash-flowing producers. Both executives expect re-rating as they demonstrate consistent quarterly execution. Black predicted significant M&A activity in 2026, with both companies actively pursuing strategic acquisitions while positioning themselves as potential takeover targets within three to five years.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Kiran Patankar, President & CEO of Maple Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-meet-the-team-with-kiran-patankar-8973Recording date: 6th February 2026As gold prices surge past $5,000 per ounce, retail investors increasingly question whether opportunities remain in junior mining stocks or if valuations have run too hot. Kiran Patankar, President and CEO of Maple Gold Mines, makes a compelling case that his company represents a significant exception to this concern.Despite delivering 252% returns since completing its corporate reset in August 2025, outperforming peers by more than double, Maple trades at just $29 per ounce of resource. This stands well below the peer group average of $50 per ounce and recent Quebec transaction multiples of $80 per ounce. The discount translates to concrete upside potential, with fair value estimates ranging from $3.56 to $5.43 per share compared to the recent $2.29 trading price.The company's market capitalization of $153 million sits roughly where it stood four years ago, despite gold prices tripling over that period. Patankar argues this reflects value restoration rather than speculative gains, with the company having systematically addressed legacy execution issues while gold appreciation creates additional upside yet to be recognized by the market.A restructured partnership with Agnico Eagle demonstrates the company's strategic positioning. Maple reacquired 100% of its Douay project for zero cost, compared to Agnico's original $10 per ounce acquisition price, while securing $36 million in exploration funding through 2027. This capital supports 100,000 meters of drilling over two years, enabling year-round operations designed to expand the current 3 million ounce resource.Near-term catalysts include imminent drill results and an updated resource estimate expected in the first half of 2026, which management anticipates will show material expansion. Combined with advancing economic studies and strong insider participation in recent financings, Maple presents what Patankar characterizes as a rare undervalued opportunity in an otherwise fully valued sector.View Maple Gold Mines' company profile: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Matthew D. Gili, President & CEO of Ur-EnergyOur previous interview: https://www.cruxinvestor.com/posts/ur-energy-amexurg-new-leadership-takes-helm-at-active-us-uranium-producer-7904Recording date: 7th February 2026Ur-Energy is positioning itself as a leading domestic uranium producer at a critical juncture for American nuclear fuel security. The Wyoming-based company operates in a market where the United States consumes approximately 50 million pounds of U308 annually but produces only 2-3 million pounds domestically, creating a substantial supply-demand imbalance that favors existing producers.Under new leadership from Matthew D. Gili, who joined in June 2025 with operational experience from Rio Tinto, Barrick Gold, and i-80 Gold, the company is executing a three-tiered growth strategy. The Lost Creek facility, Ur-Energy's primary production hub, is ramping toward record fourth-quarter output with demonstrated recovery rates exceeding 80%. The in-situ recovery (ISR) operation benefits from favorable geology and straightforward chemistry, utilizing oxygen, carbon dioxide, and bicarbonate as reagents.The near-term catalyst is Shirley Basin, a satellite facility currently under construction that will commission in the first quarter of 2026. The operation will load uranium onto resin in the wellfield before transporting it to Lost Creek for processing, leveraging existing infrastructure to minimize capital requirements. With a resource base of approximately 9 million pounds, Shirley Basin is expected to commence yellowcake production in the second quarter.Looking further ahead, the Lost Soldier project represents medium-term expansion optionality. With 4,000 historical drill holes establishing geological confidence, the company is conducting hydrological testing through 18 test wells to determine ISR viability. Management targets publication of a preliminary economic assessment in the third or fourth quarter of 2026, with Lost Soldier envisioned as an even more streamlined satellite requiring only resin capture facilities.The $120 million convertible financing completed in December 2025 provides capital to complete Shirley Basin while maintaining flexibility for a Lost Soldier construction decision and potential portfolio acquisitions. Ur-Energy's contracting strategy balances revenue certainty—with 100% of 2026 production contracted and approximately 70% for 2027—against exposure to uranium price appreciation in a market where policy support for domestic production continues strengthening.View Ur-Energy's company profile: https://www.cruxinvestor.com/companies/ur-energy-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Spring, President & CEO of Kincora Copper Ltd.Our previous interview: https://www.cruxinvestor.com/posts/kincora-copper-tsxvkcc-100m-partner-funding-drives-multi-target-porphyry-exploration-in-nsw-8371Recording date: 10th February 2026Kincora Copper is executing a prospect generator strategy that has delivered significant operational scale in its first full year while maintaining capital efficiency through partner-funded drilling. The company operates eight copper-porphyry assets across Australia and Mongolia, having secured $7 million in partner funding and completed 16,000 meters of drilling across seven licenses in 2025, while generating approximately $500,000 in management fees.The company's most advanced partnership involves two joint ventures with AngloGold Ashanti covering 100 kilometers of strike in the northern Macquarie Arc, Australia's premier porphyry belt that hosts world-class mines including Cadia, Northparkes, and Cowal. AngloGold's commitment has expanded substantially, with spending increasing from $4.5 million to date to a proposed $7 million budget for 2026 as targets are upgraded. The major has deployed three technical teams to site, bringing specialist expertise that would be difficult for a junior explorer to access independently.Recent drilling at the Nevertire-Nevertire South project has confirmed encouraging copper-gold intervals suggesting proximity to porphyry centers, with follow-up drilling now underway testing upgraded targets. The company is systematically advancing the 40-kilometer strike length while looking for multiple discoveries within the immediate target area.Kincora recently closed a C$4 million financing led by institutional investors Rick Rule and Jeff Phillips, providing capital for focused work on 100% owned projects including Trundle and Fairholme, which are in advanced discussions with multiple majors. Late 2025 activities included a technically successful drill hole, airborne surveys at Condobolin, and ground gravity surveys at Jemalong, with results expected through early 2026.Trading at approximately $40 million market capitalisation, Kincora presents a valuation disconnect compared to peers. Recent Macquarie Arc explorers have rerated from $30 million to $100-200 million following positive results, while Kincora's seven non-JV assets are collectively valued at just $10 million. The company's partnership model offers multiple discovery opportunities with lower dilution than equity-funded peers, while retaining meaningful project-level stakes with potential for $100 million in partner funding before significant dilution decisions.View Kincora Copper's company profile: https://www.cruxinvestor.com/companies/kincora-copper-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Maura Kolb, President of Dryden Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-fully-funded-2026-drilling-for-high-grade-gold-hits-with-partner-validation-8545Recording date: 11th February 2026Dryden Gold Corp. has emerged as a compelling exploration opportunity in northwestern Ontario's Dryden greenstone belt, where the company controls 70,000 hectares of highly prospective ground exhibiting geological characteristics analogous to Canada's premier gold camps. With $11 million in treasury funding a 32,000-meter drilling program across multiple targets, the company is positioned to deliver sustained news flow throughout 2026-2027 whilst pursuing its stated objective of demonstrating multi-million-ounce potential across a district-scale land position.The investment thesis centers on three key pillars: systematic expansion of the high-grade Gold Rock deposit, aggressive testing of regional discovery targets with distinct geological models, and strategic positioning within an emerging gold district backed by institutional investors. President Maura Kolb brings eight years of direct Red Lake experience, informing structural interpretation at Gold Rock where fold architecture and intersecting faults create high-grade traps identical to the geological model hosting Red Lake's 28 million ounces. Recent drilling validates this targeting approach, with intercepts including 301 g/t gold over 3.9m, 77.9 g/t over 0.5m, and 55 g/t over 3.5m demonstrating robust mineralization across multiple parallel shear zones extending over 20 kilometers of strike length.Beyond Gold Rock, Dryden is advancing two regional targets exhibiting different deposit models that provide diversified discovery potential. Hyndman represents an intrusion-related target where a 4-kilometer-long granodiorite intrusion intersected by regional shearing offers potentially simpler geometry and bulk-tonnage potential compared to Gold Rock's structurally complex veins. The six-hole inaugural drilling program was completed in early 2026, with results expected end-March representing the most immediate catalyst for investors. Sherridon at the southern property boundary exhibits intrusion-related bulk-tonnage characteristics, with initial drilling returning 135 meters at 0.2 g/t gold and geochemistry confirming an intrusive fluid source—rare clarity in Archean-aged systems that provides targeting criteria for vectoring toward higher-grade zones.The presence of three distinct geological models reduces exploration risk whilst offering optionality in development scenarios: high-grade underground potential at Gold Rock, possible open-pit bulk tonnage at Hyndman, and intrusion-related scale at Sherridon. This diversification increases probability of exploration success whilst building toward the multi-million-ounce scale necessary for district recognition and institutional interest.Strategic validation strengthens the investment case, with Centerra Gold holding positions in Dryden and Alamos Gold maintaining a 10% equity stake. These institutional anchors provide technical validation, reduce going-concern risks, and potentially facilitate future development partnerships. The warrant exercises by Delbrook Capital and EuroPac Gold Fund that funded the current program occurred at C$0.30, with the stock subsequently advancing toward C$0.40—suggesting investor confidence in near-term catalysts and exploration potential.Operational advantages distinguish Dryden from peers. Year-round road access eliminates seasonal constraints and helicopter costs, enabling continuous drilling and rapid iteration on geological models. The property sits adjacent to NeXGold's 3-million-ounce resource, validating regional prospectivity and demonstrating economic gold potential. Ontario's jurisdictional stability, transparent permitting, and established infrastructure reduce development risks relative to remote or politically challenged jurisdictions.For investors seeking exposure to district-scale gold discovery in a premier jurisdiction with near-term catalysts, experienced management, and institutional backing, Dryden Gold offers a compelling risk-reward profile at approximately C$100 million market capitalization. The company's capital-efficient approach—demonstrating deposit footprints before committing to resource definition—prioritizes discovery value creation whilst maintaining 18-24 months of funded exploration runway. As drilling progresses across multiple high-priority targets throughout 2026, investors can anticipate sustained news flow and multiple opportunities for value inflection.View Dryden Gold's company profile: Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dean Hanisch, CEO of Focus GraphiteRecording date: 10th February 2026Focus Graphite (TSXV: FMS) is emerging as a strategically positioned North American graphite developer at a time when Western governments are actively reshoring critical mineral supply chains. The company's flagship Lac Knife project in Quebec boasts 15% graphitic carbon content, approximately three times the global industry average of 3-5%, providing fundamental cost advantages that management believes can enable price competition with Chinese producers while delivering premium specialty material to defense contractors.After 18 years of development, the project is approaching commercial viability with substantial government backing. Focus has secured $14.1 million in non-dilutive funding from Natural Resources Canada's Global Partner Initiative, specifically earmarked for building a demonstration-scale purification plant and qualifying material with military and aerospace customers. Combined with existing cash, the company holds $18 million to advance through final permitting stages without near-term equity dilution.The technical differentiation centers on a fluidized thermal bed purification process that removes impurities through heat rather than chemicals, preserving the structural integrity of large graphite flakes critical for high-value applications. Approximately 40% of Lac Knife's output consists of premium large and jumbo flake material, which the company is positioning for radar suppression coatings, expandable fire suppression graphite, thermal management systems, and ballistic applications. Material has already been successfully tested in missile applications in the Mojave Desert.With the Environmental and Social Impact Assessment down to 30 remaining questions from an initial 380, management targets completion within three to four months. The $236 million capex for a 27-year mine life producing 50,000 tons annually represents a fraction of typical critical mineral projects, with potential for substantial debt financing from export credit agencies and Quebec government equity participation.Trading at approximately $50 million market capitalization, Focus presents a compelling valuation relative to peers like Nouveau Monde Graphite ($400 million market cap, 4% grade), particularly as geopolitical imperatives drive Western governments to establish domestic specialty graphite supply for defense applications.View Focus Graphite's company profile: https://www.cruxinvestor.com/companies/focus-graphiteSign up for Crux Investor: https://cruxinvestor.com

Interview with Brendan Yurik, CEO of Electric Royalties Ltd.Our previous interview: https://www.cruxinvestor.com/posts/mining-royalty-sector-explodes-with-massive-consolidation-fresh-capital-7469Recording date: 11th February 2026The mining royalty sector delivered exceptional performance in 2025, driven by surging commodity prices and unprecedented consolidation activity. Gold prices rose 74% while silver surged 160%, translating into triple-digit share price gains for major precious metal royalty companies. Wheaton Precious Metals gained 102%, Royal Gold appreciated 98%, and Osisko Royalties reached 100%. Mid-tier companies performed even stronger, with Gold Royalty Corp advancing 215% and Element Royalties climbing 150%.Despite lithium carbonate recovering 80% over the period, battery metal-focused royalty companies experienced a stark divergence in valuations. Electric Royalties reported zero share price appreciation, highlighting that market participants have not yet incorporated battery metal price recovery into their valuation frameworks for companies in this subsector.The year marked a potential inflection point through significant M&A transactions. Royal Gold acquired Sandstorm for $3.5 billion, representing the first major royalty company acquisition in years. Triple Flag purchased Orogen Royalties for $420 million, while Altius Minerals bid $520 million for Lithium Royalty Corp in December. According to Electric Royalties CEO Brendan Yurik, this consolidation reflects fundamental economics where acquiring diversified portfolios proves more efficient than executing dozens of individual transactions.Several experienced teams launched new royalty platforms in late 2025, including Versamet Royalties, Summit Royalties, and Lunar Royalties. Summit achieved a market valuation three to four times that of Electric Royalties despite being newly public, demonstrating strong investor appetite for proven management teams.Valuation dynamics continue driving consolidation as larger companies with extensive diversification trade at 2.5 times net asset value compared to 1x for junior companies. This gap creates powerful incentives for mergers that enhance shareholder value through scale and improved operating leverage.Looking ahead to 2026, industry participants expect M&A activity to accelerate beyond 2025 levels. The fragmented sector provides numerous consolidation targets, while battery metal royalties trading at significant discounts to precious metal peers may attract acquisition interest as cash flows materialize.View Electric Royalties' company profile: https://www.cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-strong-cash-generation-funds-debt-free-growth-8019Recording date: 13th February 2026Santacruz Silver Mining (TSXV:SCZ) represents a transformed investment opportunity following the elimination of all debt obligations and completion of its NASDAQ listing in January 2026. The multi-metal producer operates four mines across Bolivia and Mexico, generating substantial cash flows with an $80 million treasury position after paying $70 million in Glencore obligations and tax liabilities during 2025.The company's debt-free, streaming-free, royalty-free capital structure directs 100% of operational cash flows to equity holders during a period of elevated silver and zinc prices. This clean balance sheet distinguishes Santacruz from leveraged competitors and producers with streaming obligations that divert metal production at below-market prices, creating immediate margin expansion as commodity prices strengthen.Management projects 5-7% production growth from operational efficiencies independent of metal price assumptions or acquisition execution. The Zimapan mine in Mexico delivered a $2.5 million investment in flotation cell circuits that improved silver recoveries by 500 basis points, generating approximately $5 million in incremental monthly cash flow—a 20-month payback demonstrating disciplined capital allocation. The mine's advancement to Level 960 encounters wider ore bodies with silver grades of 80-90 grams per tonne and zinc content of 2.5-3.5% across the 2,800-tonne-per-day operation.In Bolivia, the Bolivar mine is recovering from 2025 flooding through systematic dewatering infrastructure that increased capacity to over 700 litres per second—five times pre-flooding levels and nearly double peak flood conditions. Fourth quarter 2025 production showed quarter-over-quarter silver increases as access to flooded veins improves, whilst development work necessitated by the flooding discovered new high-grade veins creating unanticipated exploration upside.Near-term production catalysts include the Soracaya project targeting full permitting by June-July 2026 with production commencement in the fourth quarter, utilizing existing Bolivian milling infrastructure for low-capital-intensity cash flow generation. The Esperanza mine at the Caballo Blanco complex approaches commercial production as the third operating mine within that group, leveraging existing infrastructure for brownfield expansion.The Bolivian operating environment transformed following the 2025 election of President Rodrigo Paz, whose administration declared mining a strategic industry and announced constitutional reforms to encourage foreign investment. As Bolivia's largest underground mining company, Santacruz occupies a prominent position during this regulatory evolution, with improved political conditions creating potential M&A opportunities whilst reducing political risk for existing operations.The January 2026 NASDAQ listing provides strategic access to US institutional investors and family offices, expanding the investor base beyond Canadian venture shareholders whilst early trading data demonstrates volume improvements. US institutional capital historically applies higher valuation multiples to Latin American precious metals producers than Canadian venture markets alone.Management employs a distinctive operational approach tracking per-tonne costs rather than conventional all-in sustaining cost metrics, maintaining five-year rolling budgets with detailed weekly mining plans to prevent short-term high-grading that compromises long-term mine life. This disciplined capital allocation framework, combined with direct executive operational involvement demonstrated through systematic site visits and hands-on crisis management during the Bolivar flooding, distinguishes the approach from volume-focused competitors.For investors seeking exposure to silver and base metals through an established producer with near-term growth catalysts, operational leverage to metallurgical improvements, and exposure to transformative Bolivian political changes, Santacruz presents a differentiated opportunity with multiple risk mitigation factors relative to earlier-stage developers or debt-burdened producers.View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Bey, CEO of Standard Uranium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-35m-raised-to-hunt-high-grade-uranium-7828Recording date: 17th February 2026Standard Uranium (TSXV: STND) is a Canadian uranium exploration company with 13 projects in Saskatchewan's Athabasca Basin, the world's highest-grade uranium jurisdiction. With a market capitalisation of approximately $15–20 million, the company has structured itself to maximise exploration activity while minimising shareholder dilution through a project generator business model.Rather than self-funding all exploration, Standard Uranium invites third-party joint venture partners to fund drilling on most of its projects. Under a typical deal, a partner spends $6–7 million over three years to earn a 75% interest in a project, while Standard Uranium retains 25% equity, a 2.5% net smelter return royalty, and charges operator fees to run the program using its own geological team. Those fees — estimated at $1.5–2 million annually — are sufficient to cover the company's corporate overhead, reducing the need for repeated equity raises.The company's flagship asset, Davidson River, sits outside this JV framework. The wholly-owned project covers 30,000 hectares in the southwest Athabasca Basin, adjacent to NexGen Energy's Rook I project — a discovery that transformed NexGen from a 30-cent stock into a $10 billion company over 13 years. Standard Uranium plans to drill Davidson River from May to August 2026.Two additional drill programs are already underway in 2026. The Corvo project, under JV with Aventis Energy, commenced drilling in mid-February. The Rokas project, partnered with Collective Metals, is expected to begin drilling in early March. In total, JV partners are funding an estimated $7–10 million in exploration spend across the portfolio this year.The macro backdrop supports the investment case. The uranium spot price stands near $89–90 per pound, while global nuclear capacity is forecast to triple over the next two decades, driven by clean energy targets and surging electricity demand from AI data centres. Saskatchewan's Athabasca Basin is positioned as a primary source of future uranium supply.View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Diane R. Garrett, President & CEO of Hycroft MiningOur previous interview: https://www.cruxinvestor.com/posts/hycroft-mining-nasdaqhymc-nevada-giant-eliminates-debt-targets-2026-production-milestone-8914Recording date: 18th February 2026Hycroft Mining (Nasdaq: HYMC) has published an updated Mineral Resource Estimate confirming 55% growth in Measured and Indicated gold and silver resources at its Hycroft Mine in Winnemucca, Nevada. The deposit now stands at 16.4 million gold ounces and 562.6 million silver ounces in the M+I category, with inferred resources of a further 5.0 million gold ounces and 132.8 million silver ounces. The MRE was prepared by independent third parties and is based on commodity prices of US$3,100/oz gold and US$36/oz silver.The update incorporates results from 70 drill holes and reflects a geological reinterpretation that has fundamentally changed how management and institutional investors view the asset. In late 2023, Hycroft announced the discovery of two new high-grade silver systems, Brimstone and Vortex, within the existing resource footprint. After just 14 months of drilling, those systems have already yielded an initial high-grade M+I silver resource of 90.2 million ounces. Critically, both systems remain open along strike and at depth, and no results from the current 2025-2026 drill programme are yet incorporated into the MRE.Metallurgical test work using Pressure Oxidation has confirmed recoveries of 83% for gold and 78% for silver - robust figures for a refractory sulfide deposit and a key de-risking milestone ahead of a feasibility study. The company is also evaluating a roasting alternative that could convert a processing cost into a by-product revenue stream through sulfuric acid production.Financially, Hycroft is well-positioned to execute. The company holds approximately US$200 million in cash with zero debt, following the retirement of legacy liabilities in October 2024. The institutional shareholder base, led by Eric Sprott at 43%, with BlackRock, Schroders, and Franklin Templeton also on the register, reflects sustained conviction in the long-term thesis. Project economics on the large-scale operation are expected by end of Q1 2026, with an underground mining assessment of the high-grade systems also underway.—View Hycroft Mining's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com

GAO reports that millions of residents still receive severe‑weather alerts only in English, and that the National Weather Service's AI translation initiative risks stalling without better planning and stronger coordination. Technical constraints, resource shortages, and policy barriers are slowing progress nationwide. We look at what GAO recommends and how agencies can close trust‑eroding gaps with Cardell Johnson, Director, Natural Resources and Environment at GAO.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Interview with Richard Young, President & CEO of i-80 Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-from-50k-to-600k-oz-annually-in-nevada-miners-six-year-transformation-8964Recording date: 13th February 2026i-80 Gold has completed a $500 million non-dilutive financing package that eliminates a longstanding capital structure overhang and provides the certainty required to advance its three-phase Nevada development plan. The transaction, expected to close by the end of Q1 2026, positions the company to execute across multiple underground mining projects without shareholder dilution.The financing comprises two equal $250 million tranches. Franco-Nevada contributed the first portion through a royalty structure beginning at 1.5% across the portfolio through 2030, escalating to 3% from 2031 onward as production scales. The second tranche consists of a prepaid facility with National Bank and Macquarie Bank, with i-80 Gold pre-selling approximately 40,000 ounces at a net realized price of $3,750 per ounce over a 30-month delivery period.CEO Richard Young emphasized the competitive dynamics that shaped favorable terms, noting the company received five term sheets and three committed offers. This competition proved crucial for securing covenant flexibility rather than pricing optimization, including provisions for working capital facilities and operational adaptability during the production ramp.The financing enables immediate strategic priorities across the portfolio. Granite Creek Underground, currently the company's sole operating mine, processes ore through third-party toll milling that costs $1,000-1,500 per ounce in margin leakage. The Lone Tree autoclave refurbishment, targeted for completion by end of 2027, will eliminate this dependency and capture those margins internally as the second underground mine ramps production through 2026.Most significantly, the package accelerates Mineral Point, the flagship asset and largest resource base. Management allocated $50 million specifically for 2026 resource expansion, pre-feasibility engineering, and initial permitting—work previously deferred pending financing certainty. Young stated that Mineral Point represents the company's most valuable asset, making earlier production timing critical for shareholder value.At current gold prices above $5,000 per ounce, management projects full funding across all three development phases without equity issuance, with potential incremental debt limited to a lower-cost revolving facility. Key 2026-2027 milestones include feasibility studies for Granite Creek and Cove, Archimedes Phase 4 results, and Mineral Point pre-feasibility work.View i-80 Gold's company profile: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com

Fun show this week! From Michigan's 48-minute Black Lake sturgeon season to a dramatic duck hunters rescue on a Maryland frozen River, to how real-world outdoor challenges rival the Winter Olympics, and what events we think could be added. Join radio hosts Rebecca Wanner aka ‘BEC' and Jeff ‘Tigger' Erhardt (Tigger & BEC) with the latest in Outdoors & Western Lifestyle News! Winter Olympics vs Real-World Outdoor Extremes, Michigan's 48-Minute Fishing Season & Maryland Duck Hunter Ice Rescue Winter Olympics vs Real-World Outdoor Activities Do you know how many events there are in the Winter Olympics? The answer, 16! Alpine Skiing Biathlon - 5 Shots from 50 meters away Bobsleigh - 93 miles per hours Cross Country Skiing Curling Figure Skating - Oldest winter Olympic sport Freestyle Skiing Ice Hockey Luge - 80 to 90 mph Nordic Combined Short Track Speed Skating Skeleton - forces up to 5 G's. 1G is the force you feel sitting still.  At 5 G's, a 150 pound person feels like they weigh 750 pounds Ski Jumping Ski Mountaineering - New Event for 2026, assent and descend, Skis, hike, ski down remove skins Snowboard Speed Skating Most Popular by viewership: Figure Skating, Snowboarding, Bobsled, Luge Least Popular: Alpine Skiing, Speed Skating, Ski Jumping Real-World Events to ADD to the Winter Olympics Skijoring:  Horse, rider, skier. Popular in "Cowboy States" that have winter a Cowboy gallops pulling another cowboy strapped with skies! Farmer/Rancher Olympics Speed Skating: wearing muck boots, Cow calves in a muddy slop, fling calf over shoulders run like hell. Replace Curling with... Chopping ice for livestock. Ice Hockey: when you pick up a bale from the hay stack and mice run. Everywhere. Bobsleighing: pull behind a truck on a scoop shovel... Way harder than it sounds! Alpine Skiing:  Hang onto truck while wearing cowboy boots. Biathlon:  Shooting coyotes... aka Predator Control! Michigan's Shortest Fishing Season Ends in Just 48 Minutes Michigan's 2026 Black Lake sturgeon fishing season came and went fast — really fast. The season opened at 8 a.m. on Saturday, Feb. 7, and wrapped up just 48 minutes later when the six-fish quota was reached in Cheboygan and Presque Isle counties. According to the Department of Natural Resources, anglers landed fish starting at 8:07 a.m., with the final sturgeon harvested right at 8:48. In total, 679 anglers were registered, all competing in what's known as the shortest fishing season in the state. The largest catch was a 67-inch female sturgeon weighing just over 79 pounds. The other five fish ranged from about 53 to 64 inches long, weighing between 40 and 78 pounds. Each angler was allowed to keep just one fish and had to report it immediately. The season automatically closed once the sixth fish was taken, with anglers alerted by text and by DNR staff on the ice. Black Lake's sturgeon season is famous for its speed. Last year it lasted only 17 minutes, while in 2023 it stretched to just over an hour. In 2024, the season was canceled entirely because of unsafe ice. Lake sturgeon are among the oldest fish species in the Great Lakes, and their numbers dropped sharply in the past due to overfishing and habitat loss. Strict regulations and decades of restoration work have helped rebuild the population, allowing Michigan to continue this tightly controlled, blink-and-you-miss-it fishing tradition. Reference: https://www.woodtv.com/news/michigan/2026-lake-sturgeon-season-takes-48-minutes-to-hit-limit/ Duck Hunters Rescued After Becoming Trapped in Frozen Maryland River A dramatic helicopter rescue occurred January 31 when six duck hunters became stranded in the frozen Nanticoke River in Maryland on the final day of duck season. Natural Resources Police and Wildlife and Heritage Service crews were called out around 6:30 p.m. after the hunters' boat became inoperable in icy conditions. Temperatures were in the teens and low 20s, with strong winds, and thick ice prevented local fire crews from reaching them by water or boat ramp. Officials believe the hunters had completed their hunt and were heading back when they ran into trouble — either mechanical issues or ice that moved in after the shoot. A helicopter crew was already nearby but decided it was too dangerous to hoist the hunters due to high winds. Instead, rescuers launched an airboat from a nearby campground. The river is about a half-mile wide at that location, a well-known but risky late-season duck hunting area. All six hunters were safely brought back in two trips, checked by EMS, and returned to their vehicles. While it's unclear what happened to their boat — or whether they harvested any ducks — officials say it's a last-day hunt the group won't forget, and one they were fortunate to survive. Reference: https://www.outdoorlife.com/hunting/duck-hunters-rescued-nanticote-river/ OUTDOORS FIELD REPORTS & COMMENTS We want to hear from you! If you have any questions, comments, or stories to share about bighorn sheep, outdoor adventures, or wildlife conservation, don't hesitate to reach out. Call or text us at 305-900-BEND (305-900-2363), or send an email to BendRadioShow@gmail.com. Stay connected by following us on social media at Facebook/Instagram @thebendshow or by subscribing to The Bend Show on YouTube. Visit our website at TheBendShow.com for more exciting content and updates! https://thebendshow.com/ https://www.facebook.com/thebendshow WESTERN LIFESTYLE & THE OUTDOORS Jeff ‘Tigger' Erhardt & Rebecca ‘BEC' Wanner are passionate news broadcasters who represent the working ranch world, rodeo, and the Western way of life. They are also staunch advocates for the outdoors and wildlife conservation. As outdoorsmen themselves, Tigger and BEC provide valuable insight and education to hunters, adventurers, ranchers, and anyone interested in agriculture and conservation. With a shared love for the outdoors, Tigger & BEC are committed to bringing high-quality beef and wild game from the field to your table. They understand the importance of sharing meals with family, cooking the fruits of your labor, and making memories in the great outdoors. Through their work, they aim to educate and inspire those who appreciate God's Country and life on the land. United by a common mission, Tigger & BEC offer a glimpse into the life beyond the beaten path and down dirt roads. They're here to share knowledge, answer your questions, and join you in your own success story. Adventure awaits around the bend. With The Outdoors, the Western Heritage, Rural America, and Wildlife Conservation at the forefront, Tigger and BEC live this lifestyle every day. To learn more about Tigger & BEC's journey and their passion for the outdoors, visit TiggerandBEC.com. https://tiggerandbec.com/

In Pathology of Plenty: Natural Resources in International Law (Bloomsbury 2025), Lys Kulamadayil offers a crucial examination of how international law shapes the exploitation of natural resources in post-colonial States. Kulamadayil reveals how international legal rules can be constitutive, punitive, remedial in creating the paradox of plenty in resource-rich States. The book revisits the making of foundational principles like sovereignty over natural resources and economic self-determination as applied during decolonisation; explores how humanitarian frameworks have justified extraction of public natural resources; and traces the proliferation of international treaties that protect foreign property rights. The book also zooms in on legal paradigms ranging from contract law to anti-corruption, human rights, and criminal law, arguing that these frameworks often work together to create the pathology of plenty. Through this interrogation, the book points to proposals to escape siloed ways of thinking about natural resources and embrace an intersectoral and anti-carceral thinking instead. Lys Kulamadayil is a Swiss National Science Foundation Ambizione Fellow at the Graduate Institute of International and Development Studies in Geneva and the Principal Investigator of the project Law by Colour Code: Locating Race and Racism in International Law. Raghavi Viswanath is a postdoctoral researcher and teaching fellow at SOAS, University of London. Her research, supported by the Leverhulme Trust, examines how pastoralists claim grazing rights under India's Forest Rights Act 2006 and how the everyday processes of staking such claims has been impacted by the authoritarian turn in India. LinkedIn. Email:rv13@soas.ac.uk 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

Kentucky's forests are full of incredible wildlife—but some of the most fascinating birds are the ones hiding right on the trunks of trees! This week on From the Woods Today, Dr. D.J. McNeil, UK Forestry and Natural Resources, highlights the fascinating world of bark‑clinging birds, including our energetic nuthatches and hardworking woodpeckers. These species are vital to forest health, helping control insects, create habitat, and play a key role in maintaining healthy forest ecosystems.   Also on tap...Beyond their beauty, many of our native wildflowers have traditional meanings rooted in folklore, culture, and generations of connections to the land. Want to learn about what these blooms have symbolized throughout history? Don't miss this segment with Anna Wiker from the Kentucky Master Naturalist Program, who will explore this fascinating subject and share the traditional meanings and symbolic roles that flowers have held over time. 2.11.26 For more episodes of From the Woods Today, visit https://forestry.ca.uky.edu/woods-today.

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-developer-targets-north-americas-30-40-de-icing-salt-supply-gap-8975Recording date: 5th February 2026North America faces a growing crisis in road salt supply that most investors have overlooked. While the US$26 billion global salt market operates largely beneath public awareness, severe winter weather across the northeastern United States and Canada has exposed a structural deficit that has persisted for decades. Atlas Salt (TSXV:SALT) is developing the Great Atlantic Salt Project in western Newfoundland—the continent's first new salt mine in nearly 30 years—to address this critical infrastructure gap.The North American deicing road salt market imports 8-10 million tons annually to meet demand that domestic production cannot satisfy. Existing mines date predominantly from the mid-20th century, with operations beginning between 1906 and 1982. These aging facilities operate at depths of 500-600 meters, often beneath lakes, requiring high operating costs and substantial capital expenditures. Regulatory challenges and thin historical margins have prevented new mine development despite growing demand from population growth, expanded road networks, and increased vehicle numbers.Atlas Salt's competitive advantage stems from its shallow 200-meter deposit depth, which allows access via horizontal drift rather than expensive vertical shaft construction. Located just three kilometers from an existing port facility, the project gains direct access to Atlantic Ocean shipping lanes and the eastern seaboard market. The simplified production process requires only mechanical crushing of 96% grade salt—no chemical processing, tailings, or refining—enabling two-month environmental assessment approval.At full production capacity of 4 million tons annually, Atlas would need to capture only 30-40% of current import volumes, targeting non-cyclical government customers legally mandated to purchase salt for road safety. The market's inelastic demand was demonstrated in January 2026 when Ontario spot prices surged from $65-75 per ton to over $190 during severe winter conditions. CEO Nolan Peterson emphasizes the dual investment appeal: "We are working with lenders who view this as investing into an airport or power plant—something that has long-term sales baked in because you're selling your product to governments, citizens and people."View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

In Pathology of Plenty: Natural Resources in International Law (Bloomsbury 2025), Lys Kulamadayil offers a crucial examination of how international law shapes the exploitation of natural resources in post-colonial States. Kulamadayil reveals how international legal rules can be constitutive, punitive, remedial in creating the paradox of plenty in resource-rich States. The book revisits the making of foundational principles like sovereignty over natural resources and economic self-determination as applied during decolonisation; explores how humanitarian frameworks have justified extraction of public natural resources; and traces the proliferation of international treaties that protect foreign property rights. The book also zooms in on legal paradigms ranging from contract law to anti-corruption, human rights, and criminal law, arguing that these frameworks often work together to create the pathology of plenty. Through this interrogation, the book points to proposals to escape siloed ways of thinking about natural resources and embrace an intersectoral and anti-carceral thinking instead. Lys Kulamadayil is a Swiss National Science Foundation Ambizione Fellow at the Graduate Institute of International and Development Studies in Geneva and the Principal Investigator of the project Law by Colour Code: Locating Race and Racism in International Law. Raghavi Viswanath is a postdoctoral researcher and teaching fellow at SOAS, University of London. Her research, supported by the Leverhulme Trust, examines how pastoralists claim grazing rights under India's Forest Rights Act 2006 and how the everyday processes of staking such claims has been impacted by the authoritarian turn in India. LinkedIn. Email:rv13@soas.ac.uk Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

In Pathology of Plenty: Natural Resources in International Law (Bloomsbury 2025), Lys Kulamadayil offers a crucial examination of how international law shapes the exploitation of natural resources in post-colonial States. Kulamadayil reveals how international legal rules can be constitutive, punitive, remedial in creating the paradox of plenty in resource-rich States. The book revisits the making of foundational principles like sovereignty over natural resources and economic self-determination as applied during decolonisation; explores how humanitarian frameworks have justified extraction of public natural resources; and traces the proliferation of international treaties that protect foreign property rights. The book also zooms in on legal paradigms ranging from contract law to anti-corruption, human rights, and criminal law, arguing that these frameworks often work together to create the pathology of plenty. Through this interrogation, the book points to proposals to escape siloed ways of thinking about natural resources and embrace an intersectoral and anti-carceral thinking instead. Lys Kulamadayil is a Swiss National Science Foundation Ambizione Fellow at the Graduate Institute of International and Development Studies in Geneva and the Principal Investigator of the project Law by Colour Code: Locating Race and Racism in International Law. Raghavi Viswanath is a postdoctoral researcher and teaching fellow at SOAS, University of London. Her research, supported by the Leverhulme Trust, examines how pastoralists claim grazing rights under India's Forest Rights Act 2006 and how the everyday processes of staking such claims has been impacted by the authoritarian turn in India. LinkedIn. Email:rv13@soas.ac.uk Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/environmental-studies

In Pathology of Plenty: Natural Resources in International Law (Bloomsbury 2025), Lys Kulamadayil offers a crucial examination of how international law shapes the exploitation of natural resources in post-colonial States. Kulamadayil reveals how international legal rules can be constitutive, punitive, remedial in creating the paradox of plenty in resource-rich States. The book revisits the making of foundational principles like sovereignty over natural resources and economic self-determination as applied during decolonisation; explores how humanitarian frameworks have justified extraction of public natural resources; and traces the proliferation of international treaties that protect foreign property rights. The book also zooms in on legal paradigms ranging from contract law to anti-corruption, human rights, and criminal law, arguing that these frameworks often work together to create the pathology of plenty. Through this interrogation, the book points to proposals to escape siloed ways of thinking about natural resources and embrace an intersectoral and anti-carceral thinking instead. Lys Kulamadayil is a Swiss National Science Foundation Ambizione Fellow at the Graduate Institute of International and Development Studies in Geneva and the Principal Investigator of the project Law by Colour Code: Locating Race and Racism in International Law. Raghavi Viswanath is a postdoctoral researcher and teaching fellow at SOAS, University of London. Her research, supported by the Leverhulme Trust, examines how pastoralists claim grazing rights under India's Forest Rights Act 2006 and how the everyday processes of staking such claims has been impacted by the authoritarian turn in India. LinkedIn. Email:rv13@soas.ac.uk Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/law

In this episode of Outdoor Adventures, we're joined by Jace Elliott, the state deer biologist for the Iowa Department of Natural Resources, for an in-depth conversation about Iowa's deer population and what lies ahead for hunters. Jace breaks down current deer population trends across the state, explains how the Iowa DNR evaluates herd health, and discusses why this time of year is critical for public input on future hunting regulations. We also talk about how hunters can provide feedback and why that input truly matters in shaping seasons, quotas, and management decisions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In Pathology of Plenty: Natural Resources in International Law (Bloomsbury 2025), Lys Kulamadayil offers a crucial examination of how international law shapes the exploitation of natural resources in post-colonial States. Kulamadayil reveals how international legal rules can be constitutive, punitive, remedial in creating the paradox of plenty in resource-rich States. The book revisits the making of foundational principles like sovereignty over natural resources and economic self-determination as applied during decolonisation; explores how humanitarian frameworks have justified extraction of public natural resources; and traces the proliferation of international treaties that protect foreign property rights. The book also zooms in on legal paradigms ranging from contract law to anti-corruption, human rights, and criminal law, arguing that these frameworks often work together to create the pathology of plenty. Through this interrogation, the book points to proposals to escape siloed ways of thinking about natural resources and embrace an intersectoral and anti-carceral thinking instead. Lys Kulamadayil is a Swiss National Science Foundation Ambizione Fellow at the Graduate Institute of International and Development Studies in Geneva and the Principal Investigator of the project Law by Colour Code: Locating Race and Racism in International Law. Raghavi Viswanath is a postdoctoral researcher and teaching fellow at SOAS, University of London. Her research, supported by the Leverhulme Trust, examines how pastoralists claim grazing rights under India's Forest Rights Act 2006 and how the everyday processes of staking such claims has been impacted by the authoritarian turn in India. LinkedIn. Email:rv13@soas.ac.uk Learn more about your ad choices. Visit megaphone.fm/adchoices

Interview with Paul Huet, Chairman & CEO of Americas Gold & Silver (TSXV:USA)Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-executing-on-growth-strategy-across-idaho-silver-complex-9036Recording date: 11th February 2026Americas Gold & Silver Corporation (NYSE American: USAS | TSX: USA) has signed a definitive joint venture agreement with United States Antimony (NYSE American: UAMY) to construct and operate an antimony processing facility at its Galena Complex in Idaho's Silver Valley. The deal is designed to solve a specific economic problem: Americas is already the largest antimony producer in the United States, but under its existing offtake arrangements, the company receives only a fraction of the prevailing market price for the antimony contained in its silver concentrate. CEO Paul Huet estimates this leaves $50–$70 million on the table over the next two years at current prices.The JV creates a vertically integrated, fully domestic antimony supply chain from mine to finished product. Americas holds 51% ownership and provides the feed material and permitted site. US Antimony holds 49% and contributes its processing technology, construction expertise, and existing Department of War supply agreements reportedly worth $245 million. The facility is estimated to cost approximately $50 million, with capital split proportionally, and both companies have submitted a joint white paper seeking federal funding under the Trump administration's $12 billion Project Vault critical minerals initiative.For investors, the value proposition is straightforward. Americas produced 561,000 pounds of antimony in 2025 as a by-product of silver mining, meaning its marginal cost of antimony production is effectively zero. Once the facility is operational, the company will receive full market-price payments for its feedstock plus 51% of downstream processing profits. With antimony prices at approximately $15 per pound, government stockpiling initiatives providing demand visibility, and production volumes expected to grow as Americas transitions to mining higher-grade tetrahedrite ore, the JV represents a potentially significant new revenue stream layered on top of the company's core silver growth strategy.—Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Indiana lawmakers are reviving legislation that would restrict social media use for children, this time with an emphasis on parental controls and forcing social media platforms to be less addictive. Indiana residents will no longer be able to change their gender marker on driver's licenses. An Indiana House committee moved a bill forward Tuesday to extend syringe services programs. Members of the Martindale-Brightwood community and local activists are calling on Mayor Joe Hogsett to stop the proposed data center development in the historically Black neighborhood. Volunteers gathered Tuesday at Gainbridge Fieldhouse for the Million Meal Marathon, an annual event to help address food insecurity across the state. The Indiana Department of Natural Resources will host seven workshops across Indiana to allow Hoosiers to provide input on the development of a statewide water inventory and management plan under an executive order by Gov. Mike Braun. Want to go deeper on the stories you hear on WFYI News Now? Visit wfyi.org/news and follow us on social media to get comprehensive analysis and local news daily. Subscribe to WFYI News Now wherever you get your podcasts. WFYI News Now is produced by Zach Bundy, with support from News Director Sarah Neal-Estes.

Recording date: 6th February 2026The precious metals and mining sector experienced notable volatility in early February 2026, but institutional investors view the pullback as a tactical opportunity rather than a fundamental shift in market dynamics. Derek Macpherson, Executive Chairman, and Samuel Pelaez, President and CEO of Olive Resource Capital, characterize the recent correction as a normal return to established trend lines following an extended rally.The turbulence stems from temporary liquidity withdrawal by the Treasury Department and seasonal factors, particularly the Chinese New Year in mid-February, which historically coincides with reduced market participation and liquidity drawdowns. However, key global liquidity risk indicators—including option-adjusted spreads and high yield bond indices—show no systemic concerns. The Treasury Department is expected to provide net liquidity throughout 2026, while March and April historically represent strong months for commodities.Stabilizing valuations have unlocked significant M&A activity after a volatile January rally made share-exchange negotiations impractical. Three transactions highlight evolving sector dynamics:Eldorado Gold surprised markets by acquiring Foran Mining's zinc-copper project at zero premium to the previous Friday close. The move raises strategic questions as the gold-focused producer diversifies into base metals during a strong gold bull market, though the permitted mine expected to produce later in 2026 will boost cash flow.Goldsky Resources completed a transformative acquisition of full control over the Barsele deposit in Sweden from Agnico Eagle, consolidating nearly 2 million ounces. The transaction elevates Goldsky from explorer to tier-one developer with a market capitalization under $1 billion, suggesting substantial re-rating potential.CANEX Metals secured 51.93% of Great Basin Resources through a hostile takeover, positioning the company to transform a 1.5-2 million ounce Arizona asset currently in cease trade. Strong financial backing including Eric Sprott provides capital to address anticipated issues.For investors, the environment favors selective accumulation in quality names and transformation stories with defined catalysts, emphasizing jurisdiction quality, asset scale, and capital access.Sign up for Crux Investor: https://cruxinvestor.com

A kidney transplant recipient arrested by immigration agents in Rochester last week finally is getting the medication he needs to keep his body from rejecting the organ. But his attorney says his client is not getting the correct dosages at the right times.The Minnesota Department of Natural Resources is proposing new catch limits for native rough fish. For more than a century, native rough fish like redhorse, bowfin and buffalo were lumped in with invasive species like common carp — and not considered worthy of protection or management. If approved, the new rules would take effect for the 2027 fishing season.

Interview with Jon Deluce, President & CEO of Abitibi MetalsOur previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-high-grade-copper-gold-discovery-gains-momentum-in-quebec-8692Recording date: 6th February 2026Abitibi Metals Corp. (CSE:AMQ) has announced a transformational resource update for its B26 copper-gold-zinc-silver deposit in Quebec, demonstrating the scale potential that could attract major producer interest. The updated mineral resource estimate reveals 13 million tons indicated at 2.1% copper equivalent and 12.3 million tons inferred at 2.2% copper equivalent, representing a 125% increase in total tonnage since the company optioned the project from SOQUEM in 2023.The resource growth was achieved at a discovery cost of just 2.5 cents per pound copper equivalent, positioning Abitibi favorably among peers for capital efficiency. CEO Jon Deluce emphasised that the company has delivered on its goal to reach 25-30 million tons by 2026 well ahead of schedule, while maintaining strong grades throughout the expansion process.The resource calculation uses conservative commodity price assumptions of $2,500 gold, $30 silver, $4.50 copper, and $1.35 zinc. At current spot prices, the deposit would grade closer to 2.55% copper equivalent, demonstrating substantial operating leverage to metal price movements. The indicated category alone contains 775 million pounds of copper, 451,000 ounces of gold, 16 million ounces of silver, and 376 million pounds of zinc.Management has assembled a world-class team to advance the project, most notably David Bernier as COO, who previously built Foran's McIlvenna Bay deposit from preliminary assessment through to commercial production. That deposit was recently acquired in a transaction valued at C$3.8 billion, providing a relevant valuation benchmark for B26, which currently represents 56% of McIlvenna Bay's resource tonnage.Abitibi is executing a funded 40,000-meter drill program in 2026 focused on resource expansion, regional exploration testing four new targets, and early-stage permitting work. The deposit remains completely open along strike and at depth, with management targeting 30-50 million tons based on geological evidence and comparisons to the nearby 60-million-ton Selbaie mine located just 7 kilometers away.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Francis Macdonald, Director & CEO of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvlift-commits-7m-to-environmental-studies-for-50m-ton-lithium-project-7632Recording date: 6th February 2026Li-FT Power (TSXV:LIFT) has positioned itself at the forefront of North America's lithium sector through strategic consolidation, executing its acquisition of Winsome's Adina project as spodumene prices rebound from a 2.5-year downturn. CEO Francis MacDonald reports lithium prices have tripled from $600 per ton in July 2025 to nearly $2,000 per ton, signaling what the company believes is the early stage of an 18-24 month bull cycle.The Adina transaction addresses a critical development constraint that had artificially limited the project's potential. A claim boundary bisected the deposit, preventing Winsome from optimizing pit design across its 78 million ton resource estimate—only 35 million tons could be incorporated into preliminary mine plans. Li-FT Power had strategically acquired the southern claims before announcing the transaction, enabling complete consolidation that MacDonald expects will unlock 80-100+ million tons of resource, positioning Adina among North America's largest hard rock lithium deposits.The transaction was announced alongside $48 million in financing led by Avenir Minerals, a wholly-owned subsidiary of Agnico Eagle, at $4.30 per share—a price that subsequently doubled to over $9 as lithium sentiment strengthened. Combined with existing equity positions, the company now holds approximately $75 million to fund aggressive 2026-2027 technical programs across both its Adina and Yellowknife flagship projects.MacDonald emphasizes the importance of cyclical timing, noting that strategic acquisitions should occur during market downturns when valuations are depressed. "We saw prices starting to fall in January of 2023. And so, it was really a falling or a flat price environment for 2.5 years," he explains, adding that volatility becomes advantageous when positioned correctly within the cycle.The company plans 50,000 meters of drilling at Adina in 2026 to support a feasibility study targeted for 2027, while concurrent drilling at Yellowknife aims to expand its existing 50 million ton resource base. At the anticipated 80-100 million ton scale, MacDonald argues Adina could justify throughput rates of 4-5 million tons per year, significantly larger than typical 2 million ton per year lithium operations and improving project economics through economies of scale.View Li-FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-maiden-resource-work-begins-with-2026-drill-campaign-8583Recording date: 4th February 2026Cobra Resources (LSE:COBR) is positioning itself at the forefront of Australia's critical minerals sector through a dual strategy: advancing two significant South Australian projects while actively influencing government policy on strategic reserves.The company's flagship Boland rare earths project utilizes in-situ recovery (ISR) technology to extract dysprosium and terbium, targeting production costs of $60/kg NdPr—half the $120/kg required by conventional mining operations. This cost advantage forms the basis of management's ambition to become "the Kazatomprom of rare earths," replicating the Kazakh uranium producer's dominance through lowest-cost ISR operations. The company has achieved significant technical milestones, including proven ISR processes, proprietary sulfuric acid production from waste materials, and 100% cerium suppression that enhances product value by increasing heavy rare earth ratios to 48%.Complementing the rare earths focus, Cobra's Manna Hill project offers substantial copper-molybdenum-gold-PGE potential. Historic drilling has returned exceptional results, including 4-8 meter intersections grading 2% molybdenum at the Blue Rose prospect. Current programs aim to demonstrate tier-one scale at shallow depths, with management targeting 50+ meter intersections exceeding 1% copper.Beyond project development, Managing Director Rupert Verco has played a key role through the Association of Mining and Exploration Companies (AMEC) in shaping Australia's Critical Minerals Strategic Reserve. The AMEC submission advocates for production support mechanisms modeled on Australia's Capacity Investment Scheme rather than floor pricing, which Verco argues would unfairly advantage higher-cost producers.In 2025, Cobra expanded its land position by 3,200 square kilometers with favorable metallurgy confirmed, while divesting gold assets to Barton Gold for non-dilutive capital. The company holds approximately £5 million in in-the-money warrants and maintains a significant Barton Gold equity position, providing funding optionality as it pursues key 2026 milestones: defining a significant rare earths resource by June, completing a scoping study, and delivering copper-molybdenum drill results that could materially re-rate the asset.View Cobra Resources' company profile: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO of Metals Exploration PLCOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-nicaragua-build-on-track-dupax-abra-targets-add-long-term-upside-8132Recording date: 4th February 2026Metals Exploration, the AIM-listed gold producer, is executing a strategic transformation that will more than double its annual production to 140,000 ounces by 2027 through its La India project in Nicaragua. CEO Darren Bowden outlined the company's ambitious growth trajectory as construction proceeds ahead of schedule and within its revised budget parameters.The company currently operates the Runruno mine in the Philippines, which is expected to produce approximately 55,000 ounces in 2026 before exhausting its reserves in December. However, cash flow from this operation is fully funding the development of La India without requiring significant equity dilution—a commitment management has emphasized to shareholders.La India represents a substantial upgrade to Metals Exploration's production profile. The project will transition the company from open-pit to underground mining at higher grades and lower costs, with initial production targeting just over 100,000 ounces in 2027, ramping to 140,000 ounces as underground operations commence. The deposit contains 2.4 million ounces of resources supporting a 12-15 year mine life, with significant exploration upside across multiple epithermal vein systems.Construction progress remains robust, with the company ending 2025 with $45 million in cash and all major capital expenditures committed. Management expects to generate over $100 million in free cash flow from Runruno operations, comfortably covering the remaining $90 million required to complete La India. The critical path centers on electrical infrastructure connections, while mechanical and steel erection work proceeds smoothly.Beyond La India, Metals Exploration is actively pursuing construction-ready assets in Central America and Asia where its processing plant and experienced construction team can be redeployed following Runruno's closure. With a market capitalization exceeding £400 million and strong cash generation, the company is positioned to pursue opportunities in jurisdictions where other operators remain reluctant, leveraging direct government relationships and proven execution capabilities to access quality assets at attractive valuations.View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plcSign up for Crux Investor: https://cruxinvestor.com

Interview with Patrick Cruickshank, Director & CEO of Nine Mile MetalsOur previous interview: https://www.cruxinvestor.com/posts/nine-mile-metals-csenine-vms-drilling-unlocks-expansion-potential-5410Recording date: 5th February 2026Nine Miles Metals (CSE: NINE) is emerging as a significant explorer in New Brunswick's Bathurst Mining Camp, controlling 140 square kilometers of continuous land across four volcanogenic massive sulfide (VMS) projects. Following a transformative year of advanced geophysical work, CEO Patrick Cruickshank has outlined an aggressive 2026 exploration strategy backed by recently completed $5.5 million financing providing two years of capital.The company's flagship Nine Mile Brook project hosts what Cruickshank describes as the highest-grade lens ever recorded in Bathurst: 12% copper, 38% lead-zinc, 1,200 grams per ton silver, and 2.4 grams per ton gold over 15 meters of solid mineralization. While these exceptional grades present processing challenges—the hybrid nature requires specialized milling solutions—the company is developing a unique bulk sample processing approach with updates expected shortly.The historic Wedge mine represents a different opportunity. This past-producing deposit operated by Caminco in the 1950s-60s was abandoned when its head pillar collapsed, leaving two-thirds of known mineralization in place. Recent drilling discovered an eastern extension with intercepts up to 134 meters, while a just-completed program tested depth and southwestern extensions with assays pending. Management targets proving 7-10 million tons at Wedge to reach economic thresholds.Nine Miles Metals' competitive edge lies in systematic application of modern technology. The company flew 1,400 line kilometers of UAV drone geophysics, identifying 11 new mineralized trends. This approach delivered an 80% drill success rate at California Lake East, hitting mineralization in eight of ten holes.With 185 million shares outstanding, reduced overhead ($300,000 annual savings from office relocation), and drilling costs of just $85-100 per meter in a jurisdiction offering 30-day permitting, the company is positioned to execute multiple 2026 catalysts: pending Wedge assays, April drilling resumption at both Nine Mile Brook and Wedge, and government-funded California Lake exploration—all while maintaining optionality for strategic partnerships or sector consolidation.View Nine Mile Metals' company profile: https://www.cruxinvestor.com/companies/nine-mile-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Smart, Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/the-investment-case-for-platinum-palladium-investment-in-2026-8935Recording date: 5th February 2026ValOre Metals offers investors exposure to a scarce asset class addressing structural supply deficits in the platinum group elements sector. The company's Pedra Branca project in northeastern Brazil contains 2.2 million ounces of palladium and platinum resources - one of the few development-stage PGE assets advancing outside the South Africa-Russia-Zimbabwe concentration that controls over 95% of global reserves.This jurisdictional differentiation carries strategic significance as traditional producing regions face operational challenges including aging infrastructure, increasing depths, rising costs, and geopolitical risks. South African operations contend with periodic labour disruptions whilst Russian supply faces sanctions exposure and market access constraints. Against this backdrop, Brazil's federal classification of platinum and palladium as critical minerals provides governmental support for Pedra Branca's development, whilst established infrastructure including paved highway access and proximity to deep-water port facilities at Fortaleza reduces capital requirements.CEO Nick Smart brings proven PGE development credentials from Anglo American Platinum and De Beers, having built and operated mines globally including in Brazil. Under his leadership since October 2025, ValOre has appointed institutional-grade technical partners to advance the project toward production. Lycopodium, a specialised minerals processing engineering firm, leads preliminary economic assessment work targeting year-end 2026 completion. Simultaneously, University of Cape Town's Centre for Minerals Research, recognised as the premier global centre for PGE processing expertise, conducts metallurgical test work establishing optimal processing routes for both weathered oxidised material and fresh sulphide ore.The deposit's geological structure provides inherent economic advantages. Near-surface mineralisation in the first 30 metres represents high-grade weathered material accessible through open-pit mining, enabling early cash flow generation whilst reducing capital intensity compared to underground development. Core deposits containing 1.1 million ounces provide sufficient foundation for initial operations targeting 150,000-200,000 ounces annually over a 10-15 year mine life. At current platinum prices exceeding $2,000 per ounce, the total resource represents approximately $4 billion in contained metal value.Brazil's trial mining licensing process offers a fast-track permitting pathway enabling early-stage demonstration plant production before full-scale operations. This allows ValOre to prove project viability whilst advancing comprehensive licensing applications, reducing technical risk and generating cash flow to support development costs.Market fundamentals support multi-year investment case. Smart emphasised sustained demand across automotive, industrial, and investment applications concurrent with structural supply constraints: "We see growing demand for platinum and palladium. There are some real structural constraints to bringing more supply on. So we see multi-year gap in terms of that balance between demand and supply." Contrary to earlier narratives of declining PGE relevance as electric vehicle adoption challenged autocatalyst demand, automotive transition timelines have moderated whilst platinum consumption in jewellery and investment products continues growing.Exploration upside extends beyond the current resource base. Mineralisation runs along an 80-kilometre trend within a 50,000-hectare land package, with management characterising the 2.2 million ounces as representing "a relatively small part" of the total system. ValOre has doubled the resource since 2019 acquisition through 20,000 metres of drilling, with additional programmes budgeted for 2026.The year-end 2026 preliminary economic assessment represents the primary near-term catalyst, establishing project economics and development pathway whilst positioning ValOre amongst the limited global pipeline of PGE projects advancing toward production outside geopolitically concentrated traditional sources.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Hodgson, CEO of Serabi Gold PLCOur previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-300-share-price-surge-underscores-brazil-focused-growth-strategy-7926Recording date: 5th February 2026Serabi Gold (LSE: SRB) has positioned itself as one of the sector's standout performers following a transformative 2025, with CEO Mike Ojenir outlining an ambitious yet fully-funded growth strategy in a recent investor update. The Brazilian-focused gold producer delivered record production of 44,000 ounces while growing cash reserves from $20 million to $54 million, despite investing $12 million in exploration—a testament to the company's exceptional cash generation capabilities.For 2026, Serabi has set guidance of 54,000-57,000 ounces, representing up to 30% growth, with longer-term targets of 70,000-80,000 ounces by 2027-2028 and potential to approach 100,000 ounces thereafter. This expansion roadmap is underpinned by the installation of a fourth ball mill at the Palito processing plant, scheduled for Q3 2026, and the probable restart of the previously shuttered Sao Chico mine, which has become economically viable at current gold prices above $4,000 per ounce.What distinguishes Serabi's growth story is its remarkable cost discipline and financial self-sufficiency. With 65% of costs derived from regulated inputs—including labor governed by predictable union agreements and government-subsidized diesel—the company maintains flat operating costs while capturing full margin expansion from elevated gold prices. Quarterly profits have surged from $6 million to a projected $13-14 million, enabling Serabi to fund all capital expenditures from cash flow without equity dilution or debt.The company has also committed to returning approximately 25% of 2025 free cash flow to shareholders through dividends or buybacks, balancing growth investment with shareholder returns. Meanwhile, a $24 million two-year exploration program aims to grow resources from 1 million to 1.6 million ounces, providing the foundation for sustainable production scaling.With permitting progress expected at the flagship Coringa project in 2026 and a debt-free balance sheet, Serabi exemplifies how established producers in stable jurisdictions can leverage operational excellence and favorable commodity prices to deliver compelling shareholder value without the execution risks of transformational M&A.View Serabi Gold's company profile: https://www.cruxinvestor.com/companies/serabi-goldSign up for Crux Investor: https://cruxinvestor.com

Continuing the "Origins" series, John Hagermann from the Missouri Department of Natural Resources discusses Missouri's American Indian Cultural Center at Annie and Abel Van Meter State Park. Episode Image: Mealy Mounds, Callaway County, date unknown [Missouri Department of Natural Resources Photographs (P0136)] About the Guest: John Hagermann is the Park & Historic Site Specialist at Annie and Abel Van Meter State Park and Missouri's American Indian Cultural Center

Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-delamar-project-wins-fast-41-status-with-15-month-timeline-8943Recording date: 5th February 2026Integra Resources represents a differentiated investment opportunity among mid-tier gold producers, combining near-term cash generation from producing assets with a de-risked, high-quality development pipeline advancing toward construction decision. The company's $55 million equity financing, which attracted 12 new institutional investors in a three-times oversubscribed raise, validates the investment thesis during a period of sustained gold prices above $2,800 per ounce.The financing was directly prompted by Fast-41 permitting designation from the Bureau of Land Management establishing a 15-month regulatory timeline for the DeLamar gold-silver project in Idaho, considerably faster than management anticipated and creating opportunity to accelerate development activities. This regulatory certainty differentiates DeLamar from peer projects facing uncertain multi-year permitting processes typical of U.S. mining development, whilst enabling detailed capital planning and proactive risk reduction through early works programmes.Capital deployment focuses specifically on pre-permit activities including site preparation, infrastructure upgrades, critical land purchases, long-lead equipment orders, and detailed engineering work. These activities collectively de-risk construction timelines, demonstrate tangible development intent to federal regulators, and position Integra to commence construction rapidly following anticipated mid-2026 record of decision. The early works programme leverages DeLamar's status as a past-producing asset with existing infrastructure requiring selective upgrading rather than greenfield construction, reducing development risk and capital intensity compared to earlier-stage projects.The equity commitment strategically strengthens Integra's position for H2 2026 project financing negotiations by reducing total debt requirements for construction funding, improving leverage ratios, and creating more favourable risk profiles for project lenders. This financial engineering approach potentially reduces overall cost of capital whilst demonstrating management's preference for proactive capital deployment over reactive positioning.Florida Canyon heap leach operation in Nevada provides financial stability through $2,500 per ounce margins and sufficient cash flow to fund all corporate activities and operational reinvestment requirements without external capital. The producing asset reduces development risk compared to pure development companies whilst providing steady cash generation during DeLamar advancement. Management expects 2026 performance to mirror 2025 results, with mid-year feasibility study anticipated to demonstrate mine life extension beyond acquisition-case assumptions.Institutional validation through generalist fund participation alongside traditional precious metals investors suggests broadening mainstream acceptance of gold producer equities as portfolio allocation tools. The oversubscribed financing during volatile market conditions demonstrates strong investor conviction in Integra's execution capabilities, development timeline certainty, and leveraged exposure to sustained precious metals prices.The investment thesis combines multiple catalysts converging within defined timelines: producing operations generating steady cash flow, accelerated permitting pathway reducing regulatory risk, early works programme de-risking construction timelines, upcoming project financing discussions in H2 2026, and construction decision anticipated shortly after mid-2026 record of decision. This sequencing provides near-term development visibility uncommon among mid-tier producers, whilst sustained gold prices above $2,800 per ounce enhance project economics and cash generation profiles across both assets.For investors seeking exposure to precious metals through established producers with near-term growth catalysts, Integra offers differentiated risk-reward positioning: financial stability from producing assets, de-risked development pipeline benefiting from regulatory certainty, proven management execution capabilities, and institutional validation during a favourable commodity price environment. The strategic financing positions the company to advance DeLamar efficiently whilst maintaining operational stability and financial flexibility across the portfolio.Learn more: https://cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Gov. Josh Shapiro on Tuesday unveiled a 53-billion-dollar state budget for the fiscal year that begins July first, the final budget proposal of Shapiro's term. Under the governor's plan, the spending gap would be made up by tapping into the state's rainy-day fund. Increasing public school funding is the big ticket item in the governor’s budget. But it’s not the only school policy he has in mind. Republicans in the state Senate say that Governor Josh Shapiro’s budget proposal would threaten Pennsylvania’s financial future if enacted. Republican Congressman Lloyd Smucker of Lancaster and York counties is suing Lancaster’s main newspaper. A Dauphin County judge dismissed Harrisburg mayor Wanda Williams' lawsuit over this year's budget, ruling that City Council was acting within its power when it defunded four positions within the mayor's administration. Pennsylvania State Police announce they're upgrading their vehicles with some of the latest technology. Those improvements include distinctive V-shaped light bars that provide full 360-degree illumination during traffic stops - and turn into arrow boards for traffic control - or floodlights for dark, hazardous conditions. Pennsylvania is expanding and improving its all-terrain vehicle trails and facilities across the state. The state's Department of Conservation and Natural Resources announces it's awarding $1.4 million in grants for ATV projects in five counties in western PA and the Pennsylvania Wilds region. One of our region's high school athletic conferences has a new name. The York Adams Interscholastic Athletic Association - the YAIAA - voted to change its name to the South Central Athletic Conference, or SCAC. In uncertain times, our community counts on facts, not noise. Support the journalism and programming that keep you informed. Donate now at www.witf.org/givenow. And thank you. Support WITF: https://www.witf.org/support/give-now/See omnystudio.com/listener for privacy information.

Thank you to today's sponsors!- The Invasive Species Centre: Protecting Canada's land and water from invasive species- SAIL: The Ultimate Destination for your Outdoor Adventures- J&B Cycle and Marine: Your Home for all things powersports, boats, and equipment- Freedom Cruise Canada: Rent the boat, own the memories- Anglers Leaderboard: Real-time AI angling platform where everyone is welcome, and every catch counts!In this episode of Outdoor Journal Radio, Ontario Minister of Natural Resources and Forestry Mike Harris Jr. joins the show for a wide-ranging and candid conversation that every angler and boater should hear.The discussion covers real-world fishing and boating issues across Ontario, including confusion around single barbless hook regulations, treble hook definitions, immediate release laws, fly fishing only waters, and recent changes to pleasure craft licensing. The crew also digs into conservation officer enforcement, invasive species threats, and how new technology like drones is being used for both safety and conservation.This episode goes beyond headlines and gets into the details that affect everyday anglers, hunters, and outdoor enthusiasts across the province. Whether you fish northern fly-in lakes, southern Ontario rivers, or the Great Lakes, this is a must-listen conversation about access, conservation, and the future of fishing in Ontario.

Recording date: 3rd February 2026Olive Resource Capital executives Derek Macpherson and Samuel Pelaez discussed the sharp correction in precious metals markets during their February 2nd investor update, providing context for the volatility and outlining their investment strategy moving forward.Gold and silver experienced significant declines on January 30th, falling 9% and 26% respectively, effectively erasing approximately two weeks of gains. Despite this sharp correction, both metals remained positive for the month, with January ranking as the fifth-best performing month for gold since the December 2015 market bottom. The fund itself posted a 12% gain for January despite the month-end selloff.The managers characterized the correction as technical rather than fundamental, noting that key systemic risk indicators remained stable throughout the volatility. High-yield credit spreads, option-adjusted bond spreads, and overnight repo rates showed no signs of financial stress, leading them to conclude that "the plumbing of the system is working fine." They attributed the selloff to a large institutional participant unwinding positions, possibly ahead of month-end requirements, rather than any deterioration in underlying market fundamentals.Looking ahead, the managers identified upcoming fourth-quarter earnings reports from major gold producers as a significant catalyst. Beginning with Agnico Eagle on February 12th, these reports should showcase exceptional cash flow generation, with gold prices averaging $700 per ounce higher than the previous quarter. The expected announcements of dividend increases, share buybacks, and debt reduction should support equity valuations.The fund maintains heavy precious metals exposure while gradually rotating toward industrial commodities and base metals. This strategy reflects their thesis that monetary policy-driven gains in precious metals will broaden to include industrial commodities as fiscal stimulus reaches the real economy. The managers remain confident in the commodity bull market thesis, viewing the recent correction as a tactical pause rather than a trend reversal.Sign up for Crux Investor: https://cruxinvestor.com

3 of 7 unpacks why Greenland has moved to the center of global attention: a mix of historical claims, Cold War-era bases, NORAD radar positioning, and the strategic pathway for intercontinental missiles. They trace American interest from WWII through Truman to Trump's public mentions and the island's continued military relevance. The episode also explores Greenland's natural wealth — lithium, rare earths, uranium and other minerals under the ice — and how those deposits factor into a tech-driven resource race with China and Russia. A major segment examines “Praxis” and venture-backed proposals (linked to figures like Peter Thiel and tech leaders) to build libertarian smart cities or testing grounds in sparsely populated areas, and why Greenland has been touted as an ideal site. Key takeaways: Greenland's importance is both military and economic; private tech capital and political maneuvering are accelerating interest; environmental, ethical and sovereignty questions complicate any acquisition; and the conversation ties into larger themes about future governance, consolidated power, and global competition. Sponsors and training notes are briefly mentioned.   Check out our partners: -Barbell Apparel at BARBELL APPAREL WEBSITE Use code "Chadd" for a free pair of shorts with a purchase of $99 or more.    -Bare Performance Nutrition and use code "3of7" for 10% OFF! https://www.bareperformancenutrition.com   -Check out 3 of 7 Project https://www.3of7project.com -Apply for our courses at: https://www.3of7project.com/train -Thank you for supporting Three of Seven Podcast on Patreon at: www.patreon.com/threeofseven -Three of Seven Project Store: https://3of7project.myshopify.com/pages/shop Nuff Said.    

On this week's Political Breakfast, strategists Tharon Johnson and Brian Robinson, along with prominent lawmakers like Georgia Secretary of State Brad Raffensperger, traveled to Sea Island for a state Department of Natural Resources fundraiser. However, the talk of the benefit was the recent FBI raid in Fulton County, and the seizure of 2020 election records. Republicans like Raffensperger are breaking their silence on the issue, urging the GOP to stop trying to "rerun" President Donald Trump's 2020 election grievances. Trump has repeatedly insisted the 2020 election was stolen, despite multiple recounts and audits confirming his loss to former President Joe Biden. Plus, legislation to ban phones and other electronic devices in Georgia public high schools is underway at the Gold Dome this week. House Bill 1009 would ban devices starting in the 2027-28 school year.See omnystudio.com/listener for privacy information.

Interview withAndrew Penkethman, MD & CEO of Ardea Resources Ltd.Mark Selby, CEO of Canada NickelRecording date: 2nd February 2026The global nickel market is undergoing a fundamental transformation that is creating investment opportunities in Western-controlled supply chains. Andrew Penkethman, CEO of Ardea Resources, and Mark Selby, CEO of Canada Nickel, recently discussed how their large-scale projects in Australia and Canada are positioned to capitalise on this shift.After two challenging years dominated by Indonesian supply flooding global markets, the landscape is changing. Since December 2025, nickel prices have risen approximately $4,500 per ton as Indonesia transitions from overwhelming production to active supply management. Selby characterises Indonesia as "an OPEC of one country," now implementing quota controls rather than unrestricted output. Price increases across the entire supply chain—from ore to nickel pig iron to stainless steel—indicate genuine market tightness rather than temporary speculation.Both executives emphasise a critical distinction between their new development projects and the aging operations that closed in 2024. Legacy assets from BHP and First Quantum represent 30-year-old mines with declining grades, increasing costs, and years of underinvestment. In contrast, Ardea's Goongarrie Hub and Canada Nickel's Crawford project offer fresh economics with 30-50+ year mine lives, substantial resources, and modern processing capabilities that position them favourably on the cost curve.Strategic validation has arrived through significant partnerships. Ardea secured $98.5 million in definitive feasibility study funding from Sumitomo Metal Mining and Mitsubishi Corporation, whilst Canada Nickel attracted Anglo American, Agnico Eagle, and Samsung SDI as investors. These experienced institutions seek long-term supply arrangements spanning decades, not speculative positions.Government support is accelerating development timelines. Both projects have received major project status enabling streamlined permitting and access to sovereign wealth fund financing. Canada's Prime Minister Mark Carney personally promotes the Crawford project to Middle Eastern investors, whilst Australia develops an "investor front door" program for critical minerals projects.The investment thesis extends beyond electric vehicles into broader critical minerals security. Chinese interests control approximately 80% of refined nickel supply, creating strategic vulnerabilities that Western governments address through supply chain diversification initiatives. With defence spending increasing globally and only a handful of quality nickel projects advancing worldwide, both companies expect construction decisions in 2026-2027.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, CEO, Energy FuelsOur previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-americas-critical-minerals-champion-2025s-best-uranium-stock-returns-8965Recording date: 29th January 2026Energy Fuels, a leading U.S. uranium and critical minerals producer, has announced a definitive agreement to acquire Australian Strategic Materials (ASM) through a scheme of arrangement valued at under 6% of its share registry. The transaction represents a significant milestone in Energy Fuels' strategy to build vertical integration across the rare earth supply chain, adding metals and alloys production capabilities to complement its existing separation operations at the White Mesa mill in Utah.ASM brings immediate production capability through its South Korean facility, which currently produces approximately 1,300 tons per annum of neodymium-iron-boron alloy—a critical material for permanent magnets used in electric vehicles and clean energy applications. The facility is already expanding to 3,600 tons per annum in Phase 2, with plans for Phase 3 expansion to 5,600 tons. Additionally, ASM had been developing plans for a U.S. facility with phased development up to 4,000 tons per annum, providing Energy Fuels with domestic production capabilities that align with government initiatives to reduce dependence on Chinese rare earth supply chains.The acquisition also includes the Dubbo project in New South Wales, Australia—a permitted rare earth development that adds another feed source to Energy Fuels' growing portfolio. The project is being re-evaluated using a heap leach processing approach that significantly reduces capital requirements by producing an intermediate concentrate for shipment to White Mesa mill rather than building full on-site separation facilities.CEO Mark Chalmers emphasized that vertical integration addresses a fundamental challenge in the rare earth industry: fragmentation. By controlling multiple steps from separation through alloys production, Energy Fuels expects to improve margins by up to 20% while positioning itself as a strategic partner for government programs and commercial customers seeking integrated solutions. The transaction is expected to close by the end of June 2026, following shareholder votes and court approvals under Australian law.Learn more: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Recording date: 2nd February 2026Olive Resource Capital executives Derek Macpherson and Samuel Pelaez recorded their latest market commentary during a pivotal moment in late January 2026, as precious metals experienced both historic gains and a subsequent correction. Gold surpassed $5,100 while silver exceeded $120 before both metals pulled back, yet still positioned to deliver potentially the best monthly performance on record following 2025's exceptional year.The correction, while notable, was characterised by the executives as a healthy consolidation rather than a reversal of underlying trends. Pelaez emphasised that fundamental drivers supporting precious metals remained intact, including expanding global liquidity at all-time highs and persistent supply constraints. Technical indicators showed overbought conditions with relative strength indices in the 90s range, but the executives noted such conditions can persist for extended periods without signaling imminent reversals.Macpherson's attendance at the Vancouver Resource Investment Conference revealed dramatic shifts in market participation. Conference attendance exceeded levels seen in the previous decade, with one small-cap exploration company reporting over 150 investor booth visits. This contrasted sharply with recent years when sparse attendance left companies pitching to neighbouring exhibitors rather than actual investors.Capital markets activity reflected this heightened interest, with private placements routinely exceeding $20-25 million. Institutional investors who participated in mid-2025 financings returned with substantially larger commitments in January 2026, reflecting strong portfolio performance and capital rotation into the mining sector.Despite the rally in metal prices, Pelaez argued that mining equities, particularly developers and explorers, have not yet reflected $5,000 gold in their valuations. Upcoming first-quarter earnings should demonstrate significant margin expansion, as producers benefit from $700 quarterly increases in realised gold prices flowing directly to bottom lines. The executives maintained that mining equities retain appreciation potential even if commodity prices stabilise at current levels, presenting ongoing opportunities for investors willing to navigate near-term volatility while maintaining conviction in the sector's long-term trajectory.Sign up for Crux Investor: https://cruxinvestor.com

Jacob and Eric catch up with Dr. Bronson Strickland to discuss what deer managers can do now that deer season is over. 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)