Podcasts about NPV

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-pampa-medina-shows-tier-one-potential-with-57-copper-hits-10588Recording date: 13th July 2026Marimaca Copper Corp. (TSX:MARI) is a Chile-focused copper developer whose flagship asset, the Marimaca Oxide Deposit (MOD), has reached Definitive Feasibility Study (DFS) completion and holds its key environmental approval (the RCA, received November 2025). Located in the Antofagasta region, the heart of the world's largest copper-producing jurisdiction, the MOD benefits from low-altitude, low-execution-risk positioning within 25 kilometres of the Port of Mejillones. The DFS outlines a 13-year mine life on 179 million tonnes of Proved and Probable reserves at 0.42% CuT, supporting roughly 50,000 tonnes per annum of copper cathode production via conventional heap leach and SX-EW processing. At a three-month average copper price of US$5.05/lb, the project delivers a post-tax NPV (8%) of US$1.1 billion and a 39% IRR with a 2.2-year payback; at the DFS's more conservative long-term price assumption of US$4.30/lb, post-tax NPV is US$709 million at a 31% IRR. Initial capital intensity of approximately US$11,700 per tonne of annual production ranks among the most capital-efficient greenfield copper developments globally.President and CEO Hayden Locke argued that Marimaca's current share price roughly reflects the standalone value of the MOD alone as the market is attaching little value to the Company's second asset, Pampa Medina. Located approximately 28 kilometres from the MOD, Pampa Medina is a sediment-hosted copper-silver system that Locke compares directly to the Kakula selective mining zone within the world-class Kamoa-Kakula complex in the Democratic Republic of Congo. Six drill rigs are currently active at Pampa Medina, running step-out and infill programmes. The company's most recent results extended the central high-grade bornite-chalcocite zone 300 metres south with hole SPRD-07 (including 6 metres at 6.11% copper and 24.0 g/t silver), while SPRD-08B intersected mineralisation in basement metasediments for the first time, reaching a total depth of 1,052 metres. Locke separately estimates that identified oxide extensions at Pampa Medina could add 20,000-25,000 tonnes a year of additional cathode production without further exploration success, complementing the existing MOD plant.Execution risk is a key focus for management. The board was recently strengthened with the addition of Chairman Giancarlo Bruno, former CEO of Mantos Copper, and non-executive director Zenon Wozniak, who spent 23 years as First Quantum Minerals' director of projects. Project Director Josh Watson leads an in-country execution team based in Santiago.Key near-term catalysts include: Sectorial Permit approvals expected in Q4 2026 following an on-schedule April 2026 submission; a project financing announcement, led by advisor Endeavour Financial, also expected by Q4 2026; continued Pampa Medina step-out drilling results; and a maiden Pampa Medina sulphide mineral resource estimate targeted for early 2027. Construction is targeted to begin in 2027, with first copper cathode guided for 2029. Investors should weigh the permitting, financing and execution risks inherent to any pre-production developer against a de-risked flagship asset and a exploration program that management believes offers substantial, currently unpriced upside.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

It is the time of the year where global investment firm Temasek releases its annual financial results. To this end, the company reported a Net Portfolio Value of S$518 billion on a mark-to-market basis as at 31 March 2026, representing a doubling of its portfolio over the past decade. Long-term returns remained resilient, with the 20-year Total Shareholder Return at 6.8% and the 10-year TSR coming in at 7.1%. The five-year TSR stood at 4.6%, weighed down by headwinds in China’s capital markets from 2021 to 2024. Meanwhile, the one-year TSR was at 10.5%, with NPV rising by S$49 billion on the year thanks to the strong showing of Singapore-based Temasek Portfolio Companies and realised gains from key divestments, though the figure was tempered by the situation in the Middle East. Beyond the present, the global investor announced a major restructuring in August 2025, where it set up three wholly owned entities called: (1) Temasek Singapore, (2) Temasek Global Investments and (3) Temasek Partnership Solutions to target three distinct portfolio segments to tackle macroeconomic changes in an increasingly uncertain world. The three entities came into effect in April 2026. But how does the structural overhaul help Temasek sharpen differentiated strategies to achieve better outcomes? Where are the opportunities for the firm looking ahead? In her fifth year covering the Temasek Review, finance presenter Chua Tian Tian headed down to Temasek’s office for this “On the Go” Special episode of Under the Radar, where she posed the questions to Png Chin Yee, Chief Financial Officer, Temasek International and President, Temasek Singapore.See omnystudio.com/listener for privacy information.

In this KE Report Company Update, I sit down with Luke Alexander, President and CEO of Newcore Gold (TSXV: NCAU / OTCQX: NCAUF), to break down the company's crucial recent milestones at their flagship gold project in Ghana. Luke provides an overview of the key numbers in the newly released Pre-Feasibility Study (PFS). The conversation also highlights recent high-grade drill results expanding on the current resource base at the Enchi Gold Project.  Key Discussion Points: The Strategic Shift to a CIL Flowsheet: Why transitioning from a heap leach model to Carbon-in-Leach (CIL) maximizes gold recoveries and aligns with West African mining standards. Project Economics: A high-level overview of the key numbers in the PFS, including after-tax NPV, IRR, and payback period. Significant Gold Price Leverage: How the project's valuation scales when modeled against higher gold prices. High-Grade Drilling Results: Insights into the latest drill holes from the Nyam deposit that demonstrate strong potential to expand the mine life.   If you have any follow up questions for Luke please email me at Fleck@kereport.com.   Click here to visit the Newcore Gold website. - https://newcoregold.com/   ---------------- For more market commentary & interview summaries, subscribe to our Substacks:  The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Interview with Luke Norman, Executive Chairman of US Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-14b-npv-at-spot-fully-permitted-major-upside-9904Recording date: 29th June 2026U.S. Gold Corp (NASDAQ:USAU) presents a case that is relatively uncommon in the junior mining sector: a fully permitted, feasibility study-backed gold-copper project with a share structure that limits near-term dilution risk. The company's CK Gold Project, located roughly 20 miles from Cheyenne, Wyoming, benefits from established infrastructure including road, rail, and power that Executive Chairman Luke Norman argues meaningfully reduces both construction cost and timeline risk relative to more remote developments.The project's permitting status is central to the investment case. Wyoming's state-level permitting framework includes a defined objection window that closes once permits are issued, reducing the risk of legal challenges arising mid-construction which is a risk that has affected other North American projects situated on federal land or in jurisdictions with less defined objection timelines. Norman has described CK Gold as one of very few hard-rock mining developments to achieve full permitting in Wyoming in close to a century.On economics, the definitive feasibility study uses a base-case gold price of $3,250 per ounce, below the consensus estimate of roughly $3,800 per ounce cited at the time of the interview, and still produces an after-tax net present value of approximately $630 million, alongside an internal rate of return just under 30%. Copper, which contributes around 30% of the project's economics, was modelled using a price assumption that has since been exceeded by the market, suggesting the study may understate current project value.Central to management's undervaluation argument is the company's share count. With approximately 16.5 million shares outstanding which is low relative to typical junior developers, the resulting market capitalisation of roughly $260 million appears modest set against the feasibility study's NPV. Norman has attributed part of this gap to the company's Nasdaq listing, suggesting that comparable projects may be priced differently on Canadian exchanges where specialist mining investors are more concentrated.Beyond the current reserve, management points to several sources of unquantified upside: approximately 80% of drill holes extending past the existing reserve boundary showed continued mineralisation, gold remains recoverable from tailings material, and waste rock carries commercial resale value comparable to that of a neighbouring quarry operator. None of these factors is currently reflected in the feasibility study's economics.The company's financing strategy also differs from many peers. Rather than raising further equity, management has expressed a preference for debt-heavy project financing, citing the project's relatively short payback period as support for this approach as a structural distinction from junior developers whose valuations are often discounted by anticipated shareholder dilution.For investors, the opportunity rests on several dependencies: successful and timely project financing, continued permitting stability, and commodity prices holding near or above the levels used in the feasibility study. As with any development-stage mining investment, prospective investors should review the company's public filings and feasibility study documentation directly, and weigh these factors against their own risk tolerance before making investment decisions.View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Small Cap Breaking News You Can't Miss!Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:NuRAN Wireless (CSE: NUR) (OTC PINK: NRRWF) (FSE: 1RN)The U.S. Securities and Exchange Commission declared NuRAN's Form 40-F registration statement effective on June 26, 2026, officially registering the company's shares with the regulator. This removes the most significant regulatory barrier to a Nasdaq Capital Market listing and opens the company to U.S. institutional and retail investors. The Nasdaq listing application remains under review.Renforth Resources (CSE: RFR) (OTC: RFHRF) (FSE: 9RR)Renforth completed an initial channel-cutting campaign at its wholly owned Parbec gold deposit near Canadian Malartic in Quebec, cutting eight channels and visually observing mineralization. Gold-bearing felsite and diorite were exposed over a greater extent than previously understood, with some felsite true widths approaching 15 metres on surface. Samples have been submitted for assay, with results to follow.Fitzroy Minerals (TSXV: FTZ) (OTCQX: FTZFF) (FSE: C3Y)Fitzroy intersected 59.0 metres at 1.73% copper, including 12.0 metres at 5.39% copper, at its Buen Retiro project in Chile, with a second hole returning 76.0 metres at 0.74% copper. Citing continued near-surface, leachable mineralization, the company expanded its 2026 drill program to roughly 22,000 metres. Management sees a potential route to near-term copper cathode production with reduced capital and permitting requirements.Nord Precious Metals Mining (TSXV: NTH) (OTCQB: NPMMF) (FSE: QN3)Nord returned 13,620 g/t silver and 1.84% cobalt over 0.6 metres at its Castle East Robinson Zone in Ontario, including 25,803 g/t silver (752.7 oz/ton) and 3.60% cobalt over 0.30 metres. The intercept extends the high-grade silver-cobalt vein system 25 metres up-dip, with mineralization logged across nearly 40 vertical metres. The results support both a planned resource update and the company's critical-minerals processing strategy.Freeman Gold (TSXV: FMAN) (OTCQB: FMANF) (FSE: 3WU)Freeman delivered a feasibility study for its 100%-owned Lemhi Gold Project in Idaho, confirming a 1.0 million ounce proven and probable reserve and a 15.2-year mine life. At a base case of US$3,650 per ounce, the study shows a post-tax NPV(5%) of US$696 million, a 34.4% internal rate of return and a 2.5-year payback. At current spot prices the post-tax NPV rises to US$904 million, underscoring strong leverage to gold.Bottom Line: Today's small-cap movers spanned a major regulatory milestone, high-grade copper and silver-cobalt drill results, and a robust gold feasibility study, reflecting strong momentum across precious metals, critical minerals and rural connectivity. From NuRAN's path to Nasdaq to standout intercepts at Fitzroy and Nord and Freeman's million-ounce reserve, investors had plenty of fresh catalysts to research further.Stay ahead of the market — follow AGORACOM for more breaking small-cap news and insights.And don't forget to check out our podcast for deeper dives: https://open.spotify.com/show/74mVPkfalaWXFYY65A2XLM

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review the news out June 22nd, announcing the updated project economics in the Definitive Feasibility Study (“DFS) on the Company's wholly owned Diablillos property in Argentina.  We look at the multiple value levers the company has to pull on for a rerating to higher once the upcoming Phase 2 economics study incorporates the heap leach or higher throughput rates, in addition to all exploration and resource expansion potential and even just the upside present if rerated higher to peer comparable metrics.   In May the company released an updated Mineral Resource Estimate (“MRE”), which demonstrated significant growth across the Project, with Measured & Indicated (“M&I”) resources now totaling 232 million tonnes (“Mt”), containing approximately 248 million ounces (“Moz”) of silver and 2.54 Moz of gold (454 Moz silver-equivalent “AgEq”). For the first time ever, the DFS released this week includes the Project reserves as proven and probable ounces. Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.   The DFS positions Diablillos as one of the world's premier undeveloped silver-gold projects, based on a stand-alone 9,000 tonnes per day (“tpd”) processing operation that delivers robust economics, high early production levels and low operating costs.   DFS Study Highlights: After-tax NPV5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices. At spot prices1, after-tax NPV5% increases to $4.8 billion (CAD$6.7 billion) with an IRR of 56.5% and payback of 1.4 years. Average annual production of 20 Moz silver equivalent (“AgEq”) during the first five years of full mine production, comprised of 14 Moz Ag and 89 koz Au; Average life-of-mine (“LOM”) annual production of 10 Moz AgEq, comprised of 5.9 Moz Ag and 62 koz Au over a 25-year life of mine (“LOM”). Low All-in Sustaining Cash Costs (“AISC”)2 of $20/oz AgEq over the LOM – positioning Diablillos among the lowest-cost primary silver projects globally.  Initial capital expenditures of $722 million (including $98 million contingency) with subsequent sustaining capital of $520 million funded through operating cash flow.  Compelling after-tax NPV-to-Capex ratio of 4.2x, highlighting the Project's robust project economics and strong value generation potential. Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au. First production targeted before year-end 2029, subject to a final investment decision (“FID”) expected in Q2 2027. Multiple opportunities exist to further enhance Project value beyond the DFS, including: A Phase 2 heap leach expansion to process lower grade mineralized material that would provide incremental gold and silver production, with results from a Preliminary Economic Assessment (the “Heap Leach PEA”) expected before the end of June 2026; Potential future plant throughput expansion to increase annual silver and gold production; and Continued exploration success across the broader Diablillos district Enhanced TSF incorporates a downstream waste rock buttress design, to eliminate credible failure risk while reducing haulage costs and dust generation. Grid power connection planned in Year 3, reducing both operating costs and carbon emissions.    The Compnay has already received approval of the Environmental Impact Assessment (EIA)  {“Declaración de Impacto Ambiental” or “DIA”} from the Government of Salta Province in Argentina, and should have the final permit approved from the Catamarca Province imminently.   Click here to visit the AbraSilver website and read over the most recent news releases.      If you have any follow up questions for John regarding at AbraSilver, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more shares at any time.     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

Blackrock Silver's updated preliminary economic assessment, which was released in March, for the Tonopah West project in Nevada outlines a US$437 million after-tax NPV and 28% IRR over an 11.2-year mine life, anchored by a 90% increase in indicated resources. CEO Andrew Pollard spoke to Mining Stock Daily. The conversation covers the trade-offs between the 2024 and 2026 studies, the two-thirds inferred mine plan, permitting and water questions ahead of a targeted H2-2027 underground development decision, and the 17,000-metre expansion drill program now underway.

Interview with Keith Boyle, CEO & Director of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-fully-funded-drill-program-for-2026-10527Recording date: June 9th 2026New Found Gold Corp (TSXV: NFG | NYSE-A: NFGC) is advancing two gold projects in Newfoundland and Labrador, Canada. Its flagship Queensway Gold Project hosts a NI 43-101 resource of 1.39 million ounces of indicated gold at 2.40 g/t and 0.608 million ounces of inferred gold at 1.77 g/t. The Hammerdown Gold Project, acquired in 2025, provides access to the Pine Cove Mill, a fully permitted, operational processing facility that will receive Queensway Phase 1 ore from Q4 2027, with commercial production targeted for 2028.Hammerdown is in the final stages of its ramp-up to commercial production, defined as sustained 700 tonne-per-day throughput with consistent grade from the open pit. At steady state, the operation is projected to generate $40 to $50 million per year in free cash flow at an AISC of approximately $2,500 per ounce - sufficient to cover corporate overhead and fund the exploration program. The Pine Cove Mill is being doubled in throughput capacity as part of the Phase 1 capital program, removing the need for a separate processing facility at Queensway. A $220 million financing package closed in April 2026 funds Phase 1 construction, with $148 million in cash and marketable securities held as of May 2026.Queensway Phase 1 targets approximately 100,000 ounces per year in the first two years at grades of 12 to 12.5 g/t and an AISC of around $1,300 per ounce. The PEA's base case at US$2,500 gold shows an after-tax NPV of C$743 million, an IRR of 56%, and payback of under two years. The operational team being assembled at Hammerdown, including newly promoted General Manager of Mines Mark Ross, will transfer directly to Queensway.A 90,000-metre drill program is underway across a 110-kilometre land package, with the Dropkick zone, returning intercepts of up to 42.79 g/t Au over 14.95 metres and excluded from the current MRE, among the key targets. An updated resource estimate incorporating Dropkick is expected in 2026.—Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

In this Company Update, I sit down with Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX - OTCQX:DMXCF - Nasdaq First North: DMXSE SDB), to discuss the company's Preliminary Economic Assessment (PEA) results for the flagship Viken Deposit in Sweden. Garrett breaks down the economics of the report, and explains why this asset represents a globally important, highly secure multi-commodity resource for the European Union. Key Discussion Points: PEA Economic Highlights: Learn how the Viken Deposit achieved a post-tax NPV of $2.88 billion at an 8% discount rate, paired with a 2.1-year payback period. The Power of Negative Production Costs: Discover the unique mechanics behind Viken's negative net cash cost for uranium production when factoring in valuable byproduct credits. A Diverse Multi-Commodity Asset: Explore the robust blend of essential materials driving the project's economics, led by vanadium, uranium, sulfate of potash, and molybdenum. Unlocking Future Exploration Optionality: Find out why this Phase 1 PEA, which utilizes only 3% of the total resource base, is just scratching the surface of Viken's multi-deposit potential. Proactive Social License & Next Steps: Garrett shares the company's upcoming timeline for drilling, environmental baseline studies, and community consultation.   If you have any follow up questions for Garrett please email me at Fleck@kereport.com.   Click here to visit the District Metals website to learn more about the Company - https://www.districtmetals.com/   --------------------- For more market commentary & interview summaries, subscribe to our Substacks:  The KE Report: https://kereport.substack.com/  Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

District Metals has released a standout preliminary economic assessment for the Viken Deposit in Sweden, outlining a multi-metal project with robust economics driven by uranium, vanadium, potash, and critical minerals. CEO Garrett Ainsworth discusses the headline numbers, including a nearly $3 billion after-tax NPV, negative uranium production costs due to byproduct credits, and why the PEA only contemplates mining roughly 3% of the total resource base. The conversation also explores Sweden's evolving permitting framework, the growing strategic demand for vanadium and uranium, and how District plans to continue advancing Viken through additional drilling, environmental work, and economic impact studies aimed at strengthening local and national support for the project.

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q1 2026 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, review the permitting process at the Lagoa Salgada VMS Project in Portugal and the key development catalysts on tap at the Mont Sorcier Iron-Vanadium project in Quebec.   Q1/26 MDN Operating Highlights: Q1 Gold equivalent production of 12,842 Gold Equivalent Ounces (“GEO”) vs 11,163 GEO in Q1 2025 Heap leach production of 8,787 GEO continues to increase as water availability improves Underground development work continued at an accelerated pace, with record development meters during the period Access to new underground ore zones expected in Q2 2026, delivering higher-grade ore to the CIL plant, improving head feed grade, and increasing production CIL plant continues to process a blend of stockpile material and additional ore from underground development, resulting in total production of 4,055 GEO in Q1 through the CIL plant Acquisition of Falcon Properties has the potential to extend Heap Leach operations based on historical drill results. Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quickly Full year production guidance of 50,000-60,000 GEO maintained AISC of $1,348/oz Au during Q1 2026 Record Adjusted EBITDA of $28.7 million for Q1 2026, benefiting from unhedged gold position Strong Cash Position of $31.4 million at quarter end   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the first quarter. He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside.  We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing.   Next we got an update on the ongoing work from the previously announced unfavourable opinion of the environmental impact assessment (EIA) for the Lago Salgada VMS Project in Portugal. This ‘unfavourable opinion' was issued after expiry of statutory deadline under Portuguese EIA legislation. The Company maintains its position that the project has been tacitly approved. Mark reiterated that the purported unfavorable opinion was issued despite the project being the first mining project in Portuguese history to receive unanimous favourable opinion for the Project by all 17 people that make up the Technical Evaluation Committee. The Company is working on a resolution and will update the market when it has more information.   Moving on to the Mont Sorcier Iron Project in Quebec, there are final workstreams feeding into the Bankable Feasibility Study slated for release here in Q2 of 2026. Recent metallurgical test work has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%, which gets a premium in the iron marketplace.  The NPV(8%) of the is project in the prior PEA was US$1.6Billion, so even at a very low multiple being applied to this Project, it more than underpins the current market cap that the company is currently receiving, and yet the market cap doesn't even fully reflect the gold production asset.   We wrap up discussing the underappreciated valuation that the company is receiving for the both the producing MDN mine in Argentina, the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In 2025 Fortune Bay released an updated preliminary economic assessment for its Goldfields Gold Project in northern Saskatchewan that showed a C$301M initial capex, delivering a C$610M after-tax NPV and 44% IRR at US$2,600/oz gold. Today, gold prices are nearly double that, and for every US$100/oz change in the gold price, Fortune Bay says it adds $61M in after-tax NPV. CEO Dale Verran talked to Mining Stock Daily about the company's progress on advancing its pre-feasibility work. The interview covered the key work programs underway including geotechnical, waste rock, and metallurgical studies, a potential concentrate production scenario that could meaningfully reduce capex, and recent exploration results at the Box deposit and Golden Pond target that suggest the resource base has room to grow.

Small Cap Breaking News You Can't Miss!Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1)Power Metallic is expanding its summer 2026 exploration program at the Nisk Project in Quebec with three advanced geophysical surveys — SQUIDs, gravity, and Ambient Noise Tomography — designed to pinpoint deeper Ni-Cu-PGE mineralization. These surveys run alongside a 30,000-metre diamond drill program already being mobilized for Q2 and Q3 2026. Investors in the critical metals space should take note as the company systematically targets extensions to the high-grade Lion Zone and new discoveries across the enlarged land package.Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M0)Minaurum has reported high-grade drill results from the Europa Sur Vein Zone at the Alamos Silver Project in Sonora, Mexico, highlighted by 3.20 metres of 882 g/t silver equivalent including a peak of 2,423 g/t AgEq over 0.95 metres. Elevated gold and copper values suggest the presence of a high-temperature feeder structure, substantially boosting resource expansion potential within the ongoing 50,000-metre Phase II drill program. Alamos already hosts a 55.4 Moz AgEq inferred resource.Sitka Gold Corp. (TSXV: SIG) (FSE: 1RF) (OTCQX: SITKF)Sitka Gold's first 2026 drill hole at the Blackjack deposit returned 94.0 metres of 1.79 g/t gold including 19.3 metres of 5.04 g/t gold from 1,093 metres depth — the deepest hole ever completed at the RC Gold Project in Yukon. The result extends high-grade gold approximately 370 metres below the existing resource pit and confirms strong continuity with last year's deep discovery. With four rigs active on a fully funded 60,000-metre program, the company is rapidly advancing a district-scale gold system hosting over 5.1 million ounces across indicated and inferred resources.CopAur Minerals Inc. (TSXV: CPAU)CopAur released a Preliminary Economic Assessment and a 52% increase in Mineral Resource Estimate for its Kinsley Mountain Gold Project in Nevada, now totaling 742,000 indicated ounces at 1.11 g/t gold. At the current spot gold price of US$4,500/oz, the project delivers a post-tax NPV of US$147 million and an IRR of 66% with a 1.5-year payback on pre-production CAPEX of US$81.8 million. For a small-cap company with a modest market capitalization, owning 100% of a permitted Nevada heap-leach gold project with these economics represents a potentially significant value proposition.Bottom Line: Today's stories highlight a sector in full motion — high-grade silver and gold drilling campaigns advancing in Mexico and the Yukon, paired with a Nevada gold project delivering compelling PEA economics. Critical metals exploration and near-term gold production potential are the dominant themes.Stay ahead of the market — follow AGORACOM for more breaking small-cap news and insights.

Gunnison Copper (TSX: GCU) is a southern Arizona-based copper developer advancing its flagship Gunnison Copper Project, a large-scale open-pit heap leach operation with a ~$2B after-tax NPV outlined in a 2026 PEA and a 21-year mine life. CEO Craig Hallworth spoke to Mining Stock Daily. Topics covered include the company's strategy for securing a domestic acid supply, the I-10 highway realignment process, exploration upside at the high-grade Strong & Harris satellite deposit, and the company's work toward a prefeasibility study targeted for 2028.

Interview with Ian Graham, President, Oroco ResourcesRecording date: 11th May 2026Oroco Resources is advancing the Santo Tomás porphyry copper project in northwest Mexico toward a Pre-Feasibility Study (PFS) targeted for Q2 2027, positioning the asset as a capital-efficient development in a supply-constrained copper market.The project's August 2024 Preliminary Economic Assessment outlined robust economics: a $1.48 billion after-tax NPV, internal rates of return exceeding 22%, and initial capital requirements of approximately $1.1 billion based on $4 copper and $1,900 gold assumptions. Operating costs are projected below $1 per pound, with a 2.8-year payback period. Notably, Santo Tomás demonstrates capital intensity of roughly $10,000 per ton of annual copper production—about half the industry average—lowering the barrier for potential acquirers and reducing development risk.The resource base exceeds one billion tons grading over 0.5% copper equivalent. The current technical program focuses on converting inferred resources to the indicated category, particularly in the South Zone, while exploring expansion potential to the southwest. Metallurgical work by Whittle Consulting identified that 70–80% of the resource consists of softer material than originally tested, suggesting opportunities for reduced energy consumption and improved throughput.Strategically, Oroco envisions a district-scale development incorporating the Bahuerachi project to the north and the Vainilla exploration target to the south, potentially enabling shared infrastructure and extended mine life. The company also benefits from rare grassroots political support: community advocacy secured Santo Tomás a place on Plan México, President Claudia Sheinbaum's priority list of 40 large capital investment projects, improving the permitting outlook.With new CEO Charles Cryer—a former analyst who previously covered the project—joining mid-2026 to lead M&A outreach, Oroco aims to achieve transaction-ready status by mid-2027. Institutional investors are backing this Phase 2 restart after the stock's post-2021 correction, betting that Santo Tomás's scalable, low-intensity profile will attract mid-tier and major copper producers seeking growth assets in an electrification-driven market.Learn more: https://www.cruxinvestor.com/companies/oroco-resource-corpSign up for Crux Investor: https://cruxinvestor.com

NorthIsle Copper and Gold is up over 300% in the past year with a market cap approaching $1 billion thanks to high metal prices, M&A and strong government support. Mining Stock Daily talked to NorthIsle CFO Nicholas Van Dyk about the company's plans to publish an integrated resource update and prefeasibility study this year. Following the recent run-up in copper prices, M&A in the sector has surged — Eldorado Gold acquired Foran Mining for C$3.8 billion, while Faraday Copper consolidated its Arizona district by acquiring BHP's San Manuel property and securing C$100 million from both the Lundin Group and BHP — which brings us to , NorthIsle has raised $155 million in the past six months to accelerate development, with CFO Nicholas Van Dyk confirming that infill drilling at Northwest Expo has confirmed grade continuity and extended the deposit, while Red Dog results are expected in Q2, all feeding into an integrated resource update and pre-feasibility study targeted for Q4 2026. With the project included in BC's Critical Minerals Office, strong First Nations support from the Quatsino, Tlatlasikwala, and Kwakiutl nations, and a 2025 PEA showing a $2 billion NPV and 29% IRR at base case prices — rising to $3.8 billion and 45% at February 2025 spot prices — NorthIsle is positioning itself as one of the few large-scale, independent copper developers remaining in the Americas at a time when investible opportunities are increasingly scarce.

Interview with Barry O'Shea, CEO of Highland CopperOur previous interview: https://www.cruxinvestor.com/posts/highland-copper-tsxv-hi-fully-permitted-us-copper-developer-targets-2026-construction-decision-7322Recording date: 23rd April 2026Highland Copper Company is advancing its Copperwood project in Michigan's Upper Peninsula toward a construction decision in the second half of 2026, with copper production targeted for 2029. The company has committed significant capital to engineering work, partnering with DRA Global and other established firms to reach 40% engineering completion by Q4 2026. CEO Barry O'Shea emphasized that the company has restructured very well to make sure full funds are through to a final investment decision.The financing strategy centers on a Letter of Intent from EXIM representing 60-70% of the $425 million capital requirement. While currently non-binding, management is actively working to convert this into a binding debt facility, supported by White House recognition of Copperwood as strategically important to US critical mineral production. The debt capacity has expanded from an estimated $250 million at $4 per pound copper to potentially $300-325 million at current price levels.Highland recently sold its remaining one-third stake in the White Pine project for $30 million, providing immediate liquidity while allowing exclusive focus on Copperwood. The decision reflects the strategic advantages of Copperwood's $425 million capex and fully-permitted status compared to White Pine's $1+ billion requirement and unsubmitted permits.The shift in long-term copper price consensus has fundamentally transformed Copperwood's economics. The project's NPV triples from $170 million at $4 per pound to $507 million at $5 per pound, with current spot prices near $6 delivering an $850 million valuation. Management strengthened its execution team by hiring Trace Arlaud as Project Director, bringing credentials from Rio Tinto's Resolution Copper project, and Peter Hemstead as interim CFO, a founding executive at Capstone Copper.Highland trades at approximately $110 million market capitalization, supported by strong institutional shareholders including Orion Mines Finance (28%) and Condire (20%), positioning for a potential rerating as the EXIM commitment converts to binding debt.View Highland Copper's company profile: https://www.cruxinvestor.com/companies/highland-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, CEO, Northisle Copper & Gold Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-district-scale-vision-with-wheaton-institutional-backing-8233Recording date: 21st April 2026Northisle Copper & Gold is advancing one of British Columbia's largest undeveloped copper-gold districts at a critical juncture for Western critical minerals development. The company recently raised over $150 million to fast-track its flagship project through pre-feasibility study following designation as a top priority within BC's Critical Minerals Office, marking a fundamental validation of both the project's strategic importance and technical merits.Despite this institutional endorsement, Northisle trades at just 0.3 times analyst consensus net asset value—within the typical range for preliminary economic assessment-stage projects but below the 0.4-0.7x band associated with pre-feasibility stage assets. This valuation gap presents a systematic re-rating opportunity as the company achieves de-risking milestones throughout 2025 and 2026.The published economics demonstrate considerable upside sensitivity to current commodity prices. The February 2025 preliminary economic assessment showed $5 billion after-tax NPV using $2,900 gold and $4.60 copper, whereas current analyst consensus stands at $3,400 gold and $4.70 copper. This pricing differential alone suggests substantial NPV expansion beyond the published figures.Management is executing three parallel initiatives to enhance project economics: incorporating the 1.2-kilometer West Goodspeed discovery (showing 0.7-1% copper equivalent at surface) into Q2 2026 resource estimates; optimizing metallurgical recoveries through potential CIL plant twinning to increase Phase 2 gold recovery from 63% to 80%; and accelerating permitting timelines through government and First Nations partnerships.Beyond the flagship deposit, Northisle controls 40 kilometers of a 50-kilometer porphyry district with 70 years of inherited exploration data valued at over $40 million. CEO Sam Lee characterizes this as a "free call option" on world-class discovery potential that doesn't factor into current valuations.The capital structure strategy emphasizes diversified, low-cost financing sources. Wheaton Precious Metals' cornerstone investment positions the company to access precious metals streaming at 0-4% cost of capital, while strategic off-take agreements would unlock sub-2% Exim Bank debt. Management maintains 12-13% ownership and requires 3-5x returns on any equity dilution, ensuring shareholder alignment through development.Learn more: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Luke Norman, Executive Chairman of US Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-fully-permitted-fs-imminent-2027-28-target-9430Recording date: 15th April 2026US Gold Corp (NASDAQ:USAU) has unveiled a definitive feasibility study (DFS) for its CK Gold project in Wyoming, confirming robust economics and a clear path toward production. At a base gold price of $3,250 per ounce, the study outlines an after-tax Net Present Value (NPV) of $635 million and an Internal Rate of Return (IRR) of 27%, nearly triple the value from the previous prefeasibility analysis. At current spot prices near $4,500, the project's potential soars to a $1.4 billion NPV with a 50% IRR, underscoring exceptional leverage to gold markets.The 11-year open-pit mine will produce roughly 90,000 ounces of gold equivalent annually, supported by strong copper demand, simple near-surface mining conditions, and full permitting. All operational licenses including mine, industrial, and environmental permits are secured and non-revocable under Wyoming law, removing a major development risk.Capital expenditure is projected at $400 million, including a healthy contingency buffer. US Gold plans to lower costs through used equipment purchases and contractor negotiations, taking advantage of abundant local mining services. Debt financing proposals cover up to 80 percent of the required capital, with favorable terms reflecting the project's de-risked status.Further upside includes recovering 300,000 ounces of gold from tailings boosting recoveries from 70% to over 97% and monetizing waste rock valued at $800 million to $1 billion as construction aggregate. The company is also examining cyanide-free processing alternatives to improve sustainability.With commodity prices near record highs and North American mining assets in short supply, Copper King stands out as a shovel-ready, financed, and fully permitted project. Executive Chairman Luke Norman calls it “a uniquely de-risked opportunity” poised to benefit from a mining sector hungry for secure, high-return developments.View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Darrin Campbell, President & CEO of Namibia Critical Minerals Inc.Our previous interview: https://www.cruxinvestor.com/posts/namibia-critical-metals-tsxvnmi-japanese-govt-backed-heavy-rare-earth-play-7490Recording date: 14th April 2026As Western nations seek independent critical mineral supply chains, Namibia Critical Metals' Lofdal project has emerged as a globally significant heavy rare earth asset. Located in Namibia, a stable mining jurisdiction, the fully-permitted project is uniquely positioned to reduce global reliance on Chinese market dominance.Lofdal is one of only two xenotime-type rare earth deposits currently under development worldwide. The shovel-ready site targets the annual production of 120 tons of dysprosium, 25 tons of terbium, and 800 tons of yttrium. Unlike light rare earth projects, this exceptional heavy rare earth concentration creates substantial value density, making its output essential for electric vehicles, renewable energy, and advanced manufacturing. Lofdal currently holds a 25-year mining license, effectively de-risking its operational timeline.The project's January 2026 Prefeasibility Study outlines a highly profitable financial trajectory. With an estimated capital expenditure of $350 million, the base case yields a pre-tax net present value (NPV) of $390 million. However, the current bifurcated global market—where Western contracted prices far exceed Chinese spot rates—pushes the divergent scenario's after-tax NPV to $750 million. For instance, contracted North American yttrium prices have recently soared to $1,400 per kilogram, compared to roughly $10 to $20 in Chinese spot markets.Lofdal's strategic importance was cemented in March 2026 when Toyota Tsusho joined the project alongside Japanese government agency JOGMEC. Selected through a public tender, Toyota Tsusho guarantees offtake and provides direct downstream integration into Japan's permanent magnet supply chains. This consortium fully funds the project through its Definitive Feasibility Study, which is expected to conclude in mid-2027. Because of this structure, Namibia Critical Metals benefits from interest-free, non-dilutive funding, allowing the company to securely retain up to a 44% ownership stake while advancing the critical global asset.View Namibia Critical Metals' company profile: https://www.cruxinvestor.com/companies/namibia-critical-metals-incSign up for Crux Investor: https://cruxinvestor.com

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their full year 2025 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, review the permitting process at the Lagoa Salgada VMS Project in Portugal and the key development catalysts on tap at the Mont Sorcier Iron-Vanadium project in Quebec.   2025 Financial Highlights   Annual Production for 2025 of 50,238 Gold Equivalent Ounces (“GEO”); and AISC of US$1,746 per ounce, in line with guidance 2026 Production guidance of 50,000 to 60,000 GEO weighted to H2/26 Adjusted EBITDA of $22.3 million for Q4, and $46.1 million for the full year AISC of $1,391 during Q4 vs $1,953 in Q4/24 due to higher production Completed hedging program provides full future leverage to high gold prices Focus remains on ramping up underground production during Q2/Q3, while water availability returns heap leach production to nameplate capacity and lower unit costs Extensive operational optimizations are completed and underway to reduce unit costs and expand production capabilities  70,000 meter Exploration Program positioned to support resource growth at MDN with four new owner-operated drill rigs currently turning at surface. Additionally underground is set to commence in the next couple of months.   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the quarter. With improved crushing for the quantity of ore being put on the leach pads and the contribution of new higher-grade areas from the underground mining running through the CIL plant, this will help reduce down unit costs in 2026.  We highlight how the ongoing 70,000 meter drill program will be looking to extend mine life in a substantial way and find new high-grade areas for future mine sequencing.   Next we got an update on the ongoing work from the previously announced unfavourable opinion of the environmental impact assessment (EIA) for the Lago Salgada VMS Project in Portugal. This ‘unfavourable opinion' was issued after expiry of statutory deadline under Portuguese EIA legislation. The Company maintains its position that the project has been tacitly approved. Mark reiterated that the purported unfavorable opinion was issued despite the project being the first mining project in Portuguese history to receive unanimous favourable opinion for the Project by all 17 people that make up the Technical Evaluation Committee. The Company is working on a resolution and will update the market when it has more information.   Moving on to the Mont Sorcier Iron Project in Quebec, there are final workstreams feeding into the Bankable Feasibility Study slated for release here in Q2 of 2026. Recent metallurgical test work has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%, which gets a premium in the iron marketplace.  The NPV(8%) of the is project in the prior PEA was US$1.6Billion, so even at a very low multiple being applied to this Project, it more than underpins the current market cap that the company is currently receiving, and yet the market cap doesn't even fully reflect the gold production asset.   We wrap up discussing the underappreciated valuation that the company is receiving for the both the producing MDN mine in Argentina, the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

What if one of the most compelling ideas in mining could be summed up in a single concept: bacteria breaking down rock to release trapped metals?It may sound unconventional, but it's already being applied in real-world operations.BacTech Environmental uses naturally occurring bacteria to process sulphide-rich material, unlocking gold, silver, and other metals that would otherwise remain difficult and costly to recover. These microorganisms act on the rock itself, triggering reactions that separate valuable metals without relying on high heat or chemical-intensive methods.The approach shifts how certain types of material can be viewed, turning what was once uneconomic or overlooked into something potentially viable.This is not theoretical. Bioleaching has been used in commercial plants in Australia, Tasmania, and China, with BacTech involved in building and operating multiple facilities over time.The company is now advancing its flagship project in Tenguel, Ecuador. The fully permitted, construction-ready plant is expected to serve more than 100 small mines, providing a processing solution for material that few others are equipped to handle.WHAT YOU NEED TO KNOWBugs Eat: Bioleaching is a commercially established process, previously deployed in plants across Australia, Tasmania and China. BacTech's 50 tpd Ecuador facility is designed to process material from over 100 small mines that currently lack viable treatment options.Gold Math: Tenguel's updated BFS outlines 30,900 oz/year of gold, a pre-tax NPV(5%) of US$60.7M and a 57.9% IRR at US$1,600/oz gold. With approximately US$22M in projected capex, annual earnings approach US$30M at higher gold prices.  Dr. Paul C. Miller, Ph.D., C.Eng., MIMM, is the Qualified Person.Government Framework: An International Protection Agreement in Ecuador provides 12 years of tax relief and access to international arbitration, supporting project stability.Zero Tailings: BacTech has filed patents on a process designed to convert mine waste into usable products like iron, fertilizer, and metals such as nickel and copper.STRATEGIC IMPLICATIONSConventional mining often relies on smelting, chemical processing, and tailings storage, which can create long-term environmental and financial liabilities. High-arsenic concentrates are increasingly difficult to process, with smelters applying penalties or refusing material altogether.BacTech's model uses bacteria to extract metals and stabilize contaminants, converting arsenic into ferric arsenate suitable for dry stacking, while producing additional outputs such as magnetite and fertilizer. The result is a multi-product flowsheet that differs from traditional single-commodity processing.CEO ROSS ORR“People hear ‘our bugs eat rocks' and think it's some new science experiment. It's not – we've designed and built bioleach plants four times before. Now we're keeping more of the value for our shareholders. We've gone from proving the tech works to proving we can own and operate it ourselves.”INVESTOR TAKEAWAYThis story combines a near-term operating asset with a longer-term platform opportunity.Tenguel represents a fully permitted, 100% owned project with a defined development path, supported by a third-party feasibility study and projected annual production of approximately 30,900 ounces of gold. A planned Phase 2 expansion could increase throughput and output materially.Separately, the Zero Tailings process introduces a potential licensing and royalty model tied to large-scale tailings remediation. Early test work suggests that a significant portion of revenue may come from iron and fertilizer outputs, rather than metals alone.Execution remains dependent on financing and initial commercial deployments, but BacTech is now advancing from a technology validation phase toward potential project-level and platform-level scale.

Small Cap Breaking News You Can't Miss! Here's today's roundup, April 8, 2026.New Age Metals Inc. (TSX.V: NAM) (OTCQB: NMTLF) (FSE: P7J) — Ring of Fire Expansion: NAM staked the northern extension of its Northern Shield project, expanding to ~34,000 hectares in Ontario's Ring of Fire. The 100% owned expansion secures a layered mafic intrusive complex prospective for PGMs, nickel, and copper. Ontario targets 2026 for road construction, full access by 2031.NuRAN Wireless Inc. (CSE: NUR) (OTC PINK: NRRWF) (FSE: 1RN) — $15M Private Placement + African Expansion: NuRAN is raising up to $15M through a non-brokered placement at $3.66/unit (warrants at $4.30). The company erected its first towers in Ivory Coast and deployed 3G in Cameroon, expanding rural telecom across sub-Saharan Africa.Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) — Europe's Largest Modern Antimony Resource: MILI released a maiden inferred resource of 6.5 Mt at 1.02% Sb and 1.06 g/t Au for 67,000t of antimony and 222,000 oz of gold at its Trojarova Project in Western Slovakia — the largest antimony resource in the EU by modern standards.Lion Rock Resources Inc. (TSXV: ROAR) (FSE: KGB) (OTCQB: LRRIF) — New Gold Discovery in South Dakota: Phase 1 drilling at the Volney Project confirmed gold mineralization across a 500m strike, 400m width, and 200m depth. All 9 drill holes returned gold, with highlights including 36.5m @ 0.5 g/t Au and 23.2m @ 1.1 g/t Au. The system remains open in all directions with near-surface bulk-tonnage potential.E3 Lithium Ltd. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF) — Defense-Grade Lithium Partnership: E3 Lithium signed a Teaming Agreement with Germany's TKMS to support Canada's Patrol Submarine Project, establishing a framework for research, technology transfer, and investment aligned with Canada's Industrial and Technological Benefits policy. E3's Clearwater Project in Alberta holds 21.2 Mt LCE in resources with a pre-tax NPV of USD 5.2 Billion.Bottom Line: Today's releases highlight Canada's growing critical minerals momentum — from Ring of Fire expansion and defense-grade lithium supply chains to a maiden antimony resource in Europe and a new gold discovery in South Dakota. Stay ahead of the market — follow AGORACOM for more breaking small-cap news and insights.

Interview with Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pge-developer-with-novel-process-exclusive-ip-clear-path-to-pea-9497Recording date: 31st March 2026ValOre Metals is developing the Pedra Branca platinum-palladium project in northeast Brazil and is making a straightforward argument to the market: it is significantly undervalued relative to the small peer group of development-stage PGE companies, and it has a clear plan to close that gap in 2026.The numbers support the premise. Pedra Branca hosts a 2.2 million ounce resource grading 1.08 g/t on a 2P+gold basis. Comparable peers: Stillwater Critical Minerals with its Stillwater West project in Montana, and Generation Mining advancing an Ontario project, carry resource bases of approximately 3 million ounces and trade at market capitalisations of $100–200 million. ValOre sits at approximately $26 million. That is a valuation gap that invites scrutiny, and CEO Nick Smart's explanation for it is credible.The discount reflects two correctable problems. First, the company's prior ownership of uranium assets created market confusion about its identity as a PGE developer. That has been resolved: the Hatchet uranium properties have been sold to Future Fuels, and ValOre is now a single-asset, single-commodity company focused entirely on Pedra Branca. Second, without an economic study on file, investors cannot model the project's returns. That changes with the delivery of a Preliminary Economic Assessment, targeted for 2026 and representing the single most important near-term catalyst for the stock.Smart brings unusual technical credibility to this mandate. His background is in chemical engineering and extractive metallurgy, with 21 years spent at Anglo American in platinum and palladium operations. His focus since joining in October 2024 has been on the metallurgical and engineering programme required to underpin the PEA and early results are positive.Metallurgical test work conducted with the University of Cape Town is delivering palladium and platinum extractions of 73–74% from a hydrometallurgical leaching route designed for Pedra Branca's weathered near-surface ore. These are initial results from shake-flask testing that are expected to improve as the programme scales. An additional finding that UCT's hot caustic pre-treatment can unlock high-grade chromitite-hosted PGEs grading 6.5–8.5 g/t at surface creates optionality for high-grade feed in the early mine-life years, with potentially positive implications for early-year project economics and NPV.The macro environment provides further support. Primary platinum supply has been in structural decline since 2021, falling from over 6 million ounces to a projected 5.12 million in 2026 despite a price that has roughly doubled. With 80% of global PGE production concentrated in South Africa, Zimbabwe, and Russia, the geopolitical case for supply diversification into jurisdictions like Brazil is building. Pedra Branca's near-surface, open-cast profile, existing infrastructure access, and proximity to a deep-water port position it as a potentially low-capital-intensity development relative to peers.For investors willing to act ahead of the PEA, the near-term news flow along with the interim metallurgical updates and early engineering outputs provide a series of checkpoints to monitor ahead of the binary catalyst. The valuation gap is large, the path to closing it is defined, and the macro tailwinds are in place.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-major-ea-catalyst-due-q2-2026-as-springpole-advances-toward-development-9452Recording date: 30th March 2026First Mining Gold Corp. (TSX:FF) is approaching what CEO Dan Wilton describes as the most consequential moment in the company's history. After eight years navigating Canada's federal environmental assessment process for its flagship Springpole Gold Project in northwestern Ontario, a permitting decision is expected within months. Management believes this single event will be the catalyst that forces the market to reprice assets it has consistently undervalued.Springpole is not a marginal project. The deposit holds a 5 million ounce resource and is designed to produce more than 300,000 ounces of gold per year, placing it among Canada's ten largest gold mines when built. The operation runs at a sub-3:1 strip ratio with manageable metallurgy, and the feasibility study was built on a conservative $3,100/oz gold base case. At $4,000/oz, The after-tax NPV is approximately $3 billion. The project remains economically viable at $2,500/oz, which provides meaningful downside protection in any scenario of gold price weakness.Despite these attributes, First Mining's shares were trading at roughly $0.47, a level management estimates at approximately 0.1x net asset value. Wilton puts the fundamental per-share value at over $5, implying the current share price represents a discount of roughly 90% to intrinsic value. That gap, as Wilton argues, is a product of a broader structural failure in the gold developer segment: for the better part of a decade, capital simply was not available to advance projects through permitting and feasibility, and many developers stalled or gave up. First Mining kept moving by monetising secondary assets, generating close to $100 million in cash over five years to fund continued progress. The result is a company that now holds two of the ten largest undeveloped gold projects in Canada at a moment when shovel-ready opportunities are genuinely scarce.The second project, Duparquet, located in Quebec's Abitibi gold belt, adds a layer of optionality the market appears to be pricing at zero. At current gold prices, management estimates Duparquet's NPV at approximately $3 billion. The geology team believes the deposit is on a trajectory toward 10 million ounces. Yet for practical purposes, investors are currently acquiring both projects at a price that reflects neither.The strategic context matters too. Major gold producers are now trading at mid-cycle NAV multiples, their reserve pipelines are thinning, and exploration cannot solve the problem on any relevant timeline. A discovery made today is fifteen or more years from production. That dynamic points to intensifying M&A pressure around advanced developers, of which there are very few, with the combination of scale, jurisdiction quality, and near-term permitting visibility that First Mining offers. The company has indicated openness to partnership structures that would preserve meaningful shareholder participation.The near-term risk is binary: the environmental assessment outcome matters enormously. But for investors who believe the permitting decision will go the right way as the management does, the current entry point offers exposure to a potential multi-hundred percent re-rating driven by catalysts that are already in motion.View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Despite it being widely taught in business schools and practiced in the industry, you should think twice before using the internal rate of return as a criteria for making an investment decision. Hosts and finance professors Jonathan Berk and Jules van Binsbergen are back to discuss why using the internal rate of return (IRR) as an investment decision rule is fundamentally flawed compared with the net present value (NPV). They outline IRR's problems including multiple or nonexistent solutions, failure to account for scale and timing, and structural vulnerability once financing/payment plans are allowed, enabling arbitrary or inflated IRRs.    Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/ All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/vista-gold-corp-nysevgz-39m-oversubscribed-raise-funds-development-push-9478Recording date: 28th March 2026Vista Gold Corp. (NYSE: VGZ) is advancing its Mt Todd Gold project in Australia's Northern Territory with a strategic rightsizing that management believes positions the asset for independent development while addressing a significant market valuation disconnect.The company completed a 2025 feasibility study that reduced the project from 50,000 tons per day to 15,000 tons per day, cutting initial capital requirements by 59% from approximately $1 billion to $425 million. This restructuring targets annual production of 153,000 ounces over the first 15 years of a 30-year mine life, with the company raising its design cutoff grade from 0.35 to 0.5 grams per ton to prioritize higher-quality ore.At a conservative $2,500 per ounce gold price, the feasibility study projects an after-tax NPV of $1.1 billion and a 27.8% IRR, with all-in sustaining costs near $1,500 per ounce. At $3,300 gold, the NPV increases to $2.2 billion with an IRR approaching 45%. With current gold prices around $4,500 per ounce, the project demonstrates substantial leverage to prevailing market conditions.Despite holding 5.2 million ounces of proven and probable reserves and 10.6 million total ounces, Vista Gold trades at a significant discount to peers on enterprise value per ounce metrics. CEO Frederick Ernest attributes this partly to legacy perceptions from the project's 1990s operational history, though he emphasized that past failures stemmed from poor equipment selection rather than fundamental project flaws. Modern HPGR crusher technology is expected to achieve 90% metallurgical recovery versus historical 70% rates, while the frequently cited "hard ore" issue translates to only $50 per ounce in additional energy costs.Near-term catalysts include permitting approvals expected through mid-2027, building an experienced Australian mine development team, and securing project financing through multiple pathways including traditional banks, government infrastructure funding, and potential streaming arrangements. The company closed a $44.85 million financing in March 2026, providing over $50 million in cash to fund development activities.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

[Recorded on Monday March 23rd, 2026] Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a candid discussion on metals sector volatility, and the increasing disconnect we are seeing in the valuation that many of the gold, silver, and copper stocks are receiving after a violent sector correction in March.    Many of the advanced explorers and developers have market caps that have cratered when compared to the value of their defined resources in the ground are worth, even after the large correction in the underlying metals prices.   Erik is utilizing this correction to value-shuffle into positions that have built further value but are selling off due to the general negative market sentiment. “Volatility is the poor man's dry powder.” He points to all the opportunities to take advantage of panic-selling, through micro-trading amongst positions that have held up better and those seeing disproportionate selling or that have lagged despite positive news catalysts.   He points out that: “What you do in a serious market correction is going to set your portfolio up for years into the future.” “I can't afford to sell the lows of a correction, especially if I know where the long-term trend is going over the next 10 years”   We review the valuation disconnects between the market caps of companies that have corrected by 30%-60% just in the month of March, versus where the NPV of the projects still are at anywhere near spot metals prices. “With the gold juniors, you don't really care if gold is at $5,500 or $4,500 because that is already so much overkill.” “The lower this sector goes with this panic-selling, the odds increase that there are new multi-baggers being born everyday from these valuation levels.”   Erik is seeing compelling valuations in the silver and copper developers, in the 2nd leg of the Lassonde Curve, as well as the legitimate gold juniors, with 3rd-party validation and large strategic investors adding value to projects of merit.    Click here to follow Erik's analysis over at The Hedgeless Horseman website   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Interview with Stephen Twyerould, President & CEO of Gunnison CopperOur previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxmin-nears-copper-production-start-in-september-2025-7847Recording date: 13th March 2026Gunnison Copper has released an updated Preliminary Economic Assessment for its flagship Arizona copper project, demonstrating $2 billion in after-tax net present value and positioning the asset as a prime acquisition target in North America's critical minerals sector. The study shows a 22.7% internal rate of return with $1.5 billion in capital requirements, representing a $700 million improvement in NPV over the company's previous assessment completed just 12 months earlier.The project is designed to produce 80,000 metric tons of copper cathode annually over a 21-year mine life, generating $6-7 billion in cumulative free cash flow. The substantial NPV improvement stems primarily from operational and technical enhancements rather than commodity price assumptions, including the strategic integration of the high-grade Strong & Harris satellite deposit and incorporation of innovative mineral sorting technology.Strong & Harris, located 3 kilometers from the main Gunnison pit, grades 0.8% copper—nearly three times typical Arizona operating grades—and added $190 million to NPV by leveraging shared infrastructure rather than operating as a standalone development. The company has also incorporated an on-site acid plant to eliminate dependency on volatile Mexican imports, contributing an additional $200-250 million to project value while providing competitive advantage.CEO Stephen Twyerould was direct about the company's strategic path forward, stating the firm is "unlikely to build this thing" independently. Instead, management is focused on delivering a fully-permitted Preliminary Feasibility Study with reserves within 18-24 months to maximize shareholder value through a potential transaction. The company benefits from a streamlined state-level permitting process without federal nexus, leveraging existing permits that require only amendment.Currently trading at a $220 million market capitalization—approximately one-third the valuation multiples of comparable Arizona copper developers—Gunnison represents what Twyerould describes as exceptionally rare: a mid-tier scale project approaching fully-permitted status in a tier-one jurisdiction with proven management execution capability.View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copperSign up for Crux Investor: https://cruxinvestor.com

Dave sits down with Evan Campbell to discuss his new book, Adapt to Win: A Framework to Overcome Strategy Decay Using OKRs and Lean Portfolio Management, published by Wiley. Evan shares why most organizations fail to execute on beautifully crafted strategies — and what to do about it. Key Topics Covered Strategy Decay — Evan introduces the concept of "strategy decay," the entropic force that constantly pulls organizations away from their strategic objectives. Studies show only 51% of senior executives can name their company's top three priorities — and that drops to 22% one level down. The Three Sub-Processes of Strategy — Evan breaks down strategy into: (1) formulation, (2) deployment, and (3) execution tracking. Most organizations do the first reasonably well and muddle through the third — but strategy deployment is where the wheels come off. OKRs as the "Steel Thread" — The power of OKRs isn't just top-down goal-setting. The bottom-up element — where teams define their own objectives in response to company goals — drives alignment, understanding, and genuine accountability. Evan distinguishes OKRs (change the business) from KPIs (run the business) using a great airplane instrument cluster analogy. Lean Portfolio Management — The largest section of the book covers enterprise portfolio management practices that Evan says have never been published before. The core idea: treat investments more like a VC would — fund in tranches, set measurable objectives, and be willing to pivot quickly when a better opportunity emerges. Valuing Strategic Initiatives — ROI, IRR, and NPV alone will never fund innovation. Evan explains why organizations need a richer methodology to fairly prioritize strategic bets — and how the book provides one. Types of Portfolios — Enterprise, product, corporate IT, and innovation portfolios each have distinct characteristics and challenges. IT shops tend to struggle with delivery; product organizations tend to struggle with demand management and value prioritization. AI Investment Discipline — Evan flags that 95% of corporate AI spending is producing zero value (citing MIT research) — the same pattern we saw with the internet and agile. The culprit: a lack of directed innovation and strategic clarity. Links from the Podcast Adapt to Win site: https://adapttowin.co Adapt to Win book on Amazon: https://tinyurl.com/53kae743 Adaptivity: https://www.adaptivitygroup.com Manifesto for Enterprise Agility: https://www.pmi.org/learning/agile/manifesto-for-enterprise-agility Enterprise Agility Network: https://theagilenetwork.com Contacting Evan LinkedIn: https://www.linkedin.com/in/evcampbell/ Contacting Dave Linktree: https://linktr.ee/mrsungo

In this episode, we sit down with Nick Appleyard, President and CEO of TriStar Gold (TSX.V: TSG | OTCQB: TSGZF). Following a recent news release regarding the ongoing court case in Brazil, Nick provides essential clarity on the status of the LP environmental permit for the Castelo de Sonhos project. We dive deep into the legal proceedings, the nature of the contested facts, and the potential timelines for a resolution that could significantly re-rate the company's valuation. Key Discussion Points: Current Court Status: Nick explains the "evidentiary phase" of the court case, where parties are submitting contested facts and the judge is determining if independent experts are required to reach a final truth. The Indigenous Consultation Issue: A look into the central dispute regarding the proximity of indigenous groups; Nick clarifies that the nearest groups are 30km away, upstream, and separated by a mountain range, making any environmental impact scientifically impossible. Potential Outcomes: Discussion on the four possible paths forward - a direct judicial ruling, further expert examination, a judge-mandated negotiation, or an out-of-court settlement with the federal prosecutors. Project Value vs. Market Cap: A comparison of TriStar's current $110 million CAD market cap against the project's post-tax NPV of over $2 billion USD, highlighting the massive value gap created by these "artificial" legal delays.   Click here to visit the TriStar Gold website to learn more about the Company and Project.    Email me any follow up questions for Nick - Fleck@kereport.com.    ---------------- For more market commentary & interview summaries, subscribe to our Substacks:  The KE Report: https://kereport.substack.com/  Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Interview with Paul Ténière, CEO of Lafleur Minerals Inc.Our previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cselflr-from-pea-to-production-a-12-month-gold-timeline-8402Recording date: 10th March 2026Lafleur Minerals (CSE: LFLR) is positioning itself as a near-term gold producer in Quebec's Abitibi-Témiscamingue region, targeting production by the end of 2026 through its Swanson deposit and Beacon Mill. The company's recently released Preliminary Economic Assessment demonstrates robust economics with a $101 million NPV and 65% internal rate of return at a conservative $2,750 per ounce gold price, while maintaining all-in sustaining costs of $1,569 per ounce over a seven-year mine life.The project's accelerated timeline stems from significant existing infrastructure advantages. The Beacon Mill, recently refurbished and currently being recommissioned, has a nameplate capacity of 750 tonnes per day with near-term expansion potential to 1,250 tonnes per day. The Swanson deposit sits on an existing mining lease, substantially reducing permitting timelines that typically plague greenfield projects. With initial capital requirements of approximately $30 million Canadian, the company is evaluating multiple financing pathways including offtake agreements, equity raises, and potential merger scenarios.Lafleur currently reports just over 200,000 ounces in combined indicated and inferred categories, representing a 30% increase from previous estimates. Management targets reaching one million ounces through depth extensions beyond the historical 350-meter drilling limit and advancement of satellite deposits including Bartec and Jolin. The company's drilling programs have identified continued mineralization between 350 and 500 meters depth, consistent with typical Abitibi geology.Beyond standalone production, Lafleur is pursuing a hub-and-spoke model with Beacon serving as a regional processing center. As major producers have shifted focus toward feeding their own mills, third-party processing capacity has tightened across the district. This creates opportunity for mid-tier processors like Lafleur to capture value through custom milling while justifying future mill expansions to 3,000-4,000 tonnes per day. The strategy positions the company as both a producer and regional infrastructure provider in one of Canada's most prolific gold districts.View Lafleur Minerals' company profile: https://www.cruxinvestor.com/companies/lafleur-mineralsSign up for Crux Investor: https://cruxinvestor.com

producing mining company” CEO Gordon RobbWith gold trading near record highs, investors are paying closer attention to small cap companies moving toward production rather than simply talking about long-dated development plans. ESGold Corp. (ESAU: CSE  | ESAUF: OTCQB) says it is now funded to advance its fully permitted Montauban Gold-Silver Project in Quebec toward a planned 1,000 tonne-per-day tailings reprocessing operation, replacing its earlier staged approach of starting at 500 tpd and expanding later. Management says that the shift reflects a stronger cash position, higher precious metals prices, and the goal of moving directly to continuous full-capacity operations rather than pausing after an initial start-up phase. ESGold has also stated that Montauban is under construction, fully permitted, and anticipated to begin production in 2026.The heart of the story is that ESGold is no longer talking about building in stages. Gordon Robb said the company now has “just north of C$20 million” in cash, alongside a previously announced C$9 million Ocean Partners facility, which management says supports the move to a full 1,000 tpd build-out from the outset. That matters because Montauban's September 2025 updated PEA outlined preliminary economics that included a 60.3% after-tax IRR, C$24.27 million after-tax NPV (5%), less than two-year payback, and C$103.73 million in projected life-of-mine revenue using US$2,900 gold and US$31.72 silver. What differentiates ESGold is that the initial production plan is based on historical tailings already at surface rather than new underground mining. That gives Montauban a different development profile than many traditional junior mining stories, which often require years of drilling, permitting, and infrastructure work before production is even visible. ESGold's strategy is to move toward production first, then use that operating base to support broader growth if execution goes to plan.At the same time, the company is not presenting Montauban as just a tailings story. ESGold's integrated 3D model identified a mineralized corridor extending to roughly 900 metres depth and more than 2 kilometres of strike, and the company followed that by expanding its land package to 417 claims covering about 20,618 hectares, or 206 square kilometres. ESGold is now conducting a 70 km² ANT survey and preparing for hard-rock drilling.For investors, this interview sharpens the ESGold thesis. Montauban is being positioned as a dual-track story: a planned near-term production path from surface tailings and a broader district-scale exploration opportunity beneath and around a historic mining camp. That combination is what gives the story more weight than a typical single-asset junior with only long-dated optionality.As with all pre-production mining companies, execution, financing, timing, and commodity-price risks remain. But with a fully permitted project, construction underway, announced funding support, and a growing technical case for a larger mineralized system, ESGold is trying to move Montauban from redevelopment concept to operating platform in a much stronger metals environment.Watch the full interview with CEO Gordon Robb to hear why ESGold believes Montauban can combine a planned path to production with meaningful exploration upside in Quebec.A COMPANY MOVING STRAIGHT TO FULL BUILD-OUTSTRONGER CAPITAL POSITION, BIGGER EXECUTION PLANTAILINGS FIRST, EXPLORATION NEXTOUTLOOK: PRODUCTION PATH PLUS DISTRICT-SCALE UPSIDE

The JournalFeed podcast for the week of March 2-6, 2026.These are summaries from just 2 of the 5 articles we cover every week! For access to more, please visit JournalFeed.org for details about becoming a member.Wednesday's Spoon Feed:Combined elevation in two blood biomarkers (GFAP and UCH-L1) showed high sensitivity and negative predictive value (NPV) for positive findings on head CT in anticoagulated patients with mild traumatic brain injury but were not helpful at identifying who would develop post-concussive syndrome.Thursday's Spoon Feed:In this randomized controlled trial, adding 1 liter of IV normal saline to intramuscular diclofenac for acute migraine in the ED did not significantly improve pain relief at 2 hours compared with diclofenac alone.

Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-advancing-rare-earth-integration-with-asm-acquisition-9151Recording date: 4th March 2026Energy Fuels Inc. (NYSE:UUUU) is one of the most strategically distinctive companies in the critical minerals space. While most Western rare earth ventures address a fragment of the supply chain, Energy Fuels has spent five years assembling a vertically integrated operation that spans the full value chain: from heavy mineral sands in Australia and Madagascar, monazite processing at its White Mesa Mill in Utah, to separated rare earth oxides, and following the acquisition of Australian Strategic Materials. No other Western company has assembled this complete a picture.The relevance of that distinction has never been greater. China controls an estimated 85–90% of global rare earth processing capacity, and Western governments, particularly the United States and Australia, have identified this dependency as a critical strategic vulnerability. Policy support, government financing programmes, and demand from original equipment manufacturers seeking non-Chinese supply are all converging to create the market that Energy Fuels has been building toward.The company's rare earth strategy is technically differentiated in an important way. By processing monazite rather than bastnäsite, Energy Fuels produces both light and heavy rare earth elements. Heavy rare earths, particularly dysprosium and terbium, are essential for the high-performance permanent magnets used in electric vehicles, wind turbines, and defence systems. This positions Energy Fuels in a part of the market where supply scarcity is most acute and strategic urgency is highest.Near-term, uranium is the business. Energy Fuels is guiding for up to 2.5 million pounds of uranium production (the highest of any US-based producer) at competitive costs, against a backdrop of firming uranium prices driven by a structural global supply deficit. This uranium revenue stream funds the rare earth build-out without requiring the company to dilute aggressively or rely entirely on external capital markets.On the financing front, the picture has changed materially. A Goldman Sachs-arranged convertible note, completed at just 0.75% interest in under one week, has pushed deployable capital to nearly $1 billion. The company's total build-out requirement is estimated at $2 billion, a figure that seemed ambitious 18 months ago but is now regarded by management, and increasingly by investors, as achievable through a combination of capital markets access, offtake agreements with floor price structures, and potential government support from the US and Australian governments.The two flagship projects: the Phase Two rare earth expansion at White Mesa, and the Vera heavy mineral sands project in Madagascar to carry a combined NPV of close to $4 billion and a combined EBITDA potential of $800–$900 million per year at steady-state. Full rare earth revenues are targeted from 2028–2030, making this a medium-to-long-term investment thesis.For investors with a 3–5 year horizon and conviction in the structural ex-China critical minerals demand story, Energy Fuels offers a rare combination: a producing uranium business generating real revenues today, and a rare earth platform with genuine scale, technical depth, and improving financial visibility. The build-out is complex and multi-year, but the pieces finally are falling into place.View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO, First Mining GoldOur previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-5moz-springpole-targets-q1q2-2026-federal-ea-decision-in-canada-8689Recording date: 2nd of March 2026First Mining Gold is advancing two of Canada's largest undeveloped gold projects toward production at a time when unprecedented commodity prices are transforming development economics across the mining sector. CEO Dan Wilton, speaking at the 2026 PDAC convention, outlined how the company's flagship Springpole project in Ontario is approaching a critical inflection point with environmental assessment approval expected in Q2 2026.At current gold prices of $5,400 per ounce, Springpole's economics are exceptional. The project, which holds over 5 million ounces and is designed to produce 300,000 ounces annually for eight years, would generate margins of $4,000-4,500 per ounce—levels never before seen in the gold industry. With upfront capital estimated at $1.1 billion and an NPV of $2.1 billion at conservative $3,100 gold assumptions, the project's returns are substantially higher at current spot prices.The company's market capitalization has surged from $150 million to nearly $1 billion CAD over the past year, yet at $45 per ounce of resources, First Mining trades at an 82% discount to the $250 per ounce average for peer advanced developers. Management attributes this gap to institutional investors waiting for EA approval to validate the project's viability, particularly given Springpole's location in Attwood Lake. Institutional ownership has already doubled from 10% to 22% over eighteen months and is expected to accelerate post-approval.Rather than pursuing independent construction, Wilton openly discusses seeking a partnership model similar to successful precedents like Osisko's Windfall and Gold Road in Australia, where experienced operators provide construction expertise while the developer retains significant equity. This approach aims to mitigate execution risk while maintaining upside exposure.Beyond Springpole, the company's Duparquet project in Quebec receives minimal market valuation despite an estimated $3 billion NPV at $4,000 gold. With environmental baseline work underway and potential EA submission in 2027, Duparquet represents substantial hidden value that management believes could be "worth multiples of our current market cap" once Springpole advances.Learn more: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Healey, CEO of Premier American Uranium Inc.Our previous interview: https://www.cruxinvestor.com/posts/premier-american-uranium-tsxvpur-advances-towards-pea-studies-for-235-mlbs-uranium-resource-7900Recording date: 1st March 2026Premier American Uranium enters 2026 in a structurally improved position relative to the prior year, with financing secured, ETF-driven selling pressure resolved, and a clearly articulated operational roadmap. For investors evaluating junior uranium developers, the company now presents a more defined catalyst calendar and capital structure than it did through most of 2025.The company's flagship Cebolleta project in New Mexico anchors the investment case. A 2025 preliminary economic assessment outlined a single-source uranium operation producing approximately 1.4 million pounds per year over a 13-year mine life. The base-case after-tax net present value (NPV) was estimated at $84 million, based on an 80% uranium recovery assumption. That recovery rate now represents the central lever for potential value creation in 2026.Management has initiated a metallurgical test work program designed to determine whether recovery can be increased to 90%. The projected economic impact is significant: at 90% recovery, after-tax NPV is estimated at $159 million, implying a $75 million increase relative to the base case. The cost of this metallurgical program is approximately $1 million, including drilling and laboratory analysis. If results confirm the higher recovery rate, a revised PEA is expected in late 2026 or early 2027.From a capital markets perspective, the resolution of the URNM ETF rebalancing is equally important. In 2025, a change in minimum free float requirements triggered forced selling across several uranium equities, including Premier American Uranium. That selling was completed by December 2025. The company subsequently closed an upsized $15 million bought deal financing, providing sufficient capital to execute its planned 2026 programs without near-term dilution risk.In addition to Cebolleta, the Kaycee project in Wyoming provides an in-situ recovery (ISR) exploration pipeline. A substantial drill program was conducted in 2025, and further drilling is expected in 2026. While earlier results were not optimally disseminated due to concurrent corporate transactions, management anticipates more consistent news flow this year.Strategically, the company remains focused exclusively on U.S.-based assets. This geographic concentration aligns with broader federal efforts to reduce reliance on imported uranium, as the United States currently produces less than 5% of the uranium required for its civil nuclear fleet. While direct upstream subsidies remain limited, regulatory reforms aimed at streamlining permitting could benefit domestic developers over time.At a market capitalization of approximately C$90 million, the company trades at a level that does not fully reflect the potential NPV uplift at Cebolleta, nor does it attribute material value to the Kaycee exploration pipeline. The central investment question for 2026 is therefore execution: whether metallurgical testing confirms improved recovery and whether operational milestones are met on schedule.For investors comfortable with commodity price volatility, permitting timelines, and development-stage technical risk, Premier American Uranium offers a clearly defined catalyst framework and a capital-efficient pathway to potential valuation expansion over the next 12 to 18 months.View Premier American Uranium's company profile: https://www.cruxinvestor.com/companies/premier-american-uraniumSign up for Crux Investor: https://cruxinvestor.com

Two words that make most engineers shudder: code refactoring. Now raise the stakes — refactoring decades of legacy systems inside a large enterprise. A tech debt-heavy project of this scale needs a leader who has driven complex digital transformations, like Gayatri Narayan (formerly PepsiCo, Microsoft, Amazon). Now, as President of Technology at Builders FirstSource, Gayatri Narayan is achieving a 3–4x increase in engineering velocity since joining less than a year ago.  Gayatri joins host Yousuf Khan to unpack the strategy behind those results, including how to deploy AI across the SDLC, how to rigorously evaluate ROI on AI investments, and how to lead change across complex enterprise tech stacks.Key Moments: 01:30 – Why Construction Technology Is Ready for Transformation 04:05 – AI Strategy: Elevating UX and Customer Experience 08:20 – Evaluating AI Investments: ROI, NPV, and Operating Costs 12:45 – Achieving 3–4x Engineering Velocity 16:05 – Humans in the Loop: Craft, Code Review, and AI Amplification 18:35 – Where the Industry Gets AI Adoption Wrong 20:30 – Leadership Advice: Start with the Customer About Gayatri: Gayatri Narayan is a general management executive with more than 15 years of experience leading product, engineering, data science, and operations across global enterprises, with full P&L responsibility and a track record of driving profitable growth through digital transformation.  She currently serves as President of Technology at Builders FirstSource, where she leads enterprise technology strategy, modernizes legacy systems, and embeds AI into the software development lifecycle to accelerate innovation across the residential construction value chain.  Previously, she served as Senior Vice President of Digital Products and Services at PepsiCo and held multiple general management roles at Microsoft, including leading Product and Engineering for Intelligent Communications across Teams and Skype as well as Enterprise PaaS and SaaS businesses; she also held leadership roles at Amazon spanning Marketplace Transportation and Logistics and several major retail categories. Guest Highlights: “We've seen a three to four times increase in engineering velocity — especially in refactoring legacy systems where historically there was very little knowledge of how the system actually worked.” “With generative AI, companies that have existed for 20 or 30 years don't have to get bogged down by legacy stacks. They can embrace emerging technologies without spending 18 to 24 months just refactoring.” “It really comes down to efficiency of time. The developer's surface area of impact expands dramatically — it's not just about writing code anymore, it's about delivering business value faster.” Visit ciopod.com for more episodes. Subscribe on YouTube or follow on your favorite podcast platform so you never miss a conversation with today's top technology leaders. Our Sponsor:  Want to accelerate software development by 500%? Meet Blitzy, the only autonomous code generation platform with infinite code context, purpose-built for large, complex enterprise-scale codebases.  While other AI coding tools provide snippets of code and struggle with context, Blitzy ingests millions of lines of code and orchestrates thousands of agents that reason for hours to map every line-level dependency.  With a complete contextual understanding of your codebase, Blitzy is ready to be deployed at the beginning of every sprint. Blitzy handles the heavy lifting, delivering over 80% of the work autonomously. The platform plans, builds, and validates premium-quality code at the speed of compute, turning months of engineering into a matter of days. It's the secret weapon for Fortune 500 companies globally.  To hear how engineering leaders are transforming the way they deliver software, visit blitzy.com. Schedule a meeting with their consultants to enable an AI-Native SDLC in your organization today. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-55m-financing-explained-9184Recording date: 23rd February 2026Integra Resources Corp. (TSXV: ITR) has unveiled its 2026 guidance and three-year production outlook, signaling a transformative period for its Florida Canyon gold mine in Nevada. The company expects to produce 70,000-75,000 ounces in 2026 at elevated all-in sustaining costs of $2,750-$2,950 per ounce, representing a deliberate investment phase designed to unlock substantially higher production in subsequent years.President and CEO George Salamis positioned 2026 as a "setup year" focused on building capacity for future growth. The company is deploying $62-68 million in sustaining capital, primarily for intensive waste stripping campaigns to access the higher-grade Central Pit ore body and fleet renewal programs. This strategic investment is expected to deliver 80,000-90,000 ounces annually in both 2027 and 2028 at significantly reduced costs as stripping intensity declines.The production outlook surprised analysts who had modeled Florida Canyon at 70,000-75,000 ounces in perpetuity. Management emphasized that the capital program carries minimal execution risk, with ore-waste boundaries well-defined through extensive geological modeling. An updated feasibility study expected in coming months will extend Florida Canyon's mine life beyond the current five-year estimate to seven-plus years, incorporating approximately 50 million tons of low-grade stockpiled material being reclassified as ore.Beyond Florida Canyon, Integra is advancing its DeLamar project in Idaho through a recent $60 million equity raise that added 12 new institutional investors. The proceeds will fund early works programs and long-lead equipment purchases ahead of planned 2028 development. A strategic $12.5 million ranch acquisition provides critical water rights and environmental mitigation opportunities, de-risking the $1.8 billion NPV project.With over $110 million in treasury and strong projected cash flow generation from 2027-2028, management expects to self-fund DeLamar's equity portion without major dilution, offering investors a clear pathway to multi-asset value creation in a favorable gold price environment.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

In this episode of Mining Stock Daily, host Michael McCrae interviews Dale Verran, CEO of Fortune Bay Corp. (TSX-V:FOR, OTCQX:FTBYF), to discuss the advancement of the company's flagship Goldfields Gold Project in Saskatchewan. Following a preliminary economic assessment that showcased an after-tax NPV of $610 million, Verran said next steps are to transition toward a prefeasibility study. Verran also highlighted the company's strong relationships with local First Nations and the benefits of operating in Saskatchewan, while briefly touching on the upside potential of their Strike and Murmac uranium projects and the Poma Rosa asset in Mexico.

Today on the show, we have Charles Rosenblatt, CEO of Butter Payments, providing ML AI-driven payment recovery for subscription merchants and recurring payments. Previously, Charles was CSO of Payoneer, CRO at Velo Payments, and ran treasury at D.E. Shaw during the late 90s—where managing a financial crisis taught him that outside factors can derail even the best strategies and smartest teams. In this episode, we uncover why the 14-day dunning period is an arbitrary standard that shouldn't exist—and how decoupling dunning strategy from product access unlocks smarter business decisions. Charles shares how Butter analyzes 128 variables across billions of transactions to predict payment recovery within 10 seconds, allowing companies to shut off high-cost AI users immediately when recovery is unlikely, while keeping loyal customers active when payments will clear. We explore why involuntary churn creates dangerous false signals: 30% of customers leaving might actually want to stay but have expired cards or temporary payment issues. This can lead product teams to catastrophic decisions—like Coca-Cola changing their formula when the real problem was payment infrastructure, not product-market fit. The lesson: understand what's within your control versus what's not before making strategic pivots. We also discuss how Capital One shifted their best people from acquisition to retention after realizing they were churning the equivalent of the 7th largest credit card company every year—because spending $20 to save a $500 NPV customer beats spending $300 to acquire a new one who might churn anyway. Finally, we dig into payment recovery ethics and strategy: why Butter refuses "forced payments" that drive customer accounts negative, how different card types (Amex vs. debit vs. prepaid) require completely different retry logic, and why competitors who inflate recovery promises by 100% damage trust across the industry.As always, I'd love to hear from you. You can email me directly at andrew@churn.fm, and don't forget to follow us on X.Churn FM is sponsored by Vitally, the all-in-one Customer Success Platform.

While at CIBC's Annual Institutional Investor Conference in Whistler, we had the exciting opportunity to host Grant Isaac of Cameco for this Special Edition COBT. Grant serves as President and Chief Operating Officer of Cameco and has held several roles over his 16-plus years with the company, including EVP & CFO and SVP of Corporate Services. In his current role, he is responsible for all Cameco operations, exploration, and corporate development, as well as the company's commercial and financial strategy. Grant earned a Ph.D. from the London School of Economics and previously served as a business professor at the University of Saskatchewan. We were delighted to sit down with Grant to explore the latest developments in nuclear energy. In our discussion, Grant outlines Cameco's integrated nuclear platform and strategy, with vertical integration as a way to help “build their own demand,” as each reactor build creates 80-100 years of downstream recurring fuel and services demand. We explore how nuclear has shifted from “maybe/what if” to “must do it now,” what drives ordering momentum, and the industry's push to turn nuclear from a project into a product through standardization, sequencing, and simplification. Grant discusses how investors are increasingly underwriting Cameco as a “nuclear super-major” with scarce, strategic assets, and how the Westinghouse acquisition and partnership with Brookfield broadened the shareholder base and improved visibility into future demand. We touch on supply-chain pinch points across mining, conversion, enrichment, and fabrication, the post-Russia fuel-cycle reset, and why uranium is uniquely constrained by geology and can't be “fixed” with industrial policy. Grant explains the Global Laser Enrichment (GLE) project, the role of public-private partnerships in capital-intensive nuclear projects, and Ontario as a positive case study for government involvement. Grant also shares why traditional NPV frameworks tend to undervalue nuclear assets, noting that governments and sponsors instead focus on payback math over 80–100-year asset lives, the significant economic multipliers from large-scale nuclear builds, and the “cluster effects” that attract long-term industry, jobs, and investment, making the case for nuclear as a generational, nation-building infrastructure investment. We also cover evolving investor frameworks and valuation metrics, expectations for consolidation in the nuclear sector, his outlook for 2026, the future of uranium supply, and more. It was an insightful conversation. In other nuclear news, the World Nuclear Association published a World Nuclear Outlook Report on Tuesday, January 20 (linked here), which provides the most comprehensive assessment to date of global nuclear energy development, assessing national targets for nuclear capacity against the global goal to triple nuclear capacity by 2050. We hope you enjoy the discussion with Grant as much as we did. Our best to you all!

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-rare-public-salt-play-targets-10-of-north-americas-de-icing-market-8676Recording date: 16th January 2026Atlas Salt is positioning itself to address a critical infrastructure need in North America through the development of the Great Atlantic Salt project on Newfoundland's west coast. The company targets the deicing road salt market, where demand consistently outstrips domestic supply by 30-40%, forcing North American buyers to source from Egypt and Chile with significantly longer lead times and higher costs.CEO Nolan Peterson, who joined the company in June 2025, explained the market dynamics: "There is a salt shortage year-over-year when you're balancing domestic production versus domestic needs. And domestically, I'm grouping Canada and the United States as one market." The timing appears particularly opportune, with Ontario currently experiencing severe shortages despite having a full year to prepare following last year's supply crisis.The project's geographic advantage is substantial. Located in Newfoundland with direct port access, Atlas Salt can deliver product to the same markets served by foreign producers in 15 to 20% less time and cost, according to Peterson. This proximity enables rapid response to spot market opportunities and provides supply chain stability that foreign sources cannot match.The updated feasibility study demonstrates robust economics with total capital requirements of approximately $600 million CAD. The project generates an NPV of $920 million CAD with a 21.3% after-tax IRR and $188 million in annual after-tax free cash flow over a 25-year mine life. "Our contrast is that we have steady stable cash flow year after year kind of like a dividend or a bond if you will once you get over that initial hurdle," Peterson explained.Construction activities are beginning imminently following financing completed in October 2025, with the company targeting Q2 2026 for a finalized debt package covering 60-80% of capital needs from sovereign wealth funds and infrastructure banks. Atlas Salt has already signed an MOU with Scotwood Industries, the largest distributor of packaged retail deicing salt in North America, while pursuing additional commercial partnerships and potential vertical integration opportunities.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

AI Detection of Cardiac Amyloidosis   Guest: Patricia Pellikka, M.D. Host: Malcolm Bell, M.D.   Dr. Patricia Pellikka dives into the AI model she helped build. Working with an AI echo company, Ultromics Ltd., her team built an AI echo model to detect cardiac amyloidosis. The model works from an apical 4 chamber videoclip and was approved by the FDA via the breakthrough pathway. They have validated it internationally in a population with 22% prevalence of cardiac amyloidosis and it had a sensitivity of 85%, specificity 93%, PPV 78%, NPV 96%, and AUC 0.93.  The performance of the model was consistent across cardiac amyloid types; among AL, wild type ATTR, and hereditary ATTR, the sensitivity was 84%, 85%, and 86%, respectively.  The performance of the model was also superior to previously validated scores which use clinical and echocardiographic variables for detecting cardiac amyloidosis. The results of the study were published online in the European Heart Journal in July.   Topics Discussed: You have built an AI echo model to detect cardiac amyloidosis.  How did you get into this? Tell us about the model that you built. How did you validate it? How does the model compare with other screening methods for detecting cardiac amyloidosis? What are the next steps for your research?   Connect with Mayo Clinic's Cardiovascular Continuing Medical Education online at https://cveducation.mayo.edu or on Twitter @MayoClinicCV and @MayoCVservices. LinkedIn: Mayo Clinic Cardiovascular Services Cardiovascular Education App: The Mayo Clinic Cardiovascular CME App is an innovative educational platform that features cardiology-focused continuing medical education wherever and whenever you need it. Use this app to access other free content and browse upcoming courses. Download it for free in Apple or Google stores today! No CME credit offered for this episode.   Podcast episode transcript found here.

Interview with Mike Garbutt, President & CEO of Clean Air MetalsRecording date: 13th January 2026Clean Air Metals (TSXV:AIR) is advancing one of North America's rare primary platinum assets at a pivotal moment for the metal. The company's Thunder Bay North project in Ontario holds 14.9 million tons of indicated resource with a polymetallic composition including platinum, palladium, copper, nickel, gold, and silver. With an 11-year mine life processing 2,500 tons daily, the project's economics have transformed as metal prices surged.CEO Mike Garbett, who brings 14 years of operational experience from Falconbridge and project development expertise, explained the compelling market dynamics. "Platinum is an interesting case. It is a precious metal, but it has some great industrial use. The bottom line is it's a pretty small market, 6 to 7 million ounces, and there's a growing deficit, nearing a million ounces a year," he noted.The company's Preliminary Economic Assessment showed a post-tax NPV of CAD $219 million at 39% IRR using conservative metal prices. However, with spot prices approximately doubling since the study, Garbett stated they're now "looking at $700 million NPV at 8% discount rate and 100% IRR, just astronomical numbers."Management is pursuing a dual-track strategy for 2026. The primary path involves toll milling, which ships material to existing facilities and keeps upfront capital under CAD $100 million. Simultaneously, the company is evaluating a standalone mill option that could position the site as a regional processing center for northwestern Ontario.Recent exploration success strengthens the investment case. The company intersected 50 meters of mineralization 400 meters down plunge on the Escape deposit, validating targeting methodology across 2.5 kilometers of largely untested strike length. With approximately CAD $1 million in treasury, Clean Air Metals is pursuing strategic partnerships with mid-tier producers for non-dilutive financing while advancing technical studies and exploration permitting toward near-term production.View Clean Air Metals' company profile: https://www.cruxinvestor.com/companies/clean-air-metals-incSign up for Crux Investor: https://cruxinvestor.com

Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-growing-gold-producer-with-63m-treasury-8093Recording date: 5th January 2026Integra Resources has successfully completed its transformation from developer to established gold producer, delivering a 400% increase in adjusted cash flow year-over-year during 2025 while consistently meeting production guidance across four consecutive quarters at its Florida Canyon operation in Nevada's Great Basin.CEO George Salamis outlined how 2025 focused on stabilizing the asset after years of underinvestment by previous owners, addressing deferred maintenance through fleet equipment replacement, water infrastructure development, and catch-up capitalized stripping work. "We made that transition in late 2025, transitioning from sort of pure developer to cash flow and producer. And I think we proved that throughout the course of the year," Salamis explained.The company's mid-2026 feasibility study for Florida Canyon will demonstrate significant expansion potential, incorporating exploration success, mine life extension, and approximately 50 million tons of previously uneconomic low-grade stockpile material now viable at current gold prices. This material's proximity to heap leach pads eliminates costly multi-kilometer haulage distances, creating meaningful operational efficiencies.DeLamar, Integra's flagship development project, advanced substantially with delivery of a robust feasibility study showing $775 million base case NPV ($1.8 billion at spot prices) and 46% after-tax IRR. The simplified two-phase heap leach design reduces upfront capital requirements and development risk compared to the previous single-pad configuration. The project enters federal NEPA permitting in 2026, with management expecting significantly shorter timelines than historical 2-3 year durations due to the current administration's focus on accelerating domestic mining approvals.Nevada North, located just 26 miles from Florida Canyon, will advance from preliminary economic assessment to pre-feasibility study during 2026, offering additional growth optionality with infrastructure synergies.Integra's self-funding capability from Florida Canyon operations eliminates dilution concerns while enabling simultaneous advancement of its three-asset portfolio, positioning the company as a multi-asset gold producer in one of North America's premier mining jurisdictions.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO of G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxgtwo-high-grade-gold-developer-targets-imminent-strategic-exit-7459Recording date: 7th January 2026G2 Goldfields represents a rare opportunity to invest in a first-quartile gold development asset trading at a substantial discount to fair value. The company's initial Preliminary Economic Assessment for the Oko project in Guyana has validated exceptional economics that position it among the highest-quality undeveloped gold deposits globally.The PEA outlines a 14-year mine producing 3.2 million ounces of gold with average annual production of 281,000 ounces. At $3,000 gold, the project delivers net present value of $2.6 billion, 39% internal rate of return, and 2.6-year payback against initial capital expenditure of $664 million. The capital intensity ratio of 3.9 substantially exceeds comparable projects and reflects the compounding advantages of high-grade resources averaging 3.2-3.3 grams per tonne with underground zones exceeding one ounce per tonne.What differentiates successful gold development stories from value traps is the pathway to systematic risk reduction. G2 has identified four key de-risking milestones for 2026: environmental permitting advancement, metallurgical confirmation, resource conversion drilling, and geotechnical studies. The permitting timeline of 24-30 months has been de-risked by neighbouring G Mining's 23-month experience at Oko West, whilst Guyana's improving regulatory framework reflects the country's economic diversification through offshore oil development.The 2026 drilling programme prioritises conversion of inferred resources to indicated category, focusing on early mine life production ounces and the high-grade underground zones that drive project economics. Management estimates approximately 70% of ounces reside in roughly 40% of the rock, highlighting the high-grade nature that makes resource definition particularly valuable.G2 currently trades at approximately 0.5 times net asset value compared to the historical average of 1.0 times NAV for first-quartile assets approaching development. This valuation gap represents quantifiable upside as de-risking milestones are achieved throughout 2026. Historical takeover premiums for first-quartile gold assets have averaged 1.7x NAV, creating additional acquisition potential from mid-tier and major producers seeking high-margin reserve replacement.The investment thesis strengthens considerably when considering current gold price dynamics. At $4,000 gold, project NPV increases to $4.2 billion with 54% IRR and two-year payback. With gold currently trading above $4,500 per ounce, supported by monetary policy uncertainty and geopolitical tensions, the project's economics substantially exceed the conservative base case assumptions.Management credibility is established through CEO Dan Noone's successful delivery of the Aurora mine in 2014 for $258 million, demonstrating capability to execute projects on budget in frontier jurisdictions. The team is augmenting technical capabilities with experienced mining engineers whilst engaging specialised consultants for detailed engineering and permitting work.Near-term catalysts include updated resource estimates and economics by year-end 2026, environmental permitting milestones within 12-15 months, and quarterly drill results. For investors seeking exposure to high-quality gold development with quantifiable valuation upside, proven de-risking pathway, and leverage to strong gold fundamentals, G2 Goldfields offers a compelling risk-reward proposition within the precious metals sector.View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com

Mining Stock Daily discusses the new feasibility study published by Integra Resources for the DeLamar Gold Silver Heap Leach Project. The study reveals promising economic metrics, including a significant after-tax NPV and IRR based on current gold prices. The discussion delves into the differences between the preliminary and final feasibility studies, the implications of project financing and permitting challenges, and the influence of the silver market on Integra's stock performance. The conversation concludes with insights into the future prospects of the project and the company's strategic direction.

Our strategists Michelle Weaver and Adam Jonas join analyst Christopher Snyder to discuss the most important themes that emerged from the Morgan Stanley Annual Industrials Conference in Laguna Beach.Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic Strategist.Christopher Snyder: I'm Chris Snyder, Morgan Stanley's U.S. Multi-Industry Analyst. Adam Jonas: And I'm Adam Jonas, Morgan Stanley's Embodied AI Strategist.Michelle Weaver: We recently concluded Morgan Stanley's annual industrials conference in Laguna Beach, California, and wanted to share some of the biggest takeaways.It's Tuesday, September 16th at 10am in New York.I want to set the stage for our conversation. The overall tone at the conference was fairly similar to last year with many companies waiting for a broader pickup. And I'd flag three different themes that really emerged from the conference. So first, AI. AI is incredibly important. It appeared in the vast majority of fireside conversations. And companies were talking about AI from both the adopter and the enabler angle. Second theme on the macro, overall companies remain in search of a reacceleration. They pointed to consistently expansionary PMIs or a PMI above 50, a more favorable interest rate environment and greater clarity on tariffs as the key macro conditions for renewed momentum. And then the last thing that came up repeatedly was how are companies going to react to tariffs? And I would say companies overall were fairly constructive on their ability to mitigate the margin impact of tariffs with many talking about both leveraging pricing power and supply chain shifts to offset those impacts. So, Chris, considering all this, the wait for an inflection came up across a number of companies. What were some of your key takeaways on multis, on the macro front? Christopher Snyder: The commentary was stable to modestly improving, and that was really consistent across all of these companies. There are, you know, specific verticals where things are getting better. I would call out data center as one. Non-res construction, as another one, implant manufacturing as one. And there were certain categories where we are seeing deterioration – residential HVAC, energy markets, and agriculture.But we came away more constructive on the cycle because things are stable, if not modestly improving into a rate cut cycle. The concern going in was that we would hear about deteriorating trends and a rate cut would be needed just to stabilize the market. So, we do think that this backdrop is supportive for better industrial growth into 2026.We have been positive on the project or CapEx side of the house. It feels like strength there is improving. We've been more cautious on the short cycle production side of the house. But we are starting to see signs of rate of change. So, when we look into [20]26 and [20]27, we think U.S. industrials are poised for decade high growth. Michelle Weaver: You've had a thesis for a while now that U.S. reshoring is going to be incredibly important and that it's a $10 trillion opportunity. Can you unpack that number? What are some recent data points supporting that and what did you learn at the conference? Christopher Snyder: Some of the recent data points that support this view is U.S. manufacturing construction starts are up 3x post Liberation Day. So, we're seeing companies invest. This is also coming through in commercial industrial lending data, which continues to push higher almost every week and is currently at now record high levels. So, there's a lot of reasons for companies not to invest right now. There's a lot of uncertainty around policy. But seeing that willingness to invest through all of the uncertainty is a big positive because as that uncertainty lifts, we think more projects will come off the sidelines and be unlocked. So, we see positive rate of change on that. What I think is often lost in the reassuring conversation is that this has been happening for the last five years. The U.S. lost share of global CapEx from 2000 when China entered the World Trade Organization almost every year till 2019 when Trump implemented his first wave of tariffs. Since then, the U.S. has taken about 300 basis points of global CapEx share over the last five years, and that's a lot on a $30 trillion CapEx base. So, I think the debate here should be: Can this continue? And when I look at Trump policy, both the tariffs making imports more expensive, but also the incentives lowering the cost of domestic production – we do think these trends are stable. And I always want to stress that this is a game of increments. It's not that the U.S. is going to get every factory. But we simply believe the U.S. is better positioned to get the incremental factory over the next 20 years relative to the prior 20. And the best point is that the baseline growth here is effectively zero. Michelle Weaver: And how does power play into the reshoring story? AI and data centers are generating huge demand for power that well outstrip supply. Is there a risk that companies that want to reshore are not able to do so because of the power constraints?Christopher Snyder: It's a great question. I think it's part of the reason that this is moving more slowly. The companies that sell this power equipment tend to prioritize the data center customers given their scale in magnitude of buying. But ultimately, we think this is coming and it's a big opportunity for U.S. power to extend the upcycle.Manufacturing accounts for 26 percent of the electricity in the country. Data center accounts for about 5 percent. So, if the industrial economy returns to growth, there will be a huge pull on the grid; and I view it as a competitive advantage. If you think about the future of U.S. manufacturing, we're simply taking labor out and replacing it with electricity. That is a phenomenal trade off for the U.S. And a not as positive trade off for a lot of low-cost regions who essentially export labor to the world. I'm sure Adam will have more to say about that. Michelle Weaver: And Adam, I want to bring robotics and humanoid specifically into this conversation as the U.S.' technological edge is a big part of the reshoring story. So how do humanoids fit into reshoring? How much would they cost to use and how could they make American manufacturing more attractive? Adam Jonas: Humanoid robots – we're talking age agentic robots that make decisions from themselves autonomously due to the dual purpose in the military. You know, dual purpose aspect of it makes it absolutely necessary to onshore the technologies.At the same time, humanoid robots actually make it possible to onshore those technologies. Meaning you need; we're not going to be able to replicate manufacturing and onshore manufacturing the way it's currently done in China with their environmental practices and their labor – availability of affordable cheap human labor.Autonomous robots are both the cause of onshoring. And the effect of onshoring at the same time, and it's going to transform every industry. The question isn't so much as which industry will autonomous robots, including humanoids impact? It's what will it not.And we have not yet been able to find anything that it would. When you think about cost to use – we think by 2040 we get to a point where to Chris's point, the marginal cost of work will be some factor of electricity, energy, and some depreciation of that physical plant, or the physical robot itself. And we come up with a, a range of scenarios where centered on around $5 per hour. If that can replace two human workers at $25 an hour, that can NPV to around $200,000 of NPV per humanoid. That's discounting back 15 years from 2040.Michelle, there's 160 million people in the U.S. labor market, so if you just substituted 1 percent of that or 1.6 million people out of the U.S. Labor pool. 1.6 million times $200,000 NPV; that's $320 billion of value, which is worth, well, quite a lot. Quite a lot of money to a lot of companies that are working on this. So, when we get asked, what are we watching, well, in terms of the bleeding edge of the robot revolution, we're watching the Sino-U.S. competition. And I prefer to call it competition. And we're also watching the terra cap companies, the Mag 7 type companies that are quite suddenly and recently and very, very significantly going after physical AI and robotics talent. And increasingly even manufacturing talent. So again, to circle back to Chris's point, if you want evidence of reshoring and manufacturing and advanced manufacturing in this country, look at some of these TMT and tech and AI companies in California. And look at, go on their hiring website and watch all the manufacturing and robotics people that they're trying to hire; and pay a lot of money to do so. And that might be an interesting indicator of where we're going.Michelle Weaver: I want to dig in a little bit more there. We're seeing a lot of the cutting-edge tech coming out of China. Is the U.S. going to be able to catch up?Adam Jonas: Uh, I don't know. I don't know. But I would say what's our alternative. We either catch up enough to compete or we're up for grabs. OK?I would say from our reading and working closely with our team in China, that in many aspects of supply chain, manufacturing, physical AI, China is ahead. And with the passage of time, they are increasingly ahead. We estimate, and we can't be precise here, that China's lead on the U.S. would not only last three to five years, but might even widen three to five years from now. May even widen at an accelerating rate three to five years from now.And so, it brings into play is what kind of environment and what kind of regulatory, and policy decisions we made to help kind of level the playing field and encourage the right kind of manufacturing. We don't want to encourage trailing edge, Victorian era manufacturing in the U.S. We want to encourage, you know, to skate to where the puck is going technology that can help improve our world and create a sustainable abundance rather than an unsustainable one. And so, we're watching China very, very closely. It makes us a little bit; makes me a little bit kind of nervous when we – if we see the government put the thumb on the scale too much.But it's invariably going to happen. You're going to have increased involvement of whichever administration it is in order to kind of set policies that can encourage innovation, education of our young people, repurposing of labor, you know. All these people making machines in this country now. They might get, there may be a displacement over a number of years, if not a generation.But we need those human bodies to do other things in this economy as well. So, we; I don't want to give the impression at all in our scenarios that we don't need people anymore. Michelle Weaver: What are the opportunities and the risks that you see for investors as robotics converges with this broader U.S. manufacturing story? Adam Jonas: Well, Michelle, we see both opportunities and risks. There are the opportunities that you can measure in terms of what portion of global GDP of [$]115 trillion could you look at. I mean, labor alone is $40 trillion.And if you really make humanoid that can do the work of two workers, guess what? You're not going to stop at [$]40 trillion. You're going to go beyond that. You might go multiple beyond that. Talking about the world before AI, robotics and humanoid is like talking about the world before electricity. Or talking about business before the internet. We don't think we're exaggerating, but the proof will be in the capital formation. And that's where we hope we can be of assistance to our clients working together on a variety of investment ideas. But the risks will come and it is our professional responsibility, if not our moral responsibility, to work with our partners across research to talk about those risks. Michelle, if we have labor displacement, go too quickly, there's serious problems. And if you don't, if you don't believe me, go look at, look at you know, the French Revolution or the Industrial Revolution, or Age of Enlightenments. Ages of scientific enlightenment frequently cohabitate times of great social and political turmoil as well. And so, we think that these risks must be seen in parallel if we want to bring forth technologies that can make us more human rather than less human. I'm sorry if I'm coming across as a little preachy, but if you studied robots and labor all day long, it does have that effect on you. So, Michelle, how do you see innovation priorities changing for industrials and investors in this environment?Michelle Weaver: I think it's huge as we're seeing AI and technology broadly diffuse across different segments of the market, it's only becoming more important. About two-thirds of companies at the conference mentioned AI in some way, shape, or form. We know that from transcripts. And we're seeing them continue to integrate AI into their businesses. They're trying to go beyond what we've just seen at the initial edge. So, for example, if I think about what was going on within AI adoption a couple years ago, it was largely adding a chat bot to your website that's then able to handle a lot of customer service inquiries. Maybe you could reduce the labor there a little bit. Now we're starting to see a lot more business specific use cases. So, for example, with an airline, an airline company is using AI to most optimally gate different planes as they're landing to try and reduce connection times. They know which staff needs to go to another flight to connect, which passengers need to move to another flight. They're able to do that much more efficiently. You're seeing a lot on AI being adopted within manufacturing to make manufacturing processes a lot more seamless. So, I think innovation is only going to continue to become more important to not only industrials, but broadly the entire market as well.Clearly the industry is being shaped by adaptability, collaboration, and a focus on innovation. So, Chris, Adam, thank you both for taking the time to talk. Adam Jonas: Always a pleasure. Michelle.Christopher Snyder: Thank you for having us on. Michelle Weaver: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.