Podcasts about tsx v

Interview with Keith Henderson, President & CEO of Latin MetalsOur previous interview: https://www.cruxinvestor.com/posts/latin-metals-tsxvlms-the-prospect-generator-model-few-juniors-follow-10250Recording date: 14th August 20206Latin Metals Inc. (TSXV:LMS) has added a third active partner-funded project to its portfolio with an ongoing agreement with Minsur, a private Peruvian mining company already in a 75/25 joint venture with Newmont on adjacent ground to cover the Lacsha copper-molybdenum porphyry project in southern Peru.Under the deal outlined by CEO Keith Henderson, Minsur can earn an initial 75% interest in Lacsha by completing 60,000 metres of drilling over six years and paying Latin Metals approximately $2.5 million in cash, a commitment Henderson estimated at roughly C$40 million in Minsur-funded exploration spending. Once that threshold is met, Minsur holds a time-limited option to acquire the remaining 25% for C$28 million which would leave Latin Metals with a 2% net smelter return royalty. Minsur separately holds a three-year option to buy 1% of that royalty for a further $20 million. Combined, Henderson said, the structure could deliver a little over $42 million in cash coming into the company.Latin Metals generated Lacsha internally, spending approximately $900,000 (CAD) on staking, mapping, geochemistry and geophysics before bringing in a partner - notably more than the company's typical $200,000-$300,000 generative budget per project, which Henderson attributed to years of incremental exploration work culminating in a stronger-than-usual technical package. Lacsha's location directly south of Minsur's existing Newmont joint venture ground gives the new partner a clear strategic rationale to test the structural and geochemical extension onto Latin Metals' claims.The Lacsha deal brings Latin Metals' total under-contract partner investment to approximately $120 million, spanning Lacsha, Cerro Bayo and La Flora (Daura Gold), and Zaha (Moxico Resources), all funded externally against a corporate budget Henderson described as flat at $3 million per year. Management is targeting further deals across the remaining pipeline including Organullo, Crosby and an Argentine sediment-hosted copper package during 2026, which it expects could push cumulative under-contract investment toward $150-180 million.Near-term catalysts sit with the Argentine silver-gold assets rather than Lacsha itself: Daura Gold's Phase II drill programme at Cerro Bayo is scheduled for Q3 2026, alongside the first drill test of the high-grade La Flora vein system, where surface sampling has returned grades as high as 82 g/t gold and 1,239 g/t silver historically. Combined partner-funded drilling across the portfolio is expected to reach approximately 18,000 metres in 2026.On financing, Henderson said Latin Metals expects roughly C$1.8 million from warrant exercises in September 2026, with warrants priced at 15 cents against a share price near 25 cents, a gap management is relying on to avoid raising additional equity capital through 2026 and 2027. As with all early-stage option structures, the eventual scale of Lacsha's payoff depends on drill results Latin Metals will not itself control, since the company does not intend to operate the project once Minsur's drilling begins.View Latin Metals' company profile: https://www.cruxinvestor.com/companies/latin-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Appleyard, CEO, TriStar GoldOur previous interview: https://www.cruxinvestor.com/posts/tristar-gold-tsxvtsg-legal-resolution-could-unlock-100m-in-shareholder-value-8034Recording date: 13th August 2026TriStar Gold Inc. (TSXV: TSG) is a Brazil-focused gold developer whose sole asset, the Castelo de Sonhos project in Pará State, presents one of the more striking valuation disconnects among development-stage gold names in the Americas. The May 2025 pre-feasibility study update outlines 1.4 million ounces of probable reserves at 1.1 g/t gold, with total indicated and inferred resources of 2.5 million ounces inclusive of reserves. At the study's $2,200/oz gold base case, the project generates a post-tax internal rate of return of 40% and a post-tax net present value of $603 million against initial capital of approximately $296 million, rising to a 72% IRR and $1.35 billion NPV at $3,200/oz gold. Mining is shallow open pit with 98% recovery and no sulphides, and the deposit remains open along an approximately 19km strike of mineralised conglomerate reef.Despite those economics, TriStar's market capitalisation stood at just C$63.6 million as of end-July 2026, a valuation that puts the company at roughly $20 per ounce of measured and indicated resource against a peer median near $94/oz, and 0.02x price-to-net-asset-value against a 0.3x peer median, according to company-compiled comparables. Management attributes the gap almost entirely to a federal civil action, initiated by the Federal Public Prosecutor's Office (MPF) and Brazil's National Foundation of Indigenous Peoples (FUNAI), arguing that TriStar's state-level environmental permit should instead have gone through a federal process involving an Indigenous Component Study and formal consultation with Kayapó communities in the region. TriStar and the State of Pará dispute this, arguing the project never triggered the thresholds that would require federal-level permitting. Critically, the underlying Licença Prévia (LP) permit remains valid; courts have rejected every injunction request against it, and the case is currently in an evidentiary phase awaiting a judge's ruling.CEO Nick Appleyard has stated a target of reaching a negotiated resolution, under which TriStar would retain its permit while voluntarily completing indigenous studies ahead of construction, before the end of 2026, with the market potentially taking a further three to six months to fully reflect that outcome. In the interim, the company is planning a drill programme around the high-grade Esperança South zone, expected to mobilise around October 2026, intended to support an eventual feasibility study.Beyond a standalone build, TriStar maintains an active data room with what management describes as roughly half a dozen Brazil-based candidates plus international parties, positioning the asset as a plausible acquisition target once the legal overhang clears. The company holds approximately US$10 million in cash against 397.5 million shares issued.Learn more: https://www.cruxinvestor.com/companies/tristar-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Darrin Campbell, President & CEO of Namibia Critical Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/namibia-critical-metals-tsxvnmi-japan-backed-path-to-dfs-in-q2-2027-9891Recording date: 13th August 2026Namibia Critical Metals (TSXV:NMI) has reached a pivotal moment in the development of its Lofdal Heavy Rare Earth Project in Namibia. In July 2026, the Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho Corporation completed a C$23 million earn-in commitment, roughly 18 months ahead of the original March 2028 schedule, securing a combined 50% participating interest in the project. The two partners formed TJ Namibia Rare Earths Corporation (TJNREC) to hold that interest, and JOGMEC has separately committed up to C$47.668 million (approximately ¥5.5 billion) to capitalise the new entity, funding Lofdal through Definitive Feasibility Study completion and toward a Final Investment Decision.Critically, all project funding from this point forward is structured as non-interest-bearing, non-dilutive Pre-FID Capital Funding - a mechanism CEO Darrin Campbell described as a temporary free carry that removes near-term financing risk without forcing Namibia Critical Metals to make a dilution decision until FID itself. The company retains the option to participate at up to 45% ownership or dilute to a carried floor of 21%, with management signalling a preference to retain maximum exposure given the project's economics.The economics, laid out in a December 2025 PFS, show a 13-year mine life producing 2,000 tonnes of total rare earth oxide annually, including significant dysprosium, terbium and yttrium output. A base case using moderate pricing generates a $275 million after-tax NPV and 19% IRR on $348 million of capex; a divergent case reflecting the elevated non-Chinese pricing seen over the past 18 months delivers a $748 million after-tax NPV and 35% IRR. Campbell noted current market conditions increasingly resemble the divergent scenario.Technical work continues in parallel. A 13,000-metre, 83-hole drill programme launched in June 2026 is targeting a maiden resource at the Area 5 xenotime system, the project's first deep test hole at Area 4 to approximately 800 metres for underground mining studies, and infill drilling at Area 2B. SGS has been awarded pilot-scale flotation and hydrometallurgical testwork contracts aimed at producing separated - rather than mixed - light and heavy rare earth products, which Campbell said better matches offtaker demand. A DFS completion target of Q3 2027 is intended to lead into an FID shortly after.Despite this de-risking and the depth of sovereign-industrial backing, Campbell argues the market continues to price Lofdal as an early-stage exploration story, at roughly 0.15-0.2x price-to-NAV versus 0.4-0.8x for comparable PFS/DFS-stage peers. He attributes the gap to thin liquidity, minimal institutional coverage as the company has not needed to raise meaningful capital in six years due to JOGMEC funding, and market confusion over the earn-in's dilution mechanics. Final offtake pricing terms with the Japanese consortium remain under negotiation, representing a further catalyst to watch as the project approaches FID.View Namibia Critical Metals' company profile: https://www.cruxinvestor.com/companies/namibia-critical-metals-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO of Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/nickels-next-chapter-tight-supply-steady-demand-and-higher-price-floors-11311Recording date: 13th August 2026Canada Nickel Company Inc. (TSXV:CNC) has reached a milestone that few Canadian mining developers achieve: a positive federal decision statement for its 100%-owned Crawford Nickel-Cobalt Sulphide Project, the first project to complete Canada's Impact Assessment Act process from application through to decision since the legislation came into force in 2019. CEO Mark Selby frames the approval as a de-risking event on three fronts: it differentiates Crawford from peer projects still mid-permitting when courting strategic partners; it removes a major source of hesitation for larger institutional investors who had been waiting on permitting clarity; and it strengthens Canada Nickel's standing with government funding bodies already engaging with the company.That standing is reflected in Crawford's selection as one of five projects referred to the federal Major Projects Office, the earliest-stage project among that group, and as one of three projects named to Ontario's One Project, One Process fast-track framework, alongside a Thunder Bay lithium project and Kinross's Great Bear gold project.On financing, Selby laid out a capital stack in which government-linked sources do much of the heavy lifting. Of the approximately $1 billion in equity Canada Nickel needs to build Crawford, $600 million is covered by refundable investment tax credits, and a further $100 million comes from a Samsung commitment. The company is working with Scotiabank and Deutsche Bank on an additional $100-200 million through a further project stake sale or structured offtake financing. On the debt side, a letter of intent from Export Development Canada is progressing toward a term sheet, backed by four years of dialogue with global export credit agencies, and a roughly two-month-old mandate with Scandinavian bank SB1 Markets is intended to produce a bridge facility that draws on tax credits during construction rather than after.The company closed a $20 million financing overnight ahead of this interview, taken up entirely by a single family office, and separately upsized a non-brokered private placement on  from C$15.0 million to up to C$21 million in gross proceeds, scheduled to close around August 28, 2026. Selby flagged further financing initiatives expected in October and November 2026.With funding in hand, Canada Nickel is moving into detailed engineering and long-lead procurement, targeting a construction decision by mid-2027 and breaking ground by the end of that year, a schedule that has slipped from the year-end 2026 target in Crux's earlier coverage. Seasonal construction constraints in the Abitibi region mean any further delay risks pushing activity into the following year's window.Beyond Crawford, Selby pointed to the Reid Nickel Sulphide Project, roughly 39 kilometres northwest of Timmins, where August 2026 drilling returned the highest-grade intervals reported to date: 1.01% nickel over 4.5 metres within a broader 576.6-metre interval averaging 0.29% nickel. Reid's current resource stands at 0.87 billion Indicated tonnes and 1.45 billion Inferred tonnes, part of what Selby describes as a wider Timmins Nickel District pipeline behind Crawford.View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Blake Hylands, CEO of Lithium Ionic Corp.Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-low-cost-developer-targets-construction-start-h2-2026-8741Recording date: 6th August 2026Lithium Ionic Corp has agreed to sell its non-core Baixa Grande lithium deposit in Brazil to PLS Group for up to US$70 million, a move that accelerates funding for the company's flagship Bandeira Lithium Project toward a construction decision.The transaction delivers US$37.5 million in cash consideration, split between US$30 million payable at closing (expected within months) and US$7.5 million due at the buyer's final investment decision or an earlier agreed date. Additionally, Lithium Ionic retains a 2% royalty on Baixa Grande, estimated at US$20-30 million in value. The sale caps a three-year hold on an asset Lithium Ionic always viewed as secondary to Bandeira, generating roughly eight times the company's original acquisition cost.Baixa Grande sits adjacent to ground PLS acquired through its 2025 purchase of Latin Resources, with geology representing a natural extension of the same lithium system. The deposit holds approximately 20 million tonnes of identified resource, work that helped drive the eventual sale price.Proceeds from the sale provide immediate flexibility to order long-lead items, including the processing mill, and fund early operational costs at Bandeira ahead of construction financing closure. This sequencing allows the company to advance procurement without waiting for separate debt or equity raises.Engineering work is nearly complete, and the underground portal contractor shortlist has been narrowed following a tender process.Lithium Ionic has secured binding five-year offtake terms with Chinese converter Yahua, covering 170,000 tonnes of spodumene concentrate annually at a US$1,000 per tonne floor price with no ceiling. This structure provides lenders visibility that the project generates cash on every tonne sold, supporting debt serviceability discussions.With projected all-in sustaining costs near US$600 per tonne and spodumene pricing above US$2,000 per tonne, the project offers substantial margins. Brazil's open global trading position provides additional flexibility compared to projects tied to regional buyers.Management highlights a significant valuation disconnect, with Lithium Ionic trading below 0.1x P/NAV compared to producing peer Sigma Lithium's 1–1.1x multiple. CEO Blake Hylands frames this as a potential tenfold re-rating opportunity as the company progresses through permitting, financing, and construction milestones toward production targeted for late 2027 into 2028.View Lithium Ionic's company profile: https://www.cruxinvestor.com/companies/lithium-ionic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Christian Easterday, Managing Director and CEO, Hot Chili LimitedOur previous interview: https://www.cruxinvestor.com/posts/hot-chili-tsxvhch-water-business-with-1b-npv-to-fund-copper-project-6917Recording date: 10th August 2026Hot Chili Limited (ASX/TSXV: HCH, OTCQX: HHLKF) is advancing the Costa Fuego Copper-Gold Project on Chile's Atacama coastline, positioning itself as one of only five independent (non-major-controlled) copper developers globally with a project capable of exceeding 100,000 tonnes of annual copper-equivalent production. Managing Director and CEO Christian Easterday, who has led the company since its 2010 ASX listing, argues the market has not yet caught up with the scale of the opportunity.The company's March 2025 Preliminary Feasibility Study (PFS) outlined a 20-year mine life (14 years at primary production rates), average annual production of roughly 116,000 tonnes of copper-equivalent, a post-tax NPV of US$1.2 billion, and a post-tax IRR of 19% at a long-term copper price of US$4.30/lb. Start-up capital was estimated at US$1.27 billion.The central near-term catalyst is La Verde, a copper-gold porphyry discovery acquired in November 2024 roughly 35km from Costa Fuego's planned processing hub. Extensive drilling (three rigs, with a fourth arriving) has defined a broad, high-grade mineralised footprint, and management expects a maiden resource estimate of approximately 500 million tonnes before the end of 2026. Folding La Verde into a restated Costa Fuego PFS is expected to lift post-tax NPV toward US$2 billion and post-tax IRR toward the mid-30s%, while shortening payback from roughly 4.5 years to 2.5 years and improving the project's position on the industry cost curve.On valuation, Hot Chili highlights two benchmarking metrics: an EV/lb-of-reserve multiple of roughly 3.8 cents against a peer average near 11 cents (implying a 2.9x re-rating opportunity), and a price-to-net-asset-value gap of roughly 2.3x versus recent comparable copper-sector transactions.Financing is addressed primarily through the company's Huasco Water asset — the only maritime licence with permitted seawater access in the Huasco Valley. Stage 1 (seawater supply to Costa Fuego, 500 L/s) is already funded within the existing PFS. A second maritime licence, which would unlock a larger multi-user desalination business (Stage 2: 1,300 L/s, ~US$977 million post-tax NPV) serving neighbouring major-miner projects, has been in Chile's approvals process for roughly five years and remains on track according to recent government contact, following an earlier delay tied to a change in administration. Management frames monetising this asset as a way to cover a substantial share of the project's equity requirement without heavy shareholder dilution. Additional untapped levers include uncommitted gold production (48,000-70,000 oz/year with La Verde) and roughly 40% of concentrate offtake left uncommitted outside the company's existing Glencore agreement.Glencore holds a 7.5% equity stake and an offtake agreement for up to 60% of concentrate for the first eight years of production, on benchmark terms. The company has also strengthened its board, adding Stuart Matthews (formerly EVP at Goldfields, with five major mine builds) as Independent Non-Executive Chair.Near-term catalysts include the maiden La Verde resource estimate (year-end target), a restated Costa Fuego PFS, EIA submission (targeted Q2 2027), progress on the second Huasco Water maritime licence, and an ongoing strategic partnering process. Final Investment Decision is targeted for 2029, with first production guided for 2031.Learn more: https://www.cruxinvestor.com/companies/hot-chili-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Chad Peters, President & CEO of Ridgeline Minerals Corp.Our previous interview: https://www.cruxinvestor.com/posts/ridgeline-minerals-tsxvrdg-600m-free-carry-potential-on-partner-funded-crd-discovery-8609Recording date: 7th August 2026Ridgeline Minerals has completed the sale of four early-stage Nevada gold exploration projects to Nevada Gold Mines (NGM), generating US$23.15 million in cash and a return of more than 350% on its invested capital. The transaction, which closed on August 3, involved Ridgeline's interests in the Swift and Black Ridge earn-in agreements, as well as its Bell Creek and Atlas projects.The sale gives Ridgeline approximately C$33 million in cash and C$3 million in marketable securities. Together, those assets exceed the company's market capitalisation of about C$24.5 million, substantially reducing its near-term financing and dilution risk. Management says the strengthened treasury will support new project staking, exploration, potential acquisitions and, possibly, shareholder returns.Ridgeline retained its flagship Selena project, a 39-square-kilometre carbonate replacement deposit target being advanced through a US$20 million earn-in agreement with South32. South32 has committed US$4 million for drilling in 2026, fully funding the programme. The project gained importance after the 2025 discovery of high-grade massive sulphide mineralisation at the Chinchilla Sulphide zone. South32 has compared the early-stage discovery with its Taylor deposit in Arizona, although Selena does not yet have a formal mineral resource estimate.The company also continues to own Big Blue and Coyote outright. Big Blue is a copper-silver-tungsten exploration project with encouraging historical and recent drill and trench results. Coyote is an undrilled Carlin-type gold target located near NGM's Black Ridge project and approximately four kilometres from the Fallon gold resource, making it a potential partnership or transaction candidate.Ridgeline additionally holds a 17.3% stake in Spartan Metals and a 1% royalty on metals from Spartan's Eagle tungsten project. The company's next challenge is converting its financial strength and exploration portfolio into further discoveries, particularly through Selena's 2026 drilling and future work at its 100%-owned Nevada properties.View Ridgeline Minerals' company profile: https://www.cruxinvestor.com/companies/ridgeline-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, President & CEO of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/made-in-america-revival-gold-tsxvrvg-the-case-for-us-based-gold-development-10516Recording date: 6th August 2026Revival Gold Inc. (TSXV:RVG) is a Toronto-headquartered gold developer advancing two brownfield, pure-gold assets in the western United States: the Mercur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho. Both sit on historically productive ground with existing infrastructure, which the company argues reduces development risk and capital intensity relative to greenfield alternatives.Mercur, at the preliminary economic assessment (PEA) stage, is the company's near-term production driver. The May 2025 PEA outlined a 66 Mt resource grading 0.60 g/t gold for 1.275 million ounces contained, average annual production of 95,600 ounces over a 10-year mine life, initial capex of $208 million, a 56% after-tax internal rate of return, and an after-tax NPV of $741 million at a 5% discount rate and $3,000 gold (rising to $1,270 million at $4,000 gold). The company is roughly halfway through an 18,000-metre drilling programme aimed at converting inferred resources to measured and indicated categories, with a Preliminary Feasibility Study targeted for completion by the end of Q1 2027 and construction decision expected in 2028.Beartrack-Arnett is further along, at Preliminary Feasibility Study (PFS) stage for its first-phase open-pit heap leach restart, with a 2023 PFS outlining 65,300 oz gold per year over eight years at $1,248/oz all-in sustaining cost, $109 million pre-production capex, and an after-tax NPV of $484 million (80% after-tax IRR) at $3,000 gold. Behind that sits a second-phase, higher-grade underground opportunity at the Joss zone, currently an inferred resource of 877,000 ounces at 4.05 g/t. A 5,500-metre 2026 drilling programme targeting expansion of that underground resource recently returned one of the project's strongest intercepts to date: 3.43 g/t gold over 131.7 metres, including 6.56 g/t gold over 42.5 metres, at hole BT26-255D, extending known continuity to roughly 850 metres of vertical extent. The zone remains open along strike and at depth.Combined, the two projects represent an after-tax NAV of $1.225 billion at a 5% discount rate and $3,000 gold price, against a basic market capitalisation of approximately C$211 million, a 0.11x price-to-NAV ratio that the company positions against a 0.35x average for US developer peers, citing S&P Global Market Intelligence data. Estimated cash of C$27.8 million is stated to fund both projects through to Mercur's construction decision.Ownership is institutionally weighted, with institutions and corporates representing 59% of the capital structure, including EMR Capital, Konwave, and Dundee Corporation among named holders. Basic shares outstanding stand at 319.4 million, with 359.6 million fully diluted.Key near-term catalysts include the Mercur PFS (end of Q1 2027), pending Joss wedge-hole assay results, initial Mercur metallurgical column test results (expected before the end of August 2026), and continued Mercur infill and expansion drilling results through the remainder of 2026.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Robin Dunbar, President & CEO of Grid Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/grid-metals-tsxvgrdm-positioning-for-near-term-production-in-the-ultra-rare-cesium-market-9448Recording date: 6th August 2026Grid Metals Corp. is advancing the Falcon West project in southeastern Manitoba toward a maiden mineral resource estimate for cesium and lithium. The company has commissioned SGS Canada Inc. to prepare a NI 43-101-compliant estimate for the Lucy South pegmatite, with results expected in fall 2026. The announcement represents a potentially important milestone because pollucite, the primary cesium-bearing mineral targeted at Lucy South, is exceptionally rare. Only three pollucite deposits worldwide have ever reached production.Lucy South is located approximately 130 kilometres east of Winnipeg, directly beside the Trans-Canada Highway. Its mineralisation is shallow, occurring from less than two metres to roughly 40 metres below surface. Drilling has outlined a cesium-rich zone measuring approximately 120 by 50 metres. Recent results included an intercept grading 5.44% cesium oxide and 1.52% lithium oxide over 2.75 metres, including 1.55 metres grading 8.49% cesium oxide.Grid believes the project could be developed using a relatively simple processing approach. The proposed flowsheet involves crushing and X-ray transmission ore sorting, without water, flotation, milling, or a tailings facility. Management has estimated total project capital costs at less than C$10 million, comparing the concept more closely to a quarry than a conventional mine.The project is supported by Avenir Minerals, a wholly owned subsidiary of Agnico Eagle Mines. Avenir invested C$3.75 million for an initial 15% interest in Falcon West, while Grid retains 85% and operatorship. Avenir also holds options linked to the Lucy South resource, a future preliminary economic assessment, and mine-plan milestones.Beyond cesium, Grid offers exposure to a broader Manitoba portfolio. Teck Resources is funding work at the Makwa nickel project, Boliden can earn an interest in Thompson East, and Grid also holds the Mayville copper and Donner lithium projects.The Lucy South resource estimate is therefore both a technical milestone and a potential valuation catalyst, while the company's partner-funded portfolio provides diversification across several critical minerals.View Grid Metals' company profile: https://www.cruxinvestor.com/companies/grid-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Drew Clark, President and CEO, Summit RoyaltiesOur previous interview: https://www.cruxinvestor.com/posts/summit-royalties-tsxvsum-targets-15m-revenue-run-rate-with-new-gold-streams-by-2028-10897Recording date: 28th July 2026Summit Royalties has added a new financing tool to a growth strategy that, until now, has relied almost entirely on equity. On July 27, the company announced a credit agreement with National Bank of Canada for a revolving facility with an initial US$25 million commitment, alongside an accordion feature providing for an additional US$25 million on the same terms — for total potential availability of US$50 million. The facility carries a three-year initial tenor, interest priced off SOFR or CORRA plus a leverage-dependent spread of 2.50% to 4.00%, and standard covenants including net leverage, interest coverage, and minimum liquidity requirements.Speaking to Crux Investor's Matt Gordon the day after the announcement, President and CEO Drew Clark was direct about what the debt is for and, just as importantly, what it isn't for. Summit's stated discipline is to use debt only against assets that will generate cash flow within three to five years — a narrower standard than the one that has applied to some of Summit's equity-funded acquisitions, including its recently closed purchase of Star Royalties, which added the Copperstone gold stream in Arizona to Summit's portfolio.Clark also used the interview to correct an earlier public framing of Summit's acquisition discipline. He clarified that roughly $250 million worth of transactions were rejected because Summit's own bids came in below sellers' clearing prices — for example, bidding $65 million on an asset that ultimately cleared at $80 million — rather than Summit walking away from opportunities that met its criteria. It's a useful clarification for investors trying to gauge how aggressively management is actually competing for assets versus how selectively it is declining them.On current market conditions, Clark described deal-making as comparatively easier than during the recent gold price peak, since the gap between long-term and spot pricing has narrowed. He flagged tungsten streams as a specific area of emerging opportunity alongside Summit's core precious metals focus, and noted that Summit is evaluating opportunities as both an acquirer and a potential acquisition target within the sector's ongoing consolidation.The most concrete disclosure for investors may be management's own valuation framework. Clark said the internal belief is that once Summit's revenue reaches somewhere between $20 million and $30 million annually, the company should re-rate toward 1 to 1.2 times NAV — in line with royalty peers — and toward 15-20 times revenue, versus a current multiple he characterised as below 10 times and a NAV multiple around 0.6 times. Management continues to target a production run rate of roughly 4,000 gold-equivalent ounces by the end of 2028 as the operational catalyst behind that thesis.Learn more: https://www.cruxinvestor.com/companies/summit-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Jonathan Egilo, CEO, Axo MetalsOur previous interview: https://www.cruxinvestor.com/posts/axo-metals-tsxvaxo-brownfield-gold-restart-in-mexico-gains-momentum-ahead-of-september-pea-10759Recording date: 28th July 2026Axo Metals Corp. (TSXV:AXO) has removed the largest single risk on its San Antonio gold project's development timeline. On 27 July, Mexico's SEMARNAT approved the project's Environmental Impact Statement (MIA) - the primary permit required to build and operate the mine - roughly six months after Axo filed the application in January. That is well inside the one-year timeline management had originally guided investors to expect, and covers all of San Antonio's deposits (Sapuchi, Golfo de Oro and California) and existing infrastructure in a single approval.One administrative step remains: the Change of Use of Soils (CUS), a tree-clearing authorisation submitted earlier this year and expected to clear by year-end. It only affects mining at the three pits themselves - the project's existing carbon-in-column plant, crusher, stockpiles and camp are already fully permitted, meaning Axo can move toward stockpile reprocessing without waiting on it.With the MIA in hand, management has reallocated its drilling programme. Two of Axo's three active rigs - running a combined 3,000 metres a month - are now testing ground roughly 500 metres outside the current resource boundary, up from a programme previously weighted toward infill. That infill work is itself producing encouraging results: several holes have converted material previously modelled as waste into ore-grade intercepts, including 27.9 metres at 0.43 g/t gold roughly 100 metres from the nearest modelled ore domain.The company is also pushing back its Preliminary Economic Assessment by roughly two months from its original September target. Rather than publish a study anchored to San Antonio's pre-acquisition 2021 resource, management wants to fold in an updated estimate built on a full year of new drilling - meaning the PEA that eventually lands should reflect a materially different resource than the one the company inherited. A dedicated step-out and expansion drilling update is planned for September, separate from ongoing Sapuchi infill news flow, and will include first results from the high-grade El Tigre target, where channel sampling has already returned intercepts including 68.6 metres at 1.11 g/t gold.On capital allocation, Axo's $40 million February financing was earmarked specifically for San Antonio, and management has confirmed it is deliberately deprioritising near-term spending at La Huerta, its copper discovery in Jalisco, in favour of pushing San Antonio toward a construction decision. The company is also beginning to add Mexican open-pit, heap-leach construction personnel ahead of an expected full build phase at Sapuchi next year - a staffing transition modelled on sister company Silver Tiger's own shift from exploration to construction.As of the company's most recent investor materials (June 2026, pre-dating the permit approval), Axo carried roughly C$36.6 million in cash against a C$183.8 million market capitalisation and C$147.5 million enterprise value. For investors, the two nearest-term catalysts are the September drilling update and the revised PEA - both of which should offer the clearest test yet of whether San Antonio's resource is as substantially larger than its current 1.1 million ounces as management believes.Learn more: https://www.cruxinvestor.com/companies/axo-metals-corpSign up for Crux Investor: https://cruxinvestor.com

This episode we are joined by Mr. Don Streu - CEO of Condor Energies - a TSX listed energy company with a market cap of ~$300 million. Mr. Streu has over 37 years experience in the oil and gas industry including 22 years with Chevron working in Angola, Indonesia, Nigeria, Canada and the United States. Mr. Streu was the asset manager of Angola's first deepwater production: a 100,000 bopd operation that went from discovery to first oil in only 30 months. As Chevron Indonesia's Planning Manager, Mr. Streu was responsible for developing strategic and tactical plans for an organization producing in excess of 350,000 bopd. Mr. Streu was also the Asset Manager for Chevron Nigeria Limited, managing the entire offshore production of 250,000 bopd. He has been the President and CEO of Condor since September 2008. Mr. Streu is currently the Honorary Consul of the Republic of Kazakhstan for Alberta. He is also a Board Director for Tethys Petroleum Ltd, a TSX-V listed oil and gas company. Among other things we learned about 85 TCF: Building Central Asia's 1st LNG. Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital Markets-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.Support the show

Interview with Raymond D. Harari, Director & CEO, and Enrique Reichhard, VP Exploration of Argentina MetalsRecording date: 23rd July 2026Argentina Metals Corp (TSXV:VLLC) is a Canadian-domiciled copper exploration company built around a single macro thesis: Argentina shares the same Andean geological belt that makes Chile the world's largest copper producer, yet contributes almost nothing to global supply, and that gap is starting to close now that Mendoza Province has reopened to mineral exploration. CEO and co-founder Raymond D. Harari, working alongside Chairman Dr. Titus Gebel, co-founder of Frankfurt-listed Deutsche Rohstoff AG, has spent the past year assembling one of the first district-scale, clean-title land positions in the province: 26 projects totalling approximately 146,700 hectares, free of private royalties, NSRs, back-in rights or earn-in obligations beyond what is owed to the Province of Mendoza itself.The flagship Las Estrellas Project sits within the Malargue District, roughly 1.5 kilometres from a neighbouring advanced target being drilled by Kobrea Exploration Corp's El Perdido project, and shows geological characteristics consistent with both the manto-style Río Damas Formation and the porphyry-style Huincán Formation. A December 2025 field programme returned rock chip samples as high as 9,978 ppm copper, and a January 2026 ground magnetic survey identified anomalies consistent with buried intrusive bodies and structural corridors favourable for Iron-Oxide-Copper-Gold or porphyry mineralisation. Importantly, no resource has yet been defined, and the project remains at an early, reconnaissance stage.Corporately, the company has moved quickly since raising over C$5 million and listing on the TSX Venture Exchange in mid-June 2026. A Frankfurt Stock Exchange listing followed within weeks, aimed at reaching Europe's deeper mining investor base, and by early July the company had added Chris Paul (CEO, Hercules Metals) and Joaquin Marias (CEO, Argenta Silver) as technical advisors, joining VP Exploration Enrique Reichhard, a 45-year veteran of Codelco, Billiton and Teck across Latin America. The capital structure remains tight: insiders hold roughly 47% of shares outstanding under multi-year escrow, the top ten shareholders control over 70% of the register, and warrants and options represent less than 0.5% of shares outstanding.The near-term roadmap is one of triage rather than blanket drilling. Of the 26 projects, eight to ten have been ranked as priority targets using public geochemical, magnetic and spectral data combined with the December sampling programme, and these are slated for ground geophysics starting October 2026 field season. The remaining properties will move through permitting for follow-up work the following season. Harari has been candid that the company is still deciding between an aggressive, well-funded single campaign and a more gradual, multi-season approach to preserve its cap table - a decision that will shape both the pace of news flow and dilution risk for shareholders.View Argentina Metals' company profile: https://www.cruxinvestor.com/companies/argentina-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Lewis Lawrick, President & CEO of Magna Terra MineralsRecording date: 23rd July 2026Magna Terra Minerals (TSXV:MTT) is a Toronto-headquartered exploration company advancing a diversified portfolio of precious and critical metals projects across two jurisdictions: Atlantic Canada and Santa Cruz Province, Argentina. The investment case centres on a management team with a specific, verifiable prior success in the same geological setting, a capital-efficient funding model built on partner-funded option agreements, and a first-mover copper-cobalt discovery that remains largely unexplored by outside analysts.President and CEO Lewis Lawrick previously founded Anaconda Mining, which became Signal Gold and grew the Goldboro deposit in Nova Scotia from an inferred 700,000 ounces to more than 3 million ounces before merging with NexGold. Chief geologist David Copeland and senior geologist Tanya Tettelaar who are both part of that earlier success now apply the same systematic, data-driven targeting approach at Magna Terra, and management frames this continuity of team as the primary reason significant shareholder Michael Gentile who holds roughly 17% of the company took his position.The portfolio's most technically distinctive asset is Humber, a 50,000-hectare, 100%-owned copper-cobalt project in western Newfoundland staked entirely on the company's own regional geochemical analysis, with no underlying royalty. A new discovery, the Birch Zone, now extends over 4.2 kilometres of strike with grab samples up to 1.26% copper, and management is targeting a first-pass drill programme by fall 2026 pending further geophysics. In New Brunswick's historic Bathurst Mining Camp, Rocky Brook has returned high-grade copper and gold values from trenching and surface sampling across a 30-kilometre land position, while the newly staked Prospect Or's Dream project has identified an epithermal gold vein system over a 7.2-kilometre strike length.Rather than fund every project through dilutive equity raises, Magna Terra has optioned two assets to partners who are independently drilling them. Gold Hunter Resources holds an option on the Great Northern and Viking projects for total consideration of $10.075 million and began a 10,000-metre drill programme there in June 2026; Magna Terra's resulting approximately 19% equity stake in Gold Hunter (roughly 55 million shares) gives it leveraged exposure to that drilling without further capital outlay. In Argentina, Lunex Metals Corp. holds a $2.375 million option on the Luna Roja project and reported encouraging initial drill results in July 2026, including a new mineralised centre north of the historic discovery zone.Financially, Magna Terra held just over $1 million in cash at the time of the underlying interview, with total working capital near $3.5 million once its marketable securities positions are included. Additional financing will likely be required to advance Humber past target generation. For investors, the near-term catalysts to watch are continued drill results from Gold Hunter and Lunex which are both funded independently of Magna Terra, alongside progress toward a maiden drill programme at Humber, represents the company's most differentiated, wholly-owned exploration target.View Magna Terra Minerals' company profile: https://www.cruxinvestor.com/companies/magna-terra-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Bart Jaworski, CEO of Group Eleven Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-drilling-irelands-best-zinc-silver-copper-discovery-in-decades-10810Recording date: 21st July 2026Group Eleven Resources has reported a significant new zinc-lead discovery at its Stonepark project in Ireland, highlighting fresh exploration potential beyond its existing resource base. The company intersected 2.8 metres grading 8.3% zinc and lead, including a high-grade section of 1 metre at 22%, within a broader 15-metre zone of altered and brecciated rock. Notably, this intercept lies approximately 550 metres from the current resource, marking the most encouraging step-out result since the company acquired the project in 2017.Stonepark currently hosts an estimated 5 million tonnes grading around 11% zinc and lead, based on a 2018 NI 43-101 resource. The new intercept suggests the possible presence of an additional mineralised zone, which could expand the overall scale of the deposit. Management emphasized that this is the first meaningful hit at such a distance, reinforcing the idea that the system remains open for growth.The project's location further strengthens its potential. Stonepark sits just 1 kilometre from Glencore's much larger Pallas Green deposit, which contains approximately 45 million tonnes of zinc-lead mineralisation. Both deposits are believed to be part of the same geological system, underscoring the broader exploration opportunity in the region.In addition to zinc-lead exploration, the drill hole also tested a deeper copper-silver target for the first time, with assay results still pending. This adds another layer of potential upside.Financially, Group Eleven is well-positioned, with C$18 million in cash following a recent financing. This supports a 70,000-metre drill program over two years, including 15,000 metres allocated to Stonepark. While the project remains in the exploration stage, the latest results point to meaningful expansion potential in one of Europe's most established zinc-producing regions.View Group Eleven Resources' company profile: https://www.cruxinvestor.com/companies/group-eleven-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Shubham Garg, Executive Chairman & CEO of Prospera EnergyRecording date: 21st July 2026Prospera Energy Inc. (TSXV:PEI) is a Calgary-headquartered heavy-oil producer executing a well-reactivation strategy across its Cuthbert, Luseland, Hearts Hill, and Brooks properties in Saskatchewan and Alberta. Since a board and management transition in October 2024, led by CEO and Executive Chairman Shubham Garg, the company has shifted away from new drilling toward reactivating wells that were shut in due to prior operators' lack of capital and technical focus rather than poor underlying geology.The model is capital-light: each reactivation costs approximately $150,000, with typical payback in 6-8 months and a second payback cycle following within 12-14 months, as production continues to climb rather than decline in the manner of a shale well. Management has completed at least 17 reactivations to date against an inventory of more than 140 candidates, of which 42 have now been screened as "Tier One" and is expected to pay back in under nine months.Financially, the company is mid-close on a $12 million non-brokered private placement at $0.04 per unit with proceeds split between the reactivation programme ($10 million) and working capital ($2 million). The balance sheet currently carries approximately $21 million of senior debt and $7 million of subordinated debt, both largely held by board members and large shareholders, alongside roughly $75.8 million in accumulated tax pools that management expects will shelter cash income tax for several years. The company has stated an intention to retire approximately $30 million in combined debt and royalty obligations within 24 months of the financing's close.Production stood at approximately 800 boe/d gross up from a first-quarter average of 720 boe/d. Realized netbacks improved sharply through Q1 2026, from $4.78/BOE in January to $27.70/BOE in March, tracking a broader strengthening in Western Canada Select pricing tied to the Strait of Hormuz supply disruption. Management expects Q2 2026, due to be reported around mid-August, to be the company's strongest quarter to date, with a netback approaching $30/BOE.On reserves, Prospera's 2025 year-end report shows 1P before-tax NPV10 of $130.6 million and 2P of $202.0 million, with proved developed producing value guided to grow from $27 million to approximately $65 million by year-end 2026 as newly reactivated wells are recognized. Management also anticipates a further positive technical revision once more production history accumulates on wells already outperforming initial decline assumptions, expected to show up in the April 2027 reserve report.Risks include commodity price sensitivity (a stated pause threshold near $55/barrel WTI), execution risk around sand management in reactivated wells, and an unreconciled gap between the board-ownership figure cited by management (52%) and the insider-ownership figure shown in company materials (36%).Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Shane Williams, President & CEO of West Red Lake Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/growth-stories-winning-teams-that-know-how-to-find-gold-get-it-out-of-the-ground-9290Recording date: 16th July 2026West Red Lake Gold Mines' second-quarter 2026 operational update provides the clearest evidence yet that the ramp-up strategy at its Madsen Mine, in Ontario's Red Lake district, is translating into measurable production gains. Gold output rose 51% quarter-on-quarter to 8,576 ounces, while mined ounces climbed 73% to 10,459, reflecting improvements in both mining rate and average grade. Mined tonnage increased 46% to 75,524 tonnes, and average mined grade rose 23% to 4.3 g/t from 3.5 g/t in Q1.Perhaps most notable for investors focused on operational leverage: mining rates in the back half of Q2 consistently exceeded the mill's currently permitted 800 tpd capacity, a reversal from the mine's history under prior operator Pure Gold, which struggled to achieve comparable throughput. The excess mining rate allowed West Red Lake Gold to build a surface stockpile of roughly 10,768 tonnes, representing about half a month of mill feed, providing operational flexibility heading into the second half of the year.CEO Shane Williams was direct in confirming the company is now generating cash rather than simply breaking even, and that debt taken on during the Madsen restart is beginning to be repaid. This is a meaningful signal for a company only recently transitioned from distressed-asset restart to commercial producer.Grade improvement is expected to continue as mining advances into non-remnant areas of the deposit, including the 4447 zone and the 904 Complex, both of which sit in previously unmined portions of Madsen and are expected to lift average grade toward 6-8 g/t by year-end. Management also highlighted a meaningful reduction in mining dilution, attributing this to the discovery that historic survey inaccuracies had overstated the proximity of new mining areas to old workings, enabling a shift toward more efficient long-hole open stoping.Full-year 2026 guidance of 35,000 to 45,000 ounces remains unchanged, with management targeting roughly 25,000-30,000 ounces in the second half of the year. Combined with year-to-date production of approximately 14,243 ounces across Q1 and Q2, this guidance range appears achievable based on the trajectory reported to date, though the company still has one further quarter of ramp-up expected before reaching steady-state operations.For investors, the key watch items are whether Q3 delivers a comparable step-up to Q2, whether the promised fuller operational disclosure (including drill-model reconciliation from over 200,000 metres of underground drilling) supports management's confidence in the resource model, and progress on longer-dated catalysts including the Austin 904 Complex's advancement toward the 2027 mine plan and the combined Madsen-Rowan Pre-Feasibility Study expected in the second half of 2026. The company's ability to demonstrate sustained, rather than one-off, improvement will likely be the key determinant of how the market re-rates the stock from restart risk toward reliable producer status.View West Red Lake Gold Mines' company profile: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

In this episode we seek to Louise Porteus, ESG Manager at Thor Explorations, a TSX-V & AIM listed gold producer and explorer focused on West Africa with operations and exploration assets in Nigeria, Senegal and Côte d'Ivoire We explore how environmental, social and governance practices have evolved from a compliance function into a key driver of value creation in the mining industry. Louise reflects on the pivotal moments in her career, discusses how ESG expectations differ across jurisdictions, shares how Thor Explorations is leading by example, and offers her perspective on the future of ESG over the next decade.  We also discuss her work supporting Women in Mining and hear her advice for anyone looking to build a career in international ESG and the mining sector. This episode is brought to you by Mining International, a global executive search partner to the mining industry. For bespoke search and advisory services, please visit www.mining-international.org KEY TAKEAWAYS ESG has successfully shifted from a rigid box-ticking exercise into a core driver of long-term value creation and operational viability in the mining industry. True project stability relies on integrating local community dynamics and cultural governance into decision-making rather than just depending on written local legislation. Implementing ESG successfully requires a practical, step-by-step approach to data gathering that builds local trust and capacity, rather than overwhelming teams with massive theoretical toolkits. Advancing women in the mining sector involves moving past token representation and actively training them for hands-on, technical roles that fundamentally transform lives. BEST MOMENTS "Most projects didn't fail because of technical reasons, they failed because of social." "There's a better understanding that it's not a tick-box, it's not just a spreadsheet, it's actually people that have to put the work behind it and do it." "I've been emphatic about bringing what I call cultural governance into our decision-making." "It's not just what you did, but so what? What did that mean? What did that lead to? Did it give more confidence to people?" VALUABLE RESOURCES Mail:        ⁠rob@mining-international.org⁠ LinkedIn: ⁠https://www.linkedin.com/in/rob-tyson-3a26a68/⁠ X:              ⁠https://twitter.com/MiningRobTyson⁠  YouTube: ⁠https://www.youtube.com/c/DigDeepTheMiningPodcast⁠  Web:        ⁠http://www.mining-international.org⁠ GUEST RESOURCES https://www.linkedin.com/company/thor-explorations-ltd/ https://www.linkedin.com/in/louise-porteus-65b2801/ Website: https://thorexpl.com/ Email Address: lporteus@thorexpl.com thorexplorations@yellowjerseypr.com CONTACT METHOD ⁠rob@mining-international.org⁠ ⁠https://www.linkedin.com/in/rob-tyson-3a26a68/⁠ Podcast Description Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people's experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics.  This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

Interview with Philippe Cloutier, President and CEO, Cartier ResourcesOur previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-undervalued-investment-series-with-philippe-cloutier-9970Recording date: 15th July 2026Cartier Resources is reshaping its strategy at the Cadillac gold project in Quebec's Abitibi Greenstone Belt after early 2026 drilling confirmed that mineralization extends well beyond the historic Chimo mine. New discoveries at the Contact Zone, the Portal area, and a դեռ largely untested southern target indicate the presence of multiple mineralized systems across the company's 15–20 kilometre land package, supporting the idea of a broader “mining camp” rather than a single-deposit project.The results have prompted a redesign of Cartier's exploration program. Instead of evenly distributed drilling across numerous targets, the company is prioritizing high-impact areas: infill drilling at Chimo, focused shallow drilling at the high-grade Contact and Portal zones, and a potentially large, multi-year campaign at the southern target. With about one-third of its 100,000-metre program completed, Cartier believes it has already demonstrated significant expansion potential.An updated Preliminary Economic Assessment (PEA), expected in September 2026, will reflect materially improved fundamentals compared with the 2023 study. The resource base has grown to 3.2 million ounces from 2.3 million, metallurgical recoveries have increased to roughly 97%, and gold prices have more than doubled, now exceeding $4,000 per ounce. The company is also evaluating toll milling at nearby facilities to reduce capital costs and accelerate permitting timelines.Strategically, Cartier is signaling a preference for partnership or acquisition rather than self-funded development, citing capital intensity and permitting complexity. Agnico Eagle, which already owns 27% of Cartier, remains a key stakeholder, though management is actively engaging a broader pool of potential partners amid rising global interest in Quebec gold assets.With over $5 million in treasury and expanded investor outreach across North America, Europe, and Asia, Cartier is positioning its updated PEA as a key catalyst in advancing the project toward a strategic transaction.Learn more: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of ATHA Energy.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-63m-funded-explorer-scales-up-2026-drill-program-10101Recording date: 13th July 2026ATHA Energy's 2026 exploration program at the Angilak Uranium Project in Nunavut is delivering early evidence that its uranium system extends well beyond the boundaries of its currently defined deposit. With three drill rigs active across two priority areas, the company has reported an 11.5 metre composite uranium mineralization intersection at Lac 50 West, located four kilometres from the known Lac 50 deposit, and a 37 metre composite intersection at RIB North, the widest result recorded at that target to date. Both results support CEO Troy Boisjoli's description of a district-scale opportunity spanning a 21-kilometre corridor at Lac 50 and an 18-kilometre corridor at RIB, rather than a series of isolated deposits.Management has been clear that 2026 is not a delineation year. Drilling is deliberately spaced between 150 and 500 metres apart, designed to establish continuity of mineralization across the wider system before committing to tighter, resource-defining infill drilling, which the company expects could begin in 2027 if results continue to track as planned. This sequencing is a meaningful signal for investors: near-term news flow is likely to focus on scale and continuity rather than resource ounces, and grade or thickness data should be read in that context.The program is well funded, following a $63 million raise in the first quarter of 2026 led by Queens Road Capital, giving the company a stated 24-month runway. ATHA also holds a broader Nunavut and Athabasca Basin land package that management has flagged as a source of potential future value.For investors, the key consideration is that current figures, including the conceptual 60.8 to 98.2 million pound exploration target at Lac 50, are not a defined mineral resource, and the eventual scale of the opportunity depends on whether this year's step-out drilling can be tied into continuous, economically relevant mineralized zones.—Learn more: https://cruxinvestor.com/companies/atha-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President and CEO, Cabral GoldOur previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-phase-one-heap-leach-on-schedule-q4-production-targeted-10682Recording date: 14th July 2026Cabral Gold is nearing a key milestone as it transitions from an exploration-focused company to a gold producer, with mining and ore stacking now underway at its Cuiú Cuiú gold-in-oxide project in Brazil. The activity forms part of the commissioning process for the Phase 1 heap leach operation, which is approximately 85% complete. Commercial gold production remains on track for the fourth quarter of 2026.The project is designed to process oxidized surface material using a low-cost heap leach method that avoids drilling, blasting, and complex milling. Ore from the MG deposit is currently being mined, sized, agglomerated, and stacked on leach pads, marking significant progress toward initial gold output. The remaining step before full production is commissioning the wet circuit, which will recover gold from solution.A key component of this process is the adsorption-desorption-recovery (ADR) plant, recently shipped from Australia and expected to arrive on site in late July 2026. Once installed, it will enable final commissioning stages through the third quarter. While initial gold production may begin earlier, Cabral has emphasized that commercial production will be declared only once steady-state output is achieved.Financially, the project remains aligned with the 2025 pre-feasibility study, including an estimated all-in sustaining cost of around $1,200 per ounce, offering strong margins even amid softer gold prices. The company is also evaluating a potential expansion of Phase 1, with further details expected soon.Meanwhile, exploration continues across the district, where Cabral is now modeling six deposits, double the previous estimate. With six drill rigs active and an updated resource estimate expected by year-end 2026, the company is positioning itself for both near-term cash flow and long-term growth.Learn more: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Gray, President & CEO of Fox TungstenRecording date: 11th July 2026Fox Tungsten is advancing its high-grade Fox project in southern British Columbia, aiming to position it as a rare North American source of tungsten amid tightening global supply. The deposit averages roughly 1% tungsten, which management equates to about 20 grams per tonne gold or 25% copper at current prices, placing it among the higher-grade tungsten projects globally. However, its current resource of just over 1 million tonnes is considered too small to support economic development, prompting an aggressive 20,000-metre drilling campaign in 2026.The ongoing program, supported by two active rigs, focuses primarily on infill drilling between three known zones to expand the resource toward a target of approximately 3 million tonnes—seen as the minimum scale required for a Preliminary Economic Assessment (PEA). A smaller portion of drilling will test deeper extensions of the deposit for potential underground development, marking the first step toward longer-term growth.Metallurgical testing indicates a relatively simple processing route, with gravity separation achieving about 75% recovery into a high-grade tungsten concentrate exceeding 60%. The ore is also considered environmentally favorable, lacking harmful elements and unlikely to generate acid. Additional flotation testing is planned to potentially improve recovery further.Infrastructure advantages strengthen the project's outlook, including road access, proximity to regional services, and an existing power line. The company is well-funded, with approximately C$15 million in working capital following a recent financing, sufficient to complete drilling and advance toward a PEA expected in 2027.Fox Tungsten's strategy is supported by strong market dynamics. Tungsten prices have risen sharply due to both geopolitical pressures—particularly Chinese export constraints—and a broader structural supply deficit. With no active tungsten mines in North America, the Fox project could play a key role in diversifying supply if development progresses as planned.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-no-competitors-lowest-cost-producer-a-mining-story-built-for-certainty-10812Recording date: 8th July 2026Atlas Salt has advanced its Great Atlantic Salt Project in Newfoundland from pre-development into active construction, marking a key milestone for the company. Since construction began in February, work has shifted to feasibility-study-funded capital expenditures, meaning current activities are part of the permanent mine infrastructure rather than preparatory steps. Backed by recent financing, the company has maintained steady progress through the 2026 construction season.Early-stage work has focused on site clearing, overburden removal and storage, subgrade preparation, and initial road and drainage infrastructure. These efforts are designed as long-term assets for the project. The next major milestone, excavation of the box cut and development of a 1.5-kilometre underground drift, is still several months away and will be critical in determining the project's technical performance.Initial geotechnical observations have been encouraging, with ground conditions appearing drier and more stable than expected. If confirmed, these conditions could reduce both construction time and capital costs, though further testing during drift development will be necessary to validate these early findings.On the regulatory side, Atlas Salt has secured permits covering over $150 million in early works. In addition, local authorities have shifted to a streamlined permitting approach aligned with provincial approvals, reducing administrative complexity and signaling strong regional support.The project aims to produce 4 million tonnes of de-icing road salt annually, targeting undersupplied markets in the northeastern United States, eastern Canada, and Atlantic Canada. Execution is supported by an experienced in-house team and engineering partner Hatch, with a phased staffing strategy intended to reduce risk during peak construction.Overall, Atlas Salt's transition into active construction, combined with favorable early conditions and improved permitting, positions the project for continued advancement toward full-scale production.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.Our previous interview: https://www.cruxinvestor.com/posts/pacific-ridge-exploration-tsxvpex-2026-drilling-campaign-eyes-500-mt-resource-expansion-9972Recording date: 8th July 2026Pacific Ridge Exploration Ltd. (TSXV:PEX) closed the final tranche of an C$8.5 million financing and in doing so secured its largest corporate strategic shareholder: Peruvian mining group Minsur S.A., which through its subsidiary Cumbres del Sur now holds approximately 13.8% of the company. For a junior explorer that has spent recent years working to close a persistent valuation gap with peers, this is a meaningful development heading into the 2026 field season.The financing directly funds Pacific Ridge's 2026 exploration programme: approximately 2,500 metres of drilling each at the flagship Kliyul copper-gold project and the RDP copper-gold project, both located in British Columbia's Toodoggone district. Mobilisation is underway, with drilling expected to begin by late July and a second rig arriving mid-August to accelerate the Kliyul programme.At Kliyul, Pacific Ridge already holds a maiden resource of 334 million tonnes at 0.33% copper equivalent - roughly 2.42 billion pounds of copper equivalent, or 5.7 million ounces of gold equivalent. Rather than simply expanding this resource, management is directing drilling toward three untested porphyry targets along a 6-kilometre mineralised trend, starting with the M39 target in the property's southeast corner. Only three of the roughly 36 holes drilled at Kliyul to date have tested ground outside the existing main zone, leaving significant untested potential. Management's rationale is straightforward: nearby discoveries at Amarc Resources' Freeport-backed JOY district and Kingfisher Metals' HWY 37 project in the Golden Triangle have both driven multi-fold share price re-ratings, and a fresh discovery is seen as more likely to move Pacific Ridge's valuation than incremental tonnage growth.At RDP, the 2026 programme is concentrated on testing an interpreted porphyry centre nestled between two known mineralised magnetic lobes, the same zone that Minsur specifically negotiated technical access rights to as part of its investment. CEO Blaine Monaghan has described RDP's grades as among the highest-grade porphyry copper-gold mineralisation seen in the province, distinguishing it from the larger but lower-grade Kliyul resource.Minsur's investment carries structural significance beyond the capital itself. The company has been granted an investor rights agreement covering participation and top-up rights in future financings, along with a nine-month right of first refusal to acquire the RDP project and an agreement to negotiate a potential strategic transaction in good faith. This creates a defined, time-bound window in which Minsur can act on this season's drilling results - a specific catalyst investors can track rather than an open-ended thesis.With more than C$9 million now in treasury and a share count that has grown from roughly 63 million to approximately 97 million following the raise, management argues the company's dilution overhang is largely behind it, pointing to roughly 160 million shares traded since September 2025 as evidence that legacy sellers have been substantially absorbed. Separately, Pacific Ridge's Yukon gold properties, Mariposa and Eureka Dome, remain under a non-dilutive option to Labrador Gold Corp, adding optionality without competing for Pacific Ridge's own exploration capital this season.View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Matt Manson, President & CEO of Radisson Mining Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/radisson-mining-tsxvrds-delivers-82-gold-resource-jump-from-just-25-of-140000m-drill-program-9475Recording date: 2nd July 2026Radisson Mining Resources is rapidly advancing its O'Brien Gold Project in Quebec's Abitibi region, one of the world's most established gold camps, as it transitions from exploration toward potential development. Since 2023, the project's resource has grown from 900,000 ounces to approximately 2.3 million ounces by March 2026, with particularly strong expansion in inferred resources. Management now targets a significantly larger deposit of 3 to 4 million ounces or more, supported by ongoing drilling success.This growth is driven by an extensive 140,000-metre drill program launched in October 2025, with eight rigs operating continuously through the first half of 2027. The program focuses both on extending known mineralized zones at depth and testing previously unexamined gaps between them. Results so far suggest strong geological continuity, with an 80–85% success rate in the core resource area and encouraging deep intercepts that reinforce confidence in the deposit's scale.A key strategic advantage is the project's proximity to major mining infrastructure, including Agnico Eagle's LaRonde and Iamgold's Westwood-Doyon Complex. This allows Radisson to consider either building a standalone mine or leveraging existing mills, shafts, and tailings facilities, potentially reducing capital costs and development timelines. Recent financing of C$25 million has strengthened the company's balance sheet to over C$50 million, fully funding exploration through at least late 2027 and enabling drilling to extend deeper, now targeting up to 2.5 kilometres.Despite these advances, Radisson's valuation has declined amid a broader pullback in gold equities, with its implied value falling to roughly US$110–120 per ounce—well below recent regional acquisition benchmarks of US$500–600 per ounce. This gap highlights potential upside if the company continues to expand resources and de-risk development. Overall, O'Brien is emerging as a fast-growing, infrastructure-advantaged gold project with increasing strategic flexibility.View Radisson Mining's company profile: https://www.cruxinvestor.com/companies/radisson-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Drew Clark, CEO, Summit RoyaltiesOur previous interview: https://www.cruxinvestor.com/posts/summit-royalties-tsxvsum-new-royalty-player-fills-sub-1b-market-gap-with-accretive-ma-9472Recording date: 29th June 2026Summit Royalties, a newly listed precious metals royalty company led by CEO Drew Clark, has taken a significant step in scaling its business with the acquisition of Star Royalties for approximately CAD $50 million. The transaction adds a high-grade, permitted, and currently under-construction gold stream at the Copperstone project in Arizona, strengthening the company's near-term production profile and shifting its portfolio toward more advanced assets.Following the deal, Summit has doubled its projected cash flow to roughly USD $20 million once all assets reach full production, up from an earlier estimate of $10 million. The company is targeting a production run rate of about 4,000 gold ounces by 2028, which could generate more than USD $15 million in annual revenue at current gold prices. These projections are anchored by two key assets: the Copperstone stream and a royalty linked to a Jaguar Mining project, both operated by well-capitalized, established mining companies. This reduces reliance on speculative development and lowers execution risk compared to early-stage projects.Summit is also evolving its funding strategy. While early growth relied on equity financing, the company is now pursuing a revolving credit facility with a major bank, enabling it to use debt alongside equity to fund future acquisitions and potentially limit shareholder dilution.Management emphasizes disciplined growth, noting that over USD $250 million in potential deals have been reviewed and rejected to maintain quality and value. Insider ownership stands at approximately 12%, aligning management with shareholders.Overall, Summit Royalties is positioning itself as a rapidly growing but selective player in the royalty sector, focusing on low-risk, near-term production assets while expanding its financial flexibility to support continued portfolio growth.Learn more: https://www.cruxinvestor.com/companies/summit-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Layton Croft, President & CEO, Carolina RushOur previous interview: https://www.cruxinvestor.com/posts/carolina-rush-tsxvrush-testing-deep-porphyry-potential-in-americas-first-gold-district-9470Recording date: 1st July 2026Carolina Rush has completed the first deep drilling program at its Brewer Gold-Copper project in South Carolina, confirming the presence of a copper-gold porphyry system beneath its historic near-surface gold mine. The program, consisting of three deep holes totaling 3,500 metres, marks a significant shift in the company's exploration focus from shallow gold mineralisation to a larger, deeper target.Results from hole 37 provided early indications of a porphyry system, including elevated copper levels, the presence of chalcopyrite, and characteristic quartz veining. More importantly, hole 38 delivered a breakthrough by intersecting copper-gold mineralisation beneath the lithocap for the first time. The hole returned multiple mineralised intervals, including 60 metres grading 681 ppm copper and 0.24 g/t gold within potassic alteration, a zone typically associated with the core of porphyry deposits.A revised geological model, developed with porphyry expert Dr. Richard Sillitoe, suggests the system is tilted 20–30 degrees to the northwest rather than vertical. This interpretation implies that the mineralised core may lie at a shallower and more economically accessible depth than previously assumed.The project is being advanced through an earn-in agreement with OceanaGold, which must invest US$8 million by the end of 2027 to earn a 50% stake. Carolina Rush remains the operator, while OceanaGold brings funding and regional infrastructure, including its nearby Haile gold mine.With a defined near-surface resource of approximately 500,000 ounces of gold and growing evidence of deeper porphyry potential, Brewer represents a dual-opportunity asset. Assay results from the third hole are pending, and further drilling is planned to test the system along its interpreted northwest extension.Learn more: https://www.cruxinvestor.com/companies/carolina-rushSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Joudrie, President and CEO, Selkirk Copper Our previous interview: https://www.cruxinvestor.com/posts/selkirk-copper-tsxvscmi-high-grade-yukon-copper-restart-targets-mid-2028-production-10230Recording date: 1st July 2026Selkirk Copper Mines Inc. is advancing the restart of a previously producing copper-gold-silver operation, targeting first production by mid-2028. Positioned as a “restart story,” the project benefits from existing infrastructure, including a processing mill, camp facilities, and established site systems, significantly reducing the capital intensity and technical risks typically associated with new mine development. The company is focusing on incremental upgrades rather than rebuilding core infrastructure, while leveraging a substantial historical database to streamline engineering and planning.Initial drilling results have reinforced confidence in the asset. A 175-hole Phase 1 program intersected economic-grade mineralisation in 87% of holes and identified two new mineral lenses near existing workings. These findings support the company's broader strategy to develop an integrated mining operation combining open-pit and underground sources, with a roughly equal contribution in the early years and a gradual shift toward underground production over a projected 12-to-15-year mine life.Selkirk is now progressing a 50,000-metre Phase 2 drill campaign focused on upgrading resources and advancing geotechnical studies. The program is ahead of schedule and will inform a feasibility study expected to begin in late 2026 and conclude by mid-2027. Updated economic and resource estimates are anticipated in July 2026.Production planning targets approximately 30,000 tonnes of copper-equivalent output annually, supported by by-product gold and silver credits. To fund development, the company is pursuing non-dilutive options such as offtake agreements, project financing, and a potential silver stream, while avoiding the over-leveraging and permitting missteps that affected the previous operator.With strong drilling results, existing infrastructure, and favorable metal price conditions, Selkirk aims to position the project as a lower-risk path to near-term copper production.Learn more: https://www.cruxinvestor.com/companies/selkirk-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with George Salamis, President and CEO, Integra ResourcesOur previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-strategic-investment-year-unlocks-80-90k-oz-production-in-2027-2028-9377Recording date: 29th June 2026Integra Resources has released a feasibility study for its Florida Canyon gold mine in Nevada, positioning the operation as the financial cornerstone of the company's growth strategy. The study outlines a strong economic profile, including an after-tax net present value of $601 million at a 5% discount rate and approximately $800 million in cumulative free cash flow over an eight-year mine life. Notably, the project requires no upfront capital, as the mine is already built, permitted, and operating.A key highlight is the substantial increase in the mine's scale, with reserves rising by 78% and resources by 128%. This growth stems from 18 months of geological reinterpretation, infill drilling, improved mine planning, steeper pit slope designs, and increased use of ore crushing to enhance recovery. These changes have reshaped the understanding of the deposit, moving beyond simple grade-based models to incorporate structural and lithological controls.In the near term, operations will focus on an intensive waste-stripping campaign to access higher-grade ore zones in the Main C pits. While this phase will keep costs elevated, the company expects all-in sustaining costs to decline toward an average of about $2,300 per ounce over the life of the mine once higher-grade material is reached.Florida Canyon's cash flow is expected to fund ongoing operations and support Integra's broader development pipeline, including the DeLamar project, targeted for construction in roughly two years with partial debt financing, and the Nevada North project. This self-funding model reduces reliance on equity financing and potential shareholder dilution.Additionally, a 42,500-metre drilling program is underway to expand resources further, including exploration of previously underexplored areas and the historical Standard Mine target, marking the first drilling there in 15 years.Learn more: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Kurt Budge, CEO of Leading Edge Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/leading-edge-materials-tsxvlem-heavy-rare-earth-asset-sets-production-timeline-8642Recording date: 30th June 2026Leading Edge Materials Corp. (TSXV:LEM) has secured a 25-year Exploitation Concession from the Swedish government for its Norra Kärr heavy rare earth elements project, an outcome the company frames as the most consequential regulatory milestone in its history. The decision follows 15 years of technical work and formal endorsements from Sweden's Mining Inspectorate, the Geological Survey of Sweden, and county administrative boards, and it fundamentally changes the nature of the investment case: Norra Kärr moves from a project defined by permitting uncertainty to one defined by financing and offtake execution.The core of the opportunity lies in the composition of the resource. Norra Kärr holds a high concentration of dysprosium, terbium and yttrium, heavy rare earths essential to permanent magnets used in electric motors, wind turbines and defence equipment, at a time when the European Union has no domestic rare earth production of its own. Independent research from Edison Group has ranked Norra Kärr third globally among comparable deposits on a dysprosium-equivalent basis and assigned the project a risked NPV10 of approximately $900 million. Investors should note this valuation is based on 2026 analysis and predates some of the more recent shifts in ex-China pricing for heavy rare earths, which have widened materially relative to Chinese domestic prices as buyers seek supply independent of Beijing's export licensing controls. Management has an updated prefeasibility study underway that is expected to incorporate current pricing.CEO Kurt Budge has been explicit about how the lease changes commercial conversations. Where prior discussions with prospective offtake partners and lenders were consistently constrained by the absence of confirmed mining rights, the company can now present Norra Kärr as a de-risked, strategically important asset. This distinction is particularly relevant given that offtake certainty has become an increasingly central requirement for both lenders and equity investors evaluating rare earth projects.The near-term catalyst path is reasonably well defined. Environmental permit preparation, including baseline data collection, is expected to take six to nine months before an application can be submitted, running in parallel with the prefeasibility study update. Management continues to target production within four years and has identified binding offtake agreements as the next material milestone, both for their direct commercial value and for the signal they send to potential financiers.The broader context is one of policy support outpacing available risk capital in Europe, in contrast to more assertive state-backed capital deployment in the United States, illustrated by transactions such as Energy Fuels' acquisition of Germany's Vacuumschmelze. This dynamic underscores both the strategic scarcity value of Norra Kärr and the execution risk that remains: no binding offtake has yet been signed, and the prefeasibility study is not yet complete. For investors, the lease represents a genuine de-risking event, but the pace at which Leading Edge converts this milestone into confirmed financing and offtake agreements will be the key variable to monitor over the coming months.View Leading Edge Materials' company profile: https://www.cruxinvestor.com/companies/leading-edge-materialsSign up for Crux Investor: https://cruxinvestor.com

Interview with Raymond Ashley, President and COO, F3 Uranium Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-corp-tsxvfuu-resource-milestone-growth-drilling-ma-discussions-9473Recording date: 27th June 2026F3 Uranium is advancing exploration at its Patterson Lake North (PLN) project in Saskatchewan's Athabasca Basin, combining an established high-grade resource with a discovery that could reshape regional exploration models. The company's JR Zone, discovered in 2022, hosts an estimated 11.8 million pounds of uranium at 4.41% U3O8, with a particularly rich core of 10.8 million pounds grading 12.23%. This places it among the higher-grade uranium resources globally and confirms PLN as a meaningful asset in a district known for world-class deposits.More recently, the Tetra Zone discovery has challenged a long-standing assumption in Athabasca exploration—that economic uranium deposits require graphite- and sulfide-bearing conductive structures. Tetra contains high-grade uranium despite lacking these features, demonstrating that mineralization can occur in previously overlooked geological settings. This finding significantly expands the exploration potential of PLN, particularly within the Clearwater domain, an area historically ignored due to the absence of electromagnetic conductors.Scientific analysis shows that both JR and Tetra share identical uranium ages, mineralogy, and alteration signatures, indicating they formed from the same large-scale hydrothermal system despite being 13 kilometres apart. This suggests the mineralizing system extends across a much broader area than previously recognized.To adapt, F3 is testing resistivity surveying as an alternative targeting method, supported by geochemical and gravity data. A 4,000-metre drill program beginning in July 2026 will test multiple new targets across the property. Backed by approximately $23 million in funding through 2027, the company is positioned to sustain aggressive exploration.Strategically, PLN lies about 25 kilometres from planned milling infrastructure at Arrow and Triple R, potentially allowing future deposits to serve as satellite feed. This proximity lowers development thresholds and enhances the project's attractiveness to potential partners amid growing global demand for nuclear energy.Learn more: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Max Porterfield, President and CEO, Visionary Copper & GoldOur previous interview: https://www.cruxinvestor.com/posts/visionary-copper-gold-tsxvvcg-2026-resource-growth-confidence-plan-at-point-leamington-9535Recording date: 25th June 2026Visionary Copper & Gold is advancing its flagship Point Leamington project in Newfoundland, a 43-101 compliant volcanogenic massive sulphide (VMS) deposit containing approximately 20 million tonnes of mineralized material. The near-surface resource hosts an estimated 500,000 ounces of gold and 170 million pounds of copper within 400 metres, providing a substantial foundation for future growth in a mining-friendly Canadian jurisdiction.A key recent development is the discovery of the “Kraken” zone, a copper-rich footwall stringer system located adjacent to the existing deposit. Initial drilling has returned broad copper intersections, including 75 metres grading 0.45% copper, with continuity confirmed across a 275-metre strike length. In comparable VMS systems, such footwall zones can represent a significant portion of total resources, suggesting Kraken could materially expand the project's scale.To advance this potential, the company plans a 20,000-metre Phase Two drilling campaign beginning in the second half of 2026. Most of the drilling will focus on upgrading the current resource to higher confidence categories and defining the extent of the Kraken discovery, while a smaller portion will test five additional regional targets across an expanded 30,000-hectare land package.The project benefits from strong infrastructure, including road access, hydroelectric power, and proximity to a deep-water port, which may help reduce future development costs. Investor confidence is reflected in a significant stake held by Ross Jennings of the Quaternary Group, who has accumulated over 11% ownership.Amid rising global demand for copper driven by electrification and energy transition trends, Visionary Copper & Gold is positioning Point Leamington as a potentially scalable, lower-cost development opportunity with meaningful exploration upside.Learn more: https://www.cruxinvestor.com/companies/visionary-copper-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Brian Savage, CEO, Electric Metals USARecording date: 25th June 2026Electric Metals USA is advancing the North Star Manganese Project in Minnesota, anchored by the Emily deposit—the highest-grade manganese resource in North America. The company aims to build a fully integrated domestic supply chain producing high-purity manganese sulfate (HPMS) for electric vehicle batteries, electrolytic manganese metal (EMM) for defense-grade steel, and electrolytic manganese dioxide for alkaline batteries. This strategy targets a critical gap: the United States currently relies entirely on imports, largely from China, for all manganese-related materials.Rather than selling raw ore, Electric Metals is focused on downstream processing, capturing higher-value chemical outputs. A preliminary economic assessment estimates initial mine development costs at approximately $150 million, with HPMS production costs projected to be competitive with Chinese suppliers even without tariff support. A more detailed study, including a 10,000-tonne-per-year EMM circuit, is expected soon and represents a key milestone.The Emily deposit grades 17.5% manganese and benefits from oxide mineralogy, which simplifies permitting compared to sulfide-based projects. Historical exploration data and recent test work support its development potential, though additional drilling is required to upgrade resource classifications.The project is also strategically aligned with U.S. national security and industrial policy. Manganese is essential for both emerging battery chemistries and military-grade steel, yet domestic production is nonexistent. Government interest, combined with rising demand from EV manufacturers, strengthens the investment case.While technical risks remain—particularly scaling HPMS production from laboratory to commercial levels—the company plans to mitigate these through pilot testing and flexible processing options, including third-party ore sourcing if needed.With a relatively small market capitalization and strong exposure to critical mineral supply chains, Electric Metals USA represents an early-stage but potentially significant player in reshaping U.S. manganese independence.Learn more: https://www.cruxinvestor.com/companies/nevada-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO, Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-undervalued-investment-series-with-nolan-peterson-9831Recording date: 25th June 2026Atlas Salt is advancing its Great Atlantic Salt Project in Newfoundland from planning into execution after raising $25 million in equity over the past year, including a $15 million round completed in June 2026. The funding is being used to accelerate early-stage development such as site preparation, engineering work, and infrastructure setup, allowing the company to reduce project risk ahead of full-scale financing. The project, with an estimated total cost of $590 million, is positioned to address a well-documented shortage of de-icing salt across the northeastern United States, Midwest, and eastern Canada.The company is structuring a diversified financing package, targeting roughly 60% of capital from senior secured debt, supplemented by subordinate loans, export credit agency support, and equity contributions. Strategic backing includes an $80 million-plus equipment commitment from Sandvik, alongside potential support from Canadian and Swedish export credit agencies. This layered approach reduces reliance on any single funding source while improving financing flexibility.Atlas operates in a stable, infrastructure-like market. Road salt demand is driven by public safety needs and government procurement, with approximately 10,000 municipal and state buyers purchasing through annual contracts. This structure enables pricing flexibility and avoids dependence on long-term off-take agreements. Unlike many mining projects, the salt deposit offers long-term production without the need for continual resource replacement, supporting predictable cash flows.Notably, Atlas is currently the only new salt mine in development in North America, giving it a unique competitive advantage amid declining supply from aging operations. Its anticipated low-cost position, supported by access to regulated electricity and favorable labor conditions, further strengthens its market outlook. The project has already attracted Canadian pension funds, reflecting its long-duration, stable return profile.Learn more: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Bart Jaworski, CEO, Group Eleven ResourcesOur previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-18m-funds-70000m-drill-program-10059Recording date: 27th June 2025Group Eleven Resources is advancing one of Ireland's most significant recent mineral discoveries at its Ballywire project in County Limerick, where an intensive 70,000-metre drilling campaign is underway using five rigs. Four rigs are focused on Ballywire, while a fifth is testing the nearby Stonepark property. The company has outlined a rapidly expanding zinc-lead-silver system extending over 3.2 kilometres, alongside a newly confirmed, deeper copper-silver zone that adds both scale and complexity to the deposit.Drilling has identified a steeply dipping copper-silver “feeder” system beneath the flat-lying zinc horizon, consistent with Mississippi Valley Type deposit models. This deeper zone has now been traced across 430 metres and remains open, suggesting further expansion potential. In addition, a secondary southwest-trending massive sulphide zone has emerged, indicating the possibility of greater overall tonnage than initially expected.Ballywire stands out for its exceptional grades, particularly in silver. Assays commonly range from 50 to 150 grams per tonne, with peak values reaching as high as 4,200 grams per tonne. A standout intercept reported in early 2026 included 52 metres of mineralisation with exceptionally high silver content, alongside notable copper values. These results position the project among the most high-grade discoveries of its type globally.The company estimates a potential 24-fold exploration upside based on multiple untested gravity anomalies along a 6-kilometre trend, as well as additional parallel structures and depth extensions. With approximately C$18 million in funding, Group Eleven is well-positioned to continue drilling through 2027 and aims to deliver a maiden mineral resource estimate within 12 to 18 months.Situated in a stable and mining-friendly jurisdiction, Ballywire benefits from growing industry interest in Ireland's mineral sector, driven by strong demand for zinc, copper, and silver in electrification and energy transition technologies.Learn more: https://www.cruxinvestor.com/companies/group-eleven-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, Director & CEO of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-hammerdown-the-path-to-production-10604Recording date: 23rd June 2026New Found Gold (TSXV:NFG) is advancing through a critical transition period, moving from an exploration-focused company toward one with near-term production cash flow and a fully funded development plan for its flagship Queensway project. Director and CEO Keith Boyle outlined a clear set of operational milestones, regulatory updates, and a funding position that together describe a company actively de-risking its path from discovery to production.The company's Hammerdown project represents the nearest-term catalyst. Boyle confirmed the company expects to declare commercial production in the second half of 2026, targeting steady-state annual output of 20,000 to 25,000 ounces at an all-in sustaining cost of approximately $2,500 per ounce, figures consistent with the project's published Preliminary Economic Assessment. This represents New Found Gold's first source of internally generated cash flow, a meaningful shift for a company that has historically relied on equity markets to fund its activities.Queensway, the company's flagship high-grade project, remains subject to an Environmental Assessment decision that Boyle expects by early July 2026, following a routine two-week extension to the standard 45-day review period. Boyle characterised the extension as a function of higher application volumes at the regulatory body rather than any project-specific concern. Once the EA is approved, the company anticipates progressing to an early works permit, clearing the way for construction activity to accelerate.A central element of the investment case is the operational continuity between Hammerdown and Queensway. By acquiring the Hammerdown mine and the Pine Cove mill through its earlier Corvus acquisition, New Found Gold gained an already-operating production team and processing facility. Boyle explained that this team's experience bringing a 700-ton-per-day mine into production at Hammerdown is now being applied directly to Queensway, which is being developed at a similar scale. Rather than constructing new milling infrastructure, the company is expanding an existing, operating facility, a structural advantage relative to many development-stage peers building from a standing start.Boyle also detailed the company's funding position, confirming a $220 million capital raise dedicated specifically to the Queensway development plan. This leaves the company fully funded for early works currently underway at Pine Cove, including the ordering of long-lead-time equipment, while it awaits regulatory clearance. Boyle noted that acquiring existing infrastructure brought Queensway's production timeline forward by approximately three years compared with developing the project independently, while also reducing reliance on further equity issuance and associated shareholder dilution.Exploration remains an active component of the story alongside development. The company has expanded its 2026 drilling program to 90,000 metres, with 45% allocated to new discoveries and resource growth rather than confirmation drilling. Boyle outlined a longer-term production growth profile targeting more than 100,000 ounces per year in the near-to-medium term, scaling toward approximately 200,000 ounces per year by around 2031 following the planned Queensway expansion.Taken together, New Found Gold presents a defined near-term catalysts, a funded development plan, and continued exploration upside to weigh against standard regulatory and execution risks inherent to development-stage mining equities.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-8moz-gold-project-advancing-rapidly-10058Recording date: 25th June 2026Omai Gold Mines has rapidly emerged as a significant player in the global gold development sector after doubling its resource base to 8 million ounces across two deposits in Guyana within a year. This growth places the company among a small group of large, undeveloped gold projects worldwide. Despite this scale, Omai trades at roughly $150 per ounce of enterprise value—well below comparable peers valued between $180 and $226 per ounce, and far beneath recent acquisition benchmarks of $425 to $600 per ounce. This valuation gap is partly attributed to the speed of the resource expansion, which analysts have yet to fully incorporate into updated models.A key near-term catalyst is the company's forthcoming Preliminary Economic Assessment (PEA), expected to provide the first comprehensive evaluation of both deposits at their current scale. The PEA is likely to increase the project's net asset value and clarify production potential, which may exceed earlier expectations of 250,000–300,000 ounces annually. It may also challenge current assumptions around mining costs, particularly the strip ratio, where management anticipates more favorable outcomes than analysts predict.Omai benefits from several structural advantages that reduce development risk. As a past-producing site, it already has established infrastructure, including an airstrip, tailings facilities, and cleared land. It is also located near a paved highway and within reach of planned hydropower and LNG energy sources. Additionally, Guyana offers a supportive regulatory environment, streamlined permitting through a single government-issued license, and a growing reputation as a stable mining jurisdiction.Further upside lies in the project's geological potential, with drilling indicating mineralization extending well below current resource limits. Combined with its scale, infrastructure, and jurisdictional advantages, Omai represents both a compelling development opportunity and a potential acquisition target in a market increasingly focused on large, de-risked gold assets.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Jonathan Egilo, CEO of Axo MetalsRecording date: 24th June 2026Axo Metals is advancing its San Antonio gold project in Sonora, Mexico toward a potential production decision, combining ongoing drilling, engineering work, and permitting with a Preliminary Economic Assessment (PEA) expected in September. Acquired earlier this year, San Antonio is a brownfield asset with a history of heap leach gold production, most recently operated in 2021. Existing infrastructure, including a 12,000-tonne-per-day crusher and maintained processing facilities, significantly reduces development risk and upfront capital requirements.The company's near-term focus is the Sapuchi deposit starter pit, a near-surface oxide deposit with a low strip ratio that allows mining to begin immediately in ore. Infill drilling at Sapuchi has delivered encouraging results, including gold mineralisation in areas previously classified as waste. These findings could improve project economics by lowering effective stripping requirements and increasing recoverable material within the planned pit.San Antonio currently hosts a resource of approximately 1.1 million ounces of gold based on a 2021 estimate at lower gold prices. Axo Metals believes this could grow to 1.5–2 million ounces through updated pricing assumptions and ongoing expansion drilling. Over a projected mine life of 10 to 12 years, the project could support annual production of 100,000 to 150,000 ounces, with additional upside from a future sulphide milling operation.Financially, the company has raised $40 million, with additional warrant potential, and estimates that only tens of millions more are needed to reach initial production due to the project's partially built status. With permitting underway and a clear development plan, Axo Metals is positioning San Antonio as a near-term, capital-efficient gold production opportunity, particularly attractive in a strong gold price environment.Learn more: https://www.cruxinvestor.com/companies/axo-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Eric Zaunscherb, Chairman, Critical Elements LithiumOur previous interview: https://www.cruxinvestor.com/posts/critical-elements-lithium-tsxvcre-high-value-rose-project-on-the-path-to-fid-3510Recording date: 16th June 2026Critical Elements Lithium is positioning itself as a standout developer in the recovering lithium sector, anchored by its fully permitted Rose Lithium-Tantalum project in Quebec. Unlike many peers, the company has already cleared two major development hurdles: environmental approvals and a formal agreement with the Cree Nation. This significantly shortens its path to production and reduces execution risk.A 2023 feasibility study outlines robust project economics, including annual production of 200,000 tonnes of spodumene concentrate, a net present value of US$2.2 billion, a 66% internal rate of return, and a rapid 1.8-year payback period. These estimates are based on conservative pricing assumptions below current market levels, suggesting additional upside as lithium prices recover.Beyond its flagship asset, Critical Elements is actively advancing exploration at the nearby Rose West discovery. Early drilling has already expanded the deposit footprint multiple times, and ongoing work is expected to further grow the resource. Importantly, Rose West can be integrated into the existing project without requiring separate permitting, potentially enhancing long-term production and project value.The company also holds a strategic 20% carried interest in the Nisk Joint Venture, alongside equity in partner Power Metallic. This exposure provides additional upside through a polymetallic discovery that is not fully reflected in Critical Elements' current valuation.Despite its strong fundamentals, the company trades at a significant discount to peers and analyst targets, largely due to uncertainty around project financing. However, with a well-defined asset, supportive infrastructure, and multiple growth drivers, Critical Elements is positioned for a potential re-rating as the lithium market improves and financing clarity emerges.Learn more: https://www.cruxinvestor.com/companies/critical-elements-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Farhad Abasov, Chairman, Millennial PotashOur previous interview: https://www.cruxinvestor.com/posts/millennial-potash-tsx-vmlp-the-worlds-next-low-cost-potash-producer-6383Recording date: 15th June 2026Millennial Potash is advancing a large-scale potash project in Gabon that it positions among the world's largest undeveloped deposits. The company has defined an estimated 6 billion tonnes of measured, indicated, and inferred resources from drilling across just 4% of its 1,500 square kilometer licence area, leaving significant potential for further expansion. This scale, combined with a relatively low projected cost structure and proximity to key agricultural markets, underpins the project's investment appeal.A central component of the project's development is support from the US International Development Finance Corporation (DFC), which has provided a $3 million grant for feasibility work and may offer construction debt financing, subject to project milestones. Additional backing from US government entities reflects growing strategic interest in diversifying global potash supply, which is currently concentrated among a small number of countries. Millennial aims to complete feasibility and environmental studies by early 2027, secure full financing by mid-2027, and begin construction later that year using solution mining, a lower-capex method than traditional underground mining.The company is targeting a capital structure with 60–65% debt to limit equity dilution and is seeking off-take agreements tied to upfront financial participation rather than simple purchase contracts. At the same time, management is exploring strategic partnerships or acquisition opportunities, drawing on its track record of selling previous potash projects to major industry players.Infrastructure development, including access to an existing port and a proposed deepwater facility, could support scaling production from an initial 800,000 tonnes annually to as much as 4–5 million tonnes over time. Positioned near underserved African markets and major importers like Brazil, the project aligns with broader trends toward supply diversification in the global fertilizer sector.Learn more: https://www.cruxinvestor.com/companies/millennial-potash-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-undervalued-investment-series-with-alan-carter-9745Recording date: 16th June 2026Cabral Gold is nearing production at its phase one heap leach operation in the Cuiu Cuiu gold district in northern Brazil, with construction more than 70% complete and on track for commissioning in the third quarter of 2026 and commercial output in the fourth quarter. The project is fully funded through a 353 kg gold loan (approximately $45 million) from its largest shareholder, carrying a 39-month term and 10% interest, with repayments beginning at the end of 2026.The operation is designed to process 3,000 tons of ore per day from near-surface, free-digging oxide material, which avoids the need for drilling, blasting, and complex processing. This contributes to relatively low operating costs and strong projected economics. Despite rising diesel prices and a stronger Brazilian real, the company estimates margins of $3,000 per ounce at current gold prices, with first-year production expected to reach 25,000 ounces.Infill drilling across approximately 160 holes has largely confirmed the resource model outlined in the 2025 preliminary feasibility study, with some higher-grade results, including an intercept of 25 metres at 7.5 g/t gold from surface. Early mining grades are expected to exceed life-of-mine averages, further supporting near-term profitability.Beyond initial production, Cabral is advancing a broader district-scale strategy. The company now controls six known deposits, up from three in 2022, and is actively drilling with six rigs to expand its resource base, targeting an updated estimate by the end of 2026. Notably, around 75% of the district's gold is believed to lie in hard rock beneath the oxide layer, forming the basis for a larger phase two development.Cabral's approach emphasizes self-funded growth, using cash flow from phase one to support expansion, reducing reliance on equity dilution while maintaining exposure to significant exploration upside.Learn more: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

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

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silvers-designation-opens-support-pathways-as-advanced-projects-target-2026-milestonesRecording date: 6th June 2026Silver Tiger Metals has reached a major milestone at its El Tigre project in Sonora, securing the first Mexican construction permit granted to a foreign mining company since 2019. Now over three months into building a high-margin heap leach silver and gold mine, the project is fully funded by a recent USD 60 million financing round. With earthworks underway and a 50-person camp operational, the build currently remains ahead of schedule. Management anticipates the first doré pour by December 2027, officially transitioning the firm from a development-stage company into a near-term producer.The financial projections for El Tigre are highly compelling. At current spot prices, the surface heap leach mine boasts a standalone after-tax net present value of roughly USD 800 million, an internal rate of return of 92 percent, and generates USD 100 million annually over an initial 10-year life. Crucially, the company also released an assessment for an adjacent underground mine featuring a 15-year lifespan and a USD 830 million valuation. Unlike many Mexican epithermal deposits where surface mining blocks deeper extraction, El Tigre's underground ore body lies entirely outside the surface footprint. This spatial advantage allows both operations to run concurrently, sharing infrastructure and drastically reducing the initial capital expenditure for the underground expansion.Beyond the established plan, Silver Tiger is aggressively pursuing exploration upside. Drilling has resumed on northern veins located 700 meters away, targeting an additional three million tonnes of silver equivalent. This expansion could nearly double the underground resource. Despite a recent dip in share price, the company views its current valuation as a massive discount to the combined theoretical project value of up to USD 1.8 billion. As the December 2027 production target approaches and debt providers actively compete to offer favorable financing terms, Silver Tiger is uniquely positioned to capitalize on a generational peak in precious metal prices.Learn more: https://www.cruxinvestor.com/companies/silver-tiger-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxvplsr-building-americas-primary-helium-supply-9105Recording date: 8th June 2026Pulsar Helium (TSXV:PLSR) sits at the intersection of a structural commodity supply crisis and an accelerating domestic US critical minerals agenda. The company is developing the Topaz helium project in northern Minnesota, a primary helium resource that does not depend on natural gas production economics, carries an average helium concentration of 8.1% across seven drilled wells, and is now backed by a completed regulatory framework, a major US engineering partner, and production-ready drilling scheduled for September 2026.More than 95% of global supply is produced as a byproduct of natural gas processing, which means output cannot be increased in response to price signals. When a major production node goes offline, the market has no rapid self-correcting mechanism. Two major nodes are now offline simultaneously. The closure of the Strait of Hormuz to container shipping has cut Qatar's export route — Qatar historically supplying approximately 35% of global helium. Russia, contributing a further 10%, has introduced export controls. The combined disruption has removed approximately 45% of global helium supply from the market. The CEO of QatarEnergy has indicated that restoring full production capacity could take three to five years. US customers are already reporting order allocations of 50% of typical volumes, with premiums on top.Against this backdrop, Topaz's geological profile is genuinely differentiated. The project was identified following an accidental discovery during nickel and copper exploration drilling, when a drill hole returned helium concentrations between 10-12% and is among the highest ever recorded. Since listing via IPO in the third quarter of 2023, Pulsar has drilled seven wells across the project area. All seven encountered gas. The current average concentration of 8.1% places Topaz in an entirely different grade regime from conventional byproduct production and makes primary extraction commercially viable as a standalone helium operation.The regulatory picture has materially improved. Minnesota had no prior framework for gas production. In 2024, the state legislated helium as a regulated commodity. In June 2026, the operational regulations were finalised — a process driven substantially by Pulsar's own work at Topaz. The removal of this non-geological risk represents a meaningful de-risking event for the project's development timeline.The confirmation of Helium-3 at Topaz adds a longer-horizon dimension. Helium-3 has applications in quantum computing and fusion research and is currently transferred between US government agencies at approximately US$18.7 million per kilogram. No commercial separation process exists at scale yet, and management has been measured in how it frames characterising Helium-3 as the cherry on top whilst keeping Helium-4 production as the operational priority. That framing is appropriate, but the optionality is real.The risk profile is consistent with a development-stage company. The resource has not yet been independently quantified at full scale. The economic assessment is pending. Production-ready well drilling has not yet commenced. Investors should size positions accordingly. But for those with the risk appetite for early-stage resource exposure, the combination of a 100% drilling success rate, a completed regulatory framework, a confirmed supply crisis with a multi-year recovery horizon, and an engineering partner already at work makes the near-term catalyst pathway unusually clear.View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-heliumSign up for Crux Investor: https://cruxinvestor.com

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-mining-tsxvscz-undervalued-investment-series-with-arturo-prestamo-10185Recording date: 9th June 2026Santacruz Silver Mining entered 2026 with improving operations, rising financial strength, and a clearer path to growth across its Bolivian and Mexican assets. In the first quarter, the company produced about 2.3 million silver-equivalent ounces, including 1.3 million ounces of silver and roughly 21,000 tonnes of zinc, alongside smaller lead and copper output. Stronger silver prices and better operating performance helped drive a solid financial quarter, with management expecting production to rise further in the second quarter.The company's most important near-term focus is the Bolivar mine in Bolivia, where excess water in key mining zones has limited access to high-grade silver areas. Santacruz is carrying out a dewatering program to restore output from the Pomabamba and Nena veins, with a goal of returning to budgeted production levels by the fourth quarter of 2026. Management believes this recovery will not only lift silver volumes but also lower mining costs at one of its most important assets.Despite more than a month of political unrest in Bolivia tied to tensions between President Luis Arce and former President Evo Morales, Santacruz says its operations have remained on budget and uninterrupted. The company has reduced risk by storing key supplies in advance and using rail for most concentrate shipments, limiting exposure to road blockages.Santacruz is also positioning itself for the next phase of growth. It expects to move from the TSX Venture Exchange to the TSX main board within weeks, a step intended to improve liquidity and attract a broader investor base. Management also plans to launch a share buyback, signaling confidence that the market undervalues the business. Beyond Bolivar, the company is advancing Soracaya, a brownfield Bolivian asset with a strong silver profile, as its main medium-term growth project in a silver market supported by persistent supply deficits.View Santacruz Silver Mining's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com