Podcasts about Uranium

Interview with Joseph Ovsenek, President & CEO of P2 Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-inc-tsxvpgld-35moz-project-advances-on-metallurgical-breakthrough-7826Recording date: 11th September 2025P2 Gold presents one of the most compelling value propositions in the current gold mining sector, offering investors exposure to a high-quality Nevada development project with exceptional economics and experienced management execution capabilities. The company's Gabbs project demonstrates robust financial metrics that appear significantly disconnected from its current market valuation, creating a substantial opportunity for value recognition and appreciation.The project's preliminary assessment reveals impressive economics with a 62% internal rate of return and $700 million net present value at a 10% discount rate when current metal prices are applied. These figures stand in stark contrast to P2 Gold's market capitalization of just $25 million, suggesting a potential 28-fold upside if the market recognizes the project's intrinsic value. The 3.5 million ounce gold equivalent resource base provides substantial scale, while the Nevada location offers regulatory advantages and established mining infrastructure that reduce development risks.Recent metallurgical breakthroughs represent a significant catalyst for enhanced project economics and accelerated development timelines. Phase 3 metallurgical results demonstrated remarkable improvements, with gold recovery rates increasing from 78% to 85% and copper recovery jumping from 54% to 67%. Perhaps more importantly, extraction kinetics improved dramatically, with 98% of gold now recoverable in 58 days compared to the previous 145-day timeline. This improvement could reduce capital expenditure requirements and project footprint size when advancing to feasibility study.Management credibility provides crucial execution confidence for investors evaluating development-stage mining opportunities. CEO Joseph Ovsenek and Chief Exploration Officer Ken McNaughton previously collaborated at Pretium Resources, successfully advancing the Bruce Jack project from discovery to production in under eight years. Their proven track record demonstrates capability in navigating complex development processes including resource expansion, permitting, financing, and construction management. The team's philosophy of setting aggressive targets and maintaining development momentum has translated into P2 Gold's ambitious 2028 production timeline.The company's strategic approach to development acceleration includes skipping pre-feasibility study and advancing directly to feasibility based on extensive historical data and the project's straightforward heap leach processing characteristics. This decision could compress typical development timelines while leveraging Nevada's established regulatory framework and heap leach infrastructure. The addition of SART plant technology for gold and copper oxide recovery represents the primary technical innovation required, with numerous similar facilities already operating successfully.Near-term catalysts provide multiple opportunities for market recognition and potential re-rating over the next 12 months. Expansion and infill drilling beginning in mid-to-late October should generate results over six months, potentially expanding the resource base and providing additional geological confidence. Key regulatory milestones including water permitting and mining plan of operation filing within four to five months will demonstrate tangible progress toward production.P2 Gold's current financing round targeting C$6 million with potential expansion based on strong investor interest demonstrates improving market sentiment and capital access. The relatively modest funding requirements reflect the project's efficient development pathway and extensive historical database, allowing the company to maintain aggressive advancement while preserving shareholder dilution.At current gold prices exceeding $3,600 per ounce, P2 Gold offers compelling leverage to continued metal price appreciation while providing downside protection through robust project economics and experienced management execution capabilities.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Dave Cole, CEO, EMX Royalty & Fred Bell, CEO, Elemental Altus RoyaltyRecording date: 10th September 2025EMX Royalty Corporation and Elemental Altus Royalty Corporation have announced a transformational merger that will create a mid-tier royalty company with substantial scale and institutional backing. The combined entity will operate 16 producing assets alongside over 180 additional royalty exposures across diversified global jurisdictions, positioning it as a significant player in the royalty sector.The transaction's cornerstone feature is Tether's strategic investment, with the digital asset company becoming a 33% shareholder while contributing $100 million at closing. This backing addresses a critical challenge for junior royalty companies by substantially reducing cost of capital while providing access to larger acquisition opportunities. Tether's involvement reflects their broader commodity allocation strategy, viewing royalties as complementary to their $10 billion physical gold holdings.Portfolio performance has been strong across both companies, with significant discovery success at flagship assets including Timok in Serbia, Diablillos, and Caserones in Chile. The combined portfolios benefit from approximately $100 million in annual drilling expenditures by operators, creating embedded discovery optionality without capital requirements from the royalty holders. Revenue composition will be 67% gold and silver versus 33% base metals, generating an expected $70-80 million in annual revenue.Management structure preserves expertise from both organizations, with EMX CEO Dave Cole leading the combined entity and Elemental Altus CEO Fred Bell serving as President and Chief Operating Officer. The team recruited Stefan Wenger as CFO, leveraging his experience growing Royal Gold from hundreds of millions to billions in market value.The merger is expected to close by mid-November, followed by a US listing targeting institutional investors who previously considered the companies too small for investment. This enhanced scale and liquidity should provide access to larger transactions while maintaining their technical expertise and disciplined approach to capital allocation across the full spectrum of royalty opportunities.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Justin van der Toorn , CEO of Greenheart GoldOur previous interview: https://www.cruxinvestor.com/posts/greenheart-gold-tsxvghrt-advancing-multi-project-portfolio-7557Recording date: 10th September 2025Greenheart Gold is an emerging junior gold explorer with a robust management pedigree, led by CEO Justin van der Toorn whose success at Reunion Gold lends credibility to the company's strategic approach. The company operates five greenfield gold projects in the highly prospective Guyana Shield region—two in Guyana and three in Suriname—deliberately focusing on unexplored targets. Rigorous evaluation and financial discipline underpin their model, with each project subjected to a systematic 9-12 month process to reach a drill decision, and non-viable assets quickly dropped.Currently, Greenheart has active drilling at the Tamakay project in Guyana and the Majorodam project in Suriname. Early drilling at Majorodam delivered intersections including 30 meters at 2 grams per tonne gold, supported by strong infrastructure benefits such as proximity to paved roads and established mills, which help lower operating costs and development thresholds. At Tamakay, the program targets high-grade quartz veins previously mined by local artisanal miners, further highlighting the region's potential.Justin van der Toorn emphasizes the importance of an honest, data-driven approach, stating, “At the end of the day, it's exploration. You have to play a little bit of a numbers game here and make sure that you've got more than one egg in a basket,” reflecting the company's commitment to portfolio diversification and rigorous technical standards.Well-capitalized and backed by a supportive institutional shareholder base, Greenheart Gold is positioned to advance its pipeline without the immediate need for further fundraising. With a disciplined capital allocation strategy and a clear focus on advancing only the most promising opportunities, Greenheart is set to deliver value through near-term drilling results and multiple discovery pathways within a world-class geological province. These factors, combined with favorable macroeconomic conditions for gold and the underexplored nature of the Guyana Shield, create a compelling case for investors.Learn more: https://www.cruxinvestor.com/companies/greenheart-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jamie Levy, CEO, Generation MiningOur previous interview: https://www.cruxinvestor.com/posts/generation-mining-tsxgenm-advancing-its-robust-copper-palladium-project-in-ontario-5071Recording date: 10th September 2025Generation Mining Limited has positioned itself as a leading shovel-ready critical metals developer with its Marathon Project in Northern Ontario, targeting annual production of 160,000 ounces of platinum and 42 million pounds of copper alongside additional precious metals byproducts.The Marathon Project represents one of the few permitted critical metals developments in a tier-one jurisdiction, having secured all final regulatory approvals in 2024. This regulatory clearance eliminates a major development risk that continues to challenge competing projects across the mining sector. The simple open-pit operation features a favorable 3:1 strip ratio and could produce upwards of 250,000-300,000 ounces of platinum equivalent annually.Generation Mining has assembled a comprehensive financing strategy totaling over $1 billion in project capital requirements. The company secured mandate letters from senior lenders including Société Générale, ING, and Export Development Canada for up to $400 million USD, complemented by a $200 million streaming agreement with Wheaton Precious Metals. Management targets a fully financed package by early 2026.The automotive industry's pivot toward hybrid technologies rather than pure electric vehicle mandates creates sustained demand fundamentals for platinum group metals used in catalytic converters. This shift occurs amid heightened geopolitical supply chain concerns regarding traditional suppliers in Russia, South Africa, and China, driving government support for domestic North American production capabilities.With a current market capitalization of approximately $100 million against a project net present value of $1 billion, Generation Mining trades at roughly 10% of NPV compared to 50-80% typical for permitted developers. This substantial valuation disconnect indicates significant rerating potential as the company progresses toward its financial investment decision within the next 12 months.Learn more: https://www.cruxinvestor.com/companies/generation-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, CEO & John Meyer, VP of Engineering, Revival GoldOur previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-secures-c29m-strategic-financing-for-us-gold-projects-7558Recording date: 10th September 2025Revival Gold Inc. has emerged as a compelling gold development story through strategic asset assembly and institutional validation, positioning itself with one of the largest portfolios of development projects in the western United States. Led by CEO Hugh Agro and VP of Engineering John Meyer, the company controls 6 million ounces of resources across two primary assets: the flagship Mercur project in Utah and the larger Beartrack-Arnett project in Idaho.The company's strategic foundation centers on brownfield acquisitions in tier-one jurisdictions with existing infrastructure and proven past production. "What we did know as mining engineers and developers and operators of gold projects is that there's really a scarcity of these good projects in good locations," Agro explains. This 7-8 year asset assembly period coincided with depressed junior mining valuations, creating competitive advantages that would be impossible to replicate in today's market.Revival Gold has secured sophisticated institutional backing from EMR Capital and Dundee Corporation, raising $30 million in cash while gaining validation from experienced mine builders. "These are minefinders and builders before they became financiers," Agro notes, emphasizing the extensive due diligence process that validated the company's assets and strategy.The Mercur project represents the near-term value catalyst, positioned on private land in Utah with streamlined state permitting and existing infrastructure. Management targets construction start within 2.5 years, utilizing simple crush heap leach processing that reduces capital requirements and technical complexity. Both projects benefit from this approach, avoiding the complications of conventional milling operations.Current drilling campaigns focus on resource expansion and metallurgical de-risking, with three rigs operating at Mercur. The company maintains significant exploration upside through Mercur's unexplored western anticline and Beartrack-Arnett's underground potential beneath planned open pit operations.Trading at 0.2 times net asset value despite $500 million in engineered NAV, Revival Gold offers institutional-backed exposure to domestic gold production growth in an increasingly supply-constrained market. The combination of near-term production timeline, proven assets, and sophisticated backing creates what management describes as "a rare rare find in the space."Learn more: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Rory Quinn, President & CEO of Yukon MetalsOur previous interview: https://www.cruxinvestor.com/posts/yukon-metals-cseymc-launching-major-drill-program-in-2025-7124Recording date: 10th September 2025Yukon Metals Corporation (CSE:YMC) represents a compelling early-stage copper and gold exploration opportunity positioned to capitalize on favorable market conditions and strong preliminary drilling results across three strategic properties in Canada's Yukon Territory.The company's flagship Birch project has delivered encouraging validation of its geological model, with scarn mineralization encountered in every drill hole across a substantial 750-meter strike length. The consistency of this mineralization is particularly significant for early-stage exploration, indicating a robust and extensive system with substantial discovery potential. Recent drilling has intersected up to 46 meters of continuous scarn mineralization between 250-300 meters depth, suggesting significant vertical continuity. Preliminary visual assessment by Dr. Quinton Hennigh, a highly respected geologist, indicates potential copper grades of 1.5-2% with accompanying gold content, though final assay results are pending.Complementing the copper focus at Birch, the Star River property presents exceptional high-grade silver and gold potential. Surface sampling has yielded remarkable results including up to 11,000 g/t silver and 101 g/t gold, with visible galena mineralization containing 1,800 g/t silver and 20% lead. Current drilling targets shallow mineralization at approximately 150 meters depth, supported by an 800-meter gravity anomaly that correlates with known high-grade surface showings.A critical value driver for Yukon Metals lies in its systematic approach to operational scaling through permit advancement. The company currently operates under Class 1 permits that limit operations to 10 people and restrict drilling scope. However, management is actively pursuing Class 3 permits that would dramatically expand capabilities to 50 people on site with virtually unlimited drilling capacity for a 10-year period. CEO Rory Quinn emphasized this represents a significant value inflection point, stating the permits will create a huge amount of value and enable much larger exploration programs.The company maintains a strong financial foundation with $11 million raised in April, supporting approximately 9,000 meters of drilling across the three properties. Management operates a lean structure with only a three-person Vancouver office, ensuring capital allocation is directed primarily toward exploration activities. This disciplined approach maximizes shareholder value while maintaining operational flexibility.Market conditions appear increasingly favorable for copper exploration, driven by electrification trends and supply constraints. Quinn noted strong institutional interest and the presence of generalist funds and US capital, describing current conditions as "the best vibe I've felt here in a long time" in what "really does feel like a bull market." The company's stock price has reflected this positive sentiment, advancing from $0.60 to the $0.80-$0.90 range following positive drilling results.The management team brings valuable experience and strategic relationships within the mining finance community. Key personnel include Keith Neumeyer, who helped structure the company and brings committed investor networks, and Patrick Burke, former head of capital markets at Canaccord Genuity. Quinn's background with Wheaton Precious Metals provides institutional market familiarity that should prove valuable as projects advance.With pending assay results, permit advancement progress, and favorable market conditions for strategic commodities, Yukon Metals appears well-positioned to deliver value through systematic project advancement and discovery potential across its diversified property portfolio.View Yukon Metals' company profile: https://www.cruxinvestor.com/companies/yukon-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Cox, President & CEO of Rio2 Ltd.Our previous interview: https://www.cruxinvestor.com/posts/from-mega-mines-to-lean-machines-rio2-ltd-vista-golds-blueprint-for-fast-track-gold-production-7298Recording date: 10th September 2025Rio2 Limited presents a compelling investment opportunity as one of the few genuine new gold producers emerging in a market increasingly characterized by consolidation rather than organic growth. The company's Fenix Gold project in Chile is approaching first production in January 2026, positioned to capitalize on record-high gold prices exceeding $3,600 per ounce—more than double the $1,800 assumptions used in the original feasibility study.The project demonstrates exceptional execution discipline under CEO Andrew Cox's leadership, maintaining its production timeline while operating slightly under budget. Construction has progressed systematically with completed earthworks across 12 hectares of leach pads and process solution ponds, while mineral movement to the pad has already commenced. The company's $50 million funding arrangement with Wheaton Precious Metals eliminates typical development-stage financing uncertainties, providing clear visibility to cash flow generation.The management team's 11-year partnership and proven track record of building two previous operations with the same contractor relationships significantly reduces execution risk. This experience is evident in their methodical construction sequencing, targeting solution circulation by November and gold room completion by late December 2025.Fenix Gold targets 20,000 tons per day processing capacity, achievable by August-September 2026 through heap leach technology. The 90-day leach cycle provides relatively rapid cash flow generation, with approximately 50% of gold recovery occurring within the first 30-40 days of production. This operational profile, combined with current gold pricing, creates substantial cash generation potential from the project's 5 million ounce resource base.The most significant value driver lies in the project's expansion potential. Rio2 is advancing partnerships with two desalination providers in Copiapó to secure water supply for expanded operations. The proposed 160-kilometer pipeline infrastructure, requiring approximately $350 million in capital, would enable production of 300,000 ounces annually for 10 years—creating an estimated $3 billion in additional value.This expansion case transforms Rio2 from a mid-tier producer into a significant gold operation, supported by substantial inferred resources requiring conversion and exploration upside in boundary areas and depth extensions.Rio2's emergence occurs during unprecedented industry consolidation, where major producers like Newmont, Barrick, and Kinross pursue growth through acquisitions rather than organic development. This environment creates strategic optionality for Rio2, whether through independent expansion or potential acquisition by larger producers seeking established operations with growth potential.The company's single-asset concentration, while presenting risk, also provides focused execution and clear value catalysts. Management actively evaluates acquisition opportunities to diversify the asset base while maintaining commitment to the Fenix expansion.Rio2 offers investors a unique combination of near-term production certainty and transformational expansion potential. The company's disciplined execution, experienced management, and strategic timing during favorable gold market conditions create multiple pathways for value creation. With production approaching and expansion studies advancing, Rio2 represents both income generation and significant growth optionality in a proven geological setting during an optimal market environment for gold producers.View Rio2 company profile: https://www.cruxinvestor.com/companies/rio2-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Tara Christie, President and CEO of Banyan GoldOur previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-7moz-gold-project-getting-bigger-with-higher-grades-6661Recording date: 9th September 2025Banyan Gold Corp has successfully repositioned its AurMac project from a bulk tonnage operation into a high-grade gold deposit that's attracting serious institutional attention and potential acquisition interest. The Canadian gold explorer recently updated its mineral resource to 2.2 million ounces indicated and 5.4 million inferred, but the critical development lies in grade enhancement—4.55 million ounces at close to one gram per tonne represents a fundamental shift in the project's economic profile.President and CEO Tara Christie emphasized the transformation's significance: "Five million ounces plus one gram. And that's really what's driving our story right now is that high-grade core we're targeting with our drill program this year." This grade improvement reflects sophisticated geological modeling and a more lithologically constrained approach that has increased confidence in mineralization continuity.Recent drilling has uncovered exceptional high-grade zones, including intercepts of 539 grams per tonne at just 65 meters depth, demonstrating bonanza-grade potential within the broader deposit. The company has completed 28,000 meters across 130 drill holes this year, with only 20 results released, suggesting significant news flow ahead.The project benefits from exceptional infrastructure positioning, with existing road access and power lines on-site, significantly reducing development risk. This advantage has helped drive a complete transformation of Banyan's shareholder base, with over 112 million shares traded since June as institutional investors replace retail shareholders.Christie expects eventual acquisition given current market dynamics: "I think this will be mine one day…I expect somebody else will build it. That's the most likely scenario when you play the odds of this market with all the M&A and these gold prices." With current valuation below $30 per ounce compared to management's $100 target, Banyan appears positioned for significant rerating as institutional recognition grows.Learn more: https://www.cruxinvestor.com/companies/banyan-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Swinoga, President & CEO, Exploits Discovery Our previous interview: https://www.cruxinvestor.com/posts/inside-exploits-discoverys-csenfld-new-growth-strategy-4m-cash-680k-oz-gold-3-provinces-7217Recording date: 9th September 2025Exploits Discovery Corp. has completed a remarkable strategic repositioning that transforms the company from a resource-light Newfoundland explorer into a diversified Canadian gold company with substantial assets and compelling valuation metrics. The transformation positions the junior miner to capitalize on the current favorable gold price environment, with gold reaching $3,600 per ounce.The cornerstone of this transformation was the strategic sale of Newfoundland assets to New Found Gold for $7 million in upfront shares plus an additional $1.8 million upon delivery of remaining properties, along with a 1% net smelter return royalty. This transaction created immediate shareholder value while allowing management to focus on higher-potential assets.Most significantly, Exploits Discovery went from zero resources to controlling 680,000 ounces of gold across four high-quality properties in just four months. The flagship Hawkins property in Ontario hosts 300,000 ounces in the McKinnon zone within a 60-kilometer property package near Timmins. The property benefits from established infrastructure and was discovered by Don McKinnon, co-founder of the successful Hemlo gold mine.Complementing the Ontario resource base are three Quebec properties under option from Cartier Resources, offering exceptional high-grade exploration upside. The Fenton property has delivered impressive results including 356 grams per tonne gold over 6 meters, while the Wilson property features similar high-grade chimney-style mineralization.From a valuation perspective, the company presents a compelling opportunity with approximately $10-11 million in treasury value against a current market capitalization of just $9 million, creating an immediate discount to net asset value. Combined with $3.6 million in cash and backing from Eric Sprott's 14% shareholding, the company has substantial financial flexibility to pursue aggressive exploration without near-term dilution pressure.The systematic exploration approach across both jurisdictions, supported by an experienced technical team including property-specific experts, positions Exploits Discovery for multiple value creation catalysts in the favorable gold market environment.Learn more: https://www.cruxinvestor.com/companies/exploits-discoverySign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Emerson, President & CEO, and Kieran Downes, Director of Kingsmen ResourcesRecording date: 5th September 2025Kingsmen Resources presents a compelling investment opportunity in Mexico's precious metals sector through its systematic consolidation of historic mining districts and disciplined approach to exploration financing. The company has assembled two significant projects in Chihuahua's renowned Parral district, targeting areas with established production history and modern expansion potential.The flagship Las Coloradas project centers on a mine that operated from 1944 to 1952, producing high-grade silver-lead-zinc mineralization averaging 600-800 grams per tonne. Through methodical claim assembly, Kingsmen has consolidated what was previously 15 separate claim blocks into a cohesive nine-square-mile package. Modern exploration has extended the original 300-meter strike length to 1.4 and 1.7 kilometers respectively, suggesting significant expansion potential beyond historic workings.Current operations focus on a 3,000-meter drilling program targeting 11-12 holes with depths ranging from 250 to 500 meters. The program tests continuation of mineralization along strike and below the historic water table, with results expected by September 2025. Technical work has identified strong pathfinder elements including arsenic, antimony, beryllium, and bismuth, while induced polarization surveys reveal extensive sulfide development across multiple rock types.The Almoloya project represents the company's second major consolidation success. Almoloya has attracted previous attention from major mining companies including Hecla, Anglo American, and Kennecott, though these operators worked individual claim blocks rather than the consolidated package now controlled by Kingsmen. This previous work generated approximately $3 million worth of historical data that Kingsmen acquired without associated exploration costs.Management maintains exceptional capital discipline with only 25 million shares outstanding, having completed all acquisitions through cash payments rather than equity dilution. The Las Coloradas acquisition totals $2.1 million over seven years with no net smelter return, while Almoloya requires $8 million over eight years with a 2% NSR. Both payment schedules feature minimal upfront costs, allowing systematic exploration without financial strain.Strategic positioning creates multiple value realization pathways. GoGold operates processing facilities just 40 kilometers from Las Coloradas, currently trucking tailings 10 miles to their heap leach facility. This proximity suggests potential synergies for toll processing or outright acquisition if Kingsmen demonstrates sufficient scale and grade. The company also holds a purchasable royalty on GoGold's Los Ricos North project for $1 million, providing additional leverage to regional consolidation trends.Under President Scott Emerson's leadership, the company benefits from extensive mining experience including the Jolu mine discovery in northern Saskatchewan and 18 years developing projects in Argentina with Mitsubishi funding. Technical expertise comes from Director Kieran Downes, formerly with Cameco's uranium and gold divisions, while local representation through third-generation mining family member Carlos Garza provides social license and operational knowledge.Management targets resource potential exceeding 200 million ounces across both projects, based on geological similarities to regional deposits that have operated for centuries. The systematic approach to previously unexplored-by-juniors territory, combined with strong technical data and favorable operational conditions, positions Kingsmen for potential significant value creation through successful exploration results while preserving equity value through disciplined capital allocation.View Kingsmen Resources' company profle: https://www.cruxinvestor.com/companies/kingsmen-resources-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Allen Sabet, CEO of Mogotes Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxv-mog-explorer-targets-copper-gold-next-to-bhps-45b-acquisition-6947Recording date: 10th September 2025Mogotes Metals represents a compelling copper exploration opportunity positioned at the epicenter of Argentina's Vicuña district, home to the most significant copper discoveries of the past three decades. The company's strategic land package sits directly adjacent to Filo del Sol, representing the largest copper discovery in 30 years, within a district that has generated approximately billions worth of combined discovery value through neighboring properties controlled by industry giants BHP and Lundin Mining.The investment thesis centers on the geological principle that significant mineralization occurs in clusters, making Mogotes' position particularly attractive for investors seeking exposure to world-class copper potential. As CEO Allen Sabet noted, "The acorn doesn't fall from the oak tree is the saying that a lot of people say. And so we're looking for copper and gold in the place where two $4.5 billion discoveries have been made." This district concept provides validation for the company's exploration model while reducing typical exploration risks.Mogotes has distinguished itself through systematic preparation, investing C$20 million over three years in comprehensive technical work rather than rushing to speculative drilling. The company has completed extensive surface sampling programs across mountainous terrain, constructed 60 kilometers of access tracks, and employed cutting-edge 3D geophysical technologies to identify multiple high-priority targets. This methodical approach, combined with engagement of geologists who worked on adjacent successful projects, accelerates the learning curve and maximizes discovery probability.The company's financial position provides attractive leverage for investors, with $26 million in treasury against a $107 million market capitalization. This 4:1 leverage ratio ensures sufficient funding for the planned drilling campaign while avoiding near-term dilution concerns that typically plague junior exploration companies. The strong balance sheet reflects careful capital management during recent challenging market conditions for exploration equities.The upcoming drilling campaign, scheduled to commence in October 2025, will target both high-sulfidation epithermal systems prospective for gold and silver, as well as porphyry copper systems that could host large-scale copper-gold-molybdenum deposits. Target depths range from 300-700 meters, with many representing the first drilling in their history. The company benefits from favorable drilling conditions, including lower elevation access and absence of difficult-to-drill silica cap rocks that plagued neighboring operations.Industry validation comes through active engagement from major mining companies, with Sabet confirming that "mining companies that you would have heard of have spoken to us or are speaking to us at some point." This interest validates the technical merit of the project and suggests potential for strategic partnerships or acquisitions as the project advances.The macro environment supports copper exploration through unprecedented supply-demand imbalances driven by renewable energy infrastructure and electric vehicle adoption. Institutional interest is returning to the sector, with generalist funds allocating capital to copper and gold themes amid currency debasement concerns and supply constraints.Mogotes Metals offers investors a rare combination of strategic location, systematic technical preparation, strong financial positioning, and favorable market timing. The convergence of these factors, combined with limited market awareness due to the company's recent public listing, creates potential for significant revaluation as drilling results emerge and the story gains broader institutional recognition.View Mogotes Metals' company profile: https://www.cruxinvestor.com/companies/mogotes-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Greg Bittar, Managing Director of Lotus ResourcesOur previous interview:Recording date: 10th September 2025Lotus Resources presents a compelling uranium investment opportunity as one of the few companies to successfully restart production in a supply-constrained market. The company has demonstrated operational excellence by bringing the Kayelekera mine in Malawi back online after a decade-long closure, targeting steady-state production of 2.4 million pounds annually by 2026.The investment thesis centers on strategic market positioning during a critical industry inflection point. As Managing Director Greg Bittar emphasized, "This is no longer a demand story. This is a supply story." Utilities globally face acute supply shortages while rebuilding inventories and securing long-term contracts, creating favorable conditions for new producers with operational capability.Lotus Resources has structured its production profile to maximize upside exposure while maintaining revenue stability. With 65% of production uncontracted, the company provides substantial leverage to uranium price appreciation, while 35% contracted volumes through 2029 ensure cash flow certainty. This balanced approach allows management to implement a patient inventory strategy, building working capital to capture anticipated price increases rather than immediately monetizing output at current market levels.The company's operational advantages distinguish it from competitors facing technical challenges. Hard rock mining operations at Kayelekera utilize proven metallurgy and established processing parameters, reducing technical risk compared to in-situ recovery methods experiencing industry-wide difficulties. The operation previously produced successfully until 2014, providing management with operational knowledge and historical performance data to optimize the restart process.Financial discipline characterizes the company's approach to capital allocation. The $50 million restart investment minimized dilution while maintaining operational flexibility through $40 million in deferred capital expenditures. These strategic deferrals, including power grid connection and acid plant reconstruction, create a clear pathway to $5-6 per pound cost reduction once commissioned, enhancing operational competitiveness and margin expansion.The development pipeline adds significant value through the Letlhakane project in Botswana, representing 115 million pounds of uranium resources grading 360-365 ppm. This larger-scale, longer-life asset can be funded through Kayelekera cash flows, providing growth optionality without additional dilution. The strategic timing aligns with anticipated supply shortfalls in the late 2020s and early 2030s, positioning the asset for optimal market entry.Geographic positioning in stable African jurisdictions provides operational and political advantages. Strong government support, demonstrated through presidential participation in reopening ceremonies, combined with 95% local employment and community engagement initiatives, creates sustainable operational frameworks. Established supply chains and regulatory environments in both Malawi and Botswana reduce execution risk compared to less developed mining jurisdictions.The macro environment strongly supports uranium producers with operational capability and strategic positioning. Chinese demand acceleration, Western utilities' need to replace Russian supply sources, and limited new mine development have created unprecedented supply constraints. Lotus Resources exemplifies the opportunity to capitalize on this transformation through immediate production capability, substantial price exposure, and development optionality.Risk considerations include inherent commodity price volatility, operational challenges associated with mining operations, and geopolitical factors affecting African mining jurisdictions. However, the company's proven operational capability, strategic market positioning, and financial flexibility create a compelling framework for uranium sector exposure during this critical market transformation.View Lotus Resources' company profile: https://www.cruxinvestor.com/companies/lotus-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Tyler Hill, Vice President of Geology, i-80 GoldOur previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-14m-oz-resource-base-targets-mid-tier-producer-status-7786Recording date: 9th September 2025i-80 Gold is systematically advancing five Northern Nevada gold projects toward production through extensive drilling campaigns and feasibility studies, with completion targets set for Q1 2026 and Q1 2027. The company operates three high-grade underground mines (Granite Creek, Cove, Ruby Hills) and two oxide open pit projects under a strategic hub-and-spoke processing model.The company has demonstrated significant commitment to resource definition through comprehensive drilling programs. At Cove, the flagship project, i-80 Gold completed 45,000 meters of drilling over two years, with feasibility study completion planned for Q1 2026. At Granite Creek, 14,000 meters of infill drilling on 50-meter spacing is planned for 2025, focused on converting inferred resources to measured and indicated categories. The Ruby Hills Archimedes Underground component will begin drilling later in 2025, continuing through 2026, with feasibility study completion targeted for Q1 2027.A key differentiator in i-80 Gold's strategy is the centralized processing hub utilizing existing infrastructure at Lone Tree. The facility features an autoclave processing system that handles refractory ores from the three underground mines, while heap leach pads remain at individual sites. This configuration reduces capital requirements for individual projects while creating operational synergies and cost efficiencies across the portfolio.Led by Vice President of Geology Tyler Hill, who brings over nine years of experience on the Cove project, the 15-person geology team leverages deep local expertise and established contractor relationships. The company utilizes contractor drilling services while maintaining in-house geological expertise at each site, providing operational flexibility and access to specialized capabilities.Beyond current development activities, i-80 Gold maintains significant brownfields exploration opportunities. Historical drilling across the sites was predominantly shallow, conducted during the 1980s, 1990s, and early 2000s when gold prices were substantially lower. Current gold price levels justify deeper exploration programs, potentially expanding resource bases across all projects. The company has developed robust geological models that have identified numerous brownfields targets for step-out exploration.i-80 Gold represents a focused precious metals development company with concentrated assets in Northern Nevada's prolific mining district. The geographic concentration provides access to established mining infrastructure, regulatory familiarity, and skilled labor pools while creating operational synergies through proximity. The sequential feasibility study releases, combined with potential resource expansions and exploration discoveries, create multiple value inflection points for investors seeking exposure to Nevada gold development.Learn more: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Claudia Tornquist, CEO & Chris Taylor, Chairman of Kodiak CopperOur previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-maiden-resource-reveals-300m-tonnes-at-bc-copper-project-7337Recording date: 9th September 2025Kodiak Copper Corp is positioned for a significant catalyst with its maiden resource estimate due in Q4 2025, marking a crucial inflection point for the copper-gold porphyry explorer. Led by President and CEO Claudia Tornquist with Chairman Chris Taylor, the company has systematically consolidated a mining district in southern British Columbia through six years of disciplined exploration, completing 90,000 meters of drilling across seven mineralized zones.The initial resource phase, released in June 2025, delivered approximately 300 million tons at grades of 0.42% copper equivalent for indicated resources and 0.33% for inferred resources across four zones. The completion of the full maiden resource incorporating the remaining three zones will provide comprehensive visibility into the project's scale potential. Recent drilling has identified particularly attractive high-grade intersections near surface, including 27 meters at 1.62% copper, which could serve as starter pits for future mining operations.Management acknowledges the strategic reality of large-scale porphyry development, with Tornquist noting that "I don't think there's a single porphyry project that was developed by the junior who did the initial exploration. Very likely at some stage a major will take interest." This positions Kodiak as an acquisition target rather than an operator, typical for projects requiring substantial capital investment.The company trades at a significant valuation discount to comparable peers, with management identifying similar companies at $300-400 million market capitalizations representing five to six times Kodiak's current valuation. The dual copper-gold exposure provides additional value, particularly with gold representing 25% of project value and trading well above the $2,600 per ounce used in resource calculations.Beyond the flagship MPD project, Kodiak owns the undeveloped Mohave copper-molybdenum project in Arizona, providing portfolio optionality. With adequate financing from a recent Canaccord round and clear development milestones ahead, Kodiak offers leveraged exposure to the copper supply shortage while maintaining strong M&A potential.Learn more: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Huet, CEO & Oliver Turner, Corporate Development, Americas Gold & SilverOur previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-push-to-restore-historic-galena-mine-7106Recording date: 8th September 2025Americas Gold & Silver Corporation is experiencing a dramatic operational renaissance under CEO Paul Huet's leadership, successfully implementing longhole mining techniques at its century-old Galena mine in Idaho for the first time in two decades. This achievement represents the cornerstone of a comprehensive transformation strategy that has already delivered significant productivity improvements and positioned the company for substantial growth.The company has secured $100 million in debt financing to fund critical infrastructure upgrades, primarily focused on expanding shaft capacity from the current 700 tons per day to over 1,800 tons per day. This more than doubling of capacity addresses a fundamental bottleneck that has constrained operations for 20 years. The two-phase upgrade program is reportedly ahead of schedule, with completion expected by year-end, enabling access to higher-grade ore zones and more efficient waste management.A major value driver involves monetizing previously penalized metals through new offtake agreements beginning January 2026. Americas Gold & Silver operates the only producing antimony mine in the United States, positioning it uniquely following China's export restrictions in late 2024. Historical data reveals the magnitude of this opportunity: over 20 years, Galena produced nearly 20 million pounds of antimony that generated penalties rather than payments, representing approximately $500 million in foregone value at current prices.Galena mine operates with exceptionally high silver grades, mining over 400 grams per ton in a global market where fewer than five operations achieve similar grades. Recent exploration results have identified zones with grades significantly higher than current mining areas, including intercepts of 24,913 grams per ton, demonstrating substantial upside potential through selective mining techniques.The company has undergone significant restructuring, with institutional ownership increasing from 7% to 63% since management's takeover. A 2.5-to-1 share consolidation improved market accessibility, while inclusion in major silver ETFs created additional institutional demand. Management targets crossing 2 million silver ounces annually from current levels of 1.3-1.4 million, with long-term potential to restore Galena's former 5+ million ounce capacity. The strategic focus on operational excellence over speculative expansion creates multiple value drivers converging toward significant cash flow generation at current commodity prices.Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-triple-growth-in-resources-accelerates-the-next-phases-for-luanga-project-6814Recording date: 9th September 2025Bravo Mining Company presents a compelling investment opportunity in the platinum group metals sector, combining tier-one asset quality with favorable market timing as global PGM fundamentals shift in favor of new producers. The company's flagship Luanga deposit in Brazil's Carajas region has emerged as one of the world's premier undeveloped PGM assets following dramatic resource expansion and robust preliminary economic assessment results.The investment thesis centers on exceptional asset quality, with Luanga's resource base expanding from 120 million tons grading 1.2 g/t to 236 million tons at 2.03 g/t over just two years. This positions the deposit among global tier-one PGM assets, capable of supporting 17 years of production at 500,000 ounces annually. The 8.1-kilometer strike length remains largely unexplored at depth, with over 40 drill holes indicating mineralization continuation beyond 400 meters, suggesting significant additional resource potential.Economic returns appear compelling across both development scenarios outlined in the preliminary assessment. The standard concentrate operation requires $495 million capital expenditure for $1.2 billion net present value, while the integrated approach adds $180 million investment to generate $1.8 billion NPV through direct metal production and sulfur byproduct sales. Production costs of approximately $700 per ounce against current $1,300 pricing provide substantial operational margins and flexibility.Brazil's mining-friendly jurisdiction delivers significant competitive advantages, particularly in the established Carajas region where Vale's infrastructure development provides immediate access to power, water, transportation, and skilled labor. This eliminates hundreds of millions in typical infrastructure capital expenditure while enabling an exceptional eight-month permitting timeline that contrasts favorably with increasing global regulatory challenges.Market timing appears optimal as PGM fundamentals improve following revised electric vehicle adoption forecasts. Chinese automakers, representing the world's largest car market, now project 50% conventional vehicles, 30% hybrids, and only 20% pure electric vehicles—a significant downward revision from earlier EV penetration expectations. This sustained conventional automotive demand occurs against constrained supply, with no major new PGM mines advancing through global development pipelines while South African producers face ongoing operational and regulatory challenges.Additional value creation opportunities exist through the company's IOCG exploration program, which has identified high-grade copper-gold potential including 6% copper and 1 gram per ton gold intersections at the T5 target. This creates potential spin-off possibilities while maintaining focus on core PGM development.Management's proven track record adds execution confidence, having previously built and sold a mine in the Carajas region for approximately $500 million. The team's regional experience, combined with disciplined capital allocation and strong balance sheet position, supports advancement through prefeasibility study completion by Q2 2026.The confluence of superior asset quality, compelling economics, infrastructure advantages, favorable jurisdiction, improving market fundamentals, and proven management creates a differentiated investment opportunity for investors seeking exposure to PGM market recovery while benefiting from Brazil's stable mining environment and established infrastructure base.View Bravo Mining's company profile: https://www.cruxinvestor.com/companies/bravo-mining Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chad Peters, President and CEO, Ridgeline MineralsOur previous interview: https://www.cruxinvestor.com/posts/ridgeline-minerals-tsxvrdg-major-backed-explorer-kicks-off-11m-drilling-7014Recording date: 9th September 2025Ridgeline Minerals Corporation has established itself as a compelling case study in modern mineral exploration through its innovative hybrid business model that addresses critical funding challenges facing junior mining companies. The Nevada-focused explorer combines traditional project ownership with strategic partnerships, creating significant leverage opportunities while minimizing dilution risks for shareholders.Under the leadership of President and CEO Chad Peters, Ridgeline operates what he describes as a "hybrid explorer" model, maintaining operational control over exploration activities while securing partner funding across multiple high-potential projects. This approach has enabled the company to deploy an unprecedented $11 million exploration budget in 2025, with only $1.5 million requiring direct company funding.The cornerstone of Ridgeline's strategy lies in its strategic partnerships with major mining companies. Nevada Gold Mines has committed $40 million across two earn-in agreements at the Swift and Blackridge projects, allowing them to earn up to 75% interest while Ridgeline retains 25% fully carried interests through to commercial production. Additionally, South32 Limited has committed $20 million at the Selena project for an 80% earn-in, with Ridgeline maintaining 20% carried interest and operational control that generates management fees.Recent exploration success validates this model's effectiveness. At Selena, drilling has intersected up to 1,200 grams silver equivalent over 6 meters in a carbonate replacement deposit setting, demonstrating significant discovery potential. The Swift project has produced encouraging results with intersections of 10 grams gold over 1.5 meters, confirming the presence of economic-grade mineralization on trend with established mining operations.The staggered timing of partnership agreements creates continuous value catalysts, with Swift entering its fourth year, Blackridge in year three, and Selena beginning year one of their respective earn-in phases. This structure provides multiple opportunities for discovery success while maintaining operational momentum across the portfolio. Peters emphasizes the strategic advantage: "We like the idea of spending other people's money to test some really deep targets on trend of known deposits."Learn more: https://www.cruxinvestor.com/companies/ridgeline-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-resource-boost-sets-stage-for-near-term-production-new-pea-imminent-7186Recording date: 9th September 2025Amex Exploration represents a rare opportunity in the gold mining sector, combining exceptional resource quality with strategic execution to create a compelling near-term production story. Under CEO Victor Cantore's leadership, the company has successfully transitioned from pure exploration to a development-stage opportunity with clear pathways to cash flow generation and minimal traditional mining risks.The investment case centers on the world-class Champagne Zone, containing 831,000 ounces of measured and indicated resources grading 16.2 grams per ton. This extraordinary grade represents more than eight times the quality of typical modern gold operations, translating directly into superior project economics with a pre-tax payback period of just 2.5 months. The resource quality eliminates the need for additional definition drilling, allowing management to proceed directly to feasibility study and development.Strategic location advantages differentiate Amex from typical mining developments. Situated 5-6 km from Normétal, Quebec, the project benefits from established hydroelectric power infrastructure, local workforce availability, and proximity to existing mining operations. This eliminates expensive fly-in, fly-out operations and construction of worker accommodation facilities, with local employees able to return home daily. The infrastructure advantages significantly reduce both capital requirements and operational complexity.Management's phased development strategy demonstrates capital discipline while maximizing early cash flow generation. The initial toll milling approach requires only $146 million in upfront capital, avoiding the complexities of mill construction and tailings management facilities. This phase is designed to operate for four years, with generated cash flows self-funding construction of an on-site processing facility by 2031-2032. The toll milling approach also simplifies permitting processes, with feasibility study completion expected within six months rather than typical longer timelines.Market validation comes through significant institutional backing from established mining industry participants. Eldorado Gold has nearly doubled its position from 9% to 17% ownership, while respected resource investor Eric Sprott maintains approximately 10.5%. This institutional support provides both financial resources and strategic validation of the project's technical and economic merits.Beyond immediate production potential, Amex maintains substantial exploration upside. The company has expanded its land package from 45.6 to 197 square kilometers, with current reserves supporting a 17.5-year mine life and strong production scheduled for the decade. All mineralized zones remain open along strike and at depth, providing opportunities for resource expansion and mine life extension.The investment opportunity aligns favorably with current gold market dynamics. With production targeted for 2028, Amex is positioned to enter production during continued strong precious metals pricing driven by monetary policy uncertainty, geopolitical tensions, and central bank purchasing. The combination of rapid payback economics and high-grade ore provides significant downside protection against commodity price volatility.Amex Exploration offers investors exposure to exceptional resource quality, strategic infrastructure advantages, and disciplined development execution. The company's ability to demonstrate industry-leading economics while maintaining exploration upside creates a unique investment profile addressing both near-term production cash flows and long-term growth potential in a supply-constrained gold market.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power Metallic MinesOur previous interview: https://www.cruxinvestor.com/posts/power-metallics-tsxvpnpn-breakthrough-drill-hits-may-reinforce-nisks-world-class-trajectory-7232Recording date: 9th September 2025Power Metallic Mines presents a compelling investment opportunity in the critical minerals sector, having delivered exceptional performance while developing one of the world's highest-grade polymetallic discoveries. The company achieved recognition as Canada's top-performing mining stock over the past year, with shares tripling in value during a challenging market environment that saw broader mining sector sentiment remain subdued.The company's flagship NISK project in Quebec represents a world-class discovery containing nickel, copper, platinum group elements, gold, and silver. This polymetallic asset belongs to the elite category of orthomagmatic deposits, with only 20 such discoveries identified globally throughout history. These deposits are characterized by exceptional profitability and long mine lives, with examples like Norilsk representing some of the world's most valuable mining operations.Power Metallic recently completed a strategic 350% expansion of its land package through acquisition of claims from Li-FT during market volatility. This expansion now encompasses seven of eight primary targets identified through systematic exploration, positioning the company in a geological setting that management believes could support multiple world-class deposits comparable to Sudbury's historic 33-mine district.The company distinguishes itself through implementation of cutting-edge exploration technologies, achieving a remarkable 100% success rate with borehole electromagnetic surveys in identifying sulfide bodies within 150-meter radius of drill holes. This technological advantage provides significant cost savings and drilling efficiency, allowing the company to identify additional targets after completing initial drill programs.Power Metallic currently operates one of the most aggressive drilling campaigns in the junior mining sector, with four rigs active and plans to expand to six rigs. The company has completed over 20,000 meters of drilling with expectations to reach 24,000 meters by September 15th. This scale reflects management confidence in geological targets and the quality of discoveries achieved through advanced exploration techniques.Current analyst estimates suggest the resource base contains 300,000-500,000 tons of contained metals, while management expresses confidence in reaching one million tons with potential for further expansion. CEO Terry Lynch stated: "Do we think we're going to get to a million? 100%. Do we think we're going to grow beyond that? Certainly looks likely." This confidence stems from understanding of orthomagmatic deposit characteristics and metal ratios within current discoveries.The company is implementing a sophisticated capital markets strategy, planning to list on New York exchanges in October to access broader institutional investor bases and improved liquidity. Additionally, Power Metallic is pursuing international diversification through Power Metallic Arabia subsidiary, partnering with Saudi family offices managing $50-110 billion in assets on exploration projects benefiting from government grant programs covering 50% of initial costs.The investment thesis centers on exceptional resource quality with grades supporting rapid payback periods, proven management execution, strategic market timing with current undervaluation, and technology-driven exploration providing cost-effective resource expansion. The polymetallic nature provides natural diversification across nickel, copper, precious metals, and platinum group elements, positioning the company to benefit from electrification trends and critical minerals demand.Power Metallic represents exposure to essential battery metals during global supply shortages, supported by government initiatives recognizing critical minerals as essential to national security and economic competitiveness.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallicSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Hodgson, CEO of Serabi Gold PLCOur previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-meet-the-team-marcus-brewster-7879Recording date: 9th September 2025Serabi Gold presents a compelling investment opportunity in the specialized Brazilian underground gold mining sector, combining exceptional recent performance with ambitious yet achievable growth targets. The London-listed company has delivered remarkable returns to shareholders, with its share price surging from approximately £0.60 to £2.40 over the past year, representing nearly 300% appreciation as management successfully executes operational improvements in a favorable gold market environment.The company operates as Brazil's premier underground gold mining specialist, holding a dominant position in a market with only 31 underground mines nationwide. This unique positioning provides significant competitive advantages in a country historically dominated by large-scale open-pit operations, creating natural barriers to entry and limited competition for high-grade underground deposits.Serabi's current operations center on maximizing output from existing facilities through intelligent technological implementation. The company employs ore sorting technology to enhance feed grades entering its processing plant, which operates at 600-650 tons per day capacity. This optimization strategy enables production of approximately 60,000 ounces annually from existing infrastructure without requiring major capital investment.The growth strategy focuses on expanding annual production to exceed 100,000 ounces by end-2028, representing a 67% increase from current levels. This ambitious target relies on aggressive resource development across two primary deposits, supported by the most extensive drilling program in the company's recent history. Management plans 30,000-40,000 meters of drilling annually, targeting resource growth from the current 1 million ounces to at least 1.5 million ounces by 2026.Recent drilling results validate management's optimistic outlook, with positive exploration results at the Coringa deposit driving a 7% single-day share price increase. The deposit presents significant untapped potential with extensive strike length and gap-filling opportunities that management describes as largely undrilled despite years of operation.Financial transformation represents a key investment attraction. Serabi has transitioned from capital constraints to strong cash flow generation, enabling self-funded growth without dilutive equity raises. The favorable gold price environment, combined with beneficial Brazilian real exchange rate movements, creates powerful economic tailwinds that enhance cash flow generation from Brazilian operations when translated to reporting currency.Management maintains disciplined capital allocation, balancing growth investment with potential shareholder returns. The company has committed to evaluating capital returns following 2025 financial results, expected in Q1 2026, providing investors with a clear timeline for potential distributions.The shareholder base has evolved significantly, with successful diversification from primarily retail investors to include smaller London institutions through a secondary offering in April at £1.35 per share. These institutional investors have benefited from subsequent appreciation, improving market credibility and liquidity. Daily trading volumes have increased from 500-1,000 shares to 1 million shares, facilitating better price discovery and institutional access.Investment risks include Brazilian political and regulatory environment changes, currency exposure, and exploration risk inherent in resource development. However, the company's long operational history provides valuable local expertise, while dual currency exposure can provide natural hedging benefits.Serabi Gold offers investors exposure to specialized gold production with significant growth optionality, operational excellence, and management committed to disciplined capital allocation in a favorable market environment.View Serabi Gold's company profile: https://www.cruxinvestor.com/companies/serabi-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jason Jessup, CEO, Magna MiningOur previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-delivers-strong-first-month-operation-with-790000-lbs-cueq-production-7237Recording date: 8th September 2025Magna Mining has positioned itself as a standout opportunity in the junior mining sector following a successful $45 million financing and exceptional drilling results at its Levack mine in Ontario's Sudbury district. The company's recent exploration success has uncovered grades of 29% copper and 53 grams per tonne of precious metals, mirroring characteristics of the historic Morrison deposit that previously drove FNX Mining's share price from $3.50 to $39 per share.CEO Jason Jessup brings unique credibility to the opportunity, having previously operated these exact assets at FNX Mining where he managed successful development of the Morrison deposit. His intimate knowledge of the geology and proven operational track record provides investors with management expertise rarely found in junior mining companies.The company's competitive advantage lies in existing infrastructure that dramatically compresses typical development timelines. Unlike grassroots discoveries requiring years of permitting and infrastructure development, Magna inherited fully operational underground access extending to 5,000 feet depth, active permits, and established processing agreements with Vale. This infrastructure eliminates the need for feasibility studies and major capital loans while enabling potential production within 12-24 months of resource definition.The polymetallic nature of the deposits provides diversified commodity exposure across copper, gold, platinum, palladium, nickel, cobalt, and silver. Historical operations at Morrison demonstrated exceptional economics, with mining costs of approximately $140 per tonne generating net smelter returns of $1,200 per tonne.Current drilling programs utilize three simultaneous rigs targeting "trunk veins" that historically provided the most economic mineralization. Management expects continuous news flow through 2025-26, with resource estimates anticipated by next year-end. The combination of proven management, exceptional grades, existing infrastructure, and strong financing positions Magna for significant value creation in the current favorable commodity environment.Learn more: https://www.cruxinvestor.com/companies/magna-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Roshan Pujari, Founder & CEO, Stardust PowerRecording date: 8th September 2025Stardust Power is developing what could become one of America's largest lithium refineries, targeting a massive supply chain gap that represents both national security vulnerability and generational investment opportunity. The Oklahoma-based facility aims to produce 50,000 metric tons of battery-grade lithium carbonate annually when the entire United States currently produces only 20,000 tons.Founded by seasoned entrepreneur Roshan Pujari, who previously established boutique investment firm Vikasa Capital, Stardust identified processing as the critical bottleneck in lithium supply chains. "We really saw that the critical gap in the supply chain for lithium is processing capacity and that's when we founded Stardust Power to address that particular need," Pujari explained.The company's strategic advantage lies in its aggregation model, sourcing feedstock from Argentina, America's Smackover formation, and Canadian lithium fields. This approach aligns with broader industry trends as oil giants Exxon and Chevron enter lithium production. "We also see the economic model moving more towards the oil and gas market where you have local production with central refining," Pujari noted.Stardust has achieved critical development milestones that separate it from typical early-stage projects. The company secured major construction permits through a zero liquid discharge system and completed its FEL-3 engineering study with premier firm Primero USA. "We are already permitted to start major construction," Pujari stated.The project's financial structure leverages proven technology to enable 75-80% debt financing, potentially reducing the $500 million Phase 1 construction to just $100-125 million in equity requirements. Oklahoma has analyzed up to $257 million in state incentives, while major trading houses have expressed interest in purchasing 80-100% of production capacity.With minimal domestic competition and explosive demand growth, Stardust Power represents a rare opportunity to capture processing monopoly returns in America's critical mineral independence strategy.Sign up for Crux Investor: https://cruxinvestor.com

Interview with David Cates, President & CEO of Denison MinesOur previous interview: https://www.cruxinvestor.com/posts/denison-mines-tsxdml-first-in-situ-uranium-mine-in-canada-on-track-for-2028-production-6825Recording date: 4th September 2025Denison Mines Corporation (TSX:DML) represents a compelling uranium investment opportunity positioned at the intersection of accelerating nuclear demand and persistent supply constraints. The company stands out as one of the few developers with clear visibility to near-term production through its advanced Wheeler River Phoenix project in Saskatchewan's prolific Athabasca Basin.Phoenix has reached critical development milestones with regulatory panel hearings scheduled for October-December 2025 and expected decisions within 90 days. The project benefits from 75% completed engineering, ongoing procurement since 2023, and in-situ recovery (ISR) technology that reduces operational complexity compared to conventional mining. First production is targeted for mid-2028, representing a 20-year development timeline from discovery that CEO David Cates characterizes as exceptional persistence through market downturns.The company's recent $345 million convertible bond offering demonstrates sophisticated financial engineering that addresses traditional mining sector dilution concerns. The instrument features cap-call protection limiting dilution to 4% even with 200% share price appreciation, effectively functioning like traditional debt until shares exceed $4.32. This structure provides construction funding while preserving upside for existing shareholders and offers significant cost savings compared to conventional project financing.Denison enters production during what appears to be the most favorable uranium market dynamics in over a decade. Microsoft's decision to join the World Nuclear Association signals broader corporate recognition of nuclear power's role in supporting data centers and AI infrastructure. Simultaneously, established producers including Kazatomprom and Cameco struggle with production guidance, creating supply shortages precisely as demand accelerates. Utilities actively seek Western uranium supply sources to diversify away from concentrated suppliers.Unlike pure development companies, Denison generates immediate cash flow through its 22.5% interest in McLean North mine production and maintains 2 million pounds of physical uranium inventory. This diversified revenue profile provides operational flexibility and reduces dependence on equity financing during construction. The company's commercial strategy emphasizes contract diversification rather than betting entirely on spot prices or long-term agreements.Phoenix represents the foundation for broader growth initiatives. The Wheeler River property includes the Griffin deposit positioned for development using Phoenix cash flows. The company maintains annual exploration spending of C$10-15 million while pursuing strategic partnerships and potential acquisitions enabled by future cash generation. This approach creates organic growth opportunities without additional equity dilution.Denison's investment appeal centers on execution certainty, financial flexibility, and market timing. The combination of approaching regulatory approval, advanced engineering completion, innovative financing structure, and favorable uranium fundamentals creates multiple value drivers. The company's positioning as a new large-scale Western uranium producer entering a supply-constrained market during accelerating demand provides both near-term catalysts and long-term growth potential.With regulatory clarity approaching and construction readiness achieved, Denison appears well-positioned to capitalize on uranium market dynamics that many industry participants view as the most favorable in decades.View Denison Mines' company profile: https://www.cruxinvestor.com/companies/denison-mines-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Nic Earner, Managing Director & CEO, Alkane ResourcesOur previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-mid-tier-producer-born-from-strategic-mandalay-resources-merger-7637Recording date: 8th September 2025Alkane Resources has successfully completed its merger with Mandalay Resources, creating a debt-free gold producer targeting 160-175,000 ounces annually across three strategic mining jurisdictions. The combined entity operates mines in Australia (Tomingley & Costerfield), and Sweden (Björkdal), providing investors with geographic diversification and operational risk mitigation in an increasingly volatile global environment.The company has eliminated its Macquarie debt facility while allocating over $80 million toward growth capital and exploration programs. Managing Director Nic Earner emphasizes the integration challenges, noting the need to harmonize "distributed management structures and styles" while adapting to dual ASX and TSX reporting requirements for both Australian and North American investor bases.Alkane's three-asset portfolio offers compelling diversification benefits. Tomingley receives $50 million in growth capital for open-cut development, while Costerfield, the highest-grade operation producing 45-50,000 ounces annually, benefits from a $25 million exploration program targeting resource expansion. The Swedish Björkdal operation operates a substantial 1.4 million ton mill capacity, currently underutilized but positioned for expansion.The elevated gold price environment has fundamentally transformed mine economics, enabling access to previously uneconomical mineralization. As Earner notes, "there may be mineralization at a different price you would not have bothered with, whereas now you're getting it."Looking ahead, Alkane maintains disciplined acquisition criteria, requiring any new development to achieve production by 2027. The company targets three M&A categories: merger-of-equals transactions, developers requiring capital for near-production assets, and distressed producers facing capital constraints. With proven operational excellence—missing guidance only once in 14 years—and a clear path to exceeding 180,000 annual ounces through organic growth, Alkane positions itself as a consolidation leader in the sector's ongoing transformation.Learn more: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

 Interview with Gavin Chamberlain, CEO & Olga Skorlyakova, VP (Market Strategy) of Bannerman EnergyOur previous interview: https://www.cruxinvestor.com/posts/bottoms-in-uranium-inflection-point-signals-decade-of-growth-ahead-7039Recording date: 5th Septemper 2025Bannerman Energy has emerged as a leading greenfield uranium developer, demonstrating disciplined execution at its Namibian project while securing crucial commercial validation through recent offtake agreements. The company's systematic approach positions it advantageously in a uranium sector experiencing persistent supply constraints and execution challenges among producers.Since March 2025, Bannerman has achieved significant construction milestones, completing critical infrastructure including water systems, roads, and on-site power connections to the regional grid. The company has successfully scaled its workforce from 14 permanent staff to 140 construction workers, with plans to reach 400 by year-end while maintaining a perfect safety record exceeding one million man-hours without lost-time injuries.The company's recent A$85 million oversubscribed capital raise provides financial flexibility through mid-2026, following a similar fundraising success one year prior. Management has implemented disciplined capital allocation, placing contracts that maintain critical path timing while including termination clauses for downside protection.A major commercial breakthrough came with the announcement of two offtake agreements totaling one million pounds of uranium concentrate, representing validation from utilities after a patient three-year negotiation process. VP Market Strategy Olga emphasized the strategic approach: "We are not in a rush right now so we started this work talking with the utilities from 2023."Bannerman's competitive advantages include shallow mining with a 2.1 strip ratio, proximity to established infrastructure, and exclusive use of local Namibian contractors delivering on time and budget. These factors result in infrastructure costs below 10% of capital expenditure, compared to 40-50% for typical African mining projects.The company's stage-gate development approach allows continued construction progress without requiring a Final Investment Decision, while pursuing multiple funding pathways including debt financing and strategic partnerships. With clear targeting for 2028 commissioning and 2029 production, Bannerman offers compelling exposure to uranium market recovery through demonstrated execution capability and competitive positioning in Namibia's established mining jurisdiction.Learn more: https://www.cruxinvestor.com/companies/bannerman-energySign up for Crux Investor: https://cruxinvestor.com 

Interview with Kiran Morzaria, CEO, Cadence MineralsRecording date: 5th September, 2025Cadence Minerals presents one of the mining sector's most compelling valuation disconnects, trading at a £10 million market capitalization while holding 35% ownership in Brazil's Amapá iron ore project valued at $1.97 billion NPV. The AIM-listed diversified investment company operates what may be one of the most undervalued mining assets in the current market.The Amapá project stands apart through its fully integrated infrastructure, encompassing mine, railway concession, and port facilities under single ownership. This rare configuration enables the company to target production of 5.5 million tons annually of premium 67.5% Fe grade direct reduction pellets with exceptionally low operating costs of $27 per ton FOB. The integrated supply chain provides both cost leadership and potential third-party revenue streams, with the railway historically carrying 700,000 tons of external material.CEO Kiran Morzaria emphasizes the infrastructure advantage: "One of the reasons that we can keep this low is because we own our own port. We have effectively a renewable concession on the railway, which will renew every 23 years." This positioning allows competitive delivery to China at $55-60 CFR, maintaining profitability even under pessimistic pricing scenarios.The investment thesis centers on two key catalysts. The immediate opportunity involves restarting the Azteca plant with just $3.5 million investment to generate 330,000-390,000 tons annually within nine months, providing cash flow and operational validation. Longer-term value creation requires securing strategic partnerships to access the $370 million capital needed for full-scale development.The company's brownfield advantage, premium product quality, and defensive cost structure position it favorably against market volatility. However, execution depends critically on partnership arrangements, making this a high-leverage play on management's ability to attract suitable joint venture partners while demonstrating operational capability through near-term production.Learn more: https://www.cruxinvestor.com/companies/cadence-minerals-plcSign up for Crux Investor: https://cruxinvestor.com

Interview with Jesus Velador, VP Exploration of Vizsla SilverOur previous interview: https://www.cruxinvestor.com/posts/silver-markets-industrial-demand-monetary-drivers-7530Recording date: 5th September 2025Vizsla Silver Corporation presents a compelling investment opportunity combining immediate production potential with exceptional exploration upside within Mexico's premier silver district. The company has achieved critical milestones that position it advantageously within the silver sector's favorable macroeconomic backdrop.The $220 million project financing package eliminates execution risk while providing sufficient capital to advance the Panuco project into production. This institutional backing validates both project economics and management capabilities, with test mining operations already underway at the high-grade Copala deposit. Vice President of Exploration Jesus Velador confirmed this progress, stating the company has "started already with a test mine and developing of the decline to access the high-grade mineralization in Kopala."Resource confidence has improved significantly through systematic drilling programs. Since acquiring Panuco in late 2019, Vizsla has completed nearly 400,000 meters of drilling across over 1,000 holes, resulting in a remarkable 43% increase in measured and indicated resources at Copala. This enhancement provides greater certainty for early production years while establishing the first measured resource in the deposit's high-grade central core.The exploration opportunity extends far beyond current resources. Within the consolidated 40,000-hectare land package, Vizsla has identified over 150 vein targets but has drilled only approximately 30, representing less than 20% penetration. Surface sampling consistently shows anomalous mineralization exceeding 200-500 grams silver equivalent across numerous targets, indicating district-wide potential for additional resource centers.Recent discoveries validate this potential. The La Pipa zone discovery in the central district demonstrates the effectiveness of Vizsla's systematic exploration approach using advanced technologies including LiDAR mapping, multispectral satellite imagery, and electromagnetic surveys. These techniques have identified additional anomalies requiring testing, providing multiple near-term discovery catalysts.The Animas vein system exemplifies the district's untapped potential. This 7-kilometer-long structure hosted extensive historical mining but only to shallow depths of 100-200 meters. Recent drilling approximately 200 meters below historical workings has encountered mineralization, suggesting telescoping high-grade shoots at depth within this impressive vein system.Recognizing these opportunities, Vizsla has doubled its drilling capacity to four rigs with plans to complete over 20,000 meters of discovery-oriented drilling in 2025. This acceleration enables simultaneous testing of multiple targets while providing frequent newsflow and potential share price catalysts.The company's dual-track strategy maximizes both immediate returns and long-term growth. Development focus on proven Copala-Napoleon deposits ensures near-term cash flow generation, while systematic exploration targets additional resource centers. This approach reduces execution risk while maintaining significant discovery upside.Silver's macroeconomic fundamentals support this investment thesis. Industrial demand from solar panels, electric vehicles, and electronics consumes approximately 60% of annual production, creating inelastic demand. Simultaneously, renewed monetary demand provides additional support as investors seek inflation hedges and precious metals exposure. Mexico's position as the world's largest silver producer provides jurisdictional advantages including established infrastructure, skilled labor, and stable regulatory environment. Combined with proximity to North American markets, these factors enhance project economics while reducing geopolitical risk.Vizsla Silver offers investors rare exposure to both immediate production potential and exceptional discovery leverage within a premier silver district, supported by proven management, advanced exploration methodology, and favorable commodity fundamentals.View Vizsla Silver's company profile: https://www.cruxinvestor.com/companies/vizsla-silver-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Matthew Gili, President of Ur-Energy LtdOur previous interview: https://www.cruxinvestor.com/posts/slow-supply-fast-demand-uraniums-new-investment-reality-7136Recording date: 5th September 2025Ur-Energy has emerged as a standout performer in the uranium sector under new leadership, positioning itself as one of the few active US producers during a critical market recovery period. The company recently appointed Matthew Gili as president, bringing over three decades of large-scale mining operations experience from industry leaders including Rio Tinto and Barrick Gold.Gili's appointment represents a strategic inflection point for the Wyoming-based producer. Despite lacking uranium-specific experience, his proven track record in operational turnarounds across silver, gold, and copper operations provides exactly what Ur Energy needs. "I don't come from the uranium background. I come from the gold and copper background primarily," Gili explained, emphasizing his focus on "business improvement cycles regarding project management cycles regarding just good old management operating systems."The company's Lost Creek facility currently produces over 110,000 pounds of uranium quarterly, with management targeting 800,000 to 1.2 million pounds annually. Demonstrating cost competitiveness, Ur-Energy achieved $42 cash costs per pound in Q2, providing healthy margins at current uranium prices while targeting further reductions through operational optimization.Near-term growth prospects center on Shirley Basin, scheduled for commissioning in Q1 2026. The project's strategic design maximizes existing infrastructure utilization, with resin capture processing at Shirley Basin and loaded resin trucked to Lost Creek for precipitation processing.Ur-Energy's three-property portfolio operates within a 10-mile radius of Casper, Wyoming, creating significant operational synergies. "We can share people. We can share warehouses and we can truck material from one site to the other," Gili noted, highlighting cost advantages over multi-jurisdictional competitors.The company's strategic positioning as an active producer during uranium supply shortages provides immediate price leverage advantages. As Gili emphasized, "The entities that make the real money are the entities that are operating when the price goes up," distinguishing Ur-Energy from development-stage competitors facing construction risk and capital requirements.Learn more: https://www.cruxinvestor.com/companies/ur-energy-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Healey, CEO of Premier American Uranium Inc.Our previous interview: https://www.cruxinvestor.com/posts/why-does-premier-american-uranium-nuclear-fuels-merger-make-sense-7518Recording date: 3rd September 2025Premier American Uranium (TSXV: PUR) presents a compelling investment opportunity as the uranium sector experiences unprecedented institutional adoption driven by artificial intelligence energy demands and climate commitments. The company is executing a transformational acquisition of Nuclear Fuels that will establish Premier as one of Wyoming's most active uranium drilling operations while expanding its portfolio to 12 projects across five historic uranium-producing states.The Nuclear Fuels acquisition, which received 95% shareholder approval, centers on the Kaycee project featuring 400 miles of mapped roll fronts and up to 30 million pound resource exploration target. The strategic value extends beyond the asset quality to its location within Wyoming's established uranium corridor, positioned approximately 20 miles from existing production facilities including UEC's Christensen Ranch and Energy Fuels' Nichols Ranch. This proximity provides potential processing options that could significantly reduce capital requirements and accelerate development timelines.Premier operates a sophisticated dual development strategy combining Wyoming exploration assets with an advanced New Mexico project. The company's Cebolleta asset contains a defined resource of 23.5 million pounds and is approaching completion of its preliminary economic assessment. The project demonstrates Premier's execution capabilities, having been acquired through the American Future Fuel purchase and advanced to a 43-101 compliant resource within 16 months.Cebolleta offers a unique processing solution that addresses capital intensity challenges facing new uranium projects. The innovative approach produces pregnant resin that can be processed at existing facilities across multiple jurisdictions, potentially reducing both capital requirements and technical risks compared to traditional development models.Premier's development approach directly addresses current market dynamics where different asset stages command varying valuation multiples. Management recognizes that proximity to cash flow generation commands premium multiples and is positioned to benefit from what CEO Colin Healey describes as the next phase of uranium equity performance where development-stage companies may outperform following the recent rally in producers."The company's recent operational success includes its best drilling result in the Cyclone project's history: 15.5 feet at 0.09% U3O8. Combined with the project's location within 15 miles of Ur-Energy's Lost Creek production facility, this exemplifies Premier's strategy of developing assets near existing infrastructure.The uranium sector is experiencing fundamental demand growth driven by technology companies seeking reliable clean energy solutions. Microsoft's investment in restarting Three Mile Island Unit 2 and membership in the World Nuclear Association represents a significant inflection point, bringing substantial capital resources to uranium demand creation. This institutional adoption occurs against supply constraints in what Healey describes as an undersupplied market where the deepest pockets on earth are looking to increase the demand for commodity.Premier offers multiple near-term catalysts including the imminent Nuclear Fuels acquisition closure and Cebolleta PEA completion. The increased scale enhances financial flexibility for additional strategic acquisitions while maintaining disciplined capital allocation standards overseen by experienced board governance.The convergence of institutional uranium adoption, supply constraints, and Premier's strategic positioning across multiple development stages creates a compelling investment thesis for investors seeking exposure to the evolving uranium market dynamics.View Premier American Uranium's company profile: https://www.cruxinvestor.com/companies/premier-american-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Secker, CEO of Canyon ResourcesRecording date: 5th September 2025Canyon Resources (ASX:CAY) is positioning itself as a major force in the global bauxite market through the rapid development of the Minim Martap project in Cameroon. The company owns what CEO Peter Secker describes as "the largest highest grade undeveloped bauxite deposit in the world," containing 1.1 billion tons of reserves grading 51% alumina with less than 2% silica.The deposit's exceptional quality commands significant pricing premiums over industry standards. Guinea bauxite typically grades 40-45% alumina with 3-4% silica, giving Canyon a substantial metallurgical advantage. "Compared to the Guinea bauxite price which is currently around $75 per ton, we would be getting if we were selling today $85 or more dollars per ton," Secker explained, highlighting the 10-12% premium the superior ore commands.Canyon's fast-track development timeline represents a departure from typical mining project schedules. Production is scheduled for Q1 2026 with first shipments by mid-2026, leveraging existing rail infrastructure and a World Bank commitment of $816 million for rail upgrades. The company has secured strategic positions throughout the logistics chain, including a 9% stake in rail operator Camrail and plans to operate its own locomotive fleet.The project's capital structure reflects this streamlined approach, with phase one development requiring less than $100 million. Canyon has secured a $140 million debt facility, eliminating near-term funding risks. The mining operation capitalizes on unique geological characteristics, essentially removing the top 20 meters from a series of plateaus with an exceptionally low stripping ratio of 0.3 tons of waste per ton of ore.At current market conditions, the operation would generate margins exceeding $30 per ton, with production scaling from 2 million tons initially to 10 million tons annually as infrastructure upgrades complete. This scalability positions Canyon to capture growing aluminum demand driven by electric vehicle adoption and aerospace applications in a supply-constrained global market.View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Segun Lawson, CEO of Thor Explorations Ltd.Our previous interview: https://www.cruxinvestor.com/posts/thor-explorations-lsethx-surging-cash-flow-debt-paydown-and-exploration-upside-for-2024-5141Recording date: 5th September 2025Thor Exploration (LSE:THX) has emerged as a compelling West African gold story, operating Nigeria's first large-scale commercial gold mine while building a multi-jurisdictional portfolio across the region. The company's Segilola mine produces approximately 85,000 ounces annually with industry-leading 93% recovery rates, positioning it among the lowest-cost producers globally.The Nigerian operation currently faces a strategic inflection point as management evaluates the optimal transition from open-pit to underground mining. Recent drilling has revealed continued mineralization below the current pit design, with CEO Segun Lawson noting that rising gold prices favor extracting additional open-pit material before transitioning underground. Technical studies through year-end will determine the final approach, balancing strip ratio economics against favorable commodity pricing.Thor's growth strategy centers on the advanced Douta project in Senegal, which holds 1.78 million ounces of global resources and is progressing toward a Q4 2025 preliminary feasibility study. The project targets 100-120,000 ounces of annual production using conventional processing methods, benefiting from Senegal's established mining infrastructure and regulatory framework.Early-stage exploration in Côte d'Ivoire adds further portfolio diversification, with the Guitri project showing high-grade intersections across an 8km by 5km anomalous area. The company has committed to delivering a maiden resource by year-end, while the Marahui project presents additional upside with impressive rock chip results across a 5-kilometer anomaly.Thor's capital allocation strategy reflects management confidence in both current operations and future growth prospects. The company has initiated quarterly dividend payments while simultaneously increasing exploration budgets across all jurisdictions. This balanced approach addresses immediate shareholder returns while maintaining aggressive investment in resource expansion, supported by strong cash generation and an improved balance sheet that provides access to development capital for future projects.View Thor Exploration's company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Marcio Fonseca, CEO of GR Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/gr-silver-mining-tsxvgrsl-138m-raise-powers-near-term-revenue-plan-7713Recording date: 5th September 2025GR Silver Mining Ltd. (TSXV: GRSL) has delivered a breakthrough discovery at its San Marcial project in Sinaloa, Mexico, with drill hole SMS25-09 intersecting 75 meters at 293 g/t silver equivalent, including a bonanza-grade core of 6.4 meters at 1,915 g/t AgEq. The results extend high-grade mineralization 100 meters below the current resource area, confirming continuity of what appears to be a large, well-preserved epithermal silver system.The discovery represents a significant geological milestone, with CEO Marcio Fonseca explaining that the company believes it is "scratching the upper portion of the system" with potential for 500+ meters of additional depth. The presence of boiling textures—a critical indicator in epithermal systems—provides confidence that high-grade mineralization continues at depth. Structural analysis reveals intersecting northwest-northeast fault systems creating 25-meter-wide mineralized shoots in porous volcanic rocks, with only 20% of the identified geophysical anomaly currently tested.GR Silver Mining is pursuing a dual development strategy that balances near-term production potential with long-term exploration upside. The company's permitted Plomosas underground mine, which operated from 1985 to 2000, offers existing infrastructure and regulatory approvals for potential pilot-scale production within 12 months. Meanwhile, San Marcial represents substantial blue-sky potential, with the epithermal system remaining open both down-dip and laterally.Recent financing of C$13.8 million provides 12-15 months of operational funding, with 40% allocated to bulk sampling and test mining at Plomosas and the remainder focused on resource expansion drilling at San Marcial. The company maintains three drill rigs on site and has a 52-hole drilling program pending regulatory approval, targeting a new resource model for 2026 that incorporates the expanded mineralization footprint discovered through systematic step-out drilling.View GR Silver Mining's company profile: https://www.cruxinvestor.com/companies/gr-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Lamb, CEO of Myriad Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-60-boost-to-potential-100-mlbs-wyoming-project-7466Recording date: 4th September 2025Myriad Uranium (CSE:M) represents a compelling investment opportunity in the rapidly evolving uranium sector, where technological advancement and market dynamics have created significant value creation potential. The company's flagship Copper Mountain project in Wyoming has undergone a transformative resource upgrade through modern measurement techniques, with CEO Thomas Lamb reporting that advanced gamma probe technology and laboratory assaying have delivered 50-60% grade improvements over historical estimates established in the 1970s.The technological advantage stems from replacing outdated Delayed Fission Neutron probes with modern gamma probe technology, revealing substantially higher uranium concentrations than previously recognized. Laboratory assays have confirmed these improvements, with grades above 1,000 ppm showing 60% boosts and those above 500 ppm demonstrating 50% increases. This upgrade positions the project's resource estimate significantly above the historical 15-30 million pound baseline, with expansion potential to 65 million pounds through surrounding prospects and ultimate potential of 200 million pounds according to US Department of Energy assessments.Market dynamics have shifted decisively in Myriad's favor as operational challenges at high-profile ISR projects have created investor skepticism toward in-situ recovery methods. Fund managers are now explicitly seeking conventional mining projects, with Lamb noting that sentiment has transformed from questioning conventional approaches to actively pursuing them. This preference shift provides Myriad with a significant competitive advantage, as the Copper Mountain project's geology supports conventional mining in the northern section while maintaining ISR optionality in the southern portion.The company's strategic consolidation through its planned merger with Rush Rare Metals will eliminate joint venture complexity while adding complementary assets. Currently holding an option to earn 75% of Copper Mountain, the merger will provide 100% ownership while incorporating Rush's high-grade Boxy project in Quebec, which contains 11% uranium and up to 27% niobium grades. This transaction exemplifies the "1 plus 1 equals three" value creation potential in the current uranium market.Myriad's Red Basin project in New Mexico has emerged as an unexpected value creator following the state's emergence as a nuclear technology hub. Acquired for just $525,000 Canadian, the project now attracts significant attention from major technology companies including Microsoft and Amazon Web Services, which are pursuing uranium supply partnerships to support data center and AI computing infrastructure. The convergence of Los Alamos National Laboratory expertise, state-level funding initiatives, and private technology investment is creating a unique development ecosystem.With $2.5 million in cash, Myriad maintains sufficient capital for immediate strategic objectives through a capital-efficient validation strategy. The company plans to conduct approximately eight targeted infill holes in Copper Mountain's central pit area to establish grade upgrades definitively before expanding to peripheral prospects. This methodology provides maximum leverage from limited drilling while building investor confidence in broader resource potential.The company's positioning as a US-focused uranium producer with assets in Wyoming and New Mexico aligns with domestic supply chain security objectives, positioning for potential strategic partnerships or acquisition scenarios. Management's plan to migrate toward US exchange listings could unlock significant valuation multiples while providing enhanced liquidity for investors seeking exposure to the uranium sector recovery.View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Ivan Fairhall, Managing Director of Pivotal Metals Ltd.Recording date: 26th August 2025Pivotal Metals Limited operates two complementary mining projects in Quebec that highlight the current disconnect between asset quality and market valuation in the junior mining sector. The company's flagship Horden Lake copper project contains 400,000 tons of copper equivalent resources, positioning it well above the scale threshold for strategic interest, yet trades at a $7 million market capitalization that management believes significantly undervalues the underlying assets.Managing Director Ivan Fairhall has spent two years consolidating technical work at Horden Lake, completing metallurgical testing and resource definition to create what he describes as a cohesive development narrative. Despite this progress, the market has not reflected the enhanced technical profile in the company's share price, creating what appears to be a substantial value gap.Rather than pursuing traditional drill-intensive expansion programs, Pivotal has adopted a disciplined capital allocation approach focused on high-return activities. The company is emphasizing metallurgical optimization and strategic partnership discussions for Horden Lake while shifting exploration capital toward its Belleterre projects in Quebec's infrastructure-rich Abitibi region.The Belleterre portfolio encompasses 160 kilometers of greenstone belt geology with multiple untested geophysical anomalies and historical high-grade discoveries dating to the 1960s. Using modern fixed-loop electromagnetic surveys, the company has identified several drill-ready targets that could provide near-term discovery catalysts. The projects benefit from proximity to operating mines and available processing facilities, reducing development risk.Pivotal operates alongside well-funded competitors, including Vior Inc., which raised $40 million for extensive drilling programs on contiguous properties. This regional activity validates the district's prospectivity while creating potential strategic opportunities as major operators like Agnico Eagle seek projects to fill underutilized mills. The combination of advanced development assets and high-grade exploration potential positions Pivotal as a potential beneficiary of improved market sentiment toward quality junior mining companies.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Marc Henderson – President, CEO & Director, Laramide ResourcesOur previous interview: https://www.cruxinvestor.com/posts/laramide-resources-tsxlam-1m-lbyr-new-mexico-uranium-project-awaits-final-permit-6714Recording date: 4th September, 2025The uranium sector is experiencing a fundamental shift driven by artificial intelligence and data center expansion, creating what industry veterans describe as the most compelling supply-demand dynamic in decades. Laramide Resources, with advanced-stage uranium projects across three continents, stands positioned to capitalize on this transformation.CEO Marc Henderson, speaking from the World Nuclear Association symposium, highlights how technology companies are driving unprecedented electricity demand. "The world's figured out we need a lot more electricity all of a sudden, particularly in the west that hasn't had any real growth in electricity demand in a long time, and nuclear becomes sort of the default obvious solution," Henderson explains. Tech giants prefer to be "backers" rather than operators, seeking partnerships with established uranium companies rather than entering the complex supply chain themselves.While demand surges, supply constraints intensify. Henderson notes that when asking utilities about realistic pricing for new uranium supply development, "no one has a number south of 100" dollars per pound. The industry faces critical shortages with limited new discoveries and production delays across existing operations.Laramide's strategic portfolio spans three jurisdictions. In Australia, the Westmoreland project containing 65 million pounds awaits a single political decision from Queensland's government, which Henderson describes as being "literally one comment away" from approval. The U.S. Churchrock project holds 70 million pounds with federal NRC licensing complete, requiring only one New Mexico state permit for its 3-million-pound annual capacity facility. Kazakhstan offers exploration upside through a large land position targeting 30-50 million pound deposits, with 15,000 meters of drilling planned for the fourth quarter.The convergence of structural supply deficits, tech-driven demand growth, and $100+ uranium pricing creates compelling revaluation potential for quality uranium assets positioned for the nuclear renaissance.Learn more: https://www.cruxinvestor.com/companies/laramide-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Twyerould, President & CEO of Gunnison CopperRecording date: 25th August 2025Gunnison Copper (TSX:MIN) is set to begin copper cathode production in September 2025 through its Johnson Camp mine in southeast Arizona. This near-term production is enabled by an innovative partnership with Nuton LLC, a Rio Tinto venture, which has invested over $100 million to finance construction and provide advanced sulfide leaching technology. The Johnson Camp facility is designed to reach an annual production capacity of 25 million pounds of copper by mid-2026. Gunnison retains 100% ownership and operational control, with the partnership structured to repay Nuton's investment over a 4-5 year period before Gunnison obtains full profit rights.Beyond immediate production, the company benefits from Nuton's technical expertise, gaining valuable knowledge in sulfide leaching technology that can be applied to its larger Gunnison open pit project. The Gunnison project, which completed a Preliminary Economic Assessment in late 2024, showcases robust economics with a post-tax net present value (NPV) of $1.3 billion, an internal rate of return near 21%, and a production profile of 170 million pounds annually over 18 years. This large open pit operation primarily processes oxide copper with an all-in sustaining cost of approximately $1.94 per pound, providing strong cash flow potential amid current copper prices above $4.00.Gunnison Copper is strategically positioned as a domestic US supplier, attracting government attention with $13.9 million in transferable 48C tax credits from the Department of Energy and unsolicited outreach from federal agencies emphasizing supply chain security. The company is also advancing several initiatives to enhance project economics, including byproduct valorization from gravel and limestone—currently accounted at zero value—and mineral sorting technologies aimed at reducing operating costs.With an established regulatory framework, proximity to rail infrastructure, and a clear timeline to prefeasibility studies in 2026, Gunnison Copper exemplifies a junior miner transitioning to production with a de-risked development path and strong strategic alliances in place, addressing both near-term outputs and long-term growth potential in the US copper market.View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen G. Roman, President & CEO of Global Atomic Corp.Our previous interview: https://www.cruxinvestor.com/posts/global-atomic-tsxglo-advancing-uranium-production-in-niger-6089Recording date: 4th September 2025Global Atomic Corporation presents a compelling uranium investment opportunity at the intersection of critical supply shortages and surging demand from both traditional nuclear power and emerging artificial intelligence infrastructure. The company's flagship Dasa project in Niger represents Africa's highest-grade uranium deposit, positioned to address America's severe uranium supply deficit of 45-46 million pounds annually.The Dasa project's scale cannot be overstated. CEO Stephen Roman emphasizes that the deposit will produce as much as every uranium mine combined in the US, highlighting its strategic importance to American energy security. With US utilities currently burning 50 million pounds a year while domestic production reaches only four or five million pounds a year when fully ramped, Dasa directly addresses this critical supply gap.The project benefits from exceptional market timing. Microsoft's recent joining of the World Nuclear Association exemplifies the sector's transformation, as Roman notes: "Tech now is getting involved with nuclear because they know that's the only way to power data centers and their development." This new demand from AI and data center infrastructure compounds existing supply constraints in an already undersupplied uranium market.Global Atomic has achieved significant progress on long-awaited financing, securing term sheets from both the US Development Finance Corporation (DFC) and an Eastern joint venture partner. The company's preference for the DFC arrangement has received substantial political backing under the Trump administration, with Secretary of State Marco Rubio now chairing the DFC and businessman Benjamin Black as CEO.Roman confirms the project has been basically blessed by the White House, the State Department and various others in the administration, representing a dramatic shift in US government support. This backing extends beyond rhetoric, with America recently sending delegations to the Sahel region to build relationships and address security concerns, directly benefiting projects like Dasa.Despite financing delays, construction continues with 700 workers on-site and earthworks nearing completion by November 2025. The project has advanced to the third of five mining levels, with civil construction now underway. Production is scheduled for Q1 2027, placing Global Atomic among the rare near-term uranium producers in an undersupplied market.The company has already invested approximately $250 million, satisfying the DFC's 40% capital contribution requirement for their 60% loan facility. Current financing needs of $250-270 million have been reduced due to this prior investment, making the project more manageable for potential partners.Global Atomic has secured substantial revenue certainty through US utility offtake contracts representing 90% of production. This customer concentration supports both cash flow predictability and US strategic interests in uranium supply security.The investment opportunity is amplified by Niger's improved regulatory environment, with the new mineral code reducing royalties from 12% to 7% while maintaining favorable overall terms. The company's 97-98% local workforce employment strengthens government relations during regional political transitions.With share prices declining from $5 to $0.50 during geopolitical instability, patient investors may find significant value in a strategic asset approaching production in an fundamentally undersupplied uranium market driven by both traditional nuclear demand and emerging AI infrastructure requirements.View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/the-next-uranium-supercycle-energy-fuels-isoenergy-on-geopolitics-mills-and-market-gaps-7209Recording date: 4th September 2025IsoEnergy presents a compelling investment opportunity in the uranium sector through its strategically diversified portfolio approach at a time when supply-demand fundamentals are increasingly favorable. The company operates across three premier uranium jurisdictions—Canada, the United States, and Australia—with assets spanning the development spectrum from early-stage exploration to near-term production capability.The Hurricane deposit in Saskatchewan's Athabasca Basin represents IsoEnergy's crown jewel asset, featuring some of the highest uranium grades globally in the world's premier uranium jurisdiction. CEO Philip Williams characterizes Hurricane as a generational asset that will become increasingly valuable as existing mines approach depletion. Cigar Lake, a major producing mine, faces ore exhaustion by 2035, creating what Williams describes as an appreciating asset scenario where every day that goes by, it increases in value.The company's financial strength distinguishes it from capital-constrained competitors. With $85 million in cash and strategic backing from NextGen Energy, which owns 31% of IsoEnergy and contributed $12 million to a recent $50 million financing, the company can optimize development timing rather than rushing to production. This financial flexibility has become increasingly important as the industry faces execution challenges, with multiple uranium companies issuing negative production guidance throughout 2025.Williams observes a fundamental shift in uranium demand dynamics, noting the presence of technology companies like Microsoft at the 2025 World Nuclear Association Symposium actively seeking nuclear power for data centers. This demand evolution coincides with artificial intelligence and cloud computing infrastructure expansion requiring reliable baseload power generation, representing a paradigm shift beyond traditional utility demand.The supply side presents compelling fundamentals despite execution challenges across the industry. Williams argues that the actual real price of getting that marginal pound of production out of the ground is much higher than anyone thinks, suggesting current uranium prices fail to reflect true production economics. Cameco's recent guidance reduction for its McArthur asset exemplifies broader industry production disappointments that have yet to drive appropriate price discovery.IsoEnergy's near-term production optionality comes through the Tony M project in Utah, where the company plans bulk sampling to extract 10,000 to 20,000 pounds of uranium—the first mining activity in nearly 15 years.The company's strategic partnership model multiplies uranium exposure beyond direct asset ownership. IsoEnergy maintains equity positions worth approximately $40 million across six to seven uranium juniors, creating what Williams describes as "lots of shots on goal." The Pure Point joint venture exemplifies this strategy, with the partnership's summer discovery of over 5% uranium grades validating the approach.IsoEnergy's portfolio construction addresses multiple investor preferences across the uranium value chain. Williams notes the company can offer near-term cash flow, high value exploration in the best place in the world, and call optionality with large or high-grade projects. This diversification provides multiple pathways to value creation while mitigating the single-asset risks that have challenged other uranium developers.The combination of world-class assets, strong financial positioning, strategic partnerships, and experienced management positions IsoEnergy to capitalize on the emerging uranium supply-demand imbalance while avoiding the execution risks that have affected competitors.View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Harrison, Managing Director of Ionic Rare EarthsOur previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earths-asxixr-us-attracted-to-magnet-recycler-7488Recording date: 2nd September 2025The rare earth metals market has entered a new era following China's April 2025 export restrictions on seven critical rare earth elements, creating unprecedented opportunities for alternative suppliers. Australian-listed Ionic Rare Earth (ASX:IXR) has emerged as a strategic beneficiary of this supply chain disruption through its advanced magnet recycling technology.China's export ban demonstrated its monopolistic control over materials essential for modern technology and defense applications, immediately creating supply shortages and price volatility. Ionic Rare Earth's Managing Director Tim Harrison reports the company has been "inundated on requests to access the dysprosium and terbium" from their Belfast demonstration plant, with dysprosium commanding three times Chinese quoted prices in European markets.The geopolitical catalyst has triggered massive government and corporate investment in supply chain security. The US Department of Defense invested $400 million in MP Materials, establishing a $110/kg floor price for neodymium-praseodymium, effectively doubling available prices to non-Chinese producers. Apple followed with a $500 million investment in recycling infrastructure, signaling corporate recognition of supply chain vulnerabilities.Ionic Rare Earth's competitive advantage lies in its proprietary recycling process that produces high-purity separated oxides using 85% less capital than traditional mining. The technology focuses on separating four elements representing 85-90% of rare earth supply chain value, enabling rapid deployment across multiple jurisdictions without mining permits or social license challenges.With comprehensive patent protection, strategic partnerships providing feedstock access through EMR, and government support across the US, UK, and Europe, Ionic Rare Earth is positioned to capitalize on the structural shift toward recycling-based supply chains. The European Critical Raw Materials Act mandates 25% of rare earth supply from recycling by 2030, creating additional policy tailwinds for the company's expansion strategy.View Ionic Rare Earths' company profile: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltd

Interview with Sam Riggall, Managing Director & CEO of Sunrise Energy MetalsOur previous interview: https://www.cruxinvestor.com/posts/sunrise-energy-metals-srl-400m-for-nickel-cobalt-developer-1954Recording date: 26th August 2025Sunrise Energy Metals (ASX:SRL) is developing what would become the world's first primary scandium mine in New South Wales, Australia, as global supply chains face unprecedented disruption from China's strategic export controls. The company's Syerston project aims to address Western nations' urgent need for secure access to this critical technology metal.In April 2025, China imposed sweeping export restrictions on scandium, classifying it as a dual-use material with both civilian and military applications. This decisive move has effectively severed Western access to 85% of global refined scandium supply and 100% of metallized scandium required by the semiconductor industry. CEO Sam Riggall describes the situation as creating "inherent limitations that Chinese supply will never be able to service in western markets going forward."The supply crisis comes at a critical juncture for scandium demand across three strategic sectors. In semiconductors, scandium enables the radio frequency filtering that made 5G technology possible, with military applications operating up to 13 GHz and next-generation technology proven to work beyond 20 GHz. The aerospace industry values scandium-aluminum alloys for their exceptional strength-to-weight ratios, while the fuel cell sector relies on scandium for enhanced performance and longevity in solid oxide systems.Sunrise's geological advantage positions it uniquely to capitalize on this supply vacuum. While Chinese producers extract scandium at concentrations of 10-20 parts per million from waste streams, Sunrise's deposit contains 600-700 ppm grades - a 70-fold concentration advantage. "When you look at primary mine supply, particularly high concentration, you cannot find a lower cost point than what you will get out of the ground in central New South Wales," Riggall emphasizes.The project's strategic importance extends beyond economics. At planned capacity of 40-50 tons annually, Sunrise could theoretically replace 100% of China's current production, addressing critical national security concerns for Western defense contractors. The company expects to complete its feasibility study by September 2025, with estimated capital requirements around $100 million and an 18-month construction timeline, positioning it to meet urgent Western supply security needs in this pivotal technological battleground.View Sunrise Energy Metals' company profile: https://www.cruxinvestor.com/companies/sunrise-energy-metalsSign up for Crux Investor: https://cruxinvestor.com

Recording date: 19th August 2025Olive Resource Capital leadership conducted a comprehensive portfolio review ahead of the fall mining conference season, identifying multiple catalysts expected to drive performance through year-end. Executive Chair Derek Mcpherson and President/CEO/CIO Sam Pelaez outlined their "defensive" strategy, evaluating existing positions and upcoming milestones during the traditionally quiet late-summer period.The investment firm expects significant drilling results from several portfolio companies following summer exploration programs. Bravo Mining presents the most compelling opportunity, targeting IOCG mineralization in Brazil after discovering an exceptional 11-meter intercept at 14% copper. Sterling Metals continues developing a potential porphyry discovery adjacent to the Trans-Canada Highway in Ontario, while First Nordic has secured funding to resume aggressive drilling in Sweden on targets compared to early-stage Rupert Resources.Omai Gold represents the portfolio's largest catalyst by weighting, with a resource update expected to demonstrate increased tonnage and potentially elevate the company to top-tier development status. The previous estimate excluded significant completed drilling, and ongoing operations have shown mineralization extensions in multiple directions. Additionally, Omai is conducting deep drilling to test whether mineralization extends to depth, potentially transforming it into a multi-decade operation.Arizona Sonoran's preliminary feasibility study will validate assumptions from their previous assessment on what management considers a tier-one copper project. Recent corporate actions including royalty buybacks and strategic land acquisitions demonstrate confidence in advancement toward construction.The team identified several M&A opportunities, including Troilus Gold as a direct takeover candidate approaching permitting milestones, and potential Aurion-Rupert consolidation involving multiple parties. Sailfish Royalty could benefit from the Spring Valley mine's transition to public ownership.Olive Resource trimmed positions during summer months to raise capital for new opportunities, maintaining concentrated exposures in high-conviction positions while preparing for historically active conference season deal-making.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-95-copper-recovery-802-million-post-tax-npv-7406Recording date: 28th August 2025Coda Minerals Limited (ASX: COD) has achieved a significant technical breakthrough that fundamentally transforms its Elizabeth Creek copper-silver project in South Australia. The company successfully developed chloride leaching technology that increases copper recovery rates from 80% to 95%, representing a departure from conventional flotation processing methods used by most copper projects globally.The innovation delivers compelling financial improvements, with the updated scoping study showing a post-tax net present value of AUD $855 million compared to the previous AUD $802 million. At current spot commodity prices, the NPV increases to approximately AUD $1.2 billion with a 38% internal rate of return. CEO Chris Stevens emphasized the conservative pricing assumptions underlying these figures, noting "$4.28 copper, $30 an ounce silver, bear in mind spot's $38 right now."The new processing paradigm has reduced total capital expenditure by AUD $74 million through simplified operations. The previous complex three-stage flotation process requiring grinding to 53 microns has been replaced with direct tank leaching at 75 microns, eliminating expensive flotation circuits, oxygen plants, and specialized grinding equipment. This streamlined approach processes approximately 400 tons per hour through polyethylene tanks with a four-hour residence time.Perhaps most significantly, the project now achieves robust economics based solely on copper and silver production, removing dependency on volatile cobalt markets. Stevens noted: "We no longer need cobalt for this project to be well economic and peer comparable. Copper and silver are much more bankable commodities with deep liquid markets." The company removed AUD $1.5 billion in cobalt revenue from the base case model while retaining it as potential upside.Located adjacent to BHP's Carrapateena project, the operation will target steady-state production exceeding 30,000 tons of copper annually. Management has identified multiple catalysts for further value creation, including mine reoptimization, potential staging opportunities, and systematic progression toward prefeasibility study completion.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Bruce Lane, Executive Director & CEO of American UraniumOur previous interview: https://www.cruxinvestor.com/posts/us-uranium-sector-gains-under-pro-nuclear-push-7164Recording date: 3rd September 2025American Uranium Limited (ASX:AMU), formerly GTI Energy Ltd, has strategically repositioned itself to capitalize on America's uranium supply crisis through its flagship Lo Herma project in Wyoming. The company's recent rebranding reflects a clear focus on developing in-situ recovery (ISR) uranium assets, with CEO Bruce Lane emphasizing the need for clarity in the company's mission amid growing industry momentum.The Lo Herma project serves as the foundation of American Uranium's development strategy, containing 8.57 million pounds of uranium resources with 32% classified as indicated resources. Located within Wyoming's proven uranium-producing geology, the project benefits from established infrastructure and decades of regional operational experience. The company has completed comprehensive technical work including mine unit location, central processing plant evaluation, and metallurgical testing, positioning the asset for potential commercial development.A strategic partnership with Snow Lake Resources through a 9.9% investment provides American Uranium with capital and board representation while maintaining operational independence. The partnership creates natural synergies, as Snow Lake maintains adjacent properties where geology extends into American Uranium's holdings, offering potential for future collaboration and enhanced scale.The company's growth strategy focuses on expanding the Lo Herma resource beyond 10 million pounds through systematic exploration, recognizing that scale drives investment attractiveness. This approach leverages proven geological understanding while addressing commercial realities in capital markets.Market fundamentals strongly support American Uranium's timing, with US domestic production remaining below one million pounds annually while demand surges from AI data centers, electrification initiatives, and nuclear plant restarts. Established ISR producers are still ramping operations after extended shutdowns, creating supply constraints just as electricity demand accelerates.Industry consolidation opportunities present additional value catalysts, as established producers like UR Energy and Encore Energy seek additional resources to fulfill long-term contracts. Such partnerships could validate American Uranium's technical approach while providing operational expertise.The investment thesis centers on strategic positioning within proven geology, clear supply-demand fundamentals, and multiple value catalysts including resource expansion and potential industry consolidation, positioning American Uranium at the forefront of America's uranium supply revival.View American Uranium's company profile: https://www.cruxinvestor.com/companies/gti-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-colossal-titanium-discovery-set-to-revolutionise-global-supply-6918Recording date: 21st August 2025Empire Metals (LON:EEE) is rapidly developing its Pitfield Titanium project in Western Australia, positioning itself as a potential disruptor in the global titanium industry. The company has achieved a significant technical breakthrough by producing titanium dioxide at 99.25% purity with minimal contaminants, demonstrating the exceptional quality of its ore body without even having a mineral resource estimate in place.Managing Director Shaun Bunn recently outlined the company's strategic progress, highlighting how Pitfield's unique anatase-rich ore offers superior processing economics compared to traditional ilmenite operations. "The anatase doesn't need as much acid to digest as ilmenite. There's no iron to break down and no disposal issues relating to the disposal of that iron," Bunn explained, emphasizing the environmental and cost advantages.Following completion of their largest drilling program to date—180 drill holes totaling 10,000 meters at the Thomas Prospect—Empire Metals expects to release its maiden mineral resource estimate by early Q4 2025. The focused drilling approach prioritized high-confidence resource blocks that can support immediate mine planning, with recent results delivering grades of seven to eight percent.The project's strategic advantages extend beyond ore quality. Located in Western Australia's tier-one mining jurisdiction, Pitfield benefits from proximity to infrastructure, renewable energy access, and world-class technical expertise. The company has raised £4 million from strategic investors to fund development through critical phases including metallurgical testing and early piloting operations planned for 2026.Empire Metals' product optionality represents a key differentiator, enabling production of various titanium products from traditional pigments to high-value metal precursors for aerospace and defense applications. "The optionality that we can get from this ore body is amazing," Bunn noted, positioning the company to serve multiple high-value market segments while benefiting from government support for critical minerals development in Australia.View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-unveiling-new-ionic-rare-earth-mineral-discoveries-at-boland-prospect-3851Recording date: 27th August 2025Cobra Resources PLC (LSE:COBR) is positioning itself at the forefront of the critical minerals supply chain through its innovative dual-asset strategy targeting both heavy rare earth elements and copper. The South Australian-focused explorer has secured two complementary projects that address key supply security concerns in the global energy transition.The company's flagship Boland project represents a potentially transformative approach to rare earth extraction, targeting dysprosium and terbium through proprietary in-situ recovery (ISR) technology. Managing Director Robert Verco explains the breakthrough: "We are planning on defining a bottom quartile cost source of dysprosium and terbium through a mining process called in-situ recovery. We have fantastic metallurgy - we're getting high recoveries at a pH of five which is the equivalent of a black coffee."This innovative approach has already demonstrated exceptional results at bench scale, producing mixed rare earth carbonate containing 63% total rare earth oxides with minimal acid consumption. The company's unique ionic mineralization enables ISR processing typically associated with uranium extraction, offering significant environmental and economic advantages over conventional rare earth mining methods.Complementing its rare earth strategy, Cobra recently secured an option over the Manilla copper project, featuring historic high-grade intersections of 48 meters at 2.2% copper and 78g/t gold from just 8 meters depth. The porphyry-style system offers potential to extend existing 1.6km mineralization by over five times, with geological characteristics analogous to Australia's most profitable mine, Cadia.The company's strategic positioning addresses growing institutional demand for supply diversification from Chinese-dominated markets. With China controlling 90% of global heavy rare earth supply, Western governments and corporations are actively seeking alternative sources. Cobra's ISR technology for rare earths and near-surface copper-gold mineralization in Australia's stable regulatory environment provides exactly this opportunity.Financial strength underpins the company's development strategy, with recent gold asset divestment generating up to AUD $15 million in non-dilutive funding. This positions Cobra to advance both projects simultaneously while maintaining disciplined capital allocation through structured option agreements that reward discovery success.View Cobra Resources' company profile: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

 Interview with Paul Mulder, Managing Director of Pacific Lime & Cement Ltd.Recording date: 26th August 2025Pacific Lime & Cement is developing Papua New Guinea's first integrated lime and cement production facility, targeting a market opportunity worth over $50 million annually in import replacement. Led by Managing Director Paul Mulder, a 30-year resources veteran with experience at BHP and managing Gina Rinehart's energy assets, the company is capitalizing on PNG's complete dependence on imported lime and cement.The project's competitive advantage stems from exceptional resource quality and strategic positioning. Located just 24 kilometers from Port Moresby, the facility controls 400 million tons of high-grade limestone that sits directly at surface level, eliminating costly stripping operations. With the quarry situated merely 800 meters from wharf facilities adjacent to PNG's $18 billion LNG infrastructure, the company enjoys a 75% freight distance advantage over Southeast Asian competitors.PNG's annual lime demand of 250-300,000 tons represents 70-75% of Pacific Lime & Cement's planned phase one capacity, with major mining companies committed to supporting competitive local suppliers. The country's cement consumption of just 33 kilograms per capita—compared to 250-700 kilograms in comparable developing nations—indicates substantial growth potential as PNG pursues $55 billion in planned infrastructure projects.Government support has been comprehensive, with Pacific Lime & Cement securing PNG's first industrial Special Economic Zone status, providing 10-15 years of corporate tax relief. Community Development Agreements ensure local participation through infrastructure investment, employment, and equity participation.Construction of the $80 million phase one is underway with an 18-month timeline, funded entirely through equity to maintain operational flexibility. Management projects $150-200 million EBITDA at full development, with export potential to Australia where the company maintains significant shipping time advantages over traditional suppliers.The integrated approach positions Pacific Lime & Cement to serve PNG's entire construction value chain while establishing a platform for regional expansion.Sign up for Crux Investor: https://cruxinvestor.com 

Interview with Anthony Margarit, President & CEO of K2 GoldOur previous interview: https://www.cruxinvestor.com/posts/k2-gold-kto-ma-in-nevada-is-focus-1479Recording date: 28th August 2025K2 Gold Corporation (TSXV: KTO) stands on the verge of a significant milestone as its flagship Mojave project in California approaches final Environmental Impact Statement (EIS) permitting approval. The company's 6,000-hectare polymetallic project has delivered exceptional drill results, including a standout intersection of 86.9 meters at 4 grams per ton gold, positioning it as one of the more promising exploration stories in North American mining.Under CEO Anthony Margarit, a geologist with a proven track record including early involvement in Rio Tinto's Diavik diamond mine discovery, K2 has strategically navigated the complex EIS permitting process—the highest level of environmental permitting in the United States. The company recently received encouraging news when the Bureau of Land Management identified K2's plan of operations as their preferred alternative in the draft EIS, representing a crucial pre-decision milestone.The upcoming drilling program spans 30,000 meters across 120 holes on 30 pads, designed to test mineralization continuity along a 5-kilometer gold trend. Recent surface sampling has yielded spectacular results, with samples reaching 374 grams per ton gold on the same structural system. The project's polymetallic nature extends beyond gold to include four copper targets, one spanning nearly 5 kilometers, plus four silver-lead-zinc targets.Financially, K2 has positioned itself strategically with approximately $13 million in outstanding warrants, many expiring October 1st. Management expresses high confidence that warrant exercises will fully fund the drilling program without dilutive equity raises. The project benefits from its location adjacent to the historic Cerro Gordo mine, California's largest 19th-century silver producer, validating the district's mineral potential.With EIS approval expected imminently, K2 Gold represents a compelling exploration opportunity combining exceptional grades, strategic permitting progress, and built-in financing within a proven mining district.View K2 Gold's company profile: https://www.cruxinvestor.com/companies/k2-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Hillacre, President & VP Exploration, and Jon Bey, CEO of Standard Uranium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-dual-model-explorer-eyes-high-grade-discovery-at-davidson-river-7231Recording date: 27th August 2025Standard Uranium Corporation (TSXV: STND) has announced a CAD $3.5 million non-brokered private placement to fund its return to the Davidson River uranium project in Saskatchewan's Athabasca Basin for the first time since 2022. The financing marks a strategic pivot for the exploration company as it deploys cutting-edge technology to unlock one of Canada's most prospective uranium regions.The Davidson River project sits in a geological sweet spot approximately 25 kilometers from NextGen Energy's Arrow deposit, positioned within a region containing nearly 500 million pounds of uranium between the Arrow and Paladin's Triple R projects. This proximity provides both geological validation and logistical advantages, particularly as NextGen's Arrow deposit enters mine construction in early 2026.President Sean Hillacre brings unique expertise to the project, having spent seven years at NextGen and authored his master's thesis on the Arrow deposit. The geological continuity between projects suggests similar mineralizing processes, with Davidson River's rock formations representing "folded over" versions of the Arrow geology.Standard Uranium's exploration approach centers on ExoSphere multiphysics surveying technology provided through a strategic partnership with Fleet Space Technologies. This integrated methodology combines passive seismic technology and gravity measurements across three main conductor zones, creating what Hillacre describes as "X-ray vision" into basement rocks.The company has pioneered AI-enhanced targeting through collaboration with ALS Goldspot, becoming the first uranium explorer to apply machine learning in the Athabasca Basin. The system analyzes data from established deposits like Arrow and Triple R, generating probability-weighted heat maps that identify geological signatures matching known uranium occurrences.The current financing comprises both hard dollars at 8 cents and flow-through shares at 10 cents, structured as units with 24-month half-warrants. Standard Uranium operates a project generator model, earning revenue through joint venture partnerships while retaining 25% ownership and 2.5% net smelter royalty in advanced projects.The company has developed a systematic target prioritization system incorporating geological, geophysical, and AI-generated parameters, identifying approximately 100 potential drill targets across the 31,000-hectare project. The immediate drilling campaign represents phase one of a multi-year program targeting 10,000-20,000 meters over two years, focusing on basement-hosted uranium deposits in the 250-450 meter depth range similar to the Arrow discovery.This strategic positioning captures multiple industry trends: proximity to proven discoveries, technological advancement in exploration methods, and capital-efficient project development through partnerships in one of the world's premier uranium jurisdictions.View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-unlocking-an-185mt-copper-gold-asset-hidden-for-20-years-7224Recording date: 26th August 2025Abitibi Metals Corp. is advancing a high-grade, Quebec-based polymetallic development anchored by the B26 deposit, an asset optioned from SOQUEM, that combines scale, exceptional metallurgy, and infrastructure advantages within a premier mining jurisdiction. The company's updated resource now totals roughly 18.5 million tonnes at about 2.17–2.18% copper equivalent, providing a robust platform for continued growth and technical de-risking within a well-understood volcanic massive sulfide system near the historic Selbaie mine, just 7 kilometers away. With a balance sheet showing approximately $17–18 million in cash and a plan fully financed through Q1 2027, Abitibi is executing an aggressive multi-rig drill campaign to expand the footprint and demonstrate economic scale, targeting a pathway to strategic investment or acquisition by a major.Strategically, Abitibi's partnership with the Quebec government delivers alignment, validation, and capital efficiency, as the company inherits about $25 million of prior investment and leverages existing power and road infrastructure that reduce capital intensity and support year-round operations. The deposit's metallurgy stands out: reported recoveries approach 98% for copper alongside strong gold, zinc, and silver performance, complementing significant gold credits that enhance copper-equivalent grades and improve project optionality across commodity cycles. This combination of grade, recoveries, and infrastructure positions B26 competitively against peers in stable jurisdictions at a time when copper demand from electrification is intensifying and large-scale, high-grade polymetallic inventories are increasingly scarce.Abitibi's current and planned drilling—on the order of ~17,000–20,000 meters this year with an additional ~25,000 meters in 2026—prioritizes step-outs to test continuity at depth and along strike, aiming to grow the deposit toward a 30–50 million tonne profile while advancing toward a preliminary economic assessment targeted within the option earn-in timeline. Management's endgame is clear: prove scale and economics to attract **major-company interest**, capitalizing on Quebec's mining-friendly framework and the district's processing legacy near Selbaie to shorten development pathways and unlock **value** in a critical metals market.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com