Podcasts about Uranium

Interview with Nicholas Holthouse, MD & CEO, and Peter Ruse, Head of Corporate Development, Mont Royal ResourcesRecording date: 21st October 2025Mont Royal Resources (ASX:MRZ) is preparing to list on the Australian Securities Exchange on 5th November 2025, following its merger with Commerce Resources. The combined entity brings together North America's largest undeveloped rare earth deposit - the Ashram project in Quebec, Canada—with experienced management and a clear development strategy aimed at capitalizing on unprecedented Western government support for critical minerals.The Ashram deposit contains nearly 200 million tons of resource grading approximately 2% total rare earth oxide (TREO), supported by over 30,000 meters of drilling. What distinguishes the project is its exceptional metallurgical characteristics, with CEO Nicholas Holthouse noting the asset produces concentrates of 35-37% through strong flotation kinetics, a critical factor where many rare earth projects fail to deliver despite promising headline numbers.Holthouse, who brings eight years of rare earth sector experience including roles at Hastings Technology Metals and Meteoric Resources, will relocate to Montreal to oversee development. This on-site leadership approach mirrors the successful strategy employed by Michael O'Keefe at Champion Iron, also operating in Quebec.The company plans to scale operations to 1.2 million tons per year throughput, producing approximately 2,800-3,000 tons of NdPr annually, a "bite-sized chunk" attractive to separators while maintaining scalability for future expansion. The project also contains valuable fluorspar mineralization, contributing 10-15% of projected value and addressing North American supply shortages.The merged entity will comprise approximately 190 million shares at 20 cents per share with $10 million cash, creating an enterprise value of $25 million - compelling value for a resource of this scale. Near-term focus centers on securing government support for road infrastructure connecting the remote deposit to markets, leveraging Canada's recent commitment to allocate 1.5% of GDP specifically to critical mineral projects and associated infrastructure.View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Ténière, CEO, Lafleur MineralsOur previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cselflr-swanson-expansion-targets-500k1m-oz-resource-in-quebec-gold-camp-8112Recording date: 28th October 2025Lafleur Minerals is positioning itself for gold production within 12 months through the strategic integration of its Swanson deposit with the fully-owned Beacon Gold Mill in Quebec. CEO Paul Ténière outlined the company's comprehensive development plan during a detailed discussion, emphasizing how existing infrastructure and historical data are being leveraged to accelerate the path to production.The company is targeting completion of a preliminary economic assessment by December 2025, though Ténière noted the study approaches prefeasibility-level detail despite its PEA classification for regulatory purposes. "It's kind of misleading in a way to call it a PEA. We're calling it a PEA level only because really we're moving into a PFS level," he explained. The scope includes comprehensive work by ERM consultants covering pit design, metallurgical testing, ore sorting evaluation through SRC in Saskatchewan, and a mineral resource update incorporating twin holes at Swanson.The Beacon Gold Mill, which operated until 18 months ago under previous ownership by Monarch Mining, provides Lafleur with detailed operating cost data rarely available to development-stage companies. A dedicated team of engineers is already mobilized at the site, with initial maintenance and repairs estimated at $2-6 million. The restart strategy includes processing 5,000 tons of existing stockpile to validate equipment performance before Swanson material arrives in early 2026.Swanson's location on an existing mining lease 45-50 kilometers from Beacon significantly streamlines the permitting pathway. The company needs only to submit an updated mine plan and environmental closure plan to Quebec authorities, a process Ténière indicated "can be done in a matter of months" rather than years. The initial development phase envisions an 80,000-100,000 ton bulk sample that represents the first phase of mining, serving to validate metallurgical projections while generating early cash flow.Beyond the initial open-pit scenario, Lafleur has identified multiple expansion pathways including underground resources at Swanson showing higher grades at depth, potential mill expansion to 3,000 tons per day, and custom milling opportunities for regional deposits.Learn more: https://www.cruxinvestor.com/companies/lafleur-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Kevin Bailey, Executive Chairman & CEO of Po Valley EnergyRecording date: 27th October 2025Po Valley Energy, a $60 million Australian-listed natural gas producer operating in northern Italy's Po Valley basin, represents a compelling investment case built on immediate cash generation, visible production growth, and alignment with Europe's energy security priorities. With a single well currently producing and plans to drill multiple additional wells over the next two years, the company offers exposure to premium European gas pricing in a geopolitically strategic market.The company's sole producing asset, the Podere Maiar well in the Selva Malvezzi concession, has delivered consistent performance since commencing production in 2022, flowing 79,000-80,000 standard cubic meters per day and generating approximately $10,000 AUD in daily revenue. Operating at 60% free cash flow margins with minimal overhead costs of just $2 million AUD annually, Po Valley maintains a debt-free balance sheet with $15 million AUD cash on hand.Russia's invasion of Ukraine in February 2022 fundamentally transformed Po Valley's economics and strategic positioning. Gas prices, which historically traded at €0.20 per standard cubic meter, now rarely fall below €0.30 and frequently trade at €0.50 or higher. The Italian government, having reduced domestic production from 40% to just 8% while becoming dependent on Russian imports, is now actively encouraging producers to accelerate development and restore indigenous supply.Po Valley plans to drill 4-5 additional wells over the next two to three years, targeting known anticlines that ENI identified during exploration campaigns in the 1950s-1970s but did not fully develop. The company estimates this program will cost €35-40 million, of which its 63% operated interest represents approximately €22-25 million. With current cash reserves and ongoing production expected to fund 60%+ of requirements internally, Po Valley anticipates needing only modest debt financing or a small equity raising to complete the program. Once new wells are connected, production is expected to increase 3-4x to over 300,000 scm/day.Chairman and CEO Kevin Bailey, who owns 25% of the company through open market purchases, has emphasized Po Valley's focus on shareholder returns rather than empire building. Management intends to return capital via dividends or buybacks once the drilling campaign is complete, with no interest in acquisitions or expansion beyond core assets.Beyond its producing concession, Po Valley owns the offshore Teodorico asset containing approximately 37 billion cubic feet of 2P gas reserves, valued at $40-50 million AUD in 2022 - nearly equal to the company's current market capitalization. While not planning independent development, management will derisk this asset for potential sale to larger European operators.View Po Valley Energy's company profile: https://www.cruxinvestor.com/companies/po-valley-energy-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Jones, Managing Director & CEO of Perseus MiningOur previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-record-financial-results-capital-returns-7829Recording date: 27th October 2025Perseus Mining has embarked on a new leadership chapter with Craig Jones assuming the managing director and CEO role, bringing 15 years of operational and capital project expertise from Newcrest Mining to guide the African-focused gold producer through an ambitious expansion phase.Jones outlined a strategy centered on operational continuity rather than radical change. The focus remains squarely on delivering Perseus's five-year growth plan, which encompasses three key pillars: maintaining performance across existing operations, ramping up the Nyanzaga project in Tanzania by March quarter 2027, and developing CMA Underground as the company's first underground mine.The September quarter results underscored the operational foundation supporting this growth agenda. Perseus produced just under 100,000 ounces at an all-in sustaining cost of $1,463 per ounce, generating $161 million in operating cash flow while maintaining an industry-leading safety record with a 6.0 total reportable injury frequency rate. The company ended the quarter with net cash and bullion of $837 million.This robust balance sheet positions Perseus to fund more than $800 million in planned capital expenditure over five years without requiring debt financing, while simultaneously supporting a $100 million share buyback program. "We can fund all of our aspirations through the cash that we have on the balance sheet," Jones stated.All three operating mines - Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana are transitioning to higher-grade ore sources that should lift production in coming quarters. Meanwhile, the Nyanzaga project is tracking on schedule and budget with over 1,000 workers on site, mill fabrication ahead of schedule, and promising exploration results suggesting a potential reserve update later this year.Jones emphasized Perseus's commitment to its African focus, noting that any acquisitions outside the region would require compelling strategic rationale. "You have to stick to your knitting," he explained, highlighting the company's expertise in building and operating mines across West Africa as its core competitive advantage in creating shareholder value.View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Gentile, InvestorRecording date: 6th October 2025Michael Gentile, a strategic investor with 25 years of institutional money management experience, is conducting a five-city European roadshow featuring six of his largest portfolio investments. The tour through London, Paris, Geneva, Zurich, and Frankfurt comes at a pivotal moment—gold prices are reaching new highs while institutional appetite for precious metals equities returns after years of dormancy.Gentile's investment approach centers on contrarian positioning in the junior mining sector. His gold thesis, established during the 2018 downturn, was built on concerns about unsustainable government debt levels, excessive spending, and questionable monetary policy. While these fundamental concerns have intensified over seven years, market recognition has lagged dramatically as investors remained captivated by extraordinary returns in technology and artificial intelligence sectors.The investor manages a portfolio of 25-30 junior mining companies, typically entering positions at $5-20 million market capitalizations. His philosophy emphasizes three critical elements: significant insider ownership to align management with shareholders, disciplined capital allocation that avoids excessive dilution, and strategic acquisitions during downturns rather than expensive drilling programs when capital is scarce.What makes the current environment particularly compelling is the fundamental shift in gold demand. Central banks have been the primary driver of gold prices since 2019, acting as price-agnostic buyers targeting specific allocation percentages. Now, institutional investors and family offices are beginning their first meaningful allocations to precious metals—a sector representing just 0.5% of global investor capital despite its growing monetary importance.Gentile notes that mining companies are already highly profitable at current gold prices, eliminating the need for further appreciation to justify equity valuations. Despite recent strength, the sector shows none of the typical exuberance that characterizes late-cycle peaks, suggesting the rally remains in its early innings with substantial room for growth.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Barnholden, CEO of Luca Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/luca-mining-tsxvluca-high-grade-drilling-results-boost-mexican-mining-operations-7559Recording date: 22nd October 2025Luca Mining (TSXV:LUCA) is pursuing an ambitious transformation strategy designed to triple its market capitalization from $300 million to over $1 billion by scaling production to 200,000 ounces of gold equivalent annually. The company operates two underground mines in Mexico-Campo Morado, a polymetallic VMS deposit in Guerrero, and Tahuehueto, an epithermal gold-silver mine in Durango—both previously starved of capital for a decade.CEO Dan Barnholden, bringing two decades of investment banking experience, has spent his first year stabilizing operations and strengthening the balance sheet. With only $6 million in debt remaining, two-thirds retiring by year-end 2025 and complete elimination by June 2026 and $25 million in cash reserves, the company is pivoting decisively toward growth.The most compelling element of Luca's strategy centers on transforming Campo Morado from a zinc-focused operation into a significant gold producer. Currently recovering only 20-30% of gold content, the company has engaged Ausenco to develop metallurgical processes targeting 50-70% recovery rates. "At Campo Morado, if we can double the gold grades, if we can better than double the gold recoveries, now you're talking about a real gold mine," Barnholden explained.Simultaneously, drilling at the Reforma zone has delivered exceptional results, with intercepts of 30+ meters grading over 12 grams per ton gold equivalent. Management believes this represents a potential 8 million ton high-grade gold pod that could position Campo Morado as an 80-100,000 ounce annual producer.Tahuehueto offers a more straightforward expansion pathway, with mill capacity increasing from 1,000 to 1,500 tons per day targeting 40-50,000 ounces annually. The company has also engaged three investment banks pursuing strategic acquisitions in Mexico's consolidating mining sector, where five competitors were acquired over the past year.With operating cash flow funding exploration without dilution and debt elimination providing maximum financial flexibility, Luca Mining presents investors with a clear roadmap from mid-tier producer to potential billion-dollar enterprise.View Luca Mining's company profile: https://www.cruxinvestor.com/companies/luca-mining-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Spring, President and CEO, Kincora CopperOur previous interview: https://www.cruxinvestor.com/posts/kincora-copper-tsxvkcc-project-generator-strategy-transforms-growth-path-6975Recording date: 20th September 2025Kincora Copper has successfully transformed from a traditional single-project explorer into a diversified project generator, backed by prominent resource investors Rick Rule and Jeff Phillips through a C$4 million financing with a 12-month hold period. Following a 10-for-1 share consolidation, the company now operates with only 43 million shares outstanding and less than 40% free float, creating one of the tighter capital structures in the junior mining space.The strategic pivot emerged after the company invested over A$11 million and drilled 24,000 meters at its flagship Trundle project without achieving the share price movement or technical breakthrough needed to justify continued sole-funded exploration. President and CEO Sam Spring recognized that the traditional exploration approach risked exhausting capital before reaching discovery scale. The solution: partner projects while retaining meaningful equity stakes of 20-30%.Since adopting the project generator model, Kincora has completed five deals unlocking approximately $100 million in partner funding commitments. The company has already deployed $6.5 million across 13,500 meters of drilling from Q4 2024 through Q2 2025, with seven different licenses scheduled for drilling over the coming year. Critically, Kincora operates two earning joint ventures and receives management fees, creating an income stream that approaches covering all corporate costs.AngloGold Ashanti has emerged as the most active partner, planning approximately 11,000 meters of drilling across three projects in the Macquarie Arc, home to Australia's second-largest porphyry mine at Northparkes and Evolution Mining's flagship Cowal operation. The company has retained its two most advanced projects—Trundle and Fairholme—seeking optimal partnerships that preserve long-term value rather than simply accessing near-term drilling capital.Additional opportunities include the Bronze Fox project in Mongolia, which offers near-term SX-EW copper production potential at current prices, and the Condobolin project in the consolidating Cobar Basin. Spring emphasizes the portfolio approach: "Any one disappointment isn't going to be a disaster to the share price, but any one big success will give you that multiple re-rating."Learn more: https://www.cruxinvestor.com/companies/kincora-copper-limitedSign up for Crux Investor: https://cruxinvestor.com

Recording date: 24th October 2025Derek McPherson (Executive Chair) and Sam Pelaez (President, CEO, and CIO) of Olive Resource Capital are viewing recent weakness in gold and mining equities as a buying opportunity rather than a trend reversal, despite gold correcting from $4,300 to $4,000 per ounce and leading equities declining 15-20% from recent highs.In their October 24th podcast recorded from Zurich, the duo characterized the pullback as normal seasonal volatility within an ongoing bull market. Sam noted that gold reached an RSI reading of 92—the highest ever recorded before the correction, suggesting the rally had extended beyond sustainable levels. Historical analysis shows mining equities commonly correct 33-66% within bull markets, making current pullbacks of 10-20% modest by comparison.The team has strategically positioned for this volatility, transitioning from net sellers in August-September to net buyers in October after raising approximately 10% cash. They plan to increase deployment through November-December, particularly targeting high-conviction names like K92 Mining and Bellevue Gold that have pulled back significantly.Derek and Sam identified the upcoming Q3 earnings season as a critical catalyst for renewed momentum. With the third quarter featuring the highest gold prices on record, producers should report exceptional results. Additionally, buyback programs, typically suspended during pre-earnings blackout periods are expected to reactivate around November 15, providing technical support.The duo emphasized that the fundamental investment thesis remains intact. The "monetary debasement trade" continues with government spending growing faster than economic output, exemplified by the Department of Homeland Security spending $181 million on private jets during a government shutdown. They also noted copper presents opportunities, with the commodity holding firm at $5 per pound while equities have weakened.With most gold equities trading within 10% of 52-week highs, tax-loss selling pressure should be minimal this year, potentially allowing momentum from Q3 earnings to carry through year-end and into what is historically the strongest seasonal period for commodities in Q1 2026.Sign up for Crux Investor: https://cruxinvestor.com

The ASX 200 drifted 14 points lower to 9019 (0.2%) in cautious trade ahead of the latest US CPI tonight. For the week, we are up around 24 points. Not that exciting, but plenty happening beneath the surface as usual. Banks eased back today with CBA down 0.8% and the Big Bank Basket down to $289.13 (). Other financials also drifted lower, NWL down 2.2% and HUB off 2.1 %. ZIP fell 1.0% and insurers flat too. REITS held firm generally as did industrials. BXB up 0.1% and SGH rising 0.8%. Some buying in tech stocks, WTC up 3.0% and XRO still struggling, up 0.2%. The All-Tech Index up 0.6%. In resources, BHP and RIO rose slightly, FMG down 1.5% and gold miners were generally easier again, NEM quarterly probably not helping, off 4.4%. Lithium had a day out following better than expected quarterly from PLS up 9.1% and LTR up 10.4%. Looks like some more short covering kicking in too. Oil and gas mixed, WDS up 1.0% and STO down 1.2%. Uranium firmed ever so slightly, PDN up 0.1% and DYL off 4%.In corporate news, CTD released a positive update but still suspended due to past issues. WHC fell 0.4% on its quarterly and CCL gained 1.0% on ACCC approvals with NCK seeing its chair retiring. MGX cratered 26.6% following the recent seismic event on Koolan Island which has now brought forward the closure of the mine. CRN confirmed a roof fall but denied a collapse.On the economic front, Japanese CPI rose, Trump terminated talks with Canada after an ad and China revealed its cunning plan to revitalise its economy.  Asian markets better Japan up 1.4% China up 1.0% and HK up 0.7%.10-year yields rise to 4.14%.European markets opening around 0.1% higher. US CPI in focus.Want to invest with Marcus Today? Our MT20 portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you're looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.

MacroVoices Erik Townsend & Patrick Ceresna welcome, Adam Rozencwajg. They discuss all things commodities from gold to oil to uranium. https://bit.ly/4oFcfAZ  

Interview withKiran Patankar, President & CEO of Maple Gold MinesMatt Manson, President & CEO of Radisson Mining Resources Inc.Recording date: 16th October 2025Two junior mining companies are systematically advancing high-grade gold projects in Quebec's Abitibi greenstone belt, leveraging the region's extensive infrastructure while pursuing disciplined capital allocation strategies that prioritize technical de-risking over speculative development.Radisson Mining Resources focuses on the O'Brien Gold Project, a historical high-grade mine that operated until 1957 when economic constraints at $35-per-ounce gold forced closure at one-kilometer depth. CEO Matthew Manson now targets two kilometers as the economic floor, with approximately 1.5 million ounces of high-grade resources currently identified. The company has launched a 140,000-meter drill program, its largest ever, to systematically expand the resource base within the well-understood Piché formation geology adjacent to the Cadillac-Larder Lake break.Maple Gold Mines controls 481 square kilometers straddling the Cadillac Break, hosting over 3 million ounces including the historical Eagle mine that produced one million ounces at 6.5 grams per tonne between 1974 and 1993. Since 2021, CEO Kiran Patankar has restructured operations, reducing annual administrative costs from $6 million to $2 million while repositioning the company's joint venture with Agnico Eagle. The restructuring secured 100% project ownership while maintaining Agnico Eagle as a strategic equity partner.Both companies executed substantial institutional financings, with Radisson raising approximately $25 million through a fully institutional bought deal involving 22 institutions, and Maple securing investment at a 100% premium to previous rounds, including a $7 million lead order from a US mutual fund. These financings deliberately targeted long-term institutional investors rather than retail speculators, with Maple implementing 12-month lock-up agreements to ensure shareholder alignment.The Abitibi region provides critical infrastructure advantages that fundamentally alter project economics. Highway access, grid power at 4 cents per kilowatt-hour, proximity to multiple operating mills with existing permitted capacity, and an established mining workforce reduce capital requirements and enable toll milling opportunities. Both CEOs reject small-scale, bootstrapped development approaches in favor of right-sizing projects based on optimal economics.Strategic investor Michael Gentile plays a central role in both companies, providing capital, board expertise, and validation through thorough diligence-based investment decisions. His involvement signals quality to sophisticated investors and provides network access to institutional capital sources.With discovery costs around $30-40 per ounce against current company valuations near $150 per ounce, both management teams emphasize that successful systematic exploration creates immediate shareholder value accretion while positioning assets for potential acquisition by producers seeking to extend existing mill operations.Sign up for Crux Investor: https://cruxinvestor.com

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macroeconomic themes and fundamental value drivers that that are presenting catalyst-driven opportunities in select gold, silver, antimony, rare earths, lithium, and uranium stocks.   We start off reviewing the macroeconomic landscape, delving into inflation, GDP growth, effects of tariffs, coming Fed rate cuts, the prospects of stagflation versus reflation, and why the precious metals and critical minerals have continued to receive a bid all year long in this kind of backdrop.   We discuss the large rally this year and in particular the last few months in gold, silver, and the precious metals stocks, but why Nick wrote to his subscribers mid-October recommending that they trim back some of their exposure to the PM sector.   He outlined that trimming is always a nuanced discussion, and does not mean at all that he's putting a sell out on the sector or that he is no longer bullish.   It just came down to practice, procedure, and prudence for reducing down the asset allocations as they had swelled to become too large of positions in their portfolio and it was time to harvest some gains to be able to redeploy them, fitting in with his “pruning and planting” approach.     Many investors and analysts will now shift their gaze to the Q3 earnings that come in over the next few weeks, and this could be a constructive catalyst for the PM stocks overall, and bring in more generalist interest.   Next we shift over to the outsized moves to both the upside and downside in the critical minerals space.  Nick highlights how the fast-tracking of permitting using the US Fast 41 initiatives, and the government funding and partnerships with many critical minerals companies is creating its own momentum and speculation in antimony, rare earths, lithium, and uranium stocks.   This goes into many fundamental policies and initiatives from both government and industry that have been lifting the names in these sectors. He is holding onto positions through any of the current volatility, and believe that more names will pop as a flood of capital pours into such a tiny investing space.   We discuss a range of different companies used as examples of how the critical minerals have really been active including:   Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA), CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU), MP Materials Corp. (NYSE: MP), United States Antimony Corporation (NYSE:UAMY), Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ), Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), PMET Resources Inc. (TSX: PMET) (OTCQX: PMETF), and Critical Elements Lithium Corporation (TSXV:CRE)(OTCQX:CRECF).   Click here to follow Nick's analysis and publications over at Digest Publishing     For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-cartier-launches-massive-gold-exploration-7820Recording date: 21st October 2025Cartier Resources (TSXV:ECR) represents a compelling gold exploration opportunity centered on demonstrating mining camp-scale potential along Quebec's renowned Cadillac Fault in the Abitibi region—one of the world's most productive gold districts with over a century of mining history and hundreds of millions of ounces produced. The company has consolidated approximately 15 kilometers of strategic land position between multiple historic mining camps and adjacent to Agnico Eagle's producing operations, positioning itself to become what management characterizes as "the next mining camp along the Cadillac fault."The investment thesis centers on an exceptionally aggressive exploration program that fundamentally differentiates Cartier from typical junior explorers. The company has committed to a 100,000-meter, 600-hole diamond drilling program—representing an order of magnitude increase over the 5,000-10,000 meters that typical juniors drill annually. This intensive approach directly addresses the prolonged timelines that often frustrate junior resource investors by front-loading discovery work and compressing value recognition timelines. Strategic partner Agnico Eagle explicitly endorsed this aggressive strategy, with management noting Agnico's directive to "demonstrate that there's a mining camp there, not one mine, but a cluster of maybe three or four mines" with potential for 10-15 million ounces rather than the 3 million ounces typical of single-mine scenarios.Cartier's operational efficiency provides embedded value often overlooked in exploration-stage analysis. The company secured $12 million in full program funding while simultaneously locking in drilling costs at $110 per meter for two years—substantially below typical market rates of $150-200 per meter and representing 25-35% cost advantages. This pricing reflects fortuitous timing in contracting and the project's proximity to Val-d'Or mining infrastructure, effectively providing 15-20% more drilling capacity for the same capital outlay. Over a 100,000-meter program, these savings compound meaningfully while eliminating near-term dilution concerns.Recent exploration results validate the geological model, with the company's third press release since August program commencement demonstrating systematic expansion of mineralization. Drill intercepts include 11 g/t over 9 meters and ounce-per-ton material over metric widths in stacked vein systems with true widths extending approximately 50 meters. The mineralization occurs at surface in multiple parallel structures, suggesting both high-grade vein mining potential and bulk tonnage scenarios—a combination characteristic of the region's most successful operations.Management has structured a comprehensive five-pronged development program simultaneously advancing drilling, metallurgical testing, environmental baseline studies for permitting, resource estimate updates, and preliminary economic assessments. This parallel execution compresses typical sequential development timelines while generating bi-weekly news flow expected to continue for 18 months. The metallurgical work specifically targets toll milling opportunities at existing regional mills, a strategy that could reduce development capital requirements by 50-75% compared to standalone mill construction.The project benefits from exceptional infrastructure access, sitting within 30 minutes of Val-d'Or with its established workforce, service providers, power, and multiple processing facilities. The historic Chimo Gold Mine, encompassed within Cartier's land package, achieved 93% recovery rates and operated until 1997 when it closed not from resource exhaustion but from gold prices collapsing to $275 per ounce. With gold now exceeding $2,700 per ounce—nearly 10x higher—combined with superior mining technology and metallurgical methods, the same geological setting offers dramatically enhanced economic potential.CEO Philippe Cloutier articulates a clear timeline for value recognition, stating the program is almost 7 months pregnant with the company targeting a different level by the end of 2025, early 2026. For investors seeking exposure to gold discovery upside in a premier mining jurisdiction, backed by strategic producer validation and managed by a team demonstrating capital discipline and commercial focus, Cartier Resources presents a compelling risk-reward proposition with multiple near-term catalysts and substantial revaluation potential should management successfully demonstrate camp-scale mineralization.View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Ravi Sood, Chairman & CEO of Golconda GoldOur previous interview: https://www.cruxinvestor.com/posts/golconda-gold-tsxvgg-aiming-to-deliver-a-step-change-in-production-4824Recording date: 20th October 2025Golconda Gold has established itself as a disciplined precious metals producer, emerging from a decade-long bear market to operate two permitted gold mines with strong growth prospects. The flagship Galaxy Gold Mine in South Africa, currently producing just over 10,000 ounces in 2025, is set for a production ramp up to more than 40,000 ounces annually by 2028. This expansion leverages the existing infrastructure, specifically a 50,000-ton-per-month mill running at only 30-40% utilization, which supports fourfold output growth without major new investment. The company is preparing to bring its second asset, the Summit Gold Mine in New Mexico, into production in mid-2026, targeting a steady-state 12,000 gold equivalent ounces a year. Both assets were acquired at nominal cost through distressed situations, allowing Golconda to bypass the heavy development and permitting risks that typically challenge junior miners.A defining feature of Golconda's model is its commitment to self-funded growth, with all expansion financed from internal cash flows and no reliance on equity dilution or additional debt. This approach, underpinned by more than 40% insider ownership, has driven management to prioritize survival through cost control and strict preservation of the share count—an approach that preserved capital structure during market lows and now positions the firm to maximize returns as gold prices surge. By the end of 2025, Golconda expects to be debt-free and operating with positive cash flow, having already repaid all creditors and a key offtake credit line.Management describes Galaxy's current approach as "harvest mode," prioritizing cash generation and risk-adjusted returns, particularly in light of the mine's 74% ownership structure due to local regulations. The clear capital discipline is also evident at Summit, where contract mining has been chosen to ensure operational effectiveness in a remote environment, despite higher reported costs. Looking ahead, Golconda's financial flexibility enables future capital distribution—potentially through buybacks, dividends, or further opportunistic acquisitions. For investors, Golconda offers a unique value proposition: a resilient, undiluted growth platform with long-life assets, prudent management, and the upside of flexible capital allocation in a favorable gold price environment.View Golconda Gold's company profile: https://www.cruxinvestor.com/companies/golconda-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Joe Ovsenek, CEO of Tudor Gold Our previous interview: https://www.cruxinvestor.com/posts/tudor-gold-tud-higher-grade-results-show-improved-understanding-2585Recording date: 16th October 2025Tudor Gold is advancing its Treaty Creek project in British Columbia's Golden Triangle from exploration into mine development under new leadership with proven experience building the nearby Brucejack Mine. The company controls a 21.66 million ounce gold resource grading 0.92 g/t and is implementing a selective underground mining strategy rather than pursuing bulk tonnage approaches.President and CEO Joe Ovsenek leads a management team that joined in May 2025, bringing direct regional expertise and established relationships with local stakeholders. The team is refining the geological model from 10m blocks to 5m blocks, increasing resolution eightfold to better identify high-grade zones averaging 2-3 g/t gold. This technical work targets 50 to 100 million tons within this higher-grade range, which would support an 8,000 to 10,000 ton per day underground longhole stope operation producing 250,000 to 300,000 ounces annually over a minimum 10-year mine life.The underground approach reflects operational realities in the Golden Triangle, where approximately 22 meters of annual snowfall creates significant challenges for surface mining. Underground operations avoid these constraints while requiring less capital than large-scale block cave alternatives and enabling faster permitting and construction timelines.Tudor Gold recently acquired American Creek Resources, increasing its ownership in Treaty Creek from 60% to 80%. This strategic move reduces carried interest burdens that previously constrained exploration activities and improves project economics. The remaining 20% is held by Teuton Resources, which has announced plans to simplify its corporate structure, potentially facilitating future consolidation discussions.The company faces a near-term challenge resolving a land access dispute with neighboring Seabridge Gold, whose KSM project development plans include twin 22-kilometer tunnels that would intersect Tudor's Gold Storm deposit under the currently proposed route. Management has proposed shifting the route approximately one kilometer north through similar geology and expects to reach negotiated resolution within months through discussions with Seabridge, regulatory authorities, and provincial officials.An updated mineral resource estimate is scheduled for November 2025, incorporating 175,000 meters of drilling and the refined block modeling. Underground portal permits are targeted for May 2026 approval, with development serving dual purposes of providing bulk samples while establishing drill stations for efficient infill drilling of high-grade zones and the SC1 structural corridor.View Tudor Gold's company profile: https://www.cruxinvestor.com/companies/tudor-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Gan-Ochir Zunduisuren, Managing Director of Asian Battery Metals PLCRecording date: 15th October 2025Asian Battery Metals (ASX:AZ9) is emerging as a focused critical minerals developer in Mongolia, strategically positioned at the doorstep of Asian consumption markets. Led by Managing Director Gan-Ochir Zunduisuren, a mining engineer with 22 years of experience including a board position at Rio Tinto's Oyu Tolgoi copper operation, the company is advancing a portfolio of copper, nickel, and gold projects in southwestern Mongolia's prospective Central Asian orogenic belt.The company's flagship Oval copper-nickel project has delivered significant validation through selection for BHP's prestigious Xplor accelerator program in 2023. As one of only seven companies chosen globally from 250 applicants - and the sole Asian representative - Asian Battery Metals received $500,000 USD to prove the concept of a magmatic mafic intrusion-related copper-nickel sulfide system. This third-party technical endorsement has been reinforced by encouraging metallurgical results, with initial test work achieving 89-95% copper recovery and concentrate grades of 18.5-24%, meeting industry benchmarks for economic viability.With approximately A$30 million in market capitalization and A$7-8 million deployed across exploration programs, the company has established 800 meters of continuous mineralization at Oval, with widths ranging from 50 to 80 meters. Recent drilling has extended mineralization to 290 meters depth, suggesting potential for deeper extensions along feeder conduit structures. The company is also advancing regional targets including MS1, located six kilometers south of Oval with geophysical signatures potentially larger than the main discovery, supporting a hub-and-spoke development model where multiple deposits could share centralized processing infrastructure.Complementing the copper-nickel focus, Asian Battery Metals is completing due diligence on the Maikhan Uul VMS copper-gold system, located just eight kilometers from Oval. Recent drilling confirmed more than 20 meters of massive sulphide mineralization with historic grades of approximately 1.7% copper and 1 gram per tonne gold, plus a high-grade shallow gold zone grading over 15 g/t. The company expects to complete this acquisition within four months, adding diversification and supporting the multi-deposit cluster strategy that Managing Director Gan-Ochir described as essential to achieving the company's goal of "more than 20 million tons of economic resources or potentially producing 50,000 tons of metals."Mongolia's maturation as a mining jurisdiction provides crucial support for development pathways. Over the past 15 years, the country has opened 20-30 new mines, improved infrastructure substantially, and developed multiple financing options including international financial institutions, domestic banks, and Chinese offtake arrangements. This evolution, combined with proximity to Asian markets and an established contractor mining sector, positions Asian Battery Metals to advance its projects efficiently in a jurisdiction that has demonstrated it can support world-class operations like Rio Tinto's Oyu Tolgoi copper mine.View Asian Battery Metals' company profile: https://www.cruxinvestor.com/companies/asian-battery-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Chad Peters, President & CEO of Ridgeline Minerals and Chris Frostad, President & CEO of Purepoint UraniumRecording date: 8th October 2025Ridgeline Minerals and Purepoint Uranium represent a fundamental departure from the traditional junior mining exploration model that has historically destroyed shareholder value through relentless dilution. Both companies have structured strategic partnerships with major mining companies, including Nevada Gold Mines, South32, Cameco, and Orano, that provide 100% non-dilutive funding for exploration programs while the juniors retain fully carried interests of 20-25% through to commercial production. This structure addresses the central problem facing exploration investors: companies repeatedly returning to capital markets at disadvantageous valuations to fund high-risk drill programs.The financial metrics are compelling. Ridgeline's partners are deploying approximately $9.5 million USD in 2025 across joint venture projects, while Purepoint's partners are spending roughly $8 million - both figures representing 30-40% of their respective market capitalizations of approximately $25 million. Critically, this capital is deployed without issuing a single new share to existing investors. Additionally, both companies collect management fees of 10-15% (including chargeable expenses) on partner-funded programs, generating sufficient revenue to cover corporate overhead and achieve cash flow positive operations - a rare achievement in junior exploration that reduces dependence on equity markets during bear market periods.The investment thesis centers on asymmetric risk-reward. Downside is protected by sustainable cash flow models, major partner validation of project quality, and diversified project portfolios that spread exploration risk across multiple targets in tier-one jurisdictions (Nevada's Cortez Trend for gold, Saskatchewan's Athabasca Basin for uranium). Upside leverage remains substantial: any significant discovery would trigger material share price appreciation as partners cannot dilute their positions further, while comparable single-asset explorers trade at valuations that would justify either company's current market cap for just one project.Near-term catalysts include ongoing drill programs at Ridgeline's Swift (gold) and Selena (base metals) projects, and Purepoint's Dorado uranium project where initial results have intersected up to 8% uranium. Results flowing through late 2025 and early 2026 provide multiple opportunities for value inflection as these companies demonstrate that intelligent capital allocation can transform exploration from a value-destruction exercise into a genuine wealth-creation opportunity for patient investors.—Learn more: https://cruxinvestor.com/companies/ridgeline-mineralshttps://www.cruxinvestor.com/companies/purepoint-uranium-group-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Wade, CEO of Power Metal Resources PLC & Marcel Nally, Founder of MinestartersOur previous interview: https://www.cruxinvestor.com/posts/power-metal-resources-aimpow-advancing-a-pipeline-of-high-potential-exploration-projects-6311Recording date: 15th October 2025Power Metal Resources is investing £3 million to become the cornerstone investor in Minestarters, a blockchain-based platform designed to address critical funding shortages in early-stage mining exploration. The AIM-listed mining exploration incubator will acquire 49% of Minestarters, gaining access to significantly larger capital pools through tokenisation while maintaining visibility of investment value through tradable digital assets.CEO Sean Wade describes the funding environment for early-stage mining over the past two to three years as "a desert" where even "fantastic prospects" that "would have flown off the shelves during COVID" have struggled to raise adequate capital. This capital scarcity prevents companies from investing sufficient sums to properly develop resources, with projects requiring significant drilling programs finding markets closed or capital available only at prohibitive costs.Minestarters addresses this gap by issuing 120 million tokens backed by real-world mining assets. The platform will deploy 70 million tokens to the public in tranches, with the first 20 million released at $0.10 per token. All proceeds flow into a treasury used exclusively to fund selected mineral exploration projects through a rigorous investment committee that expects to reject 90-95% of applicants.A key innovation involves smart contracts that automate milestone-based funding, releasing capital only as projects achieve predetermined objectives. This approach reduces capital leakage and human error compared to traditional mining finance, where project managers might request additional funds mid-programme without clear accountability frameworks.Wade emphasises the partnership creates immediately visible value contrasting with conventional exploration investments: "I could tomorrow spend £3 million on an asset in Canada. Nothing's going on my balance sheet that's visible to a shareholder for three years plus." The tradable tokens provide 24/7 price transparency, enabling investors to track Power Metal's Minestarters holdings in real-time while the company leverages its proven IPO expertise to provide exit pathways for funded projects.View Power Metal Resources' company profile: https://www.cruxinvestor.com/companies/power-metal-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Blake Hylands, CEO of Lithium Ionic Corp.Our previous interview: https://www.cruxinvestor.com/posts/opportunity-in-volatility-lithium-projects-poised-for-rebound-5610Recording date: 15th October 2025Lithium Ionic has significantly strengthened the economics of its Bandeira lithium project in Brazil, delivering a rare improvement in feasibility study updates. The company's latest Definitive Feasibility Study reveals exceptional metrics: a post-tax internal rate of return exceeding 60%, net present value of $1.5 billion, and a two-year payback period over a 19-year mine life. Most notably, capital costs decreased by $70 million to $190 million, positioning Bandeira among the lowest-cost lithium developments globally.The capital reduction resulted from strategic partnerships and engineering optimization rather than project compromise. Lithium Ionic partnered with R-TEK Resources, the engineering team that successfully constructed the adjacent Sigma Lithium operation, bringing proven DMS plant design expertise. This collaboration enabled equipment standardization, simplified mine sequencing, and refined facility design while maintaining project robustness.Located in Minas Gerais' Araçuaí pegmatite belt, the Bandeira project benefits from exceptional geological validation. The deposit sits just 500 meters from the CBL operation, which has produced lithium for 30 years, with near-identical structural and geochemical characteristics. Through targeted drilling completed in late 2024, Lithium Ionic expanded measured and indicated resources from 21 million to 27.5 million tons, converting 21 million tons to proven and probable reserves at a 77% rate.The project's lowest-quartile cost profile provides resilience against lithium's recent price volatility, which has seen spodumene swing from $8,000 to $650 per ton. Management targets early 2026 for permit approval and end-of-2027 production, timing that could coincide with tightening supply-demand dynamics as sustained low prices curtail new supply development.With sub-$200 million capital requirements generating $1.5 billion in value, conservative operating assumptions, and a proven development team, Lithium Ionic presents a compelling proposition for project financing as battery demand continues expanding across electric vehicles, grid storage, and AI infrastructure applications.Learn more: https://www.cruxinvestor.com/companies/lithium-ionic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Nicholas Bridgen, CEO of Ferro-Alloy Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/ferro-alloy-resources-lsefar-low-cost-vanadium-play-preps-feasibility-study-for-june-2025-6715Recording date: 15th October 2025Ferro Alloy Resources has released feasibility study results for its Kazakhstan vanadium project, revealing exceptional economics that position the company among the lowest-cost producers globally. Phase 1 development demonstrates a net present value of $749 million with a 22% internal rate of return, while production costs of just $0.36 per pound after byproduct credits place the project in the bottom decile of global vanadium operations.Chief Executive Nicholas Bridgen attributes these compelling economics to two fundamental advantages. The company's sedimentary ore deposit differs markedly from the magnetite sources that supply 95% of global vanadium production, requiring no concentration or roasting processes. This geological advantage translates directly into lower processing costs and reduced environmental impact. Additionally, the deposit contains 8.5% carbon content that can be processed into carbon black substitute, a valuable byproduct for tire manufacturing commanding prices around $500 per ton.The project's strategic positioning extends beyond pure economics. With vanadium designated as a critical metal across Western countries, Ferro Alloy Resources benefits from multiple financing pathways as governments seek to diversify supply chains away from Chinese dominance. The carbon black substitute product carries approximately one-tenth the embedded emissions of conventional production, potentially adding $100-200 per ton in value as carbon tariffs expand globally.Phase 1 targets 8,500 tons of vanadium pentoxide annually, with Phase 2 conceptually three times larger. Seven ore bodies have been identified across the project area, though only the first has been fully incorporated into current planning. Existing infrastructure including power lines, road access to international rail connections, and favorable open-pit mining conditions reduce both capital requirements and execution risk.The company now advances toward front-end engineering design, evaluating both Western financing aligned with critical minerals strategies and competitive Chinese contractors for cost-efficient development. With a 15,000 ton-per-year pilot plant already demonstrating superior recovery rates compared to laboratory testing, Ferro Alloy Resources presents investors with a de-risked pathway into vanadium production at a strategically significant moment for global supply chains.View Ferro-Alloy Resources' company profile: https://www.cruxinvestor.com/companies/ferro-alloy-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Brett Marsh, President & CEO of Spartan MetalsRecording date: 16th October 2025Spartan Metals Corp has emerged as a focused player in the critical minerals sector with its Eagle project in Nevada, a past-producing district that encompasses two historic tungsten mines and a high-grade copper-silver operation. The company's strategic approach centers on reviving domestic tungsten production at a time when the United States faces near-total import dependence for this defense-critical metal.CEO Brett Marsh, bringing 25 years of geology experience across major mining companies and junior explorers, has deliberately structured Spartan around tungsten development despite the presence of valuable polymetallic mineralization on the property. The company's stock symbol 'W' reflects this unwavering focus on what Marsh describes as the cornerstone commodity driving the venture.The Tungstonia deposit presents compelling characteristics for modern exploration. Historic mining during World War II and earlier periods produced grades between 0.6% and 0.9% tungsten trioxide, with operations extending only to approximately 75 meters depth. Recent work reveals that veins mined over 700 meters of strike length actually extend to nearly 2 kilometers, suggesting substantial depth potential that previous operators never tested.An immediate catalyst exists in the form of 10,000 tons of historic tailings grading 0.15% tungsten trioxide. Drilling commenced October 20th to establish tonnage, grade distribution, and metallurgical characteristics, with Marsh indicating the company will likely partner with entities possessing downstream processing capability for monetization rather than developing standalone infrastructure.Spartan's recent $2.25 million financing fully funds a comprehensive Phase 1 exploration program including surface mapping, soil geochemistry, geophysical surveys, and 3D geological modeling ahead of maiden drilling tentatively scheduled for early spring 2026. The company's systematic approach to validating century-old data through modern exploration techniques has attracted attention from both investors and government entities interested in reshoring strategic mineral supply chains. With tungsten classified as critical by the U.S. government and China controlling approximately 80% of global supply, Spartan's timing aligns with heightened policy support for domestic production alternatives.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO of New Found Gold and Victor Cantore, President & CEO of Amex Exploration Inc.Recording date: 16th October 2025New Found Gold and Amex Exploration represent a new generation of Canadian gold developers taking a pragmatic path from exploration to production, leveraging high-grade resources and phased build strategies to minimize dilution and accelerate cash flow.New Found Gold CEO Keith Boyle outlines how the acquisition of Maritime Resources positions the company to become a near-term producer at its Queensway Project in Newfoundland. The addition of a toll milling option significantly reduces capex and execution risk, allowing production to begin as early as this year. Boyle emphasizes a disciplined focus on free cash flow over headline NPVs, noting that the “recipe” for success lies in simplicity—high-grade veins, modest throughput, and strong jurisdictional advantage. New Found's 110-kilometre-long land package offers large-scale exploration upside, but the near-term focus remains on monetizing high-grade ounces to self-fund further growth.Amex Exploration CEO Victor Cantore echoes similar themes from Quebec, where the company plans to transition its Perron Project into production through toll milling before constructing its own 2,000 tpd facility. With 2.3 Moz grading 6.14 g/t, including 831 koz at 16.2 g/t in the Champagne Zone, Cantore highlights the project's exceptional grades, manageable $146M capex, and robust margins at current gold prices. At an AISC of just C$1,165/oz, Amex expects significant free cash flow potential even at conservative gold assumptions.Both CEOs emphasize maintaining exploration momentum alongside staged production, funding drilling through early cash flow rather than equity dilution. Boyle and Cantore view this as a shift from the traditional “drill and dilute” model toward a “build and cash flow” strategy, underpinned by high-grade, low-tonnage deposits in tier-one jurisdictions. With gold prices above US$4,000/oz, both companies see 2026–2027 as pivotal years for generating meaningful cash flow and establishing a new generation of profitable Canadian gold producers.—Learn more: https://cruxinvestor.com/companies/new-found-goldhttps://cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Recording date: 14th October 2025Derek Macpherson, Executive Chairman of Olive Resource Capital, and CEO Sam Pelaez presented their outlook on the evolving commodity markets during their October 14, 2025 Compass podcast. Their analysis highlights a transition from precious metals dominance toward broader industrial commodity opportunities driven by monetary policy and structural supply constraints.Gold continues trading at $4,100 with silver exceeding $50 per ounce despite recent Middle East peace developments. Pelaez emphasized that global liquidity has reached all-time highs, surpassing pandemic levels, and maintains the highest correlation with gold performance. This monetary backdrop combines with central banks actively reducing US dollar exposure, creating sustained precious metals support independent of geopolitical developments.The hosts identified emerging opportunities in industrial metals based on cyclical patterns. US manufacturing contracted for 33 of the last 36 months, creating conditions similar to previous troughs. Federal Reserve rate cuts combined with Chinese monetary easing now target manufacturing activity directly. Pelaez questioned whether markets are entering "the early innings of an industrial recovery for the metals."Copper emerged as particularly attractive given supply constraints at four of the world's top ten assets including Cobre Panama, Kamoa-Kakula, Grasberg, and QB2. Macpherson noted these production challenges create tight supply conditions that would respond dramatically to manufacturing demand recovery.Government intervention in critical minerals represents another strategic focus. The US Department of Defense committed $1 billion to stockpiling programs, creating price floors that protect domestic producers from Chinese market manipulation. Pelaez highlighted CoTec's exclusive US licensing for magnet recycling technology as exemplifying opportunities in processing rather than traditional mining, avoiding extraction complexities while benefiting from government support.The firm views the current environment as following historical bull market progression from gold through silver and platinum group metals toward base and industrial commodities. Macpherson advised following government capital flows given their superior balance sheets and extended investment horizons. Olive Resource Capital continues positioning for subsequent market phases while maintaining focus on alpha generation in less liquid segments where fundamental analysis drives outperformance.Sign up for Crux Investor: https://cruxinvestor.com/categories/commodities/goldhttps://cruxinvestor.com/categories/commodities/silverhttps://cruxinvestor.com/categories/commodities/copper

Fundstrat economic strategist Hardika Singh shares why she's shocked by how strong this market has been despite so many curveballs thrown at it (0:30). News priced in this relentless bull market (8:00). ETFs and stock picking (13:15). Buying the dip will power us to new highs (19:20). Puzzling economic data (21:30). Gold's surprising rally (27:00).Show Notes:It Looks Like A Bubble, It Feels Like A Bubble, But It Isn'tURA  Global X Uranium ETFEpisode transcriptsFor full access to analyst ratings, stock and ETF quant scores, and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), both join me to review the news released on October 14th which announced the identification of multiple high priority follow up drill targets at the Darby Project.  Darby is a joint venture (JV) between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and is located 10 kilometres west of Cameco's Cigar Lake Mine in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.   Keith starts us up highlighting the prospective geology and historic work that made the Darby Project a vital component of the JV transaction with Denison. The recent identification of new drill targets as a results further analysis from the exploration team supports Cosa's thesis that Darby is a mature, discovery-ready project that will receive drilling in the year to come.   The identification of highly prospective drill ready targets came as a result of extensive historical drill core and data review at the Delta and Charlie trends by Cosa's Chairman Steve Blower and VP Exploration Andy Carmichael, as they relogged all historical Darby drill holes in June of this year. Their work confirmed desktop interpretations and generated immediate follow up targets.   When the team at Cosa reviewed the historic work by prior operators, it interpreted that of 31 drill holes on the Property targeting conductive anomalies only 13 (42%) explained their target and only six (19%) were effective evaluations of the targeted area, leaving over 80% of the Projects' 40 kilometres of conductive strike length untested. Multiple historical drill holes intersected features suggesting proximity to uranium mineralization – warranting direct follow-up drilling in the future.   Andy mentioned that with a more experienced scientific understanding and framework today, and by applying the same target identification approach that led them to discover the Hurricane Deposit in 2018, that they are very encouraged by the historical data and drill core. Coincident alteration, illite, and chlorite plus broad zones of anomalous uranium in the lower sandstone are strong indicators of a uranium bearing system in the eastern Athabasca including at the nearby Cigar Lake mine.   The Company will begin the approaching 2026 drilling season with highly prospective follow up targets at both Darby and Murphy Lake North. Keith mentioned that they are looking forward to finalizing drilling plans and budgets their joint venture partner and largest shareholder, Denison Mines, and discussed the benefit of their continued guidance and support on these exploration initiatives.     If you have any questions for Keith or Andy regarding Cosa Resources, then please email them to me at Shad@kereport.com.     Click here to follow the most recent news from Cosa Resources   For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-2500oz-margins-position-brazil-project-for-exceptional-near-term-returns-8097Recording date: 16th October 2025Cabral Gold has positioned itself for a transition from explorer to producer following the recent US$45 million gold loan financing that fully funds construction of its Brazilian heap leach operation without diluting shareholders, a rare achievement in the junior mining sector. With first gold pour scheduled for Q4 2026, investors have clear visibility to cash flow generation within 12 months.The project's financial profile stands out in today's gold price environment. At US$2,500/oz gold, the operation generates a 78% IRR with just US$37.7 million in capital requirements and a 10-month payback period. All-in sustaining costs of US$1,210/oz create margins exceeding US$3,000/oz at current gold prices, translating to approximately US$75 million in annual pre-tax cash flow. This positions Cabral among the highest-margin gold developers globally, with sufficient cash generation to self-fund aggressive exploration while maintaining financial flexibility.The value proposition extends beyond near-term production. Located adjacent to Brazil's third-largest gold mine, Cuiú Cuiú produced 10 times more historical placer gold than its neighbor, suggesting substantially greater hard rock potential. With current resources of 1.2 million ounces and recent drill intercepts up to 33 g/t gold outside resource boundaries, the company has identified over 50 exploration targets across the district. Management's track record, including CEO Alan Carter's involvement in discovering the neighboring G Mining's Tocantinzinho deposit, provides operational credibility. The combination of near-term cash flow, substantial margins, exploration upside, and experienced management in a proven jurisdiction creates multiple pathways to potential value creation. For investors seeking exposure to emerging gold producers with growth optionality, Cabral presents a differentiated opportunity with both production visibility and district-scale exploration potential in one of Brazil's most established gold regions.—Learn more: https://cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Thomas Lamb, CEO of Myriad Uranium (OTCQB: MYRUF | CSE: M) isn't surprised at the outperformance of uranium stocks at this point, as a perfect storm sweeps the sector and exposes a supply-demand imbalance that is far more severe than most analysts were anticipating. Thomas breaks down how the US government's scramble for domestic production changes the game, along with explaining how Myriad Uranium fits into the picture, with their Copper Mountain uranium project in Wyoming.Myriad Uranium website: https://myriaduranium.comFollow Myriad Uranium on X: https://x.com/MyriadUraniumDisclaimer: Commodity Culture was compensated by Myriad Uranium for producing this interview. Jesse Day is not a shareholder of Myriad Uranium. Nothing contained in this video is to be construed as investment advice, do your own due diligence.Follow Jesse Day on X: https://x.com/jessebdayCommodity Culture on Youtube: https://youtube.com/c/CommodityCulture

This month, the International Uranium Film Festival in Berlin honored uraniumweapons expert and activist Damacio A. Lopez with the festival's Honorary LifetimeAchievement Award. For over thirty years, the US Air Force veteran from Socorro, NewMexico has campaigned for an international ban on depleted uranium munitions andweapons.

Stijn Schmitz welcomes Lobo Tiggre to the show. Lobo Tiggre is Author and Founder of the Independent Speculator Founder and CEO of Louis James LLC. The discussion centers on the current state of commodities, with a particular focus on gold, silver, copper, and uranium. Tiggre provides a nuanced perspective on the gold market, highlighting several key factors driving its current rise. He notes central bank buying, portfolio rebalancing, and increasing mainstream interest as significant catalysts. While bullish on gold, he cautions against assuming a straight upward trajectory, emphasizing the potential for corrections. He views gold primarily as financial insurance, recommending investors consider their exposure based on global economic uncertainties. Regarding commodities, Tiggre argues that inflationary trends and global economic transformations are creating a potential super-cycle. He is particularly enthusiastic about copper, citing strong demand from electrification, AI data centers, and significant supply constraints. He expects a multi-year, potentially multi-decade bull market in copper, though he's waiting for strategic entry points. Tiggre also discusses uranium, presenting a bullish case driven by increasing global nuclear energy adoption and constrained supply. He sees a robust market for the next few years, barring a major nuclear incident. His investment approach remains fundamentally value-oriented, seeking opportunities when assets are undervalued. The discussion explores a broader macroeconomic perspective, with Tiggre describing a stagflationary outlook. He points to weakening labor markets and persistent inflation as key indicators, suggesting economic challenges ahead. His investment philosophy emphasizes disciplined speculation, focusing on value propositions and avoiding momentum-driven investments. Throughout the conversation, Tiggre consistently advises investors to maintain perspective, avoid emotional decision-making, and be prepared for market fluctuations. He recommends having a strategic approach to investing, being willing to rotate between sectors, and always maintaining a critical view of market narratives.

Interview with Glenn Mullan, President & CEO of Val-d'Or Mining CorporationOur previous interview: https://www.cruxinvestor.com/posts/val-dor-mining-vzz-new-royalty-story-emulating-recent-success-1729Recording date: 10th October 2025Val-d'Or Mining Corporation employs a prospect generation model centered on staking mineral properties 100%, conducting minimal initial exploration with an annual budget of only $300,000, then partnering with larger mining companies to fund drilling and development work. This approach reduces the need for capital-intensive exploration and limits shareholder dilution typical in junior miners. Their current major partnership with Eldorado Gold involves $36.5 million committed exploration spending across 12 properties in Quebec and Ontario. Val-d'Or earns revenues from this partnership via 10% management fees on Ontario properties they operate, option payments totaling about $200,000 per year, advance royalty payments, and leasing income from their office building.Val-d'Or owns over 50 properties in tier-one mining jurisdictions within Quebec and Ontario, focusing on geological regions like the Abitibi greenstone belt. Their strategic property acquisition targets gaps left between major players such as Agnico Eagle, who consolidated much of the region's geology. By acquiring and thoroughly evaluating properties with modest spending, they attract partners who fund detailed exploration, while Val-d'Or retains royalty interests generally targeting a 2% net smelter return (NSR). As partners meet spending milestones and vest their interests, Val-d'Or's royalties become crystallized, providing long-term revenue without the risks and capital requirements of full mine development.The company's President and CEO, Glenn Mullan, boasts a track record of three successful exits generating over $500 million collectively by selling royalty companies rather than mines. This strategy, combined with the current high gold price environment and the industry's demand for exploration assets, positions Val-d'Or as a compelling investment. Their structure maintains significant insider ownership for stability, while the partnership model minimizes dilution and exploration risk. With drilling commencing on multiple properties and over $36 million committed from Eldorado, Val-d'Or is actively advancing their asset base toward royalty monetization in a robust gold market.In summary, Val-d'Or Mining exemplifies a non-dilutive, prospect generation model leveraging partnerships to develop a portfolio of royalty-bearing properties with diversified near-term revenue, a strong historical track record, and optimized for current market conditions in Canadian gold mining .Learn more: https://www.cruxinvestor.com/companies/val-dor-miningSign up for Crux Investor: https://cruxinvestor.com

In this Daily Editorial, we are joined by Jim Tassoni, CEO of Armored Wealth Strategies, for his monthly trader's perspective. Jim is a momentum trader, and this month's discussion focuses on the broad commodity rally - from gold and silver's powerful uptrends to renewed strength in copper and uranium - as well as why energy markets remain laggards. We cover: Precious metals leadership - Gold, silver, and the miners (GDX, GDXJ, SIL) continue to trend higher across all timeframes. Jim discusses how he manages momentum trades through tactical trims and add-backs while staying aligned with the dominant trend. Trading through volatility - With the VIX crossing above 19–20, Jim is reducing position sizes, banking partial gains, and waiting for pullbacks to re-enter. He emphasizes risk management and trend discipline as volatility returns. Actionable levels in gold and copper - Jim outlines his current playbook: trimming gold near $4,160, reloading around $3,895, and maintaining a bullish bias above $3,510. He's also long copper from ~$4.94, with a risk line near $4.81 and upside target around $5.26. Uranium momentum trade - Long since early May, Jim continues to trail stops higher while trimming into strength as uranium equities remain one of the best-performing segments in the commodity space. Energy divergence - While metals rally, oil and natural gas remain weak. Jim stays short crude oil and explains why the lack of catalysts and capital rotation into metals and uranium have left traditional energy behind. Market psychology & capital flows - How investor focus and “hot money” rotation are driving performance across sectors, and why discipline and clear exit levels are essential in volatile markets. Stock & ETF Symbols Mentioned: GDX, GDXJ, SIL, COPX, GLD, SLV, VIX, WTI, URA   Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he's trading.   ----------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/_ Shad's resource market commentary: https://excelsiorprosperity.substack.com/_ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Interview with David Detata, Managing Director of Strategic Energy ResourcesRecording date: 9th October 2025Strategic Energy Resources (ASX:SER), a Perth-based junior explorer with a market capitalization of approximately $4-5 million, has established a distinctive position in Queensland's copper-gold exploration sector through its prospect generator business model and hypothesis-driven approach to target evaluation.Managing Director David Detata brings an unconventional background to mineral exploration, having spent nearly 20 years as a forensic scientist specializing in analytical chemistry before transitioning to the mining sector in 2019. This scientific discipline shapes the company's methodical approach: "We see each one of our individual copper projects as its own research entity. And we're employing that hypothesis testing approach to it."The company's portfolio comprises four copper-gold projects in Queensland, with the flagship Canobie Project exemplifying SER's partnership strategy. Following 18 months of negotiation, Fortescue (FMG) entered a joint venture committing $3 million for drilling four priority targets over 12 months. The agreement includes a 5% management fee and a two-stage earn-in structure (50% then 80%) over six years. Critically, SER negotiated drilling metrics requiring 3,000 meters of basement testing at each stage, ensuring meaningful exploration outcomes rather than just cover penetration.In March 2025, SER completed a transformational acquisition of the Diamantina project from Anglo American for $600,000, accessing approximately $20 million worth of previous exploration work. The project contains proven mineralization—161 meters at 0.4% copper including a higher-grade zone of 0.6 meters at 25.6% copper. Anglo American approached SER specifically based on their exploration methodology, providing access to data the broader market had never seen.The company employs machine learning models developed with Queensland government support and Caldera Analytics to optimize target selection, particularly at the Isa North project where active drilling is currently underway. This technology-driven approach, combined with collaborations with the University of Tasmania's CODES group, aims to improve discovery probabilities before committing capital.SER's business model focuses on advancing projects to proof-of-concept stage to attract major partners, preserving shareholder capital while maintaining discovery upside. As DeTata emphasizes: "For us the only thing that moves the needle is drilling success and we are determined to keep drilling."View Strategic Energy Resources' company profile: https://www.cruxinvestor.com/companies/strategic-energy-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Julian Treger, President & CEO of CoTec HoldingsRecording date: 7th October 2025CoTec Holdings is pioneering a new era in mining by repurposing industrial waste and tailings through six proprietary technologies, aiming to develop nearly 20 assets by 2030 with potential net present values exceeding $2-3 billion. Led by CEO Julian Treger, a seasoned investor who scaled Anglo Pacific's earnings from $5 million to over $100 million in eight years, the company holds a current market value of $130 million CAD, with 60% insider ownership driving a goal of surpassing $1 billion in valuation. Treger's approach exploits market gaps: outdated extraction methods persisting despite decades of R&D spending, and undervalued waste sites containing extractable metals like iron ore, copper, tungsten, manganese, vanadium, nickel, and tin.From a Canadian shell acquired at 12 cents per share with $90 million in tax losses, CoTec assembled a board featuring Rio Tinto's former CEO Tom Albanese and Rio Ventures' John McGagh. They screened 400 technologies, selecting mid-stage innovations at readiness levels 5-9—avoiding lab experiments—for equity stakes, licenses, or partnerships. These enable processing hard rocks, fine particles, and low-grade ores, with a standout in rare earth magnet recycling from e-waste, developed by Birmingham University for over $100 million.Flagship assets illustrate the model: Quebec's Cartier mine tailings (120 million tons) bought for $2 million, projecting $130-150 million NPV on $60 million capex, while slashing government rehabilitation costs from $200 million to under $100 million. A Minnesota iron ore site, with 2.6 billion tons and a $1 billion NPV, gives CoTec 17% ownership. The U.S. magnet business, 60% owned, plans three $600 million NPV hubs starting production in 2027, addressing China's export blacklists to defense firms. Treger notes ongoing talks with the White House, calling recycling a "very good plan B insurance policy" against supply risks.Financing emphasizes asset-level raises at 30-40% NPV discounts, using government funds to limit parent dilution and preserve value. Treger prioritizes capital gains over salaries, targeting "warp speed" timelines—2-3 years versus mining's 29-year average. With patents and first-mover access to 10,000+ Canadian closed mines, CoTec positions for strategic minerals in electrification and defense, backed by Treger's $500 million-to-$3 billion investment track record. This nimble model promises outsized returns amid global reshoring.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Frostad, President & CEO of Purepoint UraniumPrevious interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-high-grade-uranium-found-with-isoenergy-jv-7520Recording date: 8th October 2025Purepoint Uranium Group has emerged as a differentiated uranium exploration company through its combination of a significant new discovery in Saskatchewan's Athabasca Basin and a self-sustaining business model built on strategic partnerships with major industry players. The company's recent progress demonstrates how junior explorers can advance high-quality projects while maintaining capital efficiency and minimizing shareholder dilution.The Dorado discovery represents the company's most significant value driver. Four drill holes have intersected high-grade uranium mineralization in a region where CEO Chris Frostad notes that "98% of the drill holes that get poked up there in Saskatchewan come back with this much uranium." This statistically unusual success rate, combined with the discovery's location on trend with IsoEnergy's Hurricane deposit, suggests potential for district-scale mineralization. Management has committed to deploying substantially more capital on Dorado during the upcoming winter drilling season than was spent across all company projects in the previous year, signaling clear prioritization of this highest-conviction target.Purepoint's partnership structure provides unusual financial sustainability for a junior exploration company. The company operates six joint ventures with Cameco, Orano, IsoEnergy, and Foran Mining across 10 Saskatchewan projects. As exploration operator, Purepoint earns management fees that cover substantially all annual overhead expenses while receiving partners' capital monthly for drilling programs rather than carrying full exploration costs. This structure allows the company to advance multiple projects without burning through capital simply to maintain operations.The 50-50 partnership with IsoEnergy on Dorado and surrounding properties covering 100,000 hectares demonstrates sophisticated deal-making that protects Purepoint's interests through the entire project lifecycle. The agreement establishes Purepoint as exploration operator through resource definition, at which point IsoEnergy would assume development responsibilities. Detailed provisions address financing decisions, security arrangements, and mechanisms to protect both parties' interests, recognizing that partners may have different objectives and timeframes.Capital efficiency remains a key competitive advantage. Purepoint's recent $6 million financing was executed entirely through charity flow-through shares at premiums exceeding 50% above market price, with IsoEnergy contributing $1 million. This financing mechanism—which enables non-Canadian investor participation and generates substantially higher premiums than traditional flow-through shares—significantly reduces shareholder dilution compared to conventional equity raises. The company also has approximately $5 million in unexercised warrants currently in the money, providing additional capital optionality.The upcoming winter drilling season beginning in January represents a critical catalyst period. Systematic exploration of Dorado will provide real-time feedback allowing continuous vectoring toward mineralization zones, while partner budget meetings over the coming months will define additional work programs across Hook Lake and other joint venture projects. The company's measured approach to drilling—maximizing information value from each hole rather than racing to complete large programs—reflects management's commitment to capital discipline.For investors seeking exposure to uranium exploration in a tier-one jurisdiction, Purepoint offers a genuine discovery in its early stages, operational leverage through major partnerships, and a business model that provides financial sustainability while maintaining significant equity upside. The systematic winter drilling program will determine whether Dorado represents a district-scale opportunity or a more limited occurrence, with results expected to flow throughout the season as exploration progresses.View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-incSign up for Crux Investor: https://cruxinvestor.com

Interview with  Sam Lee, CEO of Northisle Copper & GoldOur previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-district-scale-is-the-prize-8032Recording date: 6th October 2025Northisle Copper & Gold is advancing one of British Columbia's most significant undeveloped copper-gold assets at a pivotal moment when political alignment, commodity fundamentals, and strategic capital partnerships have converged to enable accelerated development. The company controls a major porphyry project hosting over 7 million ounces of gold and 3.5 billion pounds of copper on Vancouver Island.Since CEO Sam Lee joined in October 2020, the company has systematically addressed the critical questions defining success in large-scale porphyry development. Exploration success at Northwest Expo and West Goodspeed delivered higher-grade zones that dramatically reduced capital intensity while improving project economics, culminating in what Lee characterizes as "one of the strongest PEAs I've seen in the market in the last decade."The company's recent $40 million financing marked a transformational milestone, bringing Wheaton Precious Metals as cornerstone investor alongside nine institutions. This partnership establishes a pathway to exceptionally low-cost capital, with streaming arrangements expected to provide financing at 0-4% cost when finalized. Combined with potential Asian strategic partnerships offering 2% export credit financing, Northisle expects blended capital costs of 2-3% for project development.A distinctive feature of Northisle's project is its substantial gold component, which serves as a financial bridge to larger copper production. "We have a very high margin gold project upfront in phase one that allows us to bridge into a big capital intensive copper project," Lee explained. This structure provides execution advantages over copper-only projects while reducing financing risk.The company has assembled a world-class technical team including Kevin O'Kane as Chief Operating Officer, bringing 37 years of BHP experience, and Dr. Pablo Mejia as VP Exploration from Ero Copper. Lee emphasizes unprecedented political alignment across First Nations, provincial, and federal governments as creating an optimal window for accelerated permitting. "In my 30 years of being in the mining industry, I've never seen such political alignment for natural resource development projects like ours," he stated.With favorable copper market dynamics including negative treatment charges and institutional backing secured, Northisle is positioned to advance rapidly toward production while maintaining district-scale expansion potential across a 30-year mining horizon.Learn more: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Alberto Orozco, CEO of Capital Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-mexico-explorer-raises-53m-at-premium-and-announces-exploration-plan-6828Recording date: 6th October 2025Capitan Silver Corp. has achieved what no company has accomplished in over a century: consolidating Mexico's historically productive Cruz de Plata silver district under single ownership. Through two strategic transactions in 2022 and August 2024, the company has reunited lands where Peñoles mining company operated its first mine, producing 300 up to 2,000 g/t silver from the late 1800s until the Mexican Revolution fragmented the property in 1908.The consolidation has unlocked more than just historical mining grounds. A geological breakthrough revealed that mineralization wraps around an intrusive body, expanding the company's exploration targets threefold from 7 to over 20 kilometers of cumulative structural targets. The addition of over 2,000 hectares provides multiple discovery pathways within a single unified project, creating portfolio diversification that reduces exploration risk while maximizing upside potential.Leading this effort, CEO Alberto Orozco and the management team is composed primarily of ex-Argonaut Gold personnel who built and operated three mines on time and on budget. Their operational experience distinguishes Capitan Silver from exploration peers focused solely on resource definition. The team evaluates Cruz de Plata through a developer's lens, considering mining methods, processing requirements, and operational costs from the earliest exploration stages, with recent hires focused specifically on development aspects signaling medium-term production ambitions.Management's strategic discipline during the challenging markets of 2022-2023 demonstrates commitment to long-term shareholder value over short-term activity. Rather than pursuing dilutive financing to continue drilling when capital markets were unfavorable, the company paused exploration to focus on property consolidation and royalty removal. This counter-intuitive approach positioned Capitan Silver with a royalty-free asset and exceptionally clean capital structure—including zero warrants outstanding and recent financings completed at 30% premiums to market—precisely as silver fundamentals strengthened and capital returned to the sector.The Jesus Maria target, where 1.5 kilometers of strike length has been defined through drilling, exemplifies the project's key advantages. Mineralization outcrops at surface and extends to depth without requiring penetration through barren overburden, enabling cost-efficient reverse circulation drilling to test the upper 150-200 meters rapidly before committing to more expensive diamond drilling. The first 11 holes from the current program have already identified a new high-grade zone and delivered one of the best results in the property's history.Cruz de Plata represents an intermediate sulfidation epithermal system, a deposit type that has generated billion-dollar valuations through successful examples including Vizsla Silver's $2 billion market capitalization. At Capitan Silver's current valuation of approximately $180 million, the company trades at a significant discount to established peers, offering potential 10x+ upside if drilling validates the expanded geological model and demonstrates comparable scale and grade.The timing appears favorable on multiple fronts. Silver prices approach $50 per ounce, driven by strengthening industrial demand from solar panels and electric vehicles combined with traditional investment demand. Mexico's regulatory environment has improved measurably under the Sheinbaum administration, with permitting advancing across the sector. Strategic investor participation, including Michael Gentile since 2021, provides patient capital and validation through extensive due diligence.For investors seeking leveraged exposure to silver exploration with proven management capable of advancing discoveries toward production, Capitan Silver offers a compelling opportunity built on historical validation, modern geological understanding, and disciplined execution in a strengthening fundamental environment.View Capitan Silver's company profile: https://www.cruxinvestor.com/companies/capitan-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Matt Manson, President & CEO of Radisson Mining Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/radisson-mining-tsxvrds-reviving-high-grade-gold-in-quebec-with-smart-low-capex-strategy-5941Recording date: 6th October 2025Radisson Mining Resources presents investors with a compelling value proposition in high-grade gold development: exceptional discovery economics, capital-efficient processing strategy, proven management execution, and substantial leverage to rising gold prices. The company is advancing the O'Brien Gold Project in Quebec's world-class Abitibi mining district, where historical production between the 1920s and 1950s established the deposit's credentials through museum-quality visible gold specimens and half-ounce head grades.The investment thesis begins with remarkable discovery economics. Radisson trades at approximately C$150 per ounce of resources while adding new ounces at C$30-40 per ounce discovery costs—a 4:1 spread that creates immediate value with every successful drill result. The company has defined 1.5 million ounces of high-grade gold at 8 grams per tonne in indicated resources and is systematically drilling toward a 3-4 million ounce target. The geological model—mesothermal gold deposits along the prolific Cadillac-Larder Lake Break—provides predictable exploration targets with demonstrated success. CEO Matthew Manson described the approach: "We said okay let's get aggressive with the drilling. Let's do these big stepouts. So let's drill deeper. And yeah, we hit and we've hit everywhere we've drilled."Rather than building standalone processing facilities requiring hundreds of millions in capital, Radisson targets ore processing through existing regional mills. This hub-and-spoke model reduces initial capital requirements to C$175 million for mine development, underground infrastructure, and water treatment. A recent engineering study demonstrated C$500 million net present value at $2,500 gold using only 740,000 ounces—less than half current resources—delivering a 3:1 NPV-to-capex ratio. Mill owners actively seek ore feed to maintain operations, creating competitive dynamics favorable to suppliers.The project benefits from exceptional infrastructure positioning adjacent to highways, existing power lines, and established mining communities. This eliminates costly remote camp construction and enables commuting workforce, reducing both capital requirements and operating costs while improving social acceptability.The board collectively brings experience from nine mine construction projects. Manson successfully led the on-time, on-budget construction of the Renard mine in Quebec and advanced Marathon Gold's Valentine project to recent production. This track record directly addresses execution risk—the primary concern for development-stage mining investments.As a high-grade deposit, O'Brien delivers disproportionate margin expansion as gold prices rise. With mining costs relatively fixed and revenue per tonne increasing directly with gold price, the recent engineering study based on $2,500 gold appears increasingly conservative as prices approach $4,000 per ounce.Prominent resource investor Michael Gentile serves on the board with personal family capital invested, providing both credibility and strategic guidance while supporting European institutional roadshows. The company maintains flexibility to pursue toll milling agreements, joint ventures with regional producers, or corporate transactions—positioning to deliver optimal risk-adjusted returns.Radisson offers exposure to high-grade Quebec gold development with exceptional discovery economics, capital-efficient strategy, proven management, and strong gold price leverage. The combination of immediate value creation through drilling, multiple pathways to development, and substantial upside to rising gold prices creates a compelling risk-reward profile for resource investors seeking exposure to advanced-stage projects with clear paths to production.View Radisson Mining's company profile: https://www.cruxinvestor.com/companies/radisson-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Kiril Mugerman, CEO, Geomega ResourcesOur previous interview: https://www.cruxinvestor.com/posts/geomega-resources-gma-i-got-a-better-way-i-discovered-a-star-311Recording date: 8th October 2025Geomega Resources has secured a $4.5 million demonstration license agreement with Rio Tinto to deploy proprietary bauxite residue processing technology at a Quebec facility, marking a strategic pivot from mineral exploration to a technology royalty business model. The agreement includes $1.4 million in immediate payment, $100,000 in early 2026, and up to $3 million through construction and production milestones as Rio Tinto validates the technology before potential commercial-scale deployment.The company's three-circuit processing system addresses a century-old challenge facing the global aluminum industry. Approximately 100 refineries worldwide produce millions of tons of bauxite residue annually, creating massive environmental liabilities with no economically viable processing solution. Geomega's technology reduces this waste by 80-85% while extracting critical metals including scandium, gallium, iron, high-purity silica, and alumina. CEO Kiril Mugerman explained that the process works sequentially, with circuit one handling caustic components, circuit two processing iron, and circuit three recovering high-value critical metals.The technology achieves reagent recovery rates above 90%, having completed hundreds of piloting cycles using the same materials repeatedly. Unlike traditional mining metallurgy requiring aggressive acids and special reactor coatings, Geomega employs weaker reagents compatible with standard equipment. The modular design allows customization for different bauxite sources, from Jamaican deposits with high scandium content to other geographic variations.Geomega owns 100% of its intellectual property through patents and trade secrets, with a lean 20-person technical team focused on research and expanding piloting capacity. The non-exclusive licensing model enables simultaneous engagement with multiple refineries, positioning the company for capital-light expansion. Following successful demonstration, Rio Tinto would negotiate a commercial license structured as production royalties, creating recurring revenue without requiring Geomega to fund plant construction. This partnership validates the technology for broader industry adoption across the global aluminum refining sector.Learn more: https://www.cruxinvestor.com/companies/geomega-resourcesSign up for Crux Investor: https://cruxinvestor.com

with Derek Macpherson, Executive Chairman & Sam Pelaez, President & CEO of Olive Resource CapitalRecording date: 7th September 2025Olive Resource Capital delivered exceptional returns in September 2025, posting gains of 38-39% for the month and bringing year-to-date performance to 121%. The results significantly outpaced major commodity benchmarks, with both the GDX gold ETF and COPEX copper ETF gaining 20% during the same period.Executive Chairman Derek Macpherson and President Sam Pelaez attribute the outperformance to strategic positioning ahead of what they characterize as an emerging commodity bull market. Despite allocating only half of assets to precious metals, the fund achieved returns comparable to dedicated gold investment products while maintaining broader commodity exposure.A critical market dynamic highlighted during their discussion involves the relationship between equity and commodity performance. Gold equities outperformed the underlying commodity by approximately 4x in both August and September, with stocks gaining 20% monthly while gold itself advanced 5-7%. This pattern typically signals fresh capital entering the sector from generalist investors outside traditional commodity circles.The capital raising environment supports this assessment. Over $1 billion flowed into the sector in a single week, primarily toward pre-production projects. Financings exceeding $100 million generally indicate institutional participation, reflecting the capital-intensive nature of mining development.Management believes the bull market remains in early stages—approximately the "third inning" using a baseball analogy. Key drivers include central bank buying and US dollar weakness, with gold approaching $4,000 per ounce. Notably, the market has not yet exhibited the speculative excess characteristic of late-cycle behavior.The investment strategy focuses on continuous position reassessment rather than mechanical profit-taking. Management argues that companies posting strong results may actually be cheaper on a relative basis after gains, given improved fundamentals and higher commodity prices. They cite K92 Mining as an example: purchased at $6 with an initial $15 target, the stock now trades at $18 but may still be undervalued given doubled gold prices and significantly higher sector valuations.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Bart Jaworski, CEO of Group Eleven ResourcesOur previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-pitch-perfect-october-2025-8200Recording date: 6th October 2025Group Eleven Resources has emerged as one of Ireland's most significant mineral explorers following the discovery of high-grade zinc-lead mineralization extending 2.6 km along a prospective 6 km trend. The Ballywire project delivers exceptional grades averaging 10% zinc-lead with 100 grams per ton silver, substantially exceeding the 6% global average for operating mines. This positions the company to capitalize on Ireland's reputation for producing clean, high-quality concentrates favored by major smelters worldwide.Recent drilling has identified significant copper mineralization beneath the zinc discovery, intercepting 6 meters grading nearly 4% copper and 1,000 g/t silver. This copper-silver horizon represents a strategic shift, exposing the project to the high-demand copper market where major mining companies actively seek new supply sources. The discovery places Ballywire within a historical copper belt hosting several prospects, two previously mined.With CAD $8.4 million secured through recent financing, Group Eleven has funded over 25,000 meters of drilling extending through 2027. The company operates three drill rigs year-round with plans to expand to four, benefiting from Ireland's exceptionally low drilling costs of $150 CAD per meter and year-round accessibility. The exploration strategy focuses on testing three remaining gravity anomalies and delineating copper-silver mineralization at depth.The project benefits from backing by Glencore and mining entrepreneur Michael Gentille, plus strategic proximity to Glencore's nearby 50-million-ton deposits. Ireland's government supports the sector through its EUR 30 million Irish Mining Fund, which provides equity investment alongside private capital.Learn more: https://www.cruxinvestor.com/companies/group-eleven-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Brian Miller, Director & CEO of Astra ExplorationOur previous interview: https://www.cruxinvestor.com/posts/astra-exploration-astr-gold-silver-project-drilling-commences-2262Recording date: 6th October 2025Astra Exploration has positioned itself as one of the more compelling junior exploration stories in the current precious metals bull market, combining proven high-grade mineralization, significant expansion potential, sophisticated backing, and immediate drilling catalysts at its La Manchuria gold-silver project in Argentina.The investment case rests on exceptional initial drill results that delivered 35 g/t gold with 8,300 g/t silver and over 200 g/t gold in separate intervals, all within 100 meters of surface. These results validated a reinterpreted geological model developed by head of exploration Diego Guido, who worked on the property 20 years earlier and recognized that previous operators had missed the high-grade feeder zones at depth by focusing exclusively on shallow bulk-tonnage potential. With over 20,000 meters of historical drilling providing a robust data foundation, Astra's technical team identified an opportunity that had been hiding in plain sight.The company's capital structure distinguishes it within the junior exploration space. Michael Gentile, a respected mining investor, holds approximately 17% after participating in multiple financing rounds since his initial $1 million investment in 2022. Together with management and a consortium of cornerstone investors, insiders control 75% of shares, leaving just 25% in public float. This concentration signals strong conviction from sophisticated investors who have conducted thorough due diligence, though it also creates liquidity constraints and potential for amplified volatility in both directions.Immediate catalysts emerge from the 10,000-meter dual-rig drill program launching in October 2025. One rig will systematically expand known mineralization along strike and at depth, where success should incrementally build confidence in the system's scale and continuity. The second rig will test previously unexplored regional targets, offering blue-sky discovery potential that CEO Brian Miller describes as "a game changer" capable of taking the company "to a whole new level." Initial results are expected by year-end 2025, with steady news flow through mid-2026 providing multiple re-rating opportunities.Management's capital efficiency discipline and shareholder alignment deserve emphasis. The team worked without pay for 13 months during the La Manchuria acquisition rather than dilute shareholders in a challenging market environment. This approach—prioritizing per-share value creation over aggressive growth—contrasts sharply with the capital-destructive behavior common among junior explorers and positions Astra to benefit as the exploration funding cycle develops.The macro backdrop appears increasingly favorable. Gold at record highs and silver approaching $50 per ounce generate substantial producer free cash flow that must eventually flow toward reserve replacement and exploration. While Miller acknowledges that this cycle "has been much slower to develop" than historical patterns, the direction of travel seems clear: cash-rich producers need quality exploration assets, and companies with proven teams, high-grade discoveries, and near-term catalysts should command premium valuations.Risks remain substantial. Exploration is inherently uncertain—even well-conceived programs can disappoint. The tight float could amplify downside volatility on negative news as readily as it might magnify gains on success. Commodity price corrections would impact both discovery value and strategic acquisition premiums. Investors should approach Astra as a high-conviction, high-volatility opportunity appropriate only for risk capital allocated to the exploration segment, with position sizing reflecting both the asymmetric upside potential and the meaningful probability of capital loss inherent in discovery-stage ventures.View Astra Exploration's company profile: https://www.cruxinvestor.com/companies/astra-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Louis-Pierre Gignac, President and CEO of G Mining Ventures Corp.Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-champion-iron-tsxcia-playbook-for-success-7198Recording date: 7th October 2025G Mining Ventures Corp. presents investors with one of the most compelling growth profiles in the mid-tier gold sector, combining immediate cash flow generation with a clear pathway to nearly triple production by 2028—all without shareholder dilution. The company is executing a disciplined strategy that leverages operational cash flows and non-dilutive debt financing to fund aggressive expansion during a period of historically elevated gold prices.The foundation of G Mining's investment case rests on its Tocantinzinho mine in Brazil, which generates substantial cash flow with all-in sustaining costs of $1,170 per ounce. At current gold prices above $2,600 per ounce, this creates operating margins translating to more than $250 million in annual operating cash flow before royalties and corporate costs. The mine's structural advantages—including access to cheap hydroelectric power, low strip ratios, and modern infrastructure—provide cost competitiveness and protection against inflation that many peers lack. This cash generation is funding G Mining's transformation into a multi-asset producer. The company recently announced a $350 million corporate credit facility with a $150 million accordion feature that, combined with Tocantinzinho's cash flows, fully finances development of the Oko West project in Guyana without equity raises. The 350,000 ounce per year project will bring total company production to 500,000 ounces by 2028—representing 186% growth from current levels.Oko West's development is progressing ahead of schedule, with 35% engineering completion and nearly $100 million invested by August 2025. All major equipment procurement has been completed, de-risking delivery timelines that have challenged many mining projects. The company received its full permit in September 2025 and targets first gold production in October 2027, with 700 workers currently on site ramping to 1,500+ by Q1 2026.Despite this progress, G Mining trades at a P/NAV of 0.86x—below its peer group—creating what management views as significant re-rating potential. At $3,400 gold prices, Gignac noted that Oko West alone carries a $4 billion net asset value, compared to the company's current total market capitalization of $5-6 billion. "We do expect to have that rerate process taking place in our valuation as we continue developing and advancing the project," he explained. "We go and get that valuation just by successfully executing on the project."Beyond the near-term growth to 500,000 ounces, G Mining's Gurupi project in Brazil offers additional upside. With an existing 2.6 million ounce resource that management believes can expand to 4-5 million ounces, Gurupi could support a third 200,000+ ounce per year operation. The first drilling since 2019 begins in November 2025 following the recent lifting of a historical injunction, providing near-term exploration catalysts independent of Oko West's construction timeline.For investors seeking exposure to gold with exceptional operational leverage, proven management execution, and multiple near-term catalysts, G Mining warrants serious consideration. The combination of non-dilutive growth financing, below-peer valuation, and a clear pathway to production expansion creates a compelling risk-reward profile in the current precious metals environment.View G Mining Venture's company profile: https://www.cruxinvestor.com/companies/g-mining-venturesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Terry Christopher, President & CEO, Zonte MetalsRecording date: 7th October 2025Zonte Metals has spent seven years methodically building one of the most comprehensive datasets in Newfoundland's underexplored eastern copper terrain, and the junior explorer is now poised to test nine drill-ready targets at its Cross Hills Copper Project. Led by President and CEO Dr. Terry Christopher, a geochemist with over 30 years of industry experience and a track record of discoveries in Mexico, the company has transformed a grassroots exploration concept into an advanced iron-oxide-copper-gold (IOCG) play spanning 14,000 hectares.The company's patient, data-driven approach reflects the complexity of IOCG systems, which require understanding redox boundaries, structural controls, and geophysical signatures to effectively target mineralization. Rather than rushing into aggressive drilling, Zonte spent its first five years integrating ground gravity surveys, magnetics, alteration mapping, structural analysis, and multiple soil geochemistry techniques. This comprehensive surface work paid off in 2023-2024 when the company achieved proof-of-concept at its K6 target—the smallest of its nine prospects—successfully intersecting copper mineralization and validating the exploration methodology."K6 was proof that we're in a fertile copper system," Christopher explained. "If we hadn't hit on K6 then that would have changed the property."The gravity anomalies across Zonte's property show dimensions comparable to major global IOCG deposits like Prominent Hill in Australia (300 million tons at 0.9% copper) and La Calenderia in Chile (700 million tons at 0.5% copper). With copper prices returning above $5 per pound and electrification driving unprecedented demand, large-scale copper discoveries in stable jurisdictions are attracting premium attention from both institutional investors and major mining companies.Newfoundland's sixth-place global ranking for mining attractiveness, combined with the project's tidewater access, hydroelectric power, and paved road infrastructure, significantly reduces development risk. As Zonte enters its drilling phase, the company is pursuing non-dilutive financing options to test multiple targets while minimizing shareholder dilution—a strategic approach that could deliver multiple value inflection points as results emerge from nine distinct prospects.Learn more: https://www.cruxinvestor.com/companies/zonte-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President & CEO of Energy FuelsOur previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-us-critical-minerals-production-hub-7503Recording date: 8th October 2025Energy Fuels represents a uniquely positioned opportunity in the critical minerals sector, combining operational uranium production generating positive cash flow with strategic development of rare earth and heavy mineral sands assets addressing acute Western supply chain vulnerabilities. The company recently validated this strategy through a $700 million convertible bond offering completed in one week with Goldman Sachs as sole bookrunner, oversubscribed six to seven times at a remarkably low 0.75% interest rate.The investment thesis centers on several compelling factors. First, Energy Fuels operates the only conventional uranium mill in the United States with existing permits and infrastructure capable of processing radioactive monazite ore. This creates a significant competitive moat that would require competitors years and hundreds of millions of dollars to replicate. The White Mesa Mill in Utah provides operational flexibility to process either uranium (240,000 pounds per month capacity) or rare earths depending on market conditions, allowing management to optimize revenue generation dynamically.Second, the uranium business is currently cash flow positive and ramping toward two million pounds of annual production from 100% owned mines. Management projects this uranium revenue will generate sufficient cash to fund all corporate expenses plus rare earth and heavy mineral sands development without requiring ongoing equity dilution. This self-funding model distinguishes Energy Fuels from development-stage competitors who must continuously access capital markets. The White Mesa Mill restarted processing Pinyon Plain ore in early August 2025 and will run "well into next year," providing visible near-term cash generation.Third, Energy Fuels' strategic focus on monazite processing provides access to heavy rare earths—specifically dysprosium, terbium, and samarium—that MP Materials' bastnäsite deposits lack. These heavy rare earths are essential for high-performance permanent magnets used in electric vehicles, wind turbines, and defense applications. Critically, heavy rare earth prices currently command premiums three to four times higher than Chinese alternatives, while neodymium-praseodymium prices have surged from $55 to $85-90 per kilogram, reflecting strong demand for non-Chinese supply.Fourth, the company has tangible near-term development opportunities rather than aspirational long-term projects. The Donald rare earths project in Australia is fully permitted, shovel-ready, with capital costs estimated at $300 million and exceptionally high grades of heavy rare earths. Phase 1 would produce approximately 7,000 tons per year of monazite. The Phase 2 expansion at White Mesa would create processing capacity comparable to Lynas. Multiple feasibility studies on Toliara (Madagascar), Donald, and White Mesa Phase 2 are expected by year-end, providing updated development economics.Fifth, partnerships demonstrate downstream integration progress. POSCO collaboration has advanced to producing sintered magnet blocks being incorporated into electric vehicles in 2025. The company has engaged former General Motors personnel to assist with metal, alloy, and magnet development, showing serious commitment to building integrated non-China supply chain capabilities.The macro context amplifies the opportunity. China controls approximately 70% of global rare earth production and nearly 90% of processing capacity, while the United States imports more than 90% of its uranium. Western governments view these dependencies as national security risks, particularly as clean energy transition, transportation electrification, and defense modernization drive unprecedented critical minerals demand.Energy Fuels offers investors operational cash generation today funding strategic positioning in materials where Western supply chain security commands significant price premiums, backed by existing infrastructure, proven execution capability, and exceptional recent market validation through favorable institutional financing.View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

PREVIEW HEADLINE: The Buried Highly Enriched Uranium in Iran GUEST NAME: Andrea Stricker SUMMARY:John Batchelor speaks with Andrea Stricker about 60% enriched fissile material believed buried under sites like Fordow enrichment facility and Isfahan tunnels following a B-2 raid on Iran in June. Iran is currently excavating entrances. Israel particularly seeks to destroy this highly enriched uranium to prevent Iran from creating weapons-grade material. Retry

Interview with Ron Heeks, MD of Larvotto ResourcesOur previous interview: https://www.cruxinvestor.com/posts/larvotto-resources-asxlrv-advancing-high-grade-gold-antimony-project-in-nsw-australia-5758Recording date: 8th October 2025Larvotto Resources is advancing Australia's largest antimony-gold operation at Hillgrove, New South Wales, with production targeted for mid-2026 following an accelerated 8-month construction program. Managing Director Ron Heeks has structured a $150 million development leveraging inherited infrastructure acquired from administration, compressing what would typically require $300 million and multiple years into a capital-efficient restart. The project secured $100 million USD in bond financing and $60 million AUD equity, reflecting strong investor confidence in the operation's cash generation potential amid surging antimony prices.The Hillgrove development benefits from exceptional existing assets including 15 kilometers of underground development, a permitted processing plant, mains grid power, and proximity to Armidale, Australia's third most livable town. This infrastructure foundation enables a fully residential workforce, eliminating fly-in-fly-out costs while supporting local community integration. The 500,000-ton-per-annum processing facility will produce approximately 5,000 tons of antimony metal and 40,000 ounces of gold annually, translating to 140,000 gold-equivalent ounces with all-in sustaining costs of negative $2,000 per ounce at current metal prices.Antimony has emerged as the most critical strategic mineral following China's September 2024 export ban, with prices surging from $20,000 to over $60,000 per ton. The metal's defense applications in armor-piercing ammunition and night vision equipment, combined with solar panel manufacturing requirements, have created structural supply deficits that position Larvotto among fewer than five Western projects approaching near-term production. A strategic offtake agreement with Wogen Resources provides mine-gate pricing based on Rotterdam indices, transferring logistics complexity while maintaining full commodity price exposure. The conservative feasibility study economics modeled antimony at prices $20,000 below current levels, creating substantial margin upside that flows directly to cash generation given the byproduct credit accounting structure.Learn more: https://www.cruxinvestor.com/companies/larvotto-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Amir Adnani, CEO of Uranium Energy Corp. (UEC), explains why this is the most exciting uranium market he's ever seen… why uranium is critical to the AI growth trend… and why uranium prices could surge nearly 100%. In this episode: This is the most exciting uranium market Amir has ever seen [2:35] Uranium used to be a partisan issue—not anymore [5:12] Microsoft's Three Mile Island deal is an inflection point for AI [11:40] MSFT also joined the World Nuclear Association: Why it's a big deal [16:50] The U.S. uranium market is coming back with a vengeance [21:52] President Trump's energy agenda = a major tailwind for UEC [31:46] Why uranium prices could surge nearly 100% [36:53] Did you like this episode? Get more Wall Street Unplugged FREE each week in your inbox. Sign up here: https://curzio.me/syn_wsu Find Wall Street Unplugged podcast… --Curzio Research App: https://curzio.me/syn_app --iTunes: https://curzio.me/syn_wsu_i --Stitcher: https://curzio.me/syn_wsu_s --Website: https://curzio.me/syn_wsu_cat Follow Frank… X: https://curzio.me/syn_twt Facebook: https://curzio.me/syn_fb LinkedIn: https://curzio.me/syn_li

Interview with Richard Osmond, CEO of Element 29 ResourcesOur previous interview: https://www.cruxinvestor.com/posts/element-29-resources-tsxvecu-developing-the-next-major-copper-mine-in-peru-6293Recording date: 5th October 2025Element 29 Resources is advancing its Elida porphyry copper-molybdenum-silver project in Peru with about 14,000 meters of drilling completed and a maiden resource estimate published in 2022. The company aims to grow the initial 300 million tons resource to over 500 million tons through ongoing exploration. Recent magnetotelluric (MT) geophysical surveys have identified a hydrothermal alteration footprint exceeding six kilometers in strike length, which includes low resistivity anomalies at depth. These anomalies suggest the presence of a high-grade copper core that remains untested at around 1.5 kilometers below the surface.Element 29 has secured approximately $10 million in treasury, raised through $6.1 million in financing and $4 million from warrant exercises, to fund a 7,000-meter drill program. Drilling costs average $450-500 USD per meter. The project benefits from a five-year community access agreement and is expanding drill permits from 20 to 40 platforms ahead of Peru's 2026 election cycle. Peru's government has shown increased support for mining development after losing its position as the world's second-largest copper producer to the Democratic Republic of Congo.The Elida project displays favorable characteristics including a 4:1 strip ratio, an absence of a water table which reduces environmental liability, expectations of clean concentrate with no arsenic, and potential for transitioning from an open pit to underground mining. This transition could extend the mine life beyond the initial 15-year production timeline at 100,000 tons per day. The geological setting is defined by multiple mineralization phases within a porphyry intrusive complex, with late-stage sulfidation overprints upgrading the system and increasing grades at depth.The company's CEO, Richard Osmond, emphasizes the rarity of such discoveries today and the project's potential as a tier-one asset. The strategy focuses on resource expansion through systematic drilling and geophysical targeting, supported by Peru's improving regulatory environment and strong investment protections. Element 29 is positioning itself to deliver a de-risked copper asset that could satisfy major mining companies' requirements for large-scale, economically viable resources in world-class jurisdictions.Learn more: https://www.cruxinvestor.com/companies/element-29-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.Our previous interview: https://www.cruxinvestor.com/posts/pacific-ridge-exploration-tsxvpex-fiore-group-backing-fuels-250m-ton-copper-resource-push-7283Recording date: 3rd October 2025Pacific Ridge Exploration Limited (TSXV: PEX) is positioning itself to become British Columbia's leading copper exploration company at what management believes represents a significant valuation discount to peers. Trading at a $14 million market capitalization, the company recently reported its maiden resource estimate for the Kliyul project showing 334 million tons at 0.33% copper equivalent, containing 2.42 billion pounds copper equivalent. This includes 1.2 billion pounds of copper, 2.74 million ounces of gold, and 10 million ounces of silver.The company's trajectory shifted dramatically following a $3 million financing led by the Fiore Group in June 2025, which increased the market cap from $3 million to its current $14 million valuation. President and CEO Blaine Monaghan emphasized that this partnership provides critical validation from one of the strongest mining houses around, backed by billionaire capital and a strong technical team. The financing enabled Pacific Ridge to complete its resource estimate and execute drilling programs at both Kliyul and the RDP project.The Kliyul deposit offers several distinguishing characteristics. The mineralization is hosted in a single contiguous zone that remains open in multiple directions, representing just one target along a 6-kilometer mineralized trend with five additional poorly-tested targets. Monaghan articulated a strategy favoring new discoveries over incremental resource expansion, believing capital is better deployed testing untested targets that could dramatically increase overall project value.The RDP project, located 40 kilometers west of Kliyul, returned a standout intercept of 107 meters grading 1.4% copper equivalent in 2022 when under option to Antofagasta. With the project now back under company control, Pacific Ridge completed five drill holes totaling 2,100 meters in 2025, with copper sulfides intersected in all holes. Results remain pending and represent a significant near-term catalyst that management believes could drive substantial revaluation in the current favorable market environment for copper exploration.View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-explorationSign up for Crux Investor: https://cruxinvestor.com

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