Company Interviews

Interview with Jason Attew, President & CEO of OR RoyaltiesOur previous interview: https://www.cruxinvestor.com/posts/osisko-gold-royalties-tsxor-new-strategy-pays-off-as-share-take-off-6881Recording date: 4th June 2025OR Royalties presents a compelling precious metals investment opportunity following a remarkable financial transformation under CEO Jason Attew's leadership. The company has eliminated $300 million in debt over 19 months while achieving a net cash position, positioning it to capitalize on elevated gold prices and favorable market conditions.Financial Performance and OutlookThe company generated approximately $160 million in operating cash flow during 2024 and projects 40% growth to $220-230 million in 2025, assuming current commodity price levels. This exceptional cash generation stems from operational efficiency, with only 25 full-time employees managing a 195-asset portfolio. OR Royalties maintains a $5 billion market capitalization and completed $300 million in transactions during 2024, representing 10% of the total $3 billion royalty and streaming market.Strategic PositioningOR Royalties differentiates itself through geographic concentration, with 80% of assets and cash flow positioned in tier-one jurisdictions including Canada, the United States, and Australia. This focus significantly reduces geopolitical risk compared to peers with emerging market exposure. The portfolio composition aligns with current market dynamics, featuring 94% precious metals exposure comprising 67% gold and 25% silver.Portfolio OptionalityThe company's 195-asset portfolio includes only 22 currently producing assets, providing substantial embedded growth potential as higher commodity prices incentivize development of previously sub-economic projects. This optionality represents significant value that may accelerate as regulatory improvements streamline permitting processes, particularly in the United States.Investment StrategyManagement employs disciplined capital allocation, targeting transactions between $50-500 million with assets expected to generate returns within five years. The company uses conservative consensus gold pricing of $2,400 per ounce for deal evaluation rather than spot prices, ensuring sustainable risk-adjusted returns. "We price everything off consensus and consensus long-term gold because that is our primary product right now," Attew explained, emphasizing the company's conservative approach.Key Growth CatalystsRecent developments include a 24.4% equity stake and 5% net smelter return royalty in Cariboo Gold's British Columbia project, expected to commence production in 2027. The Spring Valley asset in Nevada awaits environmental approval within six weeks, potentially generating 6,000-7,000 gold equivalent ounces annually for OR Royalties once operational.Market EnvironmentThe precious metals sector benefits from macroeconomic uncertainty, monetary policy dynamics, and structural demand drivers supporting elevated commodity prices. Regulatory improvements, especially in North America, are reducing development timelines and providing greater project certainty. "Running a royalty company in this market is just fabulous, if you've got producers in the portfolio," Attew noted, highlighting favorable current conditions.Investment ConsiderationsOR Royalties offers investors leveraged exposure to precious metals appreciation without operational mining risks. The company's net cash position, strong cash flow generation, and substantial portfolio optionality position it to capitalize on continued precious metals strength while maintaining financial flexibility for accretive acquisitions. The combination of conservative deal evaluation, geographic risk mitigation, and experienced management creates a compelling investment proposition for precious metals exposure in today's market environment.View OR Royalties' company profile: https://www.cruxinvestor.com/companies/osisko-gold-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Roosen, Founder & CEO of Osisko Development Corp.Our previous interview: https://www.cruxinvestor.com/posts/osisko-development-tsxvodv-permitted-cariboo-project-towards-becoming-500000-oz-gold-camp-6379Recording date: 4th June 2025Osisko Development Corporation presents a compelling investment opportunity as one of only two fully permitted gold mines in Canada, positioning the company to capitalize on gold's strategic renaissance while benefiting from exceptional project economics and proven management execution.Project FundamentalsThe Cariboo Gold project in British Columbia represents a rare permitted asset in an increasingly constrained development environment. With construction permits secured in under 5 years compared to the industry average of 14 years, Osisko Development has overcome the primary hurdle facing gold developers. The project targets initial production of 200,000 ounces annually from a 5,000 ton per day operation, requiring $650 million capex versus competitors demanding $6.5 billion.The deposit contains 2 million ounces in reserves at 3.8 grams per ton, significantly exceeding comparable Canadian operations like Alamos' Young Davidson mine at 2.2 g/t and Agnico's Goldex at 1.52 grams. Cariboo's additional resources include 1.6 million ounces measured and indicated plus 1.8 million ounces inferred, spanning a 4.4 kilometer strike within a 50 kilometer mineralized trend under company control.Superior EconomicsProduction economics appear robust with costs targeting $1,157 per ounce, generating substantial margins at current gold prices exceeding $2,400. At these levels, the operation projects annual free cash flow of $457 million, providing significant financial flexibility.Construction activities are underway with 1,200 meters of underground development completed and critical equipment secured. The company has invested $700 million to date with over 700,000 meters of drilling, demonstrating development thoroughness that reduces execution risk.Proven Management Track RecordCEO Sean Roosen brings exceptional credibility through his track record building Canadian Malartic, which became Canada's largest gold mine. After selling that asset for $4.1 billion in 2014, now the mine represents $22 billion of Agnico Eagle's valuation. This value creation extends across the Osisko platform, including Osisko Mining's $2.16 billion sale to Gold Fields.Scaling and M&A PotentialThe project offers significant expansion potential through phased development, potentially reaching 500,000 ounces annually. Management envisions scaling from 5,000 to 15,000 tons per day processing rates, supported by the deposit's exceptional size. As Roosen noted, "You could put all three of those mines [Young Davidson, Goldex, and Landronne] in the footprint of this deposit and still have room for one more Young Davidson."The company operates with a $375 million market capitalization and benefits from strategic shareholder support, with investors holding 24% and 9.9% stakes respectively. Industry consolidation trends favor quality assets like Cariboo Gold, with management noting that "If I look at all the top 10 M&A ideas that come out, ODV is always on the list."Near-Term CatalystsProject financing announcements expected within two months should significantly de-risk the investment while potentially providing share price catalysts. The G Mining precedent, which achieved a $4.3 billion valuation after successful project development, demonstrates potential upside for executed development stories.Osisko Development represents leveraged exposure to gold's strategic importance through a rare permitted asset with superior economics, proven management, and multiple value creation pathways.View Osisko Development's company profile: https://www.cruxinvestor.com/companies/osisko-developmentSign up for Crux Investor: https://cruxinvestor.com

Interview with Kiran Patankar – President, CEO & Director, Maple Gold Mines Our previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-drill-results-show-path-to-5moz-resource-7008Recording date: 4 May 2025Maple Gold Mines has emerged as a compelling turnaround story in Quebec's premier Abitibi gold region, demonstrating how operational discipline and strategic partnerships can unlock value in today's elevated gold price environment. Under CEO Kiran Patankar's leadership over the past 18 months, the Canadian exploration and development company has transformed from what he describes as "a stagnant and somewhat bloated company" into an efficient operation positioned for growth.The operational restructuring has been dramatic. General and administrative costs have been slashed by 46%, with the company now operating on just $150,000 monthly cash burn while delivering improved exploration results. Drilling efficiency has improved 25%, reducing costs from $400 to $300 per meter and allowing expanded programs within existing budgets. These improvements have translated into renewed market interest, with daily trading volumes increasing from 150,000 to over 600,000 shares following recent drill results.Central to Maple Gold's value proposition is its strategic partnership with Agnico Eagle, one of Canada's premier gold producers and the company's largest shareholder. This relationship provides technical expertise, potential processing solutions, and validation of project quality. "It's a benefit to Maple and Maple shareholders to have the strong partnership that we have," Patankar noted, emphasizing the alignment of interests.The company owns 100% of 3 million ounces of gold resources across district-scale projects in Quebec's Abitibi region, representing a significant shift from previously owning only 50% of assets. Recent drilling has demonstrated expansion potential, with systematic exploration targeting both near-mine growth and district-scale discoveries.Perhaps most intriguingly, Maple Gold is pursuing a dual strategy of continued exploration alongside development studies for smaller-scale production scenarios of 100,000-150,000 ounces annually. This approach could generate cash flow to self-fund future exploration, breaking the traditional junior mining cycle of continuous dilution.Trading at $8 per ounce with a $40 million market cap despite gold prices above $3,300, Maple Gold appears significantly undervalued compared to historical metrics when the company traded at $150 million with only 50% asset ownership at $1,800 gold prices.Learn more: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Bey, CEO of Standard Uranium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-partnering-portfolio-to-fund-discoveries-5885Recording date: 3rd June 2025Standard Uranium (TSXV:STND) is emerging as a compelling investment opportunity in the uranium sector through its innovative dual business model that combines focused exploration with proven project generation capabilities. The Canadian company has demonstrated remarkable momentum, with its share price surging from 5 cents to 14 cents over the past month while successfully doubling its initial capital raise from $500,000 to $1 million.The company's flagship Davidson River project in Saskatchewan's Athabasca Basin remains the primary value driver, with CEO Jon Bey preparing to resume drilling activities in August-September 2025 after a strategic three-year hiatus. This measured approach reflects disciplined capital allocation, as the company used the interim period to enhance targeting precision through advanced geophysical technology partnerships with Australian firm Fleet Space.Standard Uranium's project generation model provides crucial financial stability and risk mitigation. The company earns $5-8 million per partnership deal by developing projects over 18 months, securing permits and First Nations agreements, then partnering with capital providers while retaining operational control. Importantly, if partners fail to complete their three-year earning requirements, Standard Uranium recovers 100% project ownership plus additional exploration data.Recent corporate restructuring through a partnership with Vancouver's Jasper Management and Advisory Corp has strengthened operational capabilities and capital markets access. The company benefits from experienced technical leadership, including lead geologist Sean Hillacre, who brings seven years of NextGen Energy experience and specialized knowledge of the neighboring Arrow deposit.Market dynamics strongly favor Standard Uranium's positioning. The Trump administration's commitment to quadrupling nuclear capacity by 2050, combined with growing technology company demand for nuclear power, creates supportive fundamentals. As Bey noted, "There's North America and then there's everyone else," highlighting the strategic value of domestic uranium assets amid global supply chain concerns.Standard Uranium's focused capital allocation strategy directs all equity raises toward Davidson River exploration while project generation partnerships cover operational expenses, positioning the company for potential discovery success in an increasingly favorable uranium market environment.View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power Metallic MinesOur previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-charges-ahead-with-rare-nickel-copper-pgm-mega-discovery-6787Recording date: 4th June 2025Power Metallic Mines presents a compelling investment opportunity at the intersection of exceptional geology and transformative geopolitical dynamics. The company's NISK project in Quebec has delivered extraordinary drill results, including 12.5 meters grading 11% combined nickel-copper-platinum group elements—grades that CEO Terry Lynch described as requiring investors to "pinch yourself" due to their exceptional nature.The discovery's significance extends beyond impressive intercepts to encompass massive scale potential. Lynch estimates current resources could expand from 15-20 million tons to 45 million tons by year-end, with ultimate potential reaching 140 million tons comparable to world-class deposits like Voisey's Bay. This growth trajectory reflects the deposit's orthomagmatic system characteristics, which typically feature multiple high-grade pipes or zones that Lynch compared to fingers extending from a palm-shaped source.Power Metallic has secured strategic positioning through sophisticated capital allocation and timing. The company raised $50 million to fund a comprehensive 100,000-meter drilling program through 2026, eliminating near-term dilution risk while supporting aggressive exploration that Lynch noted would typically only be affordable to major mining companies. The funding demonstrates global investor confidence, sourced equally from Australia (50%), Europe (25%), and America (25%), with minimal Canadian participation reflecting the company's international appeal.Management's strategic approach centers on maintaining auction dynamics for maximum value realization. Lynch emphasized their deliberate avoidance of industry investors, stating "we want to push this as long as possible with the financial players because you want this to be an auction at the end of the day." This strategy preserves optionality between outright sale to majors—Lynch noted "nine times out of ten" such discoveries are sold—and joint venture structures that could retain upside exposure while funding development.The investment thesis gains substantial support from evolving geopolitical dynamics. The Trump administration's "Fortress America" approach to critical minerals has fundamentally altered market dynamics, prioritizing supply chain security over pure price considerations. Lynch has witnessed this transformation firsthand through direct engagement with the U.S. Department of Defense and Department of Energy, observing that "they definitely are going to be less reliant on price and more reliant on guaranteed supply."This policy shift has attracted unprecedented investor interest. Lynch noted, "Ultra high net worth investors looking at investing tens and hundreds of millions of dollars in the space. We were not having these conversations a year ago. The billionaires have realized there's going to be something happening in critical minerals and they want to be part of it."Market fundamentals provide additional support through projected supply deficits. By 2034, nickel is expected to face a deficit of 839,000 tonnes—nearly seven times larger than today's surplus—while the battery metals sector requires approximately $514 billion in investment by 2030, with nickel alone needing $66 billion. Power Metallic's polymetallic nature enhances economic attractiveness through exceptional recovery potential. Lynch referenced comparable operations achieving "high 80s, low 90s" recoveries, supporting projections of one-year payback periods that enable rapid development timelines.The investment case represents a rare convergence of world-class geology in a tier-one jurisdiction, backed by substantial funding and experienced management, positioned to benefit from the transformation of critical minerals markets from commodity-driven to strategy-driven pricing during a generational supply-demand rebalancing.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-nickelSign up for Crux Investor: https://cruxinvestor.com

The CK Gold Project, located just outside Cheyenne, Wyoming, has now cleared every major regulatory hurdle — including air, water, and environmental approvals — and is ready to move toward development.Luke Norman walks us through how U.S. Gold Corp transformed CK from an exploration-stage “science project” into a shovel-ready mine with a 1.5Moz reserve and a robust economic profile. What makes this story different is not just the asset, but the location. With paved roads, nearby rail, grid power, and a skilled local workforce, this is a low-cost build with very few logistical headaches.We also dig into the asset breakdown: about 70% of the economics come from gold and 30% from copper, based on $2,100/oz gold and $4.10/lb copper assumptions. The projected AISC is just $940/oz, and the initial 10-year mine plan is designed for 100,000 oz/year gold equivalent production. But as Luke points out, the current reserve is drill-constrained — and the mineralization continues well beyond the existing pit shell.One key focus of the conversation is how the company plans to finance development without blowing out the share structure. With only 14 million shares outstanding and $15 million in cash, U.S. Gold Corp is looking to raise the ~$300M capex through non-dilutive options like concentrate offtake agreements, federal/state grants, and Wyoming’s municipal bond program.We also touch on the broader macro backdrop. Both gold and copper have now been designated as critical minerals in the U.S., with copper demand rising rapidly due to electrification, AI infrastructure, and energy transition. CK Gold is well positioned to meet that demand from a domestic source, with low environmental risk and strong local support.What stood out in this discussion is the company’s execution discipline and capital alignment. Luke and CEO George Bee (former builder of Barrick’s Goldstrike mine) aren’t chasing flashy exploration headlines. They’re focused on building a mine — on budget, on time, and with real revenue in sight.We also talk about community support, local benefits (like royalty payments to Wyoming schools), and the unique permitting advantages that come with being located on state ground. CK Gold isn’t just a mine — it’s a strategic U.S. asset, with real economic and social upside.If you’re looking for a near-term U.S. gold-copper story that’s fully permitted, tightly structured, and run by experienced mine builders — this is a conversation worth your time.US Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corp

Interview with Guy Goulet, CEO & Steven Zadka, Executive Chairman, Cerro de Pasco Resources Our previous interview: https://www.cruxinvestor.com/posts/cerro-de-pasco-csecdpr-advancing-the-worlds-largest-above-ground-mineral-resource-6795Recording date: 30 May 2025Cerro de Pasco Resources has positioned itself at the forefront of a revolutionary approach to mineral extraction, targeting what CEO Guy Goulet describes as "the largest above ground mineral resource on the planet." The company owns mineral rights to 75 million tons of tailings and stockpiles from a historic mine originally financed by JP Morgan in 1906, representing a unique opportunity to extract value from previously processed material using modern technology.The economic advantages are compelling. While traditional mining operations face costs of $50-250 per ton for underground extraction and $3-20 per ton for open pit operations, Cerro de Pasco can process tailings at just $1-2 per ton. This dramatic cost reduction, combined with grades averaging 4.3 ounces per ton silver equivalent, creates superior margin potential with minimal operational risk.Recent drilling results have exceeded expectations, revealing substantial gallium deposits averaging 53 grams per ton across 40 holes, with the latest southern holes showing 86 grams per ton. This discovery gains strategic significance amid Chinese export restrictions on gallium, a critical mineral essential for semiconductor manufacturing and defense applications.The project addresses significant environmental challenges affecting 67,000 local residents. The tailings currently produce acid water and pose health risks, making reprocessing the only viable path to environmental remediation. This creates strong community support and regulatory advantages rarely seen in traditional mining operations.Beyond base and precious metals extraction, the company has identified substantial value creation opportunities through pyrite processing, with potential NPVs of $8-9 billion from producing sulfuric acid, direct reduced iron, and green hydrogen. These initiatives align with global decarbonization trends and Peru's critical need for fertilizer production following the cessation of Russian imports.With Eric Sprott holding 22% ownership and sufficient capital to complete feasibility studies by mid-2026, Cerro de Pasco represents a de-risked entry into polymetallic extraction with multiple value creation pathways and strong ESG credentials.Learn more: https://www.cruxinvestor.com/companies/cerro-de-pasco-resourcesSign up for Crux Investor: https://cruxinvestor.com

After years of grassroots exploration in Newfoundland, Exploits is shifting its focus to resource-backed growth with the acquisition of four gold projects across Ontario, Quebec, and Newfoundland, totaling approximately 680,000 ounces of gold.Jessop explains why the company is prioritizing ounces in the ground at a time when gold prices are rising and investor appetite is returning to hard assets. With new option agreements in hand and a $4 million treasury, Exploits has moved quickly to assemble a portfolio of advanced-stage assets with immediate exploration upside. “We’re providing immediate exposure to our shareholders for gold moving even higher,” Jessop says, outlining the rationale behind this strategic pivot.The company’s Ontario flagship is the Hawkins Project, located in a Hemlo-style geological setting with a current inferred resource of 328,000 oz at 1.65 g/t Au, most of it within 200 meters of surface. Jessop describes the project as “tremendously underexplored at depth,” drawing comparisons to how Hemlo transformed from a modest deposit into a 20Moz district through deeper drilling. With $2.4M in assessment credits and $10M in prior exploration, Hawkins offers a low-cost path to potential resource expansion.In Quebec, Exploits acquired three properties—Benoist, Wilson, and Fenton—from Cartier Resources. Benoist brings a historical resource of ~240,000 oz, while Wilson and Fenton offer high-grade drill hits, visual gold, and near-term discovery potential. Located near major mining infrastructure in the Abitibi Greenstone Belt, these assets provide regional diversification and optionality in one of the world’s most prolific gold camps.Jessop emphasizes the company’s disciplined capital strategy. Instead of diluting shareholders to chase speculative discoveries, Exploits will use a “rate-and-rank” system to prioritize drilling targets based on cost-efficiency and potential return. The first steps include securing permits, refining targets, and focusing early drilling on shallow zones that can quickly add value.The interview also covers Exploits’ relationship with New Found Gold, whose 2Moz Queensway Project borders Exploits’ Newfoundland claims. While not currently the focus of immediate spending, Jessop highlights the upside potential of these assets should regional consolidation occur. “New Found has always been our big brother in the area,” he says, hinting at long-term collaboration possibilities.If you’re following emerging gold developers, this interview offers insight into how a small-cap explorer is adapting to current market conditions, de-risking its asset base, and positioning for potential rerating as new ounces are added.

Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-unlocking-15km-gold-corridor-in-quebec-4682Recording date: 3rd June 2025Cartier Resources (TSXV:ECR) has emerged as a compelling Quebec gold exploration opportunity following a strategic transformation that has positioned the company for what management believes could be a breakthrough 18-month period. Led by President and CEO Philippe Cloutier, the junior explorer has evolved from a multi-asset company into a focused, well-funded operation with a singular mission: proving the existence of a new gold mining camp.The company's flagship Cadillac project spans a 20-kilometer stretch along the highly prospective Cadillac fault, a geological structure that has historically produced over 100 million ounces of gold. Located just 30 minutes from Val-d'Or, the project places Cartier among established operations from major producers including Agnico Eagle and Eldorado, providing validation of the district's geological potential.Perhaps most significantly, Cartier has secured Agnico Eagle as a 27% shareholder, creating a strategic partnership that provides technical expertise while maintaining operational independence. "They have three mills to feed," Cloutier noted, highlighting natural synergies that could emerge from successful exploration. The partnership offers Cartier access to world-class guidance while providing Agnico Eagle exposure to potential discoveries in their operating district.The centerpiece of Cartier's strategy is an ambitious 100,000-meter diamond drilling program launching in August 2025. This 18-month campaign represents almost as much drilling as the company completed over the past decade, utilizing artificial intelligence-generated targets alongside traditional exploration methods. The program aims to expand the company's existing 2.3 million ounce resource estimate while establishing the "center of gravity" of the gold camp.With $12 million in funding providing full coverage for the drilling program, Cartier enters this critical phase well-positioned to execute its comprehensive exploration strategy. The company exemplifies the current disconnect between junior exploration fundamentals and market valuations, potentially creating opportunities for investors willing to participate in systematic camp-scale discovery efforts in one of Canada's premier mining jurisdictions.View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.Recording date: 3rd June 2025Abitibi Metals Corp (CSE:AMQ) presents a compelling copper development opportunity through its control of Quebec's B26 deposit, a substantial resource that recently entered public markets for the first time after two decades of government development. The company's combination of asset scale, jurisdictional advantages, and patient capital positioning addresses key investor priorities in the current copper market environment.*Asset Quality and Scale*The B26 deposit represents one of Canada's larger undeveloped copper resources, with 18.5 million tons grading 2.18% copper equivalent. Located in Quebec's established mining region, the asset benefits from strong metallurgical characteristics including 98% copper recovery and 90% gold recovery rates. Significant gold credits in inferred resources enhance overall project economics while expanding potential acquirer interest beyond traditional copper companies.The deposit's technical profile ranks in the top 10% of VMS opportunities globally according to management, with a 1.6-kilometer continuous strike length open in both directions. This expansion potential distinguishes B26 from typical junior-developed assets, as systematic exploration has been limited during its government development phase.*Financial Strength and Deal Structure*Abitibi maintains exceptional financial positioning with $18.4 million cash funding operations through Q1 2027, eliminating near-term dilution pressure. Abitibi Metals completed and confirmed in collaboration with its partner SOQUEM that all requirements to earn a 50% interest in the B26 Polymetallic deposit have been successfully fulfilled. The company has completed over $10 million of its $14.5 million work commitment to progress 80% ownership of B26 ahead of schedule. This partnership structure provides both government backing and clear pathways to 100% ownership while aligning with Quebec's economic development objectives. The province's mining-friendly regulatory environment and established infrastructure reduce development risk compared to more remote or jurisdictionally challenging locations.*Operational Development and Strategy*CEO Jon Deluce brings relevant industry experience including operational exposure with Kirkland Lake Gold and Barrick, while recent executive additions from O3 Mining and Agnico Eagle strengthen the team's development credentials. The company has transitioned from contractor reliance to full-time operational capabilities, addressing previous execution challenges that impacted market performance.Abitibi's immediate drilling program targets 400-1,000 meter depths using directional techniques to optimize cost efficiency while testing both near-term economic zones and longer-term expansion potential.Investors OutlookThe company's current valuation at approximately half its cash position suggests significant disconnect between asset quality and market recognition. Management is pursuing multiple value catalysts including engineering studies to demonstrate economic viability, aggressive resource and expansion drilling.Quebec's advantages as a tier-one jurisdiction become increasingly valuable as supply chain security concerns drive premiums for politically stable copper sources. With limited comparable opportunities in the Canadian market and growing institutional interest in copper-gold assets, Abitibi's combination of resource scale, financial strength, and jurisdictional security positions the company favorably for revaluation as operational catalysts unfold through 2025.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jonathan Egilo, President & CEO of AXO Copper Corp.Recording date: 30th May 2025Executive Summary for InvestorsAXO Copper presents a compelling investment opportunity in the high-grade copper space, combining proven mineralization with near-term development potential. The company is set to list , following successful completion of its IPO process, positioning investors to participate in a systematic resource definition program at the La Huerta Copper Project in Jalisco, Mexico.Production-Proven Asset BaseUnlike typical exploration stories, AXO's flagship project comes with established production history that significantly reduces geological and metallurgical risk. Locals successfully operated the deposit for three to four years using a 250-ton-per-day sulfide flotation plant, consistently mining ore grading 4-5% copper. This operational track record provides crucial validation of both ore continuity and processing characteristics that most junior companies lack during early development phases. President and CEO Jonathan Egilo emphasized this advantage: "They've effectively done a three or four year what I would consider like a bulk sample derisking process for us. And the next step is to see like what it should be kind of restarted up."Exceptional Grade Profile and Geological PotentialAXO's drilling program has confirmed the high-grade nature of the deposit with impressive intercepts including 9.4m grading 4.4% copper, with a subsection of 3.2m grading 21.4% copper. The mineralization extends across a 5-kilometer strike length, with drilling to date reaching only 200 meters below surface. The geological system consists of steeply-dipping copper sulfide dykes with high-grade cores of 3-6 meters surrounded by alteration halos, creating opportunities for both high-grade and bulk tonnage scenarios.The company has traced mineralization for 5 kilometers along surface, yet the family's original operation covered only 200 meters of strike length and extended just 40-50 meters depth. This limited exploitation of a much larger system presents significant expansion potential for systematic exploration.Strategic Acquisition and Capital StructureAXO secured roughly $9.5 million in 2023 which funded the first drill program, plus 5 million shares over five years with no ongoing royalties. This royalty-free structure enhances project economics by allowing AXO to capture full production value without perpetual payments. The company has raised more capital through pre-IPO financing rounds providing adequate financing for the planned 15,000-meter drilling program.Systematic Exploration StrategyThe upcoming drill program allocates 70% of 15,000 meters to a priority 1.5-kilometer zone, focusing on strike extension and depth testing to 350-400 meters below surface. The systematic approach targets resource definition while testing the hypothesis that current workings represent only the upper portion of a larger copper system. Regional targets provide additional upside potential with surface copper expressions grading up to 6% in different geological settings.Infrastructure and Development AdvantagesLocated within 7 kilometers of ArcelorMittal's major iron ore operation, the project benefits from established infrastructure, skilled labor, and supply chains. Access requires only 1.5 hours from Manzanillo port via paved highways, providing connectivity to Pacific shipping and Mexico's industrial centers.Management's development strategy focuses on building a project suitable for junior company advancement rather than requiring acquisition by major miners. Egilo noted: "One of our best differentiating factors here is, you know, I don't know what the scale of this should end up being, but you know, it's not going to be a $3 billion porphyry bill."Investment OutlookAXO Copper offers investors exposure to high-grade copper discovery with reduced geological risk, systematic exploration approach, and clear development pathway. The combination of production history, exceptional grades, excellent infrastructure, and experienced management team creates a compelling value proposition within the copper sector's favorable supply-demand dynamics.View AXO Copper's company profile: https://www.cruxinvestor.com/companies/axo-copper-cSign up for Crux Investor: https://cruxinvestor.com

Interview withMark Chalmers, President & CEO of Energy Fuels Inc.Marty Tunney, COO of IsoEnergy Ltd.Recording date: 30th May 2025The uranium sector stands at a critical inflection point where mounting supply constraints intersect with unprecedented political support and surging nuclear demand, creating compelling conditions for sustained price appreciation and outsized returns for positioned investors.*Supply-Demand Fundamentals Favor Higher Prices*A fundamental supply shortage looms as existing high-grade uranium deposits deplete while replacement projects face significantly higher development costs. Energy Fuels CEO Mark Chalmers warns that future supply sources remain uncertain: "I don't know where it's going to come looking out five or 10 years because some of the best deposits are being mined right now and they're depleting themselves." The replacement cost dynamics are stark—new uranium production must cover exploration, permitting, infrastructure development, mining, and reclamation costs at price levels far exceeding historical norms.Current spot prices around $60-70 per pound remain well below the $100+ incentive pricing required to trigger meaningful new production. This creates a supply response lag that could persist for years even after prices reach incentive levels, given the extended timelines required for uranium project development and regulatory approval.*Political Tailwinds Accelerate Market Dynamics*Uranium benefits from rare bipartisan political support driven by energy security and decarbonization imperatives. Recent executive orders from the Trump administration targeting critical mineral supply chains reinforce government commitment to domestic uranium production. As Chalmers notes: "The ongoing support by both parties actually for nuclear power and reestablishing our ability to mine and produce nuclear power, including small modular reactors is gaining momentum."The Russian uranium ban, formally taking effect in 2028, will remove a significant supply source from Western markets. Industry leaders expect accelerated implementation due to geopolitical tensions, compressing the timeline for supply shortfalls. Simultaneously, China's aggressive nuclear expansion creates additional demand pressure, with the capability to construct reactors in 18 months versus multi-year Western timelines.Established Producers Positioned to BenefitMarket dynamics increasingly favor proven producers over development-stage companies. Many newer uranium companies have overcommitted on delivery contracts while struggling with operational challenges. Infrastructure advantages amplify competitive positioning. Energy Fuels' White Mesa Mill serves as the primary conventional uranium processing facility in the United States, creating a strategic bottleneck that generates high-margin toll processing revenue. Companies without processing access face limited options, as IsoEnergy's Marty Tunny explains: "If you don't have access to the White Mesa Mill and you're a conventional hard rock miner in the USA, you don't have anywhere in the next 5 to seven years to process your ore."*Technical Advantages Emerge*Recent operational challenges at in-situ recovery operations highlight advantages of conventional hard rock mining methods. Conventional mining offers greater operational control, cost predictability, and flexibility compared to ISR techniques. This technical differentiation becomes increasingly valuable as the industry recognizes that uranium mining complexity exceeds that of other commodities.*Investment Implications*The uranium investment thesis centers on classic supply-demand imbalance amplified by geopolitical factors and infrastructure constraints. Companies with existing production capabilities, processing facilities, and proven operational track records appear positioned to benefit disproportionately from emerging market dynamics. The combination of political support, supply constraints, and rising demand creates conditions for sustained higher uranium prices, particularly benefiting North American producers with strategic infrastructure assets and established utility relationships.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Appleyard, President & CEO of TriStar Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/tristar-gold-tsxvtsg-moving-through-permitting-process-4713Recording date: 30th May 2025Tristar Gold (TSXV: TSG) has emerged as a compelling investment opportunity in Brazil's mining sector following the release of updated project economics and successful resolution of permitting challenges at its Castelo de Sonhos gold project. The company recently completed a $10 million financing round that will fund strategic drilling programs and advance the project toward feasibility study completion.The updated Preliminary Feasibility Study released in May 2025 demonstrates exceptional project economics with a 40% post-tax internal rate of return at $2,200 gold prices. With current gold trading around $3,200 per ounce, management estimates returns could exceed 70%, supported by over $1 billion in pre-tax cash flow generation and $600 million post-tax net present value. The project targets average annual production of 120,000 ounces over 11 years, with higher-grade output of 150,000 ounces during initial years.A significant milestone involved successfully defending the environmental permit against a public prosecutor challenge regarding indigenous consultation. Despite recommendations for suspension, the permit remained valid as multiple parties confirmed no impact on indigenous lands located hundreds of kilometers from the project site. This resolution strengthens Tristar's regulatory position and eliminates a key development risk.The company benefits from exceptional infrastructure advantages, sitting just 15 kilometers from a major highway with existing power lines and road access developed for the regional soybean industry. These factors support a sub-$300 million capital cost estimate while eliminating major infrastructure development requirements.Management has clearly articulated its strategy as a project developer rather than mine builder, actively seeking partnerships with established mining companies over the next 12 months. This approach recognizes that optimal value creation comes through partnering with experienced operators capable of funding and operating the project through production.The recent financing included participation from Eric Sprott, taking approximately 10% of the company, providing third-party validation of the investment opportunity. With permitting resolved and drilling programs commencing, Tristar expects improved news flow to drive valuation re-rating as the company advances toward strategic partnership.View Tristar Gold's company profile: https://www.cruxinvestor.com/companies/tristar-gold-incSign up for Crux Investor: https://cruxinvestor.com

Compass, episode 17Our previous interview: https://www.cruxinvestor.com/posts/why-resource-stocks-dip-in-spring-rise-in-fall-7159Recording date: 30 May 2025Olive Resource Capital delivered exceptional Q1 2025 results, reporting over $1.1 million in net returns—equivalent to one cent per share—while their stock trades between three and four cents. The portfolio gained 17% during the quarter, with net asset value per share rising over 20% due to strategic share buybacks.Executive Chairman Derek Mcpherson and President/CEO Sam Pelaez attribute the record performance to a fundamental shift in investment strategy. The firm abandoned diversified holdings in favor of concentrated, high-conviction positions in companies like Omai and Troilus. "We weren't winning enough" with their previous approach, Pelaez explained, prompting the move toward fewer but stronger positions.The strong Q1 was primarily driven by precious metals exposure, particularly gold, though momentum has flattened through May. This has shifted focus toward copper opportunities, where the managers see significant potential despite market inefficiencies.A key catalyst emerged from operational problems at Ivanhoe Mines' Kamoa-Kakula facility in the Democratic Republic of Congo—one of the world's top five copper assets. Despite the flooding-related shutdown, copper prices remained surprisingly stable. "Normally when a top five copper asset shuts down the market moves," Mcpherson noted, suggesting the muted response may create entry opportunities.The copper investment landscape presents unique challenges, with only five to eight meaningful mid-cap companies available, each carrying specific drawbacks that stretch valuations. Olive Resource maintains copper exposure through junior developers including Arizona Metals, backed by Rio Tinto and Hudbay, and Sterling Metals, which recently announced impressive drill results of 359 meters at 0.36% copper equivalent.The firm's dual-portfolio approach—maintaining liquid positions for tactical trading while holding concentrated junior positions for fundamental plays—reflects sophisticated market understanding. With major copper assets going offline while demand projections grow, Olive Resource appears well-positioned for potential copper market inflection points.Sign up for Crux Investor: https://cruxinvestor.com

Interview withLouis-Pierre Gignac, President & CEO of G Mining Ventures Corp.David Cataford, CEO of Champion Iron Ltd.Recording date: 30th May 2025In an industry plagued by cost overruns and schedule delays, two mining executives have demonstrated a blueprint for successful project development. Louis-Pierre Gignac of G Mining Ventures and David Cataford of Champion Iron recently shared insights from their track records of delivering projects on time and within budget, even during the challenging COVID-19 period.Both companies prioritize building strong internal teams over relying on external contractors. G Mining employs a "self-perform approach," maintaining in-house engineering, procurement, and execution capabilities to eliminate intermediary costs and maintain direct project control. Champion Iron works with multiple specialized engineering firms but requires rigorous personnel selection, including psychometric testing to ensure effective collaboration.The executives demonstrate conservative approaches to technology adoption, preferring proven equipment with established track records over innovative but unproven alternatives. "It has to be proven somewhere else. I'm not going to be the guinea pig of anything," Gignac explains. This philosophy extends to systematic evaluation of new equipment, with teams required to visit multiple operating sites before implementation.Project control relies on simple but comprehensive reporting systems that provide real-time visibility without overwhelming stakeholders. Both companies emphasize realistic initial estimates rather than optimistic projections designed to attract investment, recognizing that artificially low capital expenditure estimates often lead to execution failures.Strategic decisions around mining methods, infrastructure sizing, and power generation significantly impact project economics. The executives note that processing plants typically represent only 30% of total capital expenditure, with indirect costs and infrastructure accounting for substantial portions often underestimated in feasibility studies.During the COVID-19 pandemic, Champion Iron demonstrated exceptional adaptability by establishing an on-site testing facility, enabling continuous construction despite government lockdowns. This $2 million investment allowed completion of a $700 million project on schedule.The companies' success illustrates that systematic management approaches, transparent communication, and empowered teams can generate substantial returns in mining project development despite inherent industry risks.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Gordon, CEO, Odyssey Marine ExplorationRecording date: 29 May 2025Odyssey Marine Exploration (OMEX) represents a unique investment opportunity in the emerging seafloor mining industry, leveraging three decades of deep ocean expertise to address global critical mineral shortages. The publicly traded company has successfully transitioned from historic shipwreck recovery to modern mineral extraction, positioning itself as a first-mover in an industry valued in the billions.The company focuses on two strategic mineral categories essential for human needs: phosphate for fertilizer production and polymetallic nodules containing battery metals crucial for electrification. CEO Mark Gordon explains the operational advantage: "We learned how to use complicated equipment in the deep ocean, how to execute difficult projects in difficult environments." This expertise translates directly from archaeological recovery to geological extraction, utilizing the same sophisticated sonar systems, remotely operated submarines, and specialized vessels.Odyssey's most advanced project involves phosphate extraction off Mexico's Pacific coast, where the resource is valued in the billions under 43-101 standards. The project awaits final environmental approval following successful NAFTA arbitration against previous political interference. Mexico currently imports over 50% of its phosphate requirements, creating substantial domestic market potential. "Mexico could turn into a net exporter almost instantly with this project," Gordon notes.In the Cook Islands, Odyssey holds strategic minority stakes in two companies exploring cobalt-rich polymetallic nodules, with combined valuations approaching $9 billion. These investments provide battery metals exposure without direct operational requirements.Recent catalysts include President Trump's pro-mining executive order and Mexico's new science-friendly administration under President Sheinbaum. Gordon anticipates significant developments within 30-90 days for Mexico and 6-12 months for Cook Islands projects.The macro environment strongly supports seafloor mining development. As Gordon observes, "the critical minerals mankind is going to need into the future has to come from the 70% of our earth that's underwater because the 30% of the dry surface has been pretty exhausted." This fundamental resource constraint, combined with unprecedented demand for electrification and food security, positions Odyssey at the forefront of a transformational industry shift toward ocean-based mineral extraction.Learn more: https://www.cruxinvestor.com/companies/odyssey-marine-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxv-cbr-near-term-production-pivot-advances-6950Recording date: 28th May 2025Cabral Gold Corp (TSXV:CBR) is positioning itself as a compelling transition story in the junior mining sector, advancing its Cuiú Cuiú gold project in northern Brazil from exploration toward near-term production through an innovative low-cost strategy. CEO Alan Carter has architected a development approach centered on extracting gold from saprolite—weathered rock material resembling mud—through heap leach processing, offering significant advantages over traditional hard rock mining.The company's starter operation targets a 60-meter thick saprolite layer requiring no drilling, blasting, or crushing, making it "an earth moving exercise basically, not a rock mining exercise," according to Carter. Metallurgical testing has yielded exceptional results, with 70% gold recovery achieved within 12 days compared to months typically required for heap leach operations. The September 2024 Preliminary Feasibility Study outlined $37 million USD in capital costs, generating a 47% post-tax Internal Rate of Return at $2,250 per ounce gold. With current gold prices around $3,250 per ounce, Carter projects approximately $2,300 per ounce profit margins.Beyond the starter operation lies significant district-scale potential. Historic placer production of 2 million ounces at Cuiú Cuiú compares to just 200,000 ounces at neighboring Tocantinzinho, which became a 2.5 million ounce deposit. Cabral's soil anomaly spans 7 kilometers versus 1.2 kilometers at Tocantinzinho, while the company has identified 50 exploration targets compared to six at the neighboring mine.Recent drilling has delivered impressive results, including 12 meters at 27 grams per tonne and 49 meters at 2 grams per tonne across multiple new discoveries. Following a successful $15 million CAD financing, the company has mobilized multiple drill rigs to advance various targets toward resource estimates.Carter has invested $2 million CAD personally, demonstrating management alignment while rejecting traditional dilutive financing models. The company expects a construction decision by mid-Q2 2025, with production targeted for mid-2026, positioning Cabral to generate cash flow for district-wide exploration while avoiding excessive shareholder dilution.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jason Bontempo, Director & CEO of Gladiator MetalsRecording date: 28th May 2025Gladiator Metals (TSXV:GLAD) is positioning itself as a compelling copper exploration story in Canada's Yukon Territory, with CEO Jason Bontempo targeting significant value creation from the historically productive Whitehorse Copper Project. The company controls a 35-kilometer copper belt located adjacent to Whitehorse city, combining proven geological potential with exceptional infrastructure access that distinguishes it from typical remote mining ventures.The project carries substantial historical precedent, building on Hudbay Mining's successful operations from 1967 to 1982, which extracted 10.5 million tons at 1.5% copper and nearly one gram per ton of gold before closure due to copper price decline. Bontempo acquired the entire copper belt through his relationship with drilling contractors Jim and Rob Coyne of Kluane Drilling, providing Gladiator with unprecedented access to what he describes as the first dedicated technical team and funding the project has received in 40 years.Chief Geologist Marcus Harden's due diligence revealed significant near-surface copper potential, with Bontempo noting "After due diligence, Marcus came back and said, hey I think I see around 15 to 20 million tons at 1.5% copper from the surface." The flagship Cowley Park prospect serves as the primary focus, with recent drilling intercepting impressive high-grade cores ranging from 15 to 30 meters running 2-8% copper.Gladiator maintains a strong financial foundation with C$15 million in cash treasury supporting a comprehensive 30,000-meter drilling program, while trading at a C$40 million market capitalization. The company has established community partnerships, signing a capacity funding agreement with the Kwanlin Dün (KDFN) First Nations in October 2024, with comprehensive partnership agreements expected by year-end.Bontempo targets over 100 million tons at above 1% copper across the belt, with plans to deliver a maiden resource estimate in Q1 2026. The company's strategic position near Whitehorse provides year-round operational capability and cost efficiencies, with drilling costs averaging C$200 per diamond meter—significantly below industry benchmarks for remote locations.View Gladiator Metals' company profile: https://www.cruxinvestor.com/companies/gladiator-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-quebec-gold-developer-evaluates-pfs-option-for-16moz-perron-project-6683Recording date: 28th May 2025AMEX Exploration Inc. (TSXV:AMX) has delivered a transformational resource upgrade that positions the company for rapid advancement to gold production in Quebec's prolific Abitibi Greenstone Belt. The updated mineral resource estimate reveals 1.615 million ounces in measured and indicated categories at 6.14 g/t, representing a remarkable 172% increase over the 2024 estimate with a 43% grade improvement.The flagship Champagne Zone forms the production core with 831,000 ounces at an exceptional 16.20 g/t, supported by an additional 128,000 inferred ounces at 9.83 g/t. This high-grade foundation enables CEO Victor Cantore's strategic pivot toward cash flow generation while maintaining exploration activities across 197 square kilometers of prospective land.AMEX's production strategy leverages unique advantages that distinguish it from typical development projects. Located near the historic mining town of Normétal, the project benefits from existing infrastructure, skilled workforce, and multiple toll milling options throughout the region. The underground mining approach requires minimal surface infrastructure, accelerating permitting timelines compared to open-pit operations.Management has outlined an aggressive two-year timeline to production, beginning with an updated preliminary economic assessment within 60 days, followed by a feasibility study focused on toll milling operations. This phased approach generates early cash flows while advancing full mine development, supporting Cantore's anti-dilutive growth model that minimizes shareholder dilution through operational cash flow rather than repeated equity raises.Strategic validation comes through Eldorado Gold's 9.9% ownership, providing technical expertise from their similar high-grade Lamaque operation. The partnership strengthens AMEX's transition from exploration to production while maintaining management independence.With total resources of 2.313 million ounces and exceptional grades enabling economic toll milling across wide geographic areas, AMEX exemplifies the industry trend toward high-grade, capital-efficient operations that maximize returns per ounce while building sustainable long-term cash flows.View AMEX Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Kyle Floyd, CEO, VOX Royalty Our previous interview: https://www.cruxinvestor.com/posts/vox-royalty-tsxvoxr-strong-growth-potential-with-near-term-revenue-focus-5599Recording date: 27 May 2025VOX Royalty Corp has established itself as a distinctive player in the mining royalty sector by prioritizing fundamental value over commodity-specific strategies. CEO Kyle Floyd outlined the company's transformation from a single producing asset five years ago to a diversified portfolio of eight producing assets across nine ore bodies, while maintaining industry-leading return on invested capital.The company's acquisition strategy targets assets 2-5 years from production, allowing VOX to secure favorable pricing while taking calculated development risks. Floyd emphasizes that unlike competitors who "buy assets at one-times NAV and hope to benefit from optionality," VOX requires "value on the front end in terms of what we're buying and the ultimate net asset value attached to that asset as it stands today."Recent acquisitions exemplify this approach across different timelines. The Red Hill gold royalty, acquired in September 2023, represents a longer-term opportunity expected to generate "$15 million plus per annum" once Northern Star completes its $1.5 billion mill expansion within 18-24 months. Conversely, the producing Kanmantoo copper royalty acquired for $12 million offers immediate cash flow with significant expansion potential through a planned 60,000-meter drill program.VOX demonstrated strong financial performance in 2024, achieving record positive free cash flow and increasing 2025 revenue guidance from $12-14 million to $13-15 million. The company maintains a healthy balance sheet with $9 million cash against $11.7 million debt, utilizing 6.8% cost debt financing to fund accretive acquisitions.Geographic concentration in Western Australia reflects VOX's risk management philosophy, with Floyd calling it "the best mining jurisdiction you can possibly have exposure to as a royalty company." Current gold prices exceeding $5,000 per ounce in Australian dollars create favorable tailwinds for the portfolio.As Floyd noted regarding the company's enhanced capabilities: "If it rains gold, don't put out the thimble, put out the bucket. I think we're in a position now where the bucket's ready."Learn more: https://www.cruxinvestor.com/companies/vox-royaltySign up for Crux Investor: https://cruxinvestor.com

Interview withTim Froude, CEO of Sokoman MineralsJeffery Wilson, CEO of Precipitate GoldRecording date: 27 May 2025Despite gold trading above $3,300 per ounce, junior mining companies continue to face significant challenges in accessing capital and generating investor interest. Two Canadian gold exploration companies, Sokoman Minerals and Precipitate Gold, are adapting their strategies to navigate this complex investment environment.Sokoman Minerals is making a strategic pivot from traditional drilling to bulk sampling at their Moosehead project in Newfoundland. CEO Tim Froude announced the company will pursue bulk sampling in 2025 after drilling 130,000 meters across seven high-grade gold zones with limited market response. The company has allocated $1.5 million for their first conventional bulk sample, extracting 1,000 cubic meters of material to demonstrate economic viability and attract mid-tier partners. Despite strong drill results, including a recent intersection of 70 grams per ton over 4.5 meters, the company's share price remained stagnant, prompting the strategic shift.Precipitate Gold maintains a stronger financial position with $4 million in treasury, focusing on their Juan de Herrera project in the Dominican Republic. The company benefits from a previous $7 million investment by Barrick Gold and a $5 million land sale to the major. Precipitate plans drilling later in 2025 at their project adjacent to Goldquest Mining's 3.5 million ounce Romero deposit.Both companies highlighted the disappearance of retail investors from the junior mining sector. The traditional "mom and pop" investors who historically drove capital into exploration companies have largely vanished, forcing companies to target more sophisticated institutional and strategic investors.The Dominican Republic mining environment shows signs of improvement, with wealthy local investors contributing $23 million to Goldquest Mining in recent financings, signaling renewed confidence in the jurisdiction. Meanwhile, Newfoundland expects $250 million in exploration expenditures for 2025, up from $180 million previously.These strategic adaptations reflect a broader maturation in the junior mining sector, where companies must demonstrate economic viability beyond exploration results to attract investment in today's challenging capital markets.Sign up for Crux Investor: https://cruxinvestor.com

Interview withBruce Lane, CEO of GTI EnergyThomas Lamb, CEO of Myriad UraniumRecording date: 22 May 2025The Trump administration's energy emergency declaration and focus on artificial intelligence infrastructure demands are creating unprecedented support for domestic uranium development, according to industry executives leading next-generation mining projects.Bruce Lane, CEO of GTI Energy, and Thomas Lamb, CEO of Myriad Uranium, recently outlined how federal energy policies are driving new investment dynamics in the uranium sector. Both companies are developing projects in Wyoming and New Mexico, positioning themselves to capitalize on growing electricity demands from AI and data centers.The executives emphasized that current energy policy prioritizes practical electricity needs over environmental considerations. Interior Secretary Doug Burgum and Energy Secretary Chris Wright are "extremely committed to increasing the amount of energy or electricity in particular for the grid," Lane noted, highlighting the administration's urgency around energy infrastructure development.However, regulatory implementation remains measured. Wyoming and New Mexico officials support faster project processing while maintaining proper environmental and cultural survey requirements. "The executive orders aren't laws," Lamb explained, noting that existing regulatory frameworks remain unchanged despite executive guidance.The companies are pursuing different strategic approaches while maintaining capital discipline. GTI Energy is preparing a scoping study for its Lo Herma in-situ recovery project, targeting institutional investors beyond traditional retail funding. Myriad Uranium is advancing its Copper Mountain project in Wyoming and Red Basin project in New Mexico, with recent drilling revealing uranium grades up to 50% higher than historical estimates.Industry consolidation appears likely over the next 12 months, with private equity groups and technology companies potentially entering the sector to secure future uranium supply. Both executives expect increased merger and acquisition activity, driven by strategic rather than purely financial considerations.The uranium market faces timing challenges despite positive policy catalysts, with utilities contracting below replacement rates while maintaining substantial inventory buffers. Companies with credible projects and proper development strategies are positioning themselves to benefit from evolving investment dynamics in the uranium sector.Sign up for Crux Investor: https://cruxinvestor.com

Interview withVictor Cantore, CEO of AMEX ExplorationDan Noone, CEO of G2 GoldfieldsRecording date: 27 May 2025Two prominent gold exploration executives highlighted their companies' substantial resource bases and positive market outlook during a recent industry discussion, underscoring the current strength in precious metals fundamentals.Victor Cantore, CEO of AMEX Exploration, reported his company's updated mineral resource estimate of 2.3 million ounces in Quebec's established Normétal mining district. The resource includes 1.6 million ounces in measured and indicated categories, with a particularly notable high-grade "Champagne Zone" containing 831,000 ounces at 6.2 grams per tonne. AMEX's strategic location benefits from existing infrastructure, electricity access, and proximity to established communities, reducing development costs and operational complexity.Dan Noone, CEO of G2 Goldfields, announced his company's 3 million ounce resource in Ghana at approximately 3 grams per tonne, with additional discoveries at the Oko North area currently under exploration. G2 operates adjacent to significant mining activity, including recent acquisitions by G Mining and AngloGold's 15% regional investment, which has validated the district's potential and enhanced investor confidence in Ghana's mining jurisdiction.Both executives reported exceptionally positive investor reception at the recent Canaccord conference, with fully booked meeting schedules and strong institutional interest from North American, Australian, and Asian investors. Market sentiment reflects bullish expectations for gold prices exceeding $3,000, driven by structural changes including central bank purchasing and global currency diversification strategies.The companies pursue different strategic approaches: AMEX focuses on a dual-path strategy combining near-term production through bulk sampling and toll milling with continued exploration, while G2 Goldfields emphasizes resource expansion before potential merger and acquisition opportunities.Both executives emphasized the importance of high-grade resources in current market conditions, noting that quality deposits maintain profitability across various gold price scenarios. The financing environment remains selective, favoring advanced projects with proven management teams and substantial resources, while access to capital remains constrained for less developed opportunities.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Shane Williams, President & CEO, West Red Lake Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsxvwrlg-bulk-sample-results-validate-mine-restart-plan-7088Recording date: 23 May 2025West Red Lake Gold Mines has achieved a significant operational milestone with the successful restart of production at its flagship Madsen mine in Canada's prolific Red Lake mining district. Following an intensive 18-month preparation period, the company secured board approval after completing a comprehensive bulk sampling program that validated resource models and operational capabilities.The bulk sampling program delivered exceptional technical results, achieving 96% grade reconciliation across three mining areas and 94% mill recovery rates. These metrics exceeded industry standards and provided robust validation of the company's geological modeling, particularly impressive given the deposit's complex geology that had challenged previous operators. President and CEO Shane Williams emphasized that the program confirmed "the resource and the work we've done is fully into place as expected."Economic conditions have dramatically improved project viability, with current gold prices around $3,300 compared to the $1,600 used in original feasibility studies. This price environment has enabled the company to reduce cut-off grades to 1-2.5 grams, effectively doubling minable material and providing substantial operating margins. Williams noted that previous operators produced gold at just under $2,500 per ounce despite operational challenges, highlighting the significant margin potential at current prices.The operation benefits from scalable infrastructure, with mill capacity expandable from 800 to 1,200 tonnes per day through minimal modifications. Recent infrastructure improvements include shaft renovation, 24/7 underground hauling capabilities with larger trucks, and a connection drift linking mining portals that eliminates surface transportation constraints.Ongoing drilling programs have identified new high-grade zones, particularly in the South Austin area, enabling lateral expansion rather than expensive deep development. With 150,000 ounces of drill inventory providing two years of mine planning visibility, the company has established a solid foundation for sustained production growth in one of Canada's premier gold mining districts.Learn more: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

Compass, episode 16Our previous interview: www.cruxinvestor.com/posts/silver-companies-merging-to-gain-scale-in-rising-market-7145Recording date: 20 May 2025Resource exploration companies operating in northern regions like Canada and Alaska follow a predictable seasonal pattern that creates potential investment opportunities for informed investors. According to experts Samuel Pelaez and Derek Macpherson from Olive Resource Capital, these "seasonal explorers" operate primarily during summer months due to weather constraints, creating a predictable annual cycle in both operations and stock performance.The cycle begins in late spring (May) when companies announce exploration programs and mobilize crews. Summer (June-August) brings active exploration with ongoing drilling programs and preliminary updates. By fall (September-November), companies release results from summer programs, often coinciding with major industry conferences. Winter and spring (December-April) see limited operational activity and news flow, typically resulting in declining share prices.A significant factor influencing this pattern is the structure of flow-through funding in Canada. Flow-through funds, which provide tax advantages to investors, often conduct raises in the fall that must be deployed by year-end. These investments typically have a four-month hold period, creating selling pressure around April when funds liquidate positions to return capital to investors.This selling pressure, combined with the natural lull in news flow during spring, creates potential buying opportunities for investors who understand the pattern. The experts suggest that 2025 presents unique circumstances, with the resource sector having stronger momentum than in previous years, particularly in copper and gold.For investors looking to capitalize on these patterns, the experts recommend identifying companies operating in areas with defined seasonal constraints, focusing on early-stage companies where the pattern is more pronounced, and considering companies with multiple assets that can maintain year-round news flow.Currently (May 2025), the experts suggest this may be an opportune time for entry positions in seasonal explorers, particularly in gold and copper, with potential exit opportunities in the fall when exploration results are reported.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-self-funded-high-grade-gold-mill-expands-4922Recording date: 20th May 2025Abcourt Mines (TSXV:ABI) is positioning itself as an emerging gold producer in Quebec, with plans to pour first gold from its 100%-owned Sleeping Giant mine in the second half of 2025. Led by President and CEO Pascal Hamelin, the company has transformed its strategy over the past three years, shifting focus from its unprofitable Elder mine to the high-grade Sleeping Giant project.The Sleeping Giant mine boasts approximately 400,000 ounces of gold resources at an impressive grade of 8 g/t, split evenly between indicated and inferred categories. With significant exploration potential to the east and at depth, Abcourt aims to expand this resource to one million ounces over the next two years using three drill rigs currently operating at the site.Financially, the company has secured an $8 million USD loan from Nebari and is finalizing additional equity financing to complete its funding requirements. Initial production is targeted at 10,000 ounces in the first year, ramping up to 30,000 ounces annually over a six-year mine life. With all-in costs projected at $1,400 USD per ounce, the operation promises substantial margins in the current gold price environment.The project benefits from existing infrastructure, including an operational mill that will initially run at only 40% capacity, creating future expansion opportunities. Multiple mining stopes are already prepared for immediate production once financing is finalized and workers are hired.Abcourt's strategy prioritizes extending the mine life before expanding production. As Hamelin explained: "Our focus will be 80% of the free cash flow, we'll go on Sleeping Giant to make sure that we're extending the life of mine."Beyond Sleeping Giant, the company holds a 500-square-kilometer land package with several earlier-stage assets that could eventually provide additional mill feed. With its modest market capitalization of approximately C$40 million, Abcourt presents a potential re-rating opportunity as it executes its transition to producer status during a favorable gold price environment.View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Alain Lambert, CEO of Prismo Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/prismo-metals-csepriz-junior-explorer-targets-deep-porphyry-system-in-arizonas-copper-triangle-6645Recording date: 23rd April 2025In a recent interview, Alain Lambert, CEO of Prismo Metals, shared insights on political developments and commodity markets affecting the mining sector. With over three decades of experience in junior capital markets since 1987, Lambert provided valuable perspectives for resource investors navigating current market conditions.Lambert predicts the upcoming Canadian federal election on April 28, 2025, will likely result in a Liberal majority government under Mark Carney, continuing similar policies to the Trudeau administration. He attributes this political shift to anti-American sentiment in Canada, particularly in response to comments from US President Trump about Canada becoming "the 51st state." Despite current US-Canada trade tensions, Lambert expresses confidence these issues will be resolved once the new Canadian government is formed.On US trade policy, Lambert views Trump's tariff strategy as a negotiation tactic aimed at reducing trade deficits, addressing government spending, and managing national debt. He anticipates these policies will ultimately benefit the US economy, predicting "an historical economic boom."Lambert references a March executive order directing US government departments to streamline approvals for critical mineral projects, including copper. This policy environment could accelerate development timelines and improve capital access for companies operating in the US resources sector.Regarding metals markets, Lambert acknowledges gold's dramatic price increase from approximately $2,000 to $3,400 over 15 months but expects a correction. He notes mid-cap producers have benefited from the price rally, while junior explorers haven't seen proportional gains. Lambert cautions that any gold price correction could disproportionately impact junior exploration companies.Lambert is particularly optimistic about copper market dynamics, highlighting artificial intelligence as a significant demand driver that is often overlooked. "One thing they don't talk about enough is the impact of AI on electricity demand and the need for more electricity," he stated, adding this factor could be "more pronounced than demand because of electric vehicles."Prismo Metals is strategically positioned with a large copper exploration target approximately 40km from the Resolution Copper project (Rio Tinto/BHP joint venture) in Arizona. Lambert reports significant interest from major mining companies in US copper projects, creating potential partnership opportunities for companies like Prismo in jurisdictions set to benefit from favorable policy developments and strong underlying copper demand.View Prismo Metals' company profile: https://www.cruxinvestor.com/companies/prismo-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview withJohn Cash, CEO of Ur-Energy Inc.Andre Liebenberg, Executive Director & CEO of Yellow Cake PLCRecording date: 14th May 2025The global uranium market is undergoing a fundamental transformation as a confluence of energy transition goals, geopolitical tensions, and new technology drives demand higher. Nuclear power, long sidelined in policy debates, is regaining momentum due to its ability to deliver carbon-free baseload power in a world increasingly powered by data centers, AI infrastructure, and electrification.Key markets like China and the U.S. are leading the resurgence. China alone is building 26 reactors, with more approved, while the U.S. is extending the life and output of existing plants. Beyond these, countries in the UAE, Canada, and Europe are revisiting nuclear as part of their decarbonization strategy. This results in a dual demand dynamic—growth from new builds and rising fuel requirements from uprates and life extensions.A new frontier of demand is also emerging. Small Modular Reactors (SMRs), designed for remote or off-grid applications, are being positioned to serve industrial projects and data centers needing secure, emissions-free energy. This aligns with a broader shift from nuclear being seen purely as a clean energy solution to one that also supports energy sovereignty and national resilience.On the supply side, the uranium sector is constrained. Permitting delays, technical bottlenecks, labor shortages, and long project lead times mean even elevated prices haven't sparked a broad production rebound. Industry leaders like UR Energy CEO John Cash and Yellow Cake CEO Andre Liebenberg point to the lack of conversion and enrichment capacity in Western markets as an additional hurdle. This underscores the need for multi-year investment in the full fuel cycle.Geopolitics are also tightening Western supply chains. Kazakhstan, the world's top uranium producer, is increasingly shipping material eastward, not out of hostility but practicality. Still, the result is a growing bifurcation in global uranium flows that further limits Western procurement options.As a result, institutional investors are being encouraged to view uranium as a structurally revaluing asset class rather than a cyclical commodity. Exposure can be taken through physical holders like Yellow Cake, which tracks uranium prices directly, or producers like UR Energy, which is already generating long-term contract revenue.Risks remain—chiefly around timing, geopolitical disruption, and capital market dynamics. Yet, with demand outpacing supply and investment requirements high, the uranium market appears poised for sustained long-term opportunity.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Foster, Founder & CEO of Ondo InsurTechRecording date: 15th May 2025Ondo InsurTech PLC is emerging as a leader in the insurtech sector with its proprietary water leak detection system, LeakBot. The company is addressing one of the home insurance industry's most significant challenges – water damage, which represents a $17 billion annual claims burden in the US alone with an average claim of $14,000.The LeakBot technology utilizes a patented temperature differential monitoring system that homeowners can easily install by clipping it to their main water pipe. The device measures the temperature of the incoming water pipe and compares it to the ambient temperature. When water isn't being used, these temperatures should equalize; a continuous differential indicates a leak. The system can detect leaks as small as 5 milliliters per minute without requiring professional installation.Insurance companies pay Ondo approximately $5 per month per customer for this service, which includes the hardware, software, and any plumber visits required to find and fix detected leaks. With water damage claims costing insurers about $220 per policy annually, the $60 yearly investment offers a compelling return on investment.The company has achieved significant market penetration with deployments in 151,000 homes and partnerships with 24 insurance companies globally. Ondo reported revenue of nearly £4 million for the fiscal year ending March, with annualized contracted recurring revenue approaching £6 million. Growth is particularly strong in the US market at 400% year-on-year.Ondo's financial trajectory shows a clear path to profitability, with expectations to reach EBITDA-positive trading by the end of the current fiscal year. The business model is designed for improving margins, starting with single-digit P&L margins in the first year but growing to 70-80% in subsequent years.With high customer satisfaction (80+ Net Promoter Score), strong insurance partner retention (100%), and an addressable market of 13-14 million potential customer homes through existing partners alone, Ondo InsurTech is well-positioned in the growing field of preventative insurance technology.Sign up for Crux Investor: https://cruxinvestor.com

Interview withNick Earner, MD of Alkane ResourcesFrazer Bourchier, President & CEO of Mandalay ResourcesRecording date: 19th May 2025Alkane Resources (ASX:ALK) and Mandalay Resources (TSX:MND) have announced a strategic "merger of equals" that will create a significant mid-tier gold producer. The all-share transaction values Mandalay at A$559.1 million ($357.8 million), with Mandalay shareholders receiving 55% ownership of the combined entity and Alkane shareholders retaining 45%.The merged company will operate under the Alkane Resources name, trading on both the ASX and TSX exchanges. It will maintain a diversified portfolio of three producing mines - Tomingley (Australia), Costerfield (Australia), and Björkdal (Sweden) - with an anticipated annual production of 160,000-180,000 gold equivalent ounces.Financial projections for the combined entity are robust, including over $100 million USD in cash, zero debt, and approximately $200 million USD in annual free cash flow. This represents a cash flow multiple of approximately 3:1, compared to the industry standard of 4-5x EBITDA."This company will have over $100 million US in net cash positive with no debt," noted Frazer Bourchier, President and CEO of Mandalay Resources, highlighting the strong financial foundation of the merger.A key strategic rationale for the combination is achieving "capital relevance" through a pro-forma market capitalization of approximately $650 million USD. This scale should qualify the company for inclusion in both the ASX 300 index and the GDXJ (VanEck Junior Gold Miners ETF), potentially attracting institutional investors previously unable to invest due to size limitations.The merger has received unanimous board approval from both companies and secured voting support agreements from key shareholders. Shareholder votes are expected in June 2025, with transaction closing anticipated by August 2025.The combined entity will pursue a disciplined capital allocation strategy focused on organic exploration, M&A opportunities, and potential shareholder returns, operating with a philosophy of empowered site-level leadership and minimal corporate oversight.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Marcotte, President & CEO of Northern Superior Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/northern-superior-resources-tsxvsup-consolidating-next-big-gold-camp-6910Recording date: 15th May 2025Northern Superior Resources (SUP) presents a compelling investment opportunity through its strategic consolidation of the Chibougamou Gold Camp in Quebec. The company has successfully transformed what was once five separate companies into a two-player district alongside major partner IAMGold, creating critical mass around a combined 12.4 million ounce resource base.The investment thesis centers on Northern Superior's superior asset quality at Filibert, which offers 15-18% higher grades (1.1 g/t) compared to IAMGold's flagship Nelligan deposit (0.95 g/t). More importantly, optimization analysis demonstrates that minor cut-off adjustments could improve Filibert's grade by 40% while retaining 90% of the ounces. This grade advantage becomes crucial for bulk tonnage operations where early cash flow determines project viability and payback periods.Recent exploration success reinforces the value proposition. Northern Superior's latest discovery of 18 meters grading 2.5 g/t gold, including 5 meters at 7 g/t, opens significant underground potential beneath existing open pit resources. This follows the successful model at Detour Lake, where underground expansion has delivered exceptional profitability through higher-grade material.The timing is optimal. IAMGold is approaching "cruise control" at their Côte Lake operation and management has indicated their focus will shift to Chibougamou development, targeting 15+ million ounces across the camp. With all assets within trucking distance and designed to feed a central processing facility, the camp's proximity economics create substantial synergies.Multiple value creation paths exist: organic development, optimization partnerships with IAMGold, or potential takeout as the camp advances toward development. Given junior gold stocks trading at historic lows relative to gold prices and the structural advantages Northern Superior has built within this emerging district, the company offers leveraged exposure to both the macro gold thesis and micro execution excellence.—View Nothern Superior Resources' company profile: https://www.cruxinvestor.com/companies/northern-superior-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview withMichael Walshe, Managing Director & CEO of MTM Critical MetalsSteve Ragiel, President of Flash Metals USAOur previous interview: https://www.cruxinvestor.com/posts/mtm-critical-metals-asxmtm-revolutionary-tech-could-supply-us-critical-gallium-needs-by-2025-6590Recording date: 15th May 2025MTM Critical Metals (ASX:MTM) has positioned itself for near-term production with several significant developments that strengthen its investment case. The company has secured a pre-permitted brownfield site in Texas's industrial corridor that bypasses lengthy regulatory processes, enabling commercial production by the end of 2025. This 20,000-square-foot facility of 40-foot ceilings provides immediate operational capacity and room for expansion."We have a very rapidly deployable technology. We can be running here in 8 months. And that compares favorably with mines and other refineries that will take 3-5 years," noted Steve Rio, President of U.S. Operations, highlighting a key competitive advantage that has garnered strong government interest.MTM's proprietary flash heating technology combines electrical-based energy with specialized chemistry to recover high-value metals like gallium and germanium from electronic waste and production scrap. The process is approximately 90% more energy efficient than conventional smelting techniques and allows for selective recovery of specific metals with over 90% purity.The company has established a robust commercial foundation with long-term supply agreements for electronic waste that include penalties for non-supply—a crucial provision that underpins their economic model. Similar agreements for gallium and germanium processing are being finalized with minimum floor prices to protect against market manipulation.MTM's dual business model includes a build-own-operate approach for high-value materials and a warranty-based licensing system for mineral processing applications. This strategy allows them to focus capital on high-margin opportunities while generating additional revenue streams. Recent meetings in Washington DC have yielded strong support from congressional representatives, with officials requesting MTM identify additional sites across different U.S. regions to establish geographic diversity in domestic metal recovery capabilities.For investors, MTM represents an opportunity to gain exposure to critical minerals with a faster path to revenue than traditional mining operations. The company's protected supply chain, energy-efficient technology, and alignment with national security priorities create a compelling investment case in a sector of growing strategic importance. The year-end commissioning target serves as a key milestone that could validate their innovative approach and potentially catalyze significant value creation.View MTM Critical Metals' company profile: https://www.cruxinvestor.com/companies/mtm-critical-metalsSign up for Crux Investor: https://cruxinvestor.com

Compass, episode 15Our previous episode: https://www.cruxinvestor.com/posts/exploration-financing-and-consolidation-fuel-mining-sector-optimismRecording date: 14th May 2025Recent developments in the mining sector show increasing M&A activity alongside robust Q1 performance, according to Olive Resource Capital executives Samuel Pelaez and Derek Macpherson.Pan-American Silver's $2.1 billion acquisition of MAG Silver represents a modest 27% premium but trades at approximately 16-17 times earnings compared to Pan-American's 12 times multiple. The executives indicated they've increased their MAG position following the announcement, speculating that Fresnillo—MAG's joint venture partner at the Juanicipio mine—could potentially make a competing offer given their $1.3 billion cash position.In another consolidation move, Silver47 and Summa Silver are merging in what the executives describe as a "creative transaction" that will create better scale and improve access to passive fund flows, with year-round exploration capabilities.Q1 reporting from major gold producers shows strong cash generation, with gold prices increasing approximately 12% from Q1 to Q2. This price improvement could translate to 30-35% growth in free cash flow for efficient operators.The executives highlighted AngloGold Ashanti as potentially undervalued, producing 720,000 ounces in Q1 with all-in sustaining costs of $1,640 per ounce. Despite generating roughly 30-50% less free cash flow than Agnico Eagle, AngloGold has only about half the market capitalization.K92 Mining was singled out as an exceptional growth opportunity, with funded expansion plans to increase production from 180,000 to approximately 400,000 gold equivalent ounces annually. At its current $2 billion market cap, K92 could potentially generate a 35% cash flow yield once Phase 4 is complete.The executives emphasize free cash flow (CFO + CFI) as the most reliable metric for evaluating mining companies, providing investors with a framework for analyzing companies in the current environment of elevated metal prices.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Kevin Smith, Non-Executive Director of Iris Metals Ltd.Recording date: 15th May 2025Iris Metals (ASX:IR1) presents a distinctive investment proposition in the lithium sector, focusing on speed-to-market in the United States through brownfield restart projects in South Dakota. Unlike many peers that require years of development and massive capital expenditure, Iris is advancing a permitted portfolio of hard rock spodumene assets with potential production by the end of 2026."This isn't your traditional dynamic of what you think of in a Western Australian style spodumene project where we're going to go drill for three or four years, build a huge resource, then raise a billion dollars off an FID and go build it," explains Kevin Smith, Non-Executive Director of Iris Metals. "We have a quick path to production by leveraging the operations that are already there."The company's strategic advantages begin with location. In a US market that currently imports 100% of its lithium requirements, Iris controls previously producing mines that operated during the Cold War era. These assets are already licensed and permitted, potentially eliminating years of regulatory hurdles that typically delay new mining projects.Iris employs a "hub and spoke" model centered around three primary project areas: Beecher (which already has a resource statement), Tin Mountain, and Edison. All three sites are currently being drilled, with updated resource estimates expected by fall 2025 to support a final investment decision.The US political landscape creates additional tailwinds. Recent tariffs on lithium imports, even from traditional allies like Canada, provide market protection for domestic producers. Combined with production tax credits, these policies create a protected ecosystem for US lithium development.From a technological standpoint, Iris avoids the risks associated with novel extraction methods by focusing on conventional hard rock mining – a proven approach widely used in established lithium producing regions. "We don't have to prove up a process flowsheet like the DLE guys," notes Smith. "We're going to use technology that's tried and proven in Western Australia and other places."The company claims several advantages that could contribute to a competitive cost structure, including very low strip ratios (potentially as low as 1:1), existing infrastructure, and proximity to workforce and services. These factors lead Iris to believe it can operate in "the bottom quartile of the cost curve" globally.Beyond mining, Iris has demonstrated the ability to produce battery-grade lithium compounds domestically through partnership with Indiana-based Reelement. Initial trials have reportedly produced 99.5% pure lithium carbonate – potentially enabling a complete US supply chain without sending material overseas for processing.For investors, upcoming catalysts include results from ongoing drill programs, trial mining activities to verify cost parameters, detailed engineering studies, and a potential OTC listing to improve accessibility for North American investors. The timeline to potential production appears relatively short compared to many lithium development peers, potentially offering a faster path to cash flow in a strategic jurisdiction.View Iris Metals' company profile: https://www.cruxinvestor.com/companies/iris-metals-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca CopperOur previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-de-risked-chilean-copper-developer-on-the-fast-track-to-production-6720Recording date: 12th May 2025Marimaca Copper is making substantial progress on two fronts in northern Chile's prolific copper belt. The company is finalizing the Definitive Feasibility Study (DFS) for its flagship Marimaca oxide project while simultaneously uncovering exciting exploration results at the nearby Pampa Medina project.Recent drilling at Pampa Medina has revealed a potentially transformative discovery with two stacked manttos (horizontal ore bodies) showing different styles of mineralization. The upper zone intersected approximately 80 meters at over 1.2% copper, including a higher-grade section exceeding 20 meters at roughly 2.5%. More significantly, deeper drilling encountered substantial visual bornite and chalcopyrite mineralization in the lower 300 meters, with assays pending."We now think that Pampa Medina has the potential to nearly double in size if there's continuous mineralization between the current Pampa Medina manto horizon out to the Pampa Medina Norte extension," explained Hayden Lock, President and CEO of Marimaca Copper. This expansion could substantially increase the strike length of the deposit. The mineralization bears similarities to Antofagasta's Cachuro discovery, which boasts a resource exceeding 300 million tons at over 1% copper.Marimaca is pursuing a pragmatic hub-and-spoke development strategy, with the flagship Marimaca oxide project serving as the central processing facility for multiple satellite deposits, including Pampa Medina and Madrugador. This approach aims to maximize capital efficiency while providing a clear path to significant production scale.The exploration success could significantly enhance the company's production profile. Current development plans target approximately 50,000 tons of copper annually from the Marimaca oxide project. However, integrating the satellite deposits could increase production to 70,000-75,000 tons, which would make Marimaca Copper the sixth largest copper project on the ASX according to Lock.Internal assessments suggest Madrugador and Pampa Medina together could contribute 20,000-25,000 tons annually for 13-14 years, even without additional exploration success. The company has commissioned an integration study from Stantec to validate the economic benefits of incorporating these satellite deposits into the development plan.Initial metallurgical indications for the Pampa Medina oxide material are encouraging, with data suggesting high acid solubility and potentially better recoveries than at the flagship Marimaca project. The company is balancing aggressive exploration ambitions with pragmatic capital management, focusing immediate drilling efforts on connecting the Pampa Medina Norte extension with the main deposit while conducting select deeper holes to test sulfide potential.For investors, Marimaca offers exposure to a copper development story with multiple near-term catalysts, including the completion of the DFS for the flagship project, pending assay results from deep drilling, and the integration study results. The company's advancing development timeline coincides with a period of favorable copper market fundamentals, characterized by accelerating demand and constrained supply growth.Marimaca's progress toward production, combined with its expanding resource potential, positions it as an increasingly significant player in the copper development landscape.Learn more: https://cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Rory Quinn, President & CEO of Yukon MetalsRecording date: 12th May 2025Yukon Metals Corp. (CSE: YMC) is an emerging mineral exploration company advancing a trio of high-priority projects in Canada’s Yukon Territory—Star River, AZ, and Birch. Backed by ~$17 million in cash and the support of industry veterans including the Berdahl family (founders of Snowline Gold) and Keith Neumeyer, Yukon Metals is targeting transformative discoveries in 2025.Formed in 2024 from a private portfolio of 17 properties built over two decades, Yukon Metals is led by CEO Rory Quinn, a former Wheaton Precious Metals executive. The company has strategically narrowed its focus to three core assets based on grade potential, accessibility, and geological indicators. These projects benefit from proximity to year-round infrastructure, giving the company a cost and logistics edge in a traditionally challenging region.Star River is Yukon’s flagship, offering surface samples with up to 11,000 g/t silver and 101 g/t gold, supported by overlapping geophysical anomalies suggestive of a large carbonate replacement system. AZ is a copper-gold target with a 1.2 km gossan zone and trenching results up to 10.3% Cu, while Birch hosts geochemical signatures of an intact porphyry system near the Casino district.The company plans to drill 9,000 meters across all three projects in 2025, with initial results from Star River expected to serve as the key catalyst. Supported by disciplined capital allocation, minimal holding costs on its wider property portfolio, and strong shareholder alignment, Yukon Metals is well-positioned to make a meaningful discovery in a resurgent exploration environment.In a macro climate where secure, high-grade metal sources are increasingly prized, Yukon Metals’ infrastructure-accessible, high-potential assets offer compelling exposure to gold, silver, and copper in one of Canada’s most promising jurisdictions.View Yukon Metals' company profile: https://www.cruxinvestor.com/companies/yukon-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO of Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-crawford-project-advances-with-feed-completion-eyes-2025-construction-6791Recording date: 13th May 2025Canada Nickel Corporation (TSX: CNC) presents a compelling investment opportunity as it advances North America's most promising nickel project in the face of unprecedented government support and institutional capital returning to the mining sector. CEO Mark Selby's leadership has positioned the company to capitalize on what he describes as "the world's largest nickel sulfide district" in Timmins, Ontario, with the flagship Crawford project now approaching a construction decision after completing its FEED study and progressing through permitting.The company's innovative financing strategy has set it apart during challenging capital markets, executing its fourth successful bridge financing arrangement to avoid dilutive equity raises while maintaining project momentum. Recent financing totaling $39-40 million, including a groundbreaking partnership with TTN First Nation, demonstrates management's ability to access capital through non-traditional channels. This approach recognizes the fundamental shift in mining finance, where actively managed funds have "shrunk very dramatically over the last 15 years" and become concentrated in gold, copper, and silver.Political tailwinds have never been stronger for critical mineral projects in North America. The Trump administration's supply chain security focus, combined with Canada's new government under Carney promising to accelerate critical mineral development, creates multiple funding pathways for projects like Crawford. The Canadian government has established numerous funding programs worth billions, though deployment has been slow until now. With both governments prioritizing critical mineral security and upcoming USMCA renegotiations, Canada Nickel is positioned to benefit from what Selby describes as "monster bold steps forward" in government support.Unlike many nickel companies dependent solely on the EV market, Canada Nickel has strategically designed its operations for market flexibility. The company can direct 100% of production to the stainless steel and alloy markets, which continue to show strong growth (China's 300 series stainless production up 12% year-over-year), while maintaining optionality for EV sales through its Samsung SDI offtake agreement. This diversification provides crucial revenue stability as some automotive manufacturers, including Honda, reassess their EV timelines.Perhaps most significantly for near-term share price performance, generalist institutional investors are returning to mining after a decade-long absence. Selby reports that recent conferences included multiple meetings with generalist funds, representing a fundamental shift from resource-only investors. These funds see relative value in a sector trading at "5 and 10% of NPV" compared to broader markets at high multiples. When generalist capital moves from "0.05% of assets to 0.1% to 0.25%," it creates what Selby describes as "a tidal wave of capital."The company has outlined a comprehensive $3 billion funding package with multiple committed sources including $500 million from Export Development Canada, $600 million in refundable tax credits, $100 million from Samsung, and additional potential funding from European agencies and Canadian government programs. With permitting on track for year-end completion and detailed engineering advancing, Canada Nickel is positioned to make its final investment decision and benefit from first-mover advantage in one of the world's most promising nickel districts.For investors, Canada Nickel represents exposure to critical mineral supply chain security, innovative financing structures, and the convergence of government support with returning institutional interest—all while maintaining operational flexibility that provides downside protection in volatile markets.—View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with David Londoño, President & CEO of Mineros SAOur previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-leading-gold-producer-in-colombia-with-growth-plan-towards-400000-ozyr-6250Recording date: 12th May 2025Mineros SA (TSX: MSA), a Latin America-focused gold producer, is charting a path of disciplined expansion under newly appointed CEO David Londoño, a Colombian mining engineer with over 30 years of industry experience. With operations in Colombia and Nicaragua, the company produces gold through low-cost dredging and underground mining methods, generating $160 million in annual revenue and maintaining a strong cash balance of $81 million. It also rewards shareholders with a stable 10-cent annual dividend.In Colombia, Mineros uses an environmentally friendly dredging process powered by hydroelectric energy, which allows for simultaneous gold recovery and land reclamation. In Nicaragua, operations are set to expand following the approval of a new mine at Porvenir, which could boost regional output by 50,000–60,000 ounces annually.A hallmark of Mineros’ strategy is its integration of artisanal miners into the supply chain—an initiative that supports local communities while enhancing the grade of processed ore. With this social license and local expertise, the company is evaluating acquisitions across Latin America, targeting 70,000 to 130,000-ounce-per-year assets that complement its current footprint.Londoño is focused on margin discipline and performance. “We don’t control the price, but we control the costs and our performance,” he stated. With improved market visibility and a rising share price, Mineros is positioning itself as a cost-effective, socially conscious, and dividend-paying gold producer with room to grow. The company’s strategic focus on value-driven expansion and operational excellence highlights its potential as a standout mid-tier player in the Latin American gold sector.View Mineros SA's company profile: https://www.cruxinvestor.com/companies/mineros-saSign up for Crux Investor: https://cruxinvestor.com

Interview with Ian Harris, President & CEO of Outcrop Silver & Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/outcrop-silver-tsxvocg-why-eric-sprott-holds-199-of-this-high-grade-silver-opportunity-6786Recording date: 12th May 2025Outcrop Silver & Gold (TSXV: OCG) is advancing one of the highest-grade primary silver projects globally, with CEO Ian Harris leading a disciplined approach to resource expansion and valuation growth.The company currently holds 37 million ounces of silver and aims to reach at least 60 million ounces in the near term, with ambitions to exceed 100 million ounces within the next 18-24 months. This expansion is supported by a fully-funded $12 million drill program, which has already delivered promising results including intercepts of "20 meters at 992 grams per tonne silver."Harris emphasizes a strategic approach that decouples valuation from volatile silver prices, focusing instead on creating measurable returns through resource expansion for every dollar invested. This disciplined stance aims to mitigate dilution risks while ensuring consistent growth regardless of market fluctuations.The company is pursuing a "starter-scale" development strategy, planning a smaller initial operation to reduce capital requirements and accelerate cash flow generation. This approach mirrors successful models in the gold sector, providing a more accessible pathway to production in today's challenging financial environment.The broader macroeconomic backdrop offers supporting factors for silver demand, including global debt accumulation and shifts away from the US dollar toward alternative assets. These trends potentially strengthen the fundamental case for silver investments over the medium-to-long term.In the current M&A landscape, Harris notes that acquisitions primarily reward producing assets rather than exploration-stage projects, underlining Outcrop's strategy to advance quickly toward initial production to enhance its strategic appeal.With strong exploration results underpinning near-term valuation catalysts and a clear pathway to growth, Outcrop Silver & Gold represents a disciplined approach to silver resource development in a market increasingly favorable to precious metals investments.View Outcrop Silver & Gold's company profile: https://www.cruxinvestor.com/companies/outcrop-silver-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Juan Garcia Valledor, GM Spain of Pan Global Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-poised-to-thrive-in-the-coming-copper-boom-6794Recording date: 13th May 2025Pan Global Resources (TSXV: PGZ) is making significant progress on its copper, tin, and gold exploration portfolio across Spain. Led by an experienced mine-building team, the company is advancing multiple promising projects with a clear development roadmap.The flagship La Romana deposit continues to expand, now extending 1.7 km in strike length with consistent copper and tin mineralization. With nearly 190 drill holes completed, Pan Global is approaching a maiden resource estimation expected in 2025, followed by a Preliminary Economic Assessment in 2026. Company leadership is confident that "La Romana is clearly in the way to be a mine."Recent drilling at La Pantoja, 500 meters west of La Romana, intersected high-grade copper (1.5%) and tin (0.1%), potentially extending the resource footprint. Meanwhile, exploration at the northern Cármenes and Profunda projects has revealed impressive gold values exceeding 3g/t over 37 meters and copper samples grading over 5%.Pan Global's strategic advantage comes from its location in Andalusia, one of Europe's most mining-friendly jurisdictions with supportive local communities and administration. The Spanish government is developing a new mining exploration framework, with Pan Global contributing to the process.The company's approach differs from typical grassroots explorers, with a management team that includes multiple mining engineers preparing for development phases. Environmental and social groundwork is already underway, reflecting the company's commitment to responsible practices.With 7,000 meters of drilling planned for 2025 and multiple high-potential targets within trucking distance of each other, Pan Global envisions potentially consolidating several deposits into a standalone mining operation, with alternative options including toll milling at nearby facilities.As Europe seeks secure sources of critical minerals for electrification and decarbonization, Pan Global's multi-metal portfolio in an EU-aligned jurisdiction offers a compelling investment case amid structural supply constraints for copper and increasing demand for tin in technology applications.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Niël Pretorius, CEO of DRDGOLD Ltd.Our previous interview: https://www.cruxinvestor.com/posts/sustainable-gold-silver-producers-showcase-new-value-creation-model-6117Recording date: 13th May 2025DRDGOLD Limited (NYSE:DRD) has established a distinctive position in the gold mining industry with its innovative approach of recovering gold from historical mine tailings rather than conventional underground mining. This South African producer combines environmental remediation with profitable gold production in a waste-neutral business model that's proving particularly effective in today's strong gold market.Under CEO Niël Pretorius's leadership, DRDGOLD is executing a major infrastructure investment program to extend the operational life of its assets through 2040. The company recently completed a 60 MW solar power facility and is implementing a 180 MW battery energy storage system, addressing previous power challenges. Additional investments include new tailings storage facilities and expanded processing capacity at both its Ergo and Far West Gold Recoveries (FWGR) operations.What stands out about DRDGOLD's growth strategy is that it remains entirely self-funded. Strong gold prices have driven record performance, allowing the company to maintain its 18-year dividend streak while simultaneously funding its capital expansion program without external financing. By FY2028, DRDGOLD targets a combined processing throughput of 3 million tonnes per month and annual gold production of approximately 200,000 ounces.The company's ESG credentials are compelling. Rather than generating new mining waste, DRDGOLD processes legacy tailings and deposits them into modern facilities with superior environmental standards. This approach enables concurrent rehabilitation of mining sites and reduces final closure costs.DRDGOLD's business model offers several advantages over traditional mining operations. With approximately 5.5 million ounces of gold resources already above ground in tailings, the company faces minimal geological risk. Its engineering-focused approach emphasizes processing efficiency and consistent output, functioning almost like a gold-processing factory.The company maintains a no-hedging policy, providing investors with full exposure to gold price increases. This strategy aligns with broader macroeconomic trends supporting gold, including geopolitical tensions, inflation concerns, and growing interest in hard assets.DRDGOLD also prioritizes organizational continuity and talent development, with nearly half its workforce now comprising women and a new generation of young professionals advancing through the ranks. This stable management team and strong corporate culture support the company's long-term vision of optimized resource recovery coupled with responsible environmental stewardship.View DRDGOLD's company profile: https://www.cruxinvestor.com/companies/drdgold-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Malcolm Dorsey, President & CEO of Torr Metals Inc.Recording date: 13th May 2025Torr Metals (TSXV:TMET) is a Canadian exploration company preparing for its maiden drill program at the Kolos Project in southern British Columbia—a road-accessible copper-gold porphyry target located near major producing mines like New Afton and Highland Valley. With strong early indicators including high-grade surface samples and a 1,300m x 800m geophysical anomaly at the Bertha Zone, Torr is targeting up to 3,000 meters of drilling in 2025.The Kolos Project benefits from exceptional infrastructure: it lies along Highway 5, 30 minutes from a lab in Kamloops, and requires no seasonal camp. This accessibility dramatically reduces costs and supports fast assay turnaround. CEO Malcolm Dorsey emphasizes that Kolos exhibits “a very large zone of hydrothermal alteration and mineralization,” consistent with porphyry systems sought by major miners.Torr’s land position is strategically located within a competitive mining district. Majors like Teck, New Gold, Hudbay, Fortescue, and Boliden have recently staked nearby, signaling rising interest in the area. With New Afton and Highland Valley approaching end-of-life within 6–15 years, a discovery at Kolos could serve as a future feedstock source for local mills.Beyond Kolos, Torr offers exploration optionality with two additional projects: the Filion Gold Project in Ontario, featuring high-grade historic samples, and the Latham copper-gold project in northern BC, both aligned with the company’s low-cost, highway-accessible strategy.With just 42 million shares outstanding, a ~$6M market cap, and 25% insider ownership, Torr Metals provides investors with high-leverage exposure to copper-gold discovery. As electrification drives long-term copper demand and supply tightens, Torr is positioned as an emerging junior in a region that majors are watching closely.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Major, CEO of Krakatoa Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/krakatoa-resources-kta-hopeful-gold-explorer-next-to-australias-largest-gold-mine-323Recording date: 13th May 2025Krakatoa Resources (ASX:KTA) is rapidly advancing its Zopkhito antimony-gold project in Georgia, targeting a JORC-compliant resource by early 2026. With antimony increasingly recognized as a critical mineral due to its importance in defense, renewable energy, and industrial sectors—and global supply dominated by China, Russia, and Tajikistan—Krakatoa’s project has drawn investor attention for its strategic potential and high grades.Originally explored by Soviet geologists, Zopkhito boasts historical grades averaging 11.6% antimony—far above the global average of around 1.3%. CEO Mark Major emphasized the urgency of diversifying antimony supply, noting, "It is not a recyclable element—you use it, you lose it." Krakatoa aims to leverage this exceptional grade and decades of existing data to fast-track validation through a 7,000–10,000 meter drill campaign beginning mid-2025, with JORC-compliant results expected by Q1 2026.The company plans to raise AUD 2 million, focusing on long-term investors aligned with its vision of transitioning from confirmation to early-stage production within two years. A small-scale antimony concentrate operation is being considered to capitalize on near-term price strength, with gold offering longer-term upside.Georgia’s supportive mining laws and existing permits at Zopkhito present a significant regulatory advantage. Krakatoa’s strategy—centered on high-grade mineralization, reduced exploration risk, and early cash flow—positions it as a compelling entry point into the critical minerals market. As global powers seek secure antimony supply chains, Krakatoa’s Western-aligned, high-grade asset offers both strategic relevance and economic promise.View Krakatoa Resources' company profile: https://www.cruxinvestor.com/companies/krakatoa-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Andre Huet, CEO, and Oliver Turner, Corporate Development of Americas Gold & SilverOur previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-eric-sprotts-silver-camp-reboot-6965Recording date: 12th May 2025Americas Gold & Silver (TSX:USA) is experiencing a dramatic transformation under new leadership, positioning itself as a premier turnaround opportunity in an increasingly consolidated silver sector. Since December 2024, CEO Paul Huet and his management team have implemented strategic reforms that have already attracted significant institutional interest.The company's institutional ownership has surged from just 8% to 58% in under six months, reflecting growing investor confidence in the new direction. This dramatic shift coincides with the company's recent addition to the SIL index, providing automatic exposure to major funds like BlackRock and T. Rowe Price, with GDXJ inclusion targeted for September 2025.At the heart of this revival is the historic Galena Complex in Idaho, which once produced 5 million ounces of silver annually but has averaged only 1.3 million ounces over the past decade. Management is implementing modern mining methods, including reintroducing long hole stoping for the first time in ten years, aimed at restoring production to previous peak levels.Recent drilling results have reinforced this optimism, with a newly discovered "34 Vein" returning impressive grades of 983 g/t silver over 3.4 meters. To capitalize on these opportunities, the company is pursuing debt financing for critical infrastructure improvements, including a pastefill plant, remote control equipment, and shaft upgrades to more than double hourly capacity.The investment thesis is further strengthened by the dwindling number of pure-play silver producers available to investors. Following recent acquisitions like Pan American's $2.1 billion purchase of Mag Silver at 1.6x NAV, fewer than 10 significant silver-focused companies remain, creating potential scarcity value.Huet, who previously led a successful turnaround at Kurora where production increased fivefold, has personally invested significantly alongside other executives. The team emphasizes that Americas Gold & Silver offers both operational improvement potential and leverage to silver prices, which they believe could reach $35-40 per ounce.With a 100-day track record showing tangible operational improvements and strong technical progress underground, the company is executing a proven playbook in a sector where consolidation continues to reduce investment options, making Americas Gold & Silver an increasingly rare opportunity in the silver mining space.View Americas Gold and Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin van der Toorn, President & CEO of Greenheart Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/greenheart-gold-tsxvghrt-proven-team-pursues-new-gold-discoveries-in-guyana-6280Recording date: 8th May 2025Greenheart Gold is an emerging gold explorer focused on early-stage discovery in the Guiana Shield, spanning Guyana and Suriname. Formed as a spin-out from Reunion Gold and G-Mine Adventures, the company is led by CEO Justin van der Toorn and staffed by a proven technical team from Reunion. Greenheart pursues a rigorous, data-driven strategy—advancing only those targets with clear signs of mineralization while rapidly dropping underperformers.The company is actively exploring five projects, including Majorodam and Igab in Suriname, and Tamakay, Abuya, and Tosso Creek in Guyana. At Majorodam, early RC drilling yielded standout intercepts such as 6m at 8–9 g/t Au and 30m at 2 g/t Au. The site’s favorable access and geological setting prompted the team to move quickly from soil sampling to drilling, bypassing traditional trenching due to surface conditions. At Igab, located near Newmont’s Merian mine, widespread anomalies and visible gold suggest a high-potential discovery zone.In Guyana, the company has shown discipline by reducing its footprint at Tamakay after inconclusive geochemical results, while continuing focused work in historically mined zones. At Tosso Creek, early soil anomalies and structural indicators have positioned the project for a LIDAR survey and follow-up drilling in 2025.Greenheart’s outsourced data management ensures QA/QC integrity, reinforcing confidence in its exploration process. With strong financial backing, road-accessible projects, and proximity to major operations, Greenheart is well-positioned to deliver meaningful results in a region known for untapped gold potential. For investors seeking early-stage leverage to discovery in one of the world’s most prospective gold terrains, Greenheart Gold offers a disciplined and technically robust platform for growth.View Greenheart Gold's company profile: https://www.cruxinvestor.com/companies/greenheart-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-strong-q1-gold-production-61m-cash-position-7023Recording date: 8th May 2025Integra Resources is transforming from a development company into a U.S.-based gold producer following its acquisition of Nevada's Florida Canyon mine in late 2024. The company now balances a producing asset with two development-stage projects, including its flagship Delamar project in Idaho.At Florida Canyon, Integra has launched a strategic 10,000-meter drill program targeting mine life extension. The campaign focuses on previously underexplored areas including historical mine dumps, zones between existing pits, and lateral extensions. CEO George Salamis describes these targets as "low-hanging fruit" with potential to consolidate multiple smaller pits into larger operations.A key advantage in Integra's approach is self-funding exploration through operational cash flow from Florida Canyon, reducing dependency on capital markets and avoiding shareholder dilution. This financial independence allows the company to execute multi-phase exploration without needing additional equity raises.The current gold price environment creates opportunities to reprocess previously uneconomic low-grade material that was mined when gold traded at $1,000-$1,200 per ounce. Salamis believes the updated resource estimate expected by early 2026 could extend mine life from six to potentially eight or nine years.Beyond immediate operations, Integra controls a highly prospective 10-kilometer trend and plans to begin regional drilling in late 2025, synthesizing decades of historical data with expert input from former exploration managers.The company is benefiting from a favorable U.S. policy environment that increasingly views domestic gold production as strategically important. Salamis reports unprecedented regulatory support, with officials suggesting ways to accelerate permitting from "five to seven years" down to "a year or two."This dual approach of extending existing operations while exploring regional potential positions Integra to appeal to both production-focused investors seeking cash flow and margins, and exploration-oriented shareholders looking for discovery upside in a supportive regulatory environment.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview withHayden Locke, President & CEO of Marimaca Copper Corp.Hugh Agro, President & CEO of Revival Gold Inc.Recording date: 7th May 2025Despite gold trading at record highs above $3,000 per ounce, development-stage gold companies are taking a notably disciplined approach to project advancement. Companies like Revival Gold and Marimaca Copper are adopting phased, low-capital expenditure models that prioritize financial prudence over aggressive expansion.This strategic shift represents a departure from the previous cycle's "build it big, sell it later" mentality that often led to project failures when funding disappeared or buyers never materialized. Instead, these companies are embracing the Australian model of bootstrapping manageable, lower-risk development stages that generate cash flow earlier.Revival Gold's Beartrack-Arnett project exemplifies this approach, beginning with a heap-leach operation that allows for production with minimal capital intensity while maintaining expansion potential. Similarly, Marimaca Copper is right-sizing its Chilean copper oxide project to match realistic financing capabilities rather than pursuing billion-dollar developments.Despite current gold prices, most producers continue modeling reserves at conservative $1,400-$1,500 levels, showing industry-wide reluctance to assume high prices will persist. This discipline has contributed to a limited supply response, potentially supporting continued price strength.In today's challenging financing environment, these companies are securing capital through strategic partnerships with aligned investors rather than relying solely on public equity markets or high-cost financing structures. Revival Gold and Marimaca have partnered with long-term backers like Greenstone and Dundee Corporation, respectively.For investors, the opportunity lies in identifying gold developers with experienced management teams, capital discipline, thoughtful project scaling, and aligned strategic investors. As gold maintains its role as a store of value amid economic uncertainty, development-stage companies with credible paths to production offer exposure to the next generation of gold supply with significant potential for value creation—provided they maintain their disciplined approach to development and financing.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Ian Cockerill, CEO of Endeavour Mining PLCOur previous interview: https://www.cruxinvestor.com/posts/endeavour-mining-tsxedv-expanding-margins-and-quality-growth-4531Recording date: 7th May 2025Endeavour Mining, one of West Africa's premier gold producers, is reporting exceptional performance under CEO Ian Cockerill, who took the helm in January 2024. The company generated $411 million in free cash flow in Q1 2025, marking its fifth consecutive quarter of improved results.Cockerill has implemented a streamlined "4E" strategy—Employees, Excellence, Exploration, and Expansion—focusing on operational efficiency and disciplined cost management. Despite industry-wide inflation, Endeavour has maintained stable costs over six quarters through initiatives like centralized procurement.The company offers investors a rare combination of high yield and substantial growth potential. With a dividend yield of approximately 6% and planned production growth of 30-35% by 2030, Endeavour appeals to both income-focused and growth-oriented investors. In 2024, the company returned $277 million to shareholders and has already guaranteed a $225 million dividend for 2025, with additional share buybacks expected.Driving Endeavour's growth strategy is the Assafou project in Côte d'Ivoire, described as "the best discovery in West Africa over the last decade." This tier-one asset holds 4.3 million ounces in reserves with a 15-year mine life and is expected to produce over 350,000 ounces annually at an all-in sustaining cost below $1,000 per ounce.Exploration remains central to the company's approach, having discovered nearly 20 million ounces in the past eight years at under $25 per ounce. Current production stands at approximately 1.2 million ounces annually from five mines across three West African jurisdictions, with plans to reach 1.5 million ounces per year by 2030.While acknowledging perceived risks in West Africa, Cockerill emphasizes Endeavour's long-standing local relationships and operational stability. The company's valuation gap has been narrowing since Q4 2024 as market confidence grows in both its current performance and future prospects.View Endeavour Mining's company profile: https://www.cruxinvestor.com/companies/endeavour-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Gwen Preston, VP Communications of West Red Lake Gold Mines Ltd.Our previous interview: https://www.cruxinvestor.com/posts/actual-gold-mine-builders-discussing-the-reality-vs-theory-of-getting-into-economic-production-7040Recording date: 7th May 2025West Red Lake Gold Mines (TSXV: WRLG) is poised to restart production at its flagship Madsen gold mine in Red Lake, Ontario by mid-2025. After a comprehensive two-year turnaround effort, the company has successfully validated its mining plan through a 15,000-tonne bulk sample that closely matched predicted grades and tonnage.Mining operations are already underway with stockpiles being accumulated to ensure a smooth production launch. The company plans to begin at 600 tonnes per day, ramping up to 800 tonnes per day by the end of 2025, with future expansion potential given the mill's 1,100 tonne per day capacity.The bulk sample generated over $8 million USD in revenue while confirming the accuracy of the company's geological model. This success comes after WRLG completed 90,000 meters of definition drilling since 2023, addressing issues that led to the mine's previous operational failure under different ownership.Current elevated gold prices, now significantly higher than the $1,680/oz used in previous planning, have allowed the company to expand stope sizes and reduce cut-off constraints. This improved economics has shifted mining preferences toward more cost-efficient long-hole stoping methods.The project boasts strong metallurgical performance with 95% gold recovery rates and competent host rocks that reduce geotechnical risks. Regular updates, including drill results every six weeks, are planned as the company progresses toward full production.West Red Lake Gold Mines represents an attractive investment opportunity as a near-term producer with a validated resource model, strong gold price tailwinds, low technical risk, scalable infrastructure, visible cash flow, and compelling valuation. The company is strategically positioned to deliver ounces into a favorable gold price environment while competitors face capital constraints and project delays.View West Red Lake Gold Mines' company profile: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

Compass, episode 14Our previous interview: https://www.cruxinvestor.com/posts/gold-stocks-show-strong-growth-as-markets-pause-7048Recording date: 6th May 2025Olive Resource Capital has reported a strong start to 2025, achieving a net portfolio gain of approximately 23–24% through April. The performance is attributed to significant gains in key gold and copper holdings, with standout contributions from Omai Gold Mines and Troilus Gold, both of which have nearly doubled in value. Arizona Sonoran, a copper-focused investment, also added to the momentum with a 30% gain, supported by rising investor interest and developments such as Hudbay’s strategic involvement.The firm maintains over 50% of its portfolio in precious metals, favoring advanced-stage assets with clear paths to production or acquisition. Their investment strategy distinguishes between two categories: fundamental holdings, like Omai and Arizona Sonoran, which are held based on valuation and long-term potential; and liquid positions, consisting of larger-cap gold equities that can be adjusted in response to market conditions.A significant portion of the recent episode of Compass, the firm’s investor show hosted by Executive Chair Derek Mcpherson and CEO Sam Pelaez, focused on sector-wide trends—particularly consolidation and capital flows. The duo discussed Gold Fields’ $2.4 billion acquisition of Gold Road Resources. While the transaction’s ~$600/oz valuation appears above historical averages, they noted that the quality of the Gruyere project and the premium jurisdiction of Western Australia may justify the pricing, especially in a potentially rising gold price environment.Equally notable was the discussion around Southern Cross Consolidated’s C$120M+ equity financing. As a pre-resource exploration company, such a capital raise is rare and considered a strong signal of renewed appetite for high-grade gold systems. Sunday Creek, Southern Cross’s flagship asset in Victoria, has delivered encouraging exploration results and now has the funding runway for aggressive drilling over the next two years. Olive had previously held shares in Mawson Gold, Southern Cross’s predecessor, and exited with a 100% return.Finally, the team highlighted Australia’s increasingly dominant role in mining market activity. With major takeovers, robust fundraising, and strong equity performance across top producers, the pace of development there contrasts with a slower environment in Canada.For investors, the message is clear: the resource sector is experiencing renewed momentum. Strategic positioning in advanced-stage projects, particularly in strong jurisdictions, may offer the most resilient upside as capital re-engages with the sector.Sign up for Crux Investor: https://cruxinvestor.com