Company Interviews

Recording date: 25th February 2026The gold mining sector stands at a critical juncture as major producers generate unprecedented free cash flow while consolidation activity remains notably absent. Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair at Olive Resource Capital, discussed this disconnect during their February 25, 2026 industry commentary.The BMO Capital Markets conference in Hollywood, Florida concluded without the major corporate announcements typically expected at such gatherings, bringing only B2 Gold's leadership transition instead of the anticipated mega mergers or strategic acquisitions. This surprised both executives given the industry's exceptionally strong financial position.Major producers are now generating extraordinary cash flow. Agnico Eagle reported approximately $11 million in daily free cash flow during Q4 2025, while AngloGold Ashanti posted similar figures. With gold prices having climbed to above $5,000 per ounce, these companies could potentially generate an additional $7-8 million daily. Pelaez characterized the industry as becoming "over capitalized," with substantial cash accumulating on producer balance sheets faster than it can be deployed through dividends and buybacks alone.The executives emphasized that M&A activity must eventually materialize, noting that producer stocks have appreciated approximately 5x since the Great Bear Resources acquisition. This suggests $10 billion takeouts are now mathematically feasible, compared to the $2 billion Great Bear precedent. However, both acknowledged being wrong about timing, with developer valuations remaining "long overdue" to catch up with producers.The key signal they're monitoring is competitive bidding situations with multiple parties pursuing single assets. Once this dynamic emerges, a "herd mentality" should drive rapid consolidation as companies move quickly to secure remaining quality targets.Looking ahead to the PDAC conference in Toronto, both executives plan to identify new opportunities, particularly in copper development assets and Argentina's emerging mining sector. The conference represents a key test of whether the industry will finally deploy its substantial cash reserves toward strategic acquisitions.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Daniel Henao, President & CEO of Mineros SAOur previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-record-earnings-fund-aggressive-expansion-across-latin-america-8048Recording date: 25th February 2026Mineros SA (TSX:MSA), a Colombian gold producer with over 100 years of operational history, is executing a fundamental transformation that positions the company as a compelling growth opportunity in the current $5,000 per ounce gold environment.The company delivered exceptional 2025 results, producing 227,000 ounces of gold equivalent and generating $800 million in revenues—a 50% increase year-over-year. With $360 million in adjusted EBITDA generated at an average realized price of $3,500 per ounce, the company now operates in a significantly more favorable pricing environment that provides immediate margin expansion.Mineros operates two producing assets with distinct characteristics. Hemco in Nicaragua produces approximately 140,000 ounces annually from the historic Bonanza mining district, while Colombia contributes 90,000 ounces through an unusual century-old alluvial operation that employs flooded-pit methodology, gravity separation without chemicals, and hydroelectric power.The company's near-term growth strategy centers on Nicaragua, where processing capacity represents the primary constraint despite abundant mineral resources. Mineros is investing in a 40% throughput expansion at Hemco, increasing capacity from 1,800 to 2,500 tons per day by year-end 2026. Simultaneously, gold recoveries have improved from 87% to 90%, representing pure margin enhancement from already-mined material.On the exploration front, Mineros is launching its largest-ever drilling program of 100 kilometers across its 450,000-hectare Nicaragua land package. The district has produced nearly 10 million ounces historically yet remains substantially underexplored by modern methods. The company is targeting both brownfield expansion near existing operations and greenfield discoveries under the leadership of Carlos Rios, who joined from Collective Mining in December 2025.Despite 1,000% stock appreciation over two years, management argues the company remains undervalued at 2x revenues and 4x EBITDA—multiples based on $3,500 gold rather than current prices. The company has returned $145 million to shareholders over five years while maintaining its ability to fund growth initiatives, dividends, and explore selective M&A opportunities from strong operating cash flow.View Mineros S.A.'s company profile: https://www.cruxinvestor.com/companies/mineros-saSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, Director & CEO of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-meet-the-team-hashim-ahmed-9202Recording date: 26th February 2026New Found Gold Corporation (TSXV: NFG) is executing a calculated strategy to fast-track its high-grade Queensway project into production through a infrastructure-focused acquisition approach. CEO Keith Bole recently detailed how the company's acquisition of the Hammerdown gold project and Pine Cove mill facility serves as the catalyst for bringing Queensway online by the end of 2027—approximately three years ahead of traditional greenfield development timelines.The acquisition rationale centers on accessing permitted milling infrastructure rather than resource ounces. "We wanted the mill and tailings for Queensway. That's what we were shooting for," Bole explained. By leveraging the existing Pine Cove facility, New Found Gold avoids the lengthy permitting process and construction delays associated with building new processing capacity from scratch.The company is currently ramping up 700 tons-per-day production at Hammerdown while simultaneously expanding the Pine Cove mill from 700 to 1,400 tons per day. This expanded capacity will process high-grade material from Queensway—approximately 700 tons daily grading between 9 and 10 grams per ton—trucked 270 kilometers to the Pine Cove facility.Queensway Phase 1 economics are compelling: 69,000 ounces annually at all-in sustaining costs around $1,300 per ounce translates to over $200 million in annual cash generation at current gold prices. The phased development approach addresses a critical constraint that would have faced a traditional large-scale build. As Bole noted, "The capex on a large plant that we had in the PEA was somewhere close to $900 million. Our market cap at the time was only $350-400 million." Raising nearly three times market capitalization would have required massive shareholder dilution and delayed first production until at least 2031.The two-asset strategy provides additional advantages beyond timeline acceleration. Operational experience gained ramping up Hammerdown's 700-ton-per-day open pit operation transfers directly to Queensway's identical-scale mining operation, significantly de-risking execution. Current production at Hammerdown also strengthens the company's position in project financing discussions, with lenders viewing existing cash flow favorably when evaluating facility terms for the Pine Cove expansion and Queensway development.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Janet Lee Sheriff, Director & CEO of Verdera EnergyOur previous interview: https://www.cruxinvestor.com/posts/verdera-energy-listing-high-grade-usa-focused-isr-projects-9038Recording date: 24th February 2026Verdera Energy has completed its listing on the TSX Venture Exchange under the symbol 'V', raising $20 million at $1 per subscription receipt to fund uranium development across New Mexico. The company controls 400 square miles of patented private mineral rights hosting approximately 88 million pounds of known and historic uranium resources, positioning itself at the intersection of U.S. energy security priorities and the nuclear energy renaissance.The company's asset portfolio comprises three primary in-situ recovery projects at varying development stages. Crownpoint represents the most advanced asset with a completed 43-101 technical report, while West Largo contains 16 million pounds of historic resources and is characterized as the highest-grade ISR project in the portfolio. Ambrosia Lake rounds out the primary holdings. Management plans to launch Phase 1 at Crownpoint, apply for drill permits at West Largo, and initiate baseline water sampling at Ambrosia Lake.Beyond its mineral resources, Verdera possesses a strategic differentiator in its proprietary database containing 120,000 drill hole logs from Kerr McGee and comprehensive URI data from enCore. This historical information represents millions of dollars in previous exploration work and significantly reduces the cost of modernizing technical reports while creating potential data licensing opportunities as other companies enter New Mexico's uranium sector.CEO Janet Lee Sheriff provides realistic development guidance, estimating five years from the current stage to production—a timeline reflecting the comprehensive environmental review requirements of U.S. uranium permitting. The company has initiated scoping work on a central processing plant that could serve multiple projects, generating operational efficiencies across the portfolio.With approximately two years of operational runway from its capital raise, Verdera combines advanced-stage projects, unique data assets, and a partnership-focused strategy in New Mexico's historically seventh-largest uranium-producing district. The company's approach balances near-term development catalysts with the patient capital requirements inherent in uranium sector participation.View Verdera Energy's company profile: https://www.cruxinvestor.com/companies/verdera-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Walcott, President & CEO of Evergold Corp.Our previous interview: https://www.cruxinvestor.com/posts/evergold-ever-technical-analysis-due-diligence-2083Recording date: 24th February 2026Evergold Corp. (TSXV:EVER) is entering 2026 as a leaner, more focused company than it has been in years. Under new President and CEO Alex Walcott — a practising geophysicist who has spent his career working across northern British Columbia's most active exploration corridors — the company has narrowed its attention to a single asset: the Golden Lion gold-silver project in the Toodoggone district. It is a deliberate reset, and the setup that has emerged from it is arguably the most investable configuration Evergold has presented to the market in some time.The Toodoggone context is important. This is a district in active re-rating mode. TDG Gold's Aurora discovery anchored the district's geological credibility. Thesis Gold followed with a positive preliminary economic assessment. And most recently, Anglo American acquired a 5% stake in Thesis Gold — a development announced just days before this interview — confirming that the region has moved onto the radar of the global mining majors. Evergold's Golden Lion property sits directly adjacent to Thesis Gold's ground. That proximity is not incidental; it reflects the same Toodoggone Formation geology that is drawing institutional attention across the district.Golden Lion itself has a meaningful drill history. The 2021 campaign — the most recent work on the property — returned down-dip continuity of approximately 175 metres and demonstrated hole-to-hole consistency for the first time. Historical intercepts include 66 metres at 1.36 g/t gold equivalent, and silver hits of up to approximately 900 g/t. Under current silver prices, the gold-equivalent economics of these intercepts are considerably stronger than they appeared when the work was done. That is a straightforward recalculation that many investors have not yet made.Previous drilling work also revealed a systematic problem with prior drilling: holes had been oriented roughly parallel to the steeply dipping mineralised fault structure, meaning the drill was tracking the body rather than intersecting it cleanly. The team has now corrected this through a 3D geological model, and the 2026 programme is designed around fan-pattern drilling from consolidated pads — an approach that maximises data return per dollar spent and suits the structural geometry of the deposit.The corporate structure is tight. Approximately 13 million shares are outstanding following a consolidation completed in 2025. The market capitalisation is approximately C$8 million — a meaningful discount to comparable-stage district peers Finlay Minerals and Sun Summit Minerals, which trade at approximately C$20 million and C$25 million respectively. A C$5 million financing is expected within approximately one month, which will fund approximately 4,000 metres of drilling alongside property-wide geophysics, including magnetic and passive EM surveys conducted in-house by Walcott's team.The board has been reinforced with Alvin Jackson of EuroZinc and FreeGold Ventures, Brian Butterworth of Hy-Tech Drilling, and Charlie Greg, a respected BC geologist who holds approximately 15% of the company. Taylor Quinn, whose master's thesis focuses specifically on Golden Lion's geology, joins as exploration manager — providing an unusual depth of project-specific technical knowledge.Evergold is a speculative, pre-resource junior explorer. The risks are real and investors should size positions accordingly. But the combination of a district re-rating, a data-informed drill programme, experienced in-terrain management, underappreciated silver credits, and a compressed valuation relative to peers makes this a story worth following closely as 2026 unfolds.View Evergold's company profile: https://www.cruxinvestor.com/companies/evergold-corpSign 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-55m-financing-explained-9184Recording date: 23rd February 2026Integra Resources Corp. (TSXV: ITR) has unveiled its 2026 guidance and three-year production outlook, signaling a transformative period for its Florida Canyon gold mine in Nevada. The company expects to produce 70,000-75,000 ounces in 2026 at elevated all-in sustaining costs of $2,750-$2,950 per ounce, representing a deliberate investment phase designed to unlock substantially higher production in subsequent years.President and CEO George Salamis positioned 2026 as a "setup year" focused on building capacity for future growth. The company is deploying $62-68 million in sustaining capital, primarily for intensive waste stripping campaigns to access the higher-grade Central Pit ore body and fleet renewal programs. This strategic investment is expected to deliver 80,000-90,000 ounces annually in both 2027 and 2028 at significantly reduced costs as stripping intensity declines.The production outlook surprised analysts who had modeled Florida Canyon at 70,000-75,000 ounces in perpetuity. Management emphasized that the capital program carries minimal execution risk, with ore-waste boundaries well-defined through extensive geological modeling. An updated feasibility study expected in coming months will extend Florida Canyon's mine life beyond the current five-year estimate to seven-plus years, incorporating approximately 50 million tons of low-grade stockpiled material being reclassified as ore.Beyond Florida Canyon, Integra is advancing its DeLamar project in Idaho through a recent $60 million equity raise that added 12 new institutional investors. The proceeds will fund early works programs and long-lead equipment purchases ahead of planned 2028 development. A strategic $12.5 million ranch acquisition provides critical water rights and environmental mitigation opportunities, de-risking the $1.8 billion NPV project.With over $110 million in treasury and strong projected cash flow generation from 2027-2028, management expects to self-fund DeLamar's equity portion without major dilution, offering investors a clear pathway to multi-asset value creation in a favorable gold price environment.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Charlie Greig, CEO of Metal Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/metal-energy-tsxvmerg-unlocking-ontarios-massive-lithium-potential-drilling-dec-2023-4221Recording date: 19th February 2026Metal Energy Corp (TSXV: MERG) is preparing to drill its first holes on the NIV copper-gold-molybdenum porphyry project in British Columbia's Toodoggone district, one of the province's more active mineral exploration corridors. The company is led by Charlie Greig, a veteran exploration geologist whose prior work contributed to the assembly of the GT Gold Saddle discovery — a porphyry deposit sold for approximately $450 million in 2021. Greig and his technical partner, geophysicist Alex Walcott, have been building a dataset on the NIV property since 2010, funding much of the early work themselves before bringing in outside capital.The NIV property covers roughly 5 kilometres of strike length and sits in the same volcanic and intrusive rock package that hosts established porphyry deposits elsewhere in the Toodoggone. Soil geochemistry shows elevated copper, gold, and molybdenum values running continuously along the trend, while induced polarisation surveys have identified chargeability anomalies at depth consistent with a sulphide-bearing system. Porphyry-style sheeted veining visible at surface adds further geological weight to the target. Critically, all three datasets — geochemistry, geology, and geophysics -align spatially, giving the team a well-defined set of drill targets ahead of its first program.The project has drawn strategic investment from two significant industry names. Centerra Gold, which operates a mine approximately 40 kilometres to the north, and Teck Resources have each taken a 9.9% equity stake following independent technical review. Their involvement provides both financial support and meaningful third-party validation of the project's geological merits.The 2026 drill program is expected to total between 5,000 and 6,000 metres across 10 to 12 holes. Nearby, Amarc Resources' AuRORA copper-gold discovery in the same district serves as a direct geological analogue, while an adjacent Northwest Copper drill intercept confirms porphyry-style mineralisation within 1–2 kilometres of NIV ground.View Metal Energy's company profile: https://www.cruxinvestor.com/companies/metal-energySign up for Crux Investor: https://cruxinvestor.com

Recording date: 16th February 2026Gold mining companies are generating unprecedented levels of free cash flow, with major producers like Agnico Eagle reporting more than $11 million per day in Q4 2024 at an average realized gold price near $4,200 per ounce. With gold prices running approximately $800 per ounce higher in the current quarter, that figure is tracking toward $15 million or more per day - a level that is fundamentally reshaping how companies think about capital allocation.Speaking on the Compass podcast, Samuel Pelaez and Derek Macpherson of Olive Resource Capital argued that this cash flow environment gives producers the rare ability to pursue multiple priorities simultaneously: debt reduction, dividend increases, share buybacks, and acquisitions. That flexibility, they noted, sets the current cycle apart from previous periods in the sector.The discussion comes as the mining industry enters its most active conference season of the year. An institutional-focused gathering in Miami is followed shortly by PDAC in Toronto - the world's largest mining conference - beginning around March 1st. Both events are expected to accelerate M&A discussions, as corporate development teams from major miners hold direct meetings with junior company management. Pelaez and Macpherson suggested that transaction announcements could coincide with or immediately follow PDAC.In the near term, Chinese New Year - which began February 17th - introduces a period of thin liquidity across commodity markets as Chinese exchanges close for the week. The hosts characterized any resulting price volatility as mechanical rather than fundamental, and suggested investors treat sell-offs in stocks they already favor as potential entry points.On the macro side, four factors continue to underpin the commodity bull market: expanding US manufacturing PMIs, resilient employment data, continued global liquidity growth, and a US fiscal deficit of approximately $800 billion - the third largest on record - reinforcing the case for hard assets even as the economy grows.Sign up for Crux Investor: https://cruxinvestor.com

Interview withShane Williams, President & CEO of West Red Lake Gold MinesAlex Black, Executive Chairman of Rio2 Ltd.Recording date: 13th February 2026Rio2 Limited and West Red Lake Gold Mines have successfully transitioned from developers to producers, achieving commercial production after years of navigating construction challenges and capital constraints. In a mid-February 2026 discussion, executives Alex Black of Rio2 and Shane Williams of West Red Lake shared the operational realities facing newly producing mining companies in a favorable commodity price environment.Both executives emphasized the importance of slow, measured ramp-ups rather than rushing to full capacity. This approach allows proper development of operational systems, procedures, safety protocols, and team training alongside physical production increases. Rio2 targets 60,000 to 70,000 ounces in 2026 at its Fenix Gold Project in Chile, with expansion potential to 300,000 ounces annually pending water infrastructure development. West Red Lake sees a pathway to 150,000 ounces annually with relatively modest capital investment for mill expansion.The discussion highlighted significant operational challenges often underappreciated by retail investors. West Red Lake battles extreme cold conditions with January temperatures reaching minus 45 degrees Celsius, where any plant stoppage results in complete mill freezing. Rio2's Fenix Gold operation faces high-altitude cold at nearly 5,000 meters elevation, space constraints in open-pit operations, and the complexity of mining an extinct volcano with three separate peaks.Labor shortages emerged as a critical industry-wide issue. Williams noted that decades of industry struggles have depleted skilled workforces in Canada, Chile, and Australia, with skill levels materially lower than 20 years ago. Both executives stressed that operational success depends primarily on building, empowering, and retaining talented teams willing to work through challenges methodically.The conversation revealed frustration with market dynamics, as development-stage companies with impressive feasibility studies often receive higher valuations than cash-flowing producers. Both executives expect re-rating as they demonstrate consistent quarterly execution. Black predicted significant M&A activity in 2026, with both companies actively pursuing strategic acquisitions while positioning themselves as potential takeover targets within three to five years.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Kiran Patankar, President & CEO of Maple Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-meet-the-team-with-kiran-patankar-8973Recording date: 6th February 2026As gold prices surge past $5,000 per ounce, retail investors increasingly question whether opportunities remain in junior mining stocks or if valuations have run too hot. Kiran Patankar, President and CEO of Maple Gold Mines, makes a compelling case that his company represents a significant exception to this concern.Despite delivering 252% returns since completing its corporate reset in August 2025, outperforming peers by more than double, Maple trades at just $29 per ounce of resource. This stands well below the peer group average of $50 per ounce and recent Quebec transaction multiples of $80 per ounce. The discount translates to concrete upside potential, with fair value estimates ranging from $3.56 to $5.43 per share compared to the recent $2.29 trading price.The company's market capitalization of $153 million sits roughly where it stood four years ago, despite gold prices tripling over that period. Patankar argues this reflects value restoration rather than speculative gains, with the company having systematically addressed legacy execution issues while gold appreciation creates additional upside yet to be recognized by the market.A restructured partnership with Agnico Eagle demonstrates the company's strategic positioning. Maple reacquired 100% of its Douay project for zero cost, compared to Agnico's original $10 per ounce acquisition price, while securing $36 million in exploration funding through 2027. This capital supports 100,000 meters of drilling over two years, enabling year-round operations designed to expand the current 3 million ounce resource.Near-term catalysts include imminent drill results and an updated resource estimate expected in the first half of 2026, which management anticipates will show material expansion. Combined with advancing economic studies and strong insider participation in recent financings, Maple presents what Patankar characterizes as a rare undervalued opportunity in an otherwise fully valued sector.View Maple Gold Mines' company profile: https://www.cruxinvestor.com/companies/maple-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Matthew D. Gili, President & CEO of Ur-EnergyOur previous interview: https://www.cruxinvestor.com/posts/ur-energy-amexurg-new-leadership-takes-helm-at-active-us-uranium-producer-7904Recording date: 7th February 2026Ur-Energy is positioning itself as a leading domestic uranium producer at a critical juncture for American nuclear fuel security. The Wyoming-based company operates in a market where the United States consumes approximately 50 million pounds of U308 annually but produces only 2-3 million pounds domestically, creating a substantial supply-demand imbalance that favors existing producers.Under new leadership from Matthew D. Gili, who joined in June 2025 with operational experience from Rio Tinto, Barrick Gold, and i-80 Gold, the company is executing a three-tiered growth strategy. The Lost Creek facility, Ur-Energy's primary production hub, is ramping toward record fourth-quarter output with demonstrated recovery rates exceeding 80%. The in-situ recovery (ISR) operation benefits from favorable geology and straightforward chemistry, utilizing oxygen, carbon dioxide, and bicarbonate as reagents.The near-term catalyst is Shirley Basin, a satellite facility currently under construction that will commission in the first quarter of 2026. The operation will load uranium onto resin in the wellfield before transporting it to Lost Creek for processing, leveraging existing infrastructure to minimize capital requirements. With a resource base of approximately 9 million pounds, Shirley Basin is expected to commence yellowcake production in the second quarter.Looking further ahead, the Lost Soldier project represents medium-term expansion optionality. With 4,000 historical drill holes establishing geological confidence, the company is conducting hydrological testing through 18 test wells to determine ISR viability. Management targets publication of a preliminary economic assessment in the third or fourth quarter of 2026, with Lost Soldier envisioned as an even more streamlined satellite requiring only resin capture facilities.The $120 million convertible financing completed in December 2025 provides capital to complete Shirley Basin while maintaining flexibility for a Lost Soldier construction decision and potential portfolio acquisitions. Ur-Energy's contracting strategy balances revenue certainty—with 100% of 2026 production contracted and approximately 70% for 2027—against exposure to uranium price appreciation in a market where policy support for domestic production continues strengthening.View Ur-Energy's company profile: https://www.cruxinvestor.com/companies/ur-energy-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Spring, President & CEO of Kincora Copper Ltd.Our previous interview: https://www.cruxinvestor.com/posts/kincora-copper-tsxvkcc-100m-partner-funding-drives-multi-target-porphyry-exploration-in-nsw-8371Recording date: 10th February 2026Kincora Copper is executing a prospect generator strategy that has delivered significant operational scale in its first full year while maintaining capital efficiency through partner-funded drilling. The company operates eight copper-porphyry assets across Australia and Mongolia, having secured $7 million in partner funding and completed 16,000 meters of drilling across seven licenses in 2025, while generating approximately $500,000 in management fees.The company's most advanced partnership involves two joint ventures with AngloGold Ashanti covering 100 kilometers of strike in the northern Macquarie Arc, Australia's premier porphyry belt that hosts world-class mines including Cadia, Northparkes, and Cowal. AngloGold's commitment has expanded substantially, with spending increasing from $4.5 million to date to a proposed $7 million budget for 2026 as targets are upgraded. The major has deployed three technical teams to site, bringing specialist expertise that would be difficult for a junior explorer to access independently.Recent drilling at the Nevertire-Nevertire South project has confirmed encouraging copper-gold intervals suggesting proximity to porphyry centers, with follow-up drilling now underway testing upgraded targets. The company is systematically advancing the 40-kilometer strike length while looking for multiple discoveries within the immediate target area.Kincora recently closed a C$4 million financing led by institutional investors Rick Rule and Jeff Phillips, providing capital for focused work on 100% owned projects including Trundle and Fairholme, which are in advanced discussions with multiple majors. Late 2025 activities included a technically successful drill hole, airborne surveys at Condobolin, and ground gravity surveys at Jemalong, with results expected through early 2026.Trading at approximately $40 million market capitalisation, Kincora presents a valuation disconnect compared to peers. Recent Macquarie Arc explorers have rerated from $30 million to $100-200 million following positive results, while Kincora's seven non-JV assets are collectively valued at just $10 million. The company's partnership model offers multiple discovery opportunities with lower dilution than equity-funded peers, while retaining meaningful project-level stakes with potential for $100 million in partner funding before significant dilution decisions.View Kincora Copper's company profile: https://www.cruxinvestor.com/companies/kincora-copper-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Clinton Booth, Managing Director & CEO of GCM CorporationOur previous interview: https://www.cruxinvestor.com/posts/green-critical-minerals-asxgcm-vhd-graphite-tech-targets-17b-data-center-market-7556Recording date: 10th February 2026GCM Corporation (ASX:GCM) is executing a critical transition from pre-revenue technology developer to commercial manufacturer in the thermal management sector, with first revenues targeted for the first half of 2026. The company has successfully pivoted from graphite exploration to industrial manufacturing following its late 2024 acquisition of proprietary VHD thermal management technology.CEO Clinton Booth outlined the company's progress through distinct commercialization phases during a February interview. After validating the technology in early 2025 and confirming market appetite in Q2, GCM entered active prototyping in the second half of the year. The company is now manufacturing customer-specific products under confidentiality agreements, sharing technical drawings with multiple customers across electronics, data centers, renewables, and electrical sectors.The VHD technology addresses a critical industry challenge: efficiently dissipating heat loads as devices become more powerful yet smaller. With thermal conductivity superior to copper and aluminum while being 4.5 times lighter than copper and 30 percent lighter than aluminum, VHD offers performance advantages that incumbent materials cannot match. As Booth noted, the market is actively seeking new solutions, with demand driven by electrification, artificial intelligence, and increasing power density requirements across the technology sector.GCM's modular manufacturing approach provides rapid scalability with minimal capital requirements. The current demonstration plant produces hundreds of units monthly, scaling to 1,000 units near-term with capacity to expand 100-fold within 12-15 months. The company achieved ISO 9001 certification in late 2025 and in-housed its product design capability, establishing systematic processes essential for scaling production as sales agreements materialize.Electronics and DC-to-DC converter markets offer the shortest sales pipeline, while data center opportunities present longer qualification periods but significant long-term value. The anticipated first major sales agreement represents a watershed moment that Booth expects will catalyze additional customer interest and validate the company's strategic transformation from explorer to industrial technology manufacturer.View GCM Corp's company profile: https://www.cruxinvestor.com/companies/green-critical-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Maura Kolb, President of Dryden Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-fully-funded-2026-drilling-for-high-grade-gold-hits-with-partner-validation-8545Recording date: 11th February 2026Dryden Gold Corp. has emerged as a compelling exploration opportunity in northwestern Ontario's Dryden greenstone belt, where the company controls 70,000 hectares of highly prospective ground exhibiting geological characteristics analogous to Canada's premier gold camps. With $11 million in treasury funding a 32,000-meter drilling program across multiple targets, the company is positioned to deliver sustained news flow throughout 2026-2027 whilst pursuing its stated objective of demonstrating multi-million-ounce potential across a district-scale land position.The investment thesis centers on three key pillars: systematic expansion of the high-grade Gold Rock deposit, aggressive testing of regional discovery targets with distinct geological models, and strategic positioning within an emerging gold district backed by institutional investors. President Maura Kolb brings eight years of direct Red Lake experience, informing structural interpretation at Gold Rock where fold architecture and intersecting faults create high-grade traps identical to the geological model hosting Red Lake's 28 million ounces. Recent drilling validates this targeting approach, with intercepts including 301 g/t gold over 3.9m, 77.9 g/t over 0.5m, and 55 g/t over 3.5m demonstrating robust mineralization across multiple parallel shear zones extending over 20 kilometers of strike length.Beyond Gold Rock, Dryden is advancing two regional targets exhibiting different deposit models that provide diversified discovery potential. Hyndman represents an intrusion-related target where a 4-kilometer-long granodiorite intrusion intersected by regional shearing offers potentially simpler geometry and bulk-tonnage potential compared to Gold Rock's structurally complex veins. The six-hole inaugural drilling program was completed in early 2026, with results expected end-March representing the most immediate catalyst for investors. Sherridon at the southern property boundary exhibits intrusion-related bulk-tonnage characteristics, with initial drilling returning 135 meters at 0.2 g/t gold and geochemistry confirming an intrusive fluid source—rare clarity in Archean-aged systems that provides targeting criteria for vectoring toward higher-grade zones.The presence of three distinct geological models reduces exploration risk whilst offering optionality in development scenarios: high-grade underground potential at Gold Rock, possible open-pit bulk tonnage at Hyndman, and intrusion-related scale at Sherridon. This diversification increases probability of exploration success whilst building toward the multi-million-ounce scale necessary for district recognition and institutional interest.Strategic validation strengthens the investment case, with Centerra Gold holding positions in Dryden and Alamos Gold maintaining a 10% equity stake. These institutional anchors provide technical validation, reduce going-concern risks, and potentially facilitate future development partnerships. The warrant exercises by Delbrook Capital and EuroPac Gold Fund that funded the current program occurred at C$0.30, with the stock subsequently advancing toward C$0.40—suggesting investor confidence in near-term catalysts and exploration potential.Operational advantages distinguish Dryden from peers. Year-round road access eliminates seasonal constraints and helicopter costs, enabling continuous drilling and rapid iteration on geological models. The property sits adjacent to NeXGold's 3-million-ounce resource, validating regional prospectivity and demonstrating economic gold potential. Ontario's jurisdictional stability, transparent permitting, and established infrastructure reduce development risks relative to remote or politically challenged jurisdictions.For investors seeking exposure to district-scale gold discovery in a premier jurisdiction with near-term catalysts, experienced management, and institutional backing, Dryden Gold offers a compelling risk-reward profile at approximately C$100 million market capitalization. The company's capital-efficient approach—demonstrating deposit footprints before committing to resource definition—prioritizes discovery value creation whilst maintaining 18-24 months of funded exploration runway. As drilling progresses across multiple high-priority targets throughout 2026, investors can anticipate sustained news flow and multiple opportunities for value inflection.View Dryden Gold's company profile: Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dean Hanisch, CEO of Focus GraphiteRecording date: 10th February 2026Focus Graphite (TSXV: FMS) is emerging as a strategically positioned North American graphite developer at a time when Western governments are actively reshoring critical mineral supply chains. The company's flagship Lac Knife project in Quebec boasts 15% graphitic carbon content, approximately three times the global industry average of 3-5%, providing fundamental cost advantages that management believes can enable price competition with Chinese producers while delivering premium specialty material to defense contractors.After 18 years of development, the project is approaching commercial viability with substantial government backing. Focus has secured $14.1 million in non-dilutive funding from Natural Resources Canada's Global Partner Initiative, specifically earmarked for building a demonstration-scale purification plant and qualifying material with military and aerospace customers. Combined with existing cash, the company holds $18 million to advance through final permitting stages without near-term equity dilution.The technical differentiation centers on a fluidized thermal bed purification process that removes impurities through heat rather than chemicals, preserving the structural integrity of large graphite flakes critical for high-value applications. Approximately 40% of Lac Knife's output consists of premium large and jumbo flake material, which the company is positioning for radar suppression coatings, expandable fire suppression graphite, thermal management systems, and ballistic applications. Material has already been successfully tested in missile applications in the Mojave Desert.With the Environmental and Social Impact Assessment down to 30 remaining questions from an initial 380, management targets completion within three to four months. The $236 million capex for a 27-year mine life producing 50,000 tons annually represents a fraction of typical critical mineral projects, with potential for substantial debt financing from export credit agencies and Quebec government equity participation.Trading at approximately $50 million market capitalization, Focus presents a compelling valuation relative to peers like Nouveau Monde Graphite ($400 million market cap, 4% grade), particularly as geopolitical imperatives drive Western governments to establish domestic specialty graphite supply for defense applications.View Focus Graphite's company profile: https://www.cruxinvestor.com/companies/focus-graphiteSign up for Crux Investor: https://cruxinvestor.com

Interview with Brendan Yurik, CEO of Electric Royalties Ltd.Our previous interview: https://www.cruxinvestor.com/posts/mining-royalty-sector-explodes-with-massive-consolidation-fresh-capital-7469Recording date: 11th February 2026The mining royalty sector delivered exceptional performance in 2025, driven by surging commodity prices and unprecedented consolidation activity. Gold prices rose 74% while silver surged 160%, translating into triple-digit share price gains for major precious metal royalty companies. Wheaton Precious Metals gained 102%, Royal Gold appreciated 98%, and Osisko Royalties reached 100%. Mid-tier companies performed even stronger, with Gold Royalty Corp advancing 215% and Element Royalties climbing 150%.Despite lithium carbonate recovering 80% over the period, battery metal-focused royalty companies experienced a stark divergence in valuations. Electric Royalties reported zero share price appreciation, highlighting that market participants have not yet incorporated battery metal price recovery into their valuation frameworks for companies in this subsector.The year marked a potential inflection point through significant M&A transactions. Royal Gold acquired Sandstorm for $3.5 billion, representing the first major royalty company acquisition in years. Triple Flag purchased Orogen Royalties for $420 million, while Altius Minerals bid $520 million for Lithium Royalty Corp in December. According to Electric Royalties CEO Brendan Yurik, this consolidation reflects fundamental economics where acquiring diversified portfolios proves more efficient than executing dozens of individual transactions.Several experienced teams launched new royalty platforms in late 2025, including Versamet Royalties, Summit Royalties, and Lunar Royalties. Summit achieved a market valuation three to four times that of Electric Royalties despite being newly public, demonstrating strong investor appetite for proven management teams.Valuation dynamics continue driving consolidation as larger companies with extensive diversification trade at 2.5 times net asset value compared to 1x for junior companies. This gap creates powerful incentives for mergers that enhance shareholder value through scale and improved operating leverage.Looking ahead to 2026, industry participants expect M&A activity to accelerate beyond 2025 levels. The fragmented sector provides numerous consolidation targets, while battery metal royalties trading at significant discounts to precious metal peers may attract acquisition interest as cash flows materialize.View Electric Royalties' company profile: https://www.cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-strong-cash-generation-funds-debt-free-growth-8019Recording date: 13th February 2026Santacruz Silver Mining (TSXV:SCZ) represents a transformed investment opportunity following the elimination of all debt obligations and completion of its NASDAQ listing in January 2026. The multi-metal producer operates four mines across Bolivia and Mexico, generating substantial cash flows with an $80 million treasury position after paying $70 million in Glencore obligations and tax liabilities during 2025.The company's debt-free, streaming-free, royalty-free capital structure directs 100% of operational cash flows to equity holders during a period of elevated silver and zinc prices. This clean balance sheet distinguishes Santacruz from leveraged competitors and producers with streaming obligations that divert metal production at below-market prices, creating immediate margin expansion as commodity prices strengthen.Management projects 5-7% production growth from operational efficiencies independent of metal price assumptions or acquisition execution. The Zimapan mine in Mexico delivered a $2.5 million investment in flotation cell circuits that improved silver recoveries by 500 basis points, generating approximately $5 million in incremental monthly cash flow—a 20-month payback demonstrating disciplined capital allocation. The mine's advancement to Level 960 encounters wider ore bodies with silver grades of 80-90 grams per tonne and zinc content of 2.5-3.5% across the 2,800-tonne-per-day operation.In Bolivia, the Bolivar mine is recovering from 2025 flooding through systematic dewatering infrastructure that increased capacity to over 700 litres per second—five times pre-flooding levels and nearly double peak flood conditions. Fourth quarter 2025 production showed quarter-over-quarter silver increases as access to flooded veins improves, whilst development work necessitated by the flooding discovered new high-grade veins creating unanticipated exploration upside.Near-term production catalysts include the Soracaya project targeting full permitting by June-July 2026 with production commencement in the fourth quarter, utilizing existing Bolivian milling infrastructure for low-capital-intensity cash flow generation. The Esperanza mine at the Caballo Blanco complex approaches commercial production as the third operating mine within that group, leveraging existing infrastructure for brownfield expansion.The Bolivian operating environment transformed following the 2025 election of President Rodrigo Paz, whose administration declared mining a strategic industry and announced constitutional reforms to encourage foreign investment. As Bolivia's largest underground mining company, Santacruz occupies a prominent position during this regulatory evolution, with improved political conditions creating potential M&A opportunities whilst reducing political risk for existing operations.The January 2026 NASDAQ listing provides strategic access to US institutional investors and family offices, expanding the investor base beyond Canadian venture shareholders whilst early trading data demonstrates volume improvements. US institutional capital historically applies higher valuation multiples to Latin American precious metals producers than Canadian venture markets alone.Management employs a distinctive operational approach tracking per-tonne costs rather than conventional all-in sustaining cost metrics, maintaining five-year rolling budgets with detailed weekly mining plans to prevent short-term high-grading that compromises long-term mine life. This disciplined capital allocation framework, combined with direct executive operational involvement demonstrated through systematic site visits and hands-on crisis management during the Bolivar flooding, distinguishes the approach from volume-focused competitors.For investors seeking exposure to silver and base metals through an established producer with near-term growth catalysts, operational leverage to metallurgical improvements, and exposure to transformative Bolivian political changes, Santacruz presents a differentiated opportunity with multiple risk mitigation factors relative to earlier-stage developers or debt-burdened producers.View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign 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-35m-raised-to-hunt-high-grade-uranium-7828Recording date: 17th February 2026Standard Uranium (TSXV: STND) is a Canadian uranium exploration company with 13 projects in Saskatchewan's Athabasca Basin, the world's highest-grade uranium jurisdiction. With a market capitalisation of approximately $15–20 million, the company has structured itself to maximise exploration activity while minimising shareholder dilution through a project generator business model.Rather than self-funding all exploration, Standard Uranium invites third-party joint venture partners to fund drilling on most of its projects. Under a typical deal, a partner spends $6–7 million over three years to earn a 75% interest in a project, while Standard Uranium retains 25% equity, a 2.5% net smelter return royalty, and charges operator fees to run the program using its own geological team. Those fees — estimated at $1.5–2 million annually — are sufficient to cover the company's corporate overhead, reducing the need for repeated equity raises.The company's flagship asset, Davidson River, sits outside this JV framework. The wholly-owned project covers 30,000 hectares in the southwest Athabasca Basin, adjacent to NexGen Energy's Rook I project — a discovery that transformed NexGen from a 30-cent stock into a $10 billion company over 13 years. Standard Uranium plans to drill Davidson River from May to August 2026.Two additional drill programs are already underway in 2026. The Corvo project, under JV with Aventis Energy, commenced drilling in mid-February. The Rokas project, partnered with Collective Metals, is expected to begin drilling in early March. In total, JV partners are funding an estimated $7–10 million in exploration spend across the portfolio this year.The macro backdrop supports the investment case. The uranium spot price stands near $89–90 per pound, while global nuclear capacity is forecast to triple over the next two decades, driven by clean energy targets and surging electricity demand from AI data centres. Saskatchewan's Athabasca Basin is positioned as a primary source of future uranium supply.View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Diane R. Garrett, President & CEO of Hycroft MiningOur previous interview: https://www.cruxinvestor.com/posts/hycroft-mining-nasdaqhymc-nevada-giant-eliminates-debt-targets-2026-production-milestone-8914Recording date: 18th February 2026Hycroft Mining (Nasdaq: HYMC) has published an updated Mineral Resource Estimate confirming 55% growth in Measured and Indicated gold and silver resources at its Hycroft Mine in Winnemucca, Nevada. The deposit now stands at 16.4 million gold ounces and 562.6 million silver ounces in the M+I category, with inferred resources of a further 5.0 million gold ounces and 132.8 million silver ounces. The MRE was prepared by independent third parties and is based on commodity prices of US$3,100/oz gold and US$36/oz silver.The update incorporates results from 70 drill holes and reflects a geological reinterpretation that has fundamentally changed how management and institutional investors view the asset. In late 2023, Hycroft announced the discovery of two new high-grade silver systems, Brimstone and Vortex, within the existing resource footprint. After just 14 months of drilling, those systems have already yielded an initial high-grade M+I silver resource of 90.2 million ounces. Critically, both systems remain open along strike and at depth, and no results from the current 2025-2026 drill programme are yet incorporated into the MRE.Metallurgical test work using Pressure Oxidation has confirmed recoveries of 83% for gold and 78% for silver - robust figures for a refractory sulfide deposit and a key de-risking milestone ahead of a feasibility study. The company is also evaluating a roasting alternative that could convert a processing cost into a by-product revenue stream through sulfuric acid production.Financially, Hycroft is well-positioned to execute. The company holds approximately US$200 million in cash with zero debt, following the retirement of legacy liabilities in October 2024. The institutional shareholder base, led by Eric Sprott at 43%, with BlackRock, Schroders, and Franklin Templeton also on the register, reflects sustained conviction in the long-term thesis. Project economics on the large-scale operation are expected by end of Q1 2026, with an underground mining assessment of the high-grade systems also underway.—View Hycroft Mining's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Richard Young, President & CEO of i-80 Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-from-50k-to-600k-oz-annually-in-nevada-miners-six-year-transformation-8964Recording date: 13th February 2026i-80 Gold has completed a $500 million non-dilutive financing package that eliminates a longstanding capital structure overhang and provides the certainty required to advance its three-phase Nevada development plan. The transaction, expected to close by the end of Q1 2026, positions the company to execute across multiple underground mining projects without shareholder dilution.The financing comprises two equal $250 million tranches. Franco-Nevada contributed the first portion through a royalty structure beginning at 1.5% across the portfolio through 2030, escalating to 3% from 2031 onward as production scales. The second tranche consists of a prepaid facility with National Bank and Macquarie Bank, with i-80 Gold pre-selling approximately 40,000 ounces at a net realized price of $3,750 per ounce over a 30-month delivery period.CEO Richard Young emphasized the competitive dynamics that shaped favorable terms, noting the company received five term sheets and three committed offers. This competition proved crucial for securing covenant flexibility rather than pricing optimization, including provisions for working capital facilities and operational adaptability during the production ramp.The financing enables immediate strategic priorities across the portfolio. Granite Creek Underground, currently the company's sole operating mine, processes ore through third-party toll milling that costs $1,000-1,500 per ounce in margin leakage. The Lone Tree autoclave refurbishment, targeted for completion by end of 2027, will eliminate this dependency and capture those margins internally as the second underground mine ramps production through 2026.Most significantly, the package accelerates Mineral Point, the flagship asset and largest resource base. Management allocated $50 million specifically for 2026 resource expansion, pre-feasibility engineering, and initial permitting—work previously deferred pending financing certainty. Young stated that Mineral Point represents the company's most valuable asset, making earlier production timing critical for shareholder value.At current gold prices above $5,000 per ounce, management projects full funding across all three development phases without equity issuance, with potential incremental debt limited to a lower-cost revolving facility. Key 2026-2027 milestones include feasibility studies for Granite Creek and Cove, Archimedes Phase 4 results, and Mineral Point pre-feasibility work.View i-80 Gold's company profile: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-developer-targets-north-americas-30-40-de-icing-salt-supply-gap-8975Recording date: 5th February 2026North America faces a growing crisis in road salt supply that most investors have overlooked. While the US$26 billion global salt market operates largely beneath public awareness, severe winter weather across the northeastern United States and Canada has exposed a structural deficit that has persisted for decades. Atlas Salt (TSXV:SALT) is developing the Great Atlantic Salt Project in western Newfoundland—the continent's first new salt mine in nearly 30 years—to address this critical infrastructure gap.The North American deicing road salt market imports 8-10 million tons annually to meet demand that domestic production cannot satisfy. Existing mines date predominantly from the mid-20th century, with operations beginning between 1906 and 1982. These aging facilities operate at depths of 500-600 meters, often beneath lakes, requiring high operating costs and substantial capital expenditures. Regulatory challenges and thin historical margins have prevented new mine development despite growing demand from population growth, expanded road networks, and increased vehicle numbers.Atlas Salt's competitive advantage stems from its shallow 200-meter deposit depth, which allows access via horizontal drift rather than expensive vertical shaft construction. Located just three kilometers from an existing port facility, the project gains direct access to Atlantic Ocean shipping lanes and the eastern seaboard market. The simplified production process requires only mechanical crushing of 96% grade salt—no chemical processing, tailings, or refining—enabling two-month environmental assessment approval.At full production capacity of 4 million tons annually, Atlas would need to capture only 30-40% of current import volumes, targeting non-cyclical government customers legally mandated to purchase salt for road safety. The market's inelastic demand was demonstrated in January 2026 when Ontario spot prices surged from $65-75 per ton to over $190 during severe winter conditions. CEO Nolan Peterson emphasizes the dual investment appeal: "We are working with lenders who view this as investing into an airport or power plant—something that has long-term sales baked in because you're selling your product to governments, citizens and people."View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Huet, Chairman & CEO of Americas Gold & Silver (TSXV:USA)Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-executing-on-growth-strategy-across-idaho-silver-complex-9036Recording date: 11th February 2026Americas Gold & Silver Corporation (NYSE American: USAS | TSX: USA) has signed a definitive joint venture agreement with United States Antimony (NYSE American: UAMY) to construct and operate an antimony processing facility at its Galena Complex in Idaho’s Silver Valley. The deal is designed to solve a specific economic problem: Americas is already the largest antimony producer in the United States, but under its existing offtake arrangements, the company receives only a fraction of the prevailing market price for the antimony contained in its silver concentrate. CEO Paul Huet estimates this leaves $50–$70 million on the table over the next two years at current prices.The JV creates a vertically integrated, fully domestic antimony supply chain from mine to finished product. Americas holds 51% ownership and provides the feed material and permitted site. US Antimony holds 49% and contributes its processing technology, construction expertise, and existing Department of War supply agreements reportedly worth $245 million. The facility is estimated to cost approximately $50 million, with capital split proportionally, and both companies have submitted a joint white paper seeking federal funding under the Trump administration’s $12 billion Project Vault critical minerals initiative.For investors, the value proposition is straightforward. Americas produced 561,000 pounds of antimony in 2025 as a by-product of silver mining, meaning its marginal cost of antimony production is effectively zero. Once the facility is operational, the company will receive full market-price payments for its feedstock plus 51% of downstream processing profits. With antimony prices at approximately $15 per pound, government stockpiling initiatives providing demand visibility, and production volumes expected to grow as Americas transitions to mining higher-grade tetrahedrite ore, the JV represents a potentially significant new revenue stream layered on top of the company’s core silver growth strategy.—Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Recording date: 6th February 2026The precious metals and mining sector experienced notable volatility in early February 2026, but institutional investors view the pullback as a tactical opportunity rather than a fundamental shift in market dynamics. Derek Macpherson, Executive Chairman, and Samuel Pelaez, President and CEO of Olive Resource Capital, characterize the recent correction as a normal return to established trend lines following an extended rally.The turbulence stems from temporary liquidity withdrawal by the Treasury Department and seasonal factors, particularly the Chinese New Year in mid-February, which historically coincides with reduced market participation and liquidity drawdowns. However, key global liquidity risk indicators—including option-adjusted spreads and high yield bond indices—show no systemic concerns. The Treasury Department is expected to provide net liquidity throughout 2026, while March and April historically represent strong months for commodities.Stabilizing valuations have unlocked significant M&A activity after a volatile January rally made share-exchange negotiations impractical. Three transactions highlight evolving sector dynamics:Eldorado Gold surprised markets by acquiring Foran Mining's zinc-copper project at zero premium to the previous Friday close. The move raises strategic questions as the gold-focused producer diversifies into base metals during a strong gold bull market, though the permitted mine expected to produce later in 2026 will boost cash flow.Goldsky Resources completed a transformative acquisition of full control over the Barsele deposit in Sweden from Agnico Eagle, consolidating nearly 2 million ounces. The transaction elevates Goldsky from explorer to tier-one developer with a market capitalization under $1 billion, suggesting substantial re-rating potential.CANEX Metals secured 51.93% of Great Basin Resources through a hostile takeover, positioning the company to transform a 1.5-2 million ounce Arizona asset currently in cease trade. Strong financial backing including Eric Sprott provides capital to address anticipated issues.For investors, the environment favors selective accumulation in quality names and transformation stories with defined catalysts, emphasizing jurisdiction quality, asset scale, and capital access.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Smart, Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/the-investment-case-for-platinum-palladium-investment-in-2026-8935Recording date: 5th February 2026ValOre Metals offers investors exposure to a scarce asset class addressing structural supply deficits in the platinum group elements sector. The company's Pedra Branca project in northeastern Brazil contains 2.2 million ounces of palladium and platinum resources - one of the few development-stage PGE assets advancing outside the South Africa-Russia-Zimbabwe concentration that controls over 95% of global reserves.This jurisdictional differentiation carries strategic significance as traditional producing regions face operational challenges including aging infrastructure, increasing depths, rising costs, and geopolitical risks. South African operations contend with periodic labour disruptions whilst Russian supply faces sanctions exposure and market access constraints. Against this backdrop, Brazil's federal classification of platinum and palladium as critical minerals provides governmental support for Pedra Branca's development, whilst established infrastructure including paved highway access and proximity to deep-water port facilities at Fortaleza reduces capital requirements.CEO Nick Smart brings proven PGE development credentials from Anglo American Platinum and De Beers, having built and operated mines globally including in Brazil. Under his leadership since October 2025, ValOre has appointed institutional-grade technical partners to advance the project toward production. Lycopodium, a specialised minerals processing engineering firm, leads preliminary economic assessment work targeting year-end 2026 completion. Simultaneously, University of Cape Town's Centre for Minerals Research, recognised as the premier global centre for PGE processing expertise, conducts metallurgical test work establishing optimal processing routes for both weathered oxidised material and fresh sulphide ore.The deposit's geological structure provides inherent economic advantages. Near-surface mineralisation in the first 30 metres represents high-grade weathered material accessible through open-pit mining, enabling early cash flow generation whilst reducing capital intensity compared to underground development. Core deposits containing 1.1 million ounces provide sufficient foundation for initial operations targeting 150,000-200,000 ounces annually over a 10-15 year mine life. At current platinum prices exceeding $2,000 per ounce, the total resource represents approximately $4 billion in contained metal value.Brazil's trial mining licensing process offers a fast-track permitting pathway enabling early-stage demonstration plant production before full-scale operations. This allows ValOre to prove project viability whilst advancing comprehensive licensing applications, reducing technical risk and generating cash flow to support development costs.Market fundamentals support multi-year investment case. Smart emphasised sustained demand across automotive, industrial, and investment applications concurrent with structural supply constraints: "We see growing demand for platinum and palladium. There are some real structural constraints to bringing more supply on. So we see multi-year gap in terms of that balance between demand and supply." Contrary to earlier narratives of declining PGE relevance as electric vehicle adoption challenged autocatalyst demand, automotive transition timelines have moderated whilst platinum consumption in jewellery and investment products continues growing.Exploration upside extends beyond the current resource base. Mineralisation runs along an 80-kilometre trend within a 50,000-hectare land package, with management characterising the 2.2 million ounces as representing "a relatively small part" of the total system. ValOre has doubled the resource since 2019 acquisition through 20,000 metres of drilling, with additional programmes budgeted for 2026.The year-end 2026 preliminary economic assessment represents the primary near-term catalyst, establishing project economics and development pathway whilst positioning ValOre amongst the limited global pipeline of PGE projects advancing toward production outside geopolitically concentrated traditional sources.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, President & CEO of Abitibi MetalsOur previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-high-grade-copper-gold-discovery-gains-momentum-in-quebec-8692Recording date: 6th February 2026Abitibi Metals Corp. (CSE:AMQ) has announced a transformational resource update for its B26 copper-gold-zinc-silver deposit in Quebec, demonstrating the scale potential that could attract major producer interest. The updated mineral resource estimate reveals 13 million tons indicated at 2.1% copper equivalent and 12.3 million tons inferred at 2.2% copper equivalent, representing a 125% increase in total tonnage since the company optioned the project from SOQUEM in 2023.The resource growth was achieved at a discovery cost of just 2.5 cents per pound copper equivalent, positioning Abitibi favorably among peers for capital efficiency. CEO Jon Deluce emphasised that the company has delivered on its goal to reach 25-30 million tons by 2026 well ahead of schedule, while maintaining strong grades throughout the expansion process.The resource calculation uses conservative commodity price assumptions of $2,500 gold, $30 silver, $4.50 copper, and $1.35 zinc. At current spot prices, the deposit would grade closer to 2.55% copper equivalent, demonstrating substantial operating leverage to metal price movements. The indicated category alone contains 775 million pounds of copper, 451,000 ounces of gold, 16 million ounces of silver, and 376 million pounds of zinc.Management has assembled a world-class team to advance the project, most notably David Bernier as COO, who previously built Foran's McIlvenna Bay deposit from preliminary assessment through to commercial production. That deposit was recently acquired in a transaction valued at C$3.8 billion, providing a relevant valuation benchmark for B26, which currently represents 56% of McIlvenna Bay's resource tonnage.Abitibi is executing a funded 40,000-meter drill program in 2026 focused on resource expansion, regional exploration testing four new targets, and early-stage permitting work. The deposit remains completely open along strike and at depth, with management targeting 30-50 million tons based on geological evidence and comparisons to the nearby 60-million-ton Selbaie mine located just 7 kilometers away.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Francis Macdonald, Director & CEO of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvlift-commits-7m-to-environmental-studies-for-50m-ton-lithium-project-7632Recording date: 6th February 2026Li-FT Power (TSXV:LIFT) has positioned itself at the forefront of North America's lithium sector through strategic consolidation, executing its acquisition of Winsome's Adina project as spodumene prices rebound from a 2.5-year downturn. CEO Francis MacDonald reports lithium prices have tripled from $600 per ton in July 2025 to nearly $2,000 per ton, signaling what the company believes is the early stage of an 18-24 month bull cycle.The Adina transaction addresses a critical development constraint that had artificially limited the project's potential. A claim boundary bisected the deposit, preventing Winsome from optimizing pit design across its 78 million ton resource estimate—only 35 million tons could be incorporated into preliminary mine plans. Li-FT Power had strategically acquired the southern claims before announcing the transaction, enabling complete consolidation that MacDonald expects will unlock 80-100+ million tons of resource, positioning Adina among North America's largest hard rock lithium deposits.The transaction was announced alongside $48 million in financing led by Avenir Minerals, a wholly-owned subsidiary of Agnico Eagle, at $4.30 per share—a price that subsequently doubled to over $9 as lithium sentiment strengthened. Combined with existing equity positions, the company now holds approximately $75 million to fund aggressive 2026-2027 technical programs across both its Adina and Yellowknife flagship projects.MacDonald emphasizes the importance of cyclical timing, noting that strategic acquisitions should occur during market downturns when valuations are depressed. "We saw prices starting to fall in January of 2023. And so, it was really a falling or a flat price environment for 2.5 years," he explains, adding that volatility becomes advantageous when positioned correctly within the cycle.The company plans 50,000 meters of drilling at Adina in 2026 to support a feasibility study targeted for 2027, while concurrent drilling at Yellowknife aims to expand its existing 50 million ton resource base. At the anticipated 80-100 million ton scale, MacDonald argues Adina could justify throughput rates of 4-5 million tons per year, significantly larger than typical 2 million ton per year lithium operations and improving project economics through economies of scale.View Li-FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-maiden-resource-work-begins-with-2026-drill-campaign-8583Recording date: 4th February 2026Cobra Resources (LSE:COBR) is positioning itself at the forefront of Australia's critical minerals sector through a dual strategy: advancing two significant South Australian projects while actively influencing government policy on strategic reserves.The company's flagship Boland rare earths project utilizes in-situ recovery (ISR) technology to extract dysprosium and terbium, targeting production costs of $60/kg NdPr—half the $120/kg required by conventional mining operations. This cost advantage forms the basis of management's ambition to become "the Kazatomprom of rare earths," replicating the Kazakh uranium producer's dominance through lowest-cost ISR operations. The company has achieved significant technical milestones, including proven ISR processes, proprietary sulfuric acid production from waste materials, and 100% cerium suppression that enhances product value by increasing heavy rare earth ratios to 48%.Complementing the rare earths focus, Cobra's Manna Hill project offers substantial copper-molybdenum-gold-PGE potential. Historic drilling has returned exceptional results, including 4-8 meter intersections grading 2% molybdenum at the Blue Rose prospect. Current programs aim to demonstrate tier-one scale at shallow depths, with management targeting 50+ meter intersections exceeding 1% copper.Beyond project development, Managing Director Rupert Verco has played a key role through the Association of Mining and Exploration Companies (AMEC) in shaping Australia's Critical Minerals Strategic Reserve. The AMEC submission advocates for production support mechanisms modeled on Australia's Capacity Investment Scheme rather than floor pricing, which Verco argues would unfairly advantage higher-cost producers.In 2025, Cobra expanded its land position by 3,200 square kilometers with favorable metallurgy confirmed, while divesting gold assets to Barton Gold for non-dilutive capital. The company holds approximately £5 million in in-the-money warrants and maintains a significant Barton Gold equity position, providing funding optionality as it pursues key 2026 milestones: defining a significant rare earths resource by June, completing a scoping study, and delivering copper-molybdenum drill results that could materially re-rate the asset.View Cobra Resources' company profile: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO of Metals Exploration PLCOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-nicaragua-build-on-track-dupax-abra-targets-add-long-term-upside-8132Recording date: 4th February 2026Metals Exploration, the AIM-listed gold producer, is executing a strategic transformation that will more than double its annual production to 140,000 ounces by 2027 through its La India project in Nicaragua. CEO Darren Bowden outlined the company's ambitious growth trajectory as construction proceeds ahead of schedule and within its revised budget parameters.The company currently operates the Runruno mine in the Philippines, which is expected to produce approximately 55,000 ounces in 2026 before exhausting its reserves in December. However, cash flow from this operation is fully funding the development of La India without requiring significant equity dilution—a commitment management has emphasized to shareholders.La India represents a substantial upgrade to Metals Exploration's production profile. The project will transition the company from open-pit to underground mining at higher grades and lower costs, with initial production targeting just over 100,000 ounces in 2027, ramping to 140,000 ounces as underground operations commence. The deposit contains 2.4 million ounces of resources supporting a 12-15 year mine life, with significant exploration upside across multiple epithermal vein systems.Construction progress remains robust, with the company ending 2025 with $45 million in cash and all major capital expenditures committed. Management expects to generate over $100 million in free cash flow from Runruno operations, comfortably covering the remaining $90 million required to complete La India. The critical path centers on electrical infrastructure connections, while mechanical and steel erection work proceeds smoothly.Beyond La India, Metals Exploration is actively pursuing construction-ready assets in Central America and Asia where its processing plant and experienced construction team can be redeployed following Runruno's closure. With a market capitalization exceeding £400 million and strong cash generation, the company is positioned to pursue opportunities in jurisdictions where other operators remain reluctant, leveraging direct government relationships and proven execution capabilities to access quality assets at attractive valuations.View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plcSign up for Crux Investor: https://cruxinvestor.com

Interview with Patrick Cruickshank, Director & CEO of Nine Mile MetalsOur previous interview: https://www.cruxinvestor.com/posts/nine-mile-metals-csenine-vms-drilling-unlocks-expansion-potential-5410Recording date: 5th February 2026Nine Miles Metals (CSE: NINE) is emerging as a significant explorer in New Brunswick's Bathurst Mining Camp, controlling 140 square kilometers of continuous land across four volcanogenic massive sulfide (VMS) projects. Following a transformative year of advanced geophysical work, CEO Patrick Cruickshank has outlined an aggressive 2026 exploration strategy backed by recently completed $5.5 million financing providing two years of capital.The company's flagship Nine Mile Brook project hosts what Cruickshank describes as the highest-grade lens ever recorded in Bathurst: 12% copper, 38% lead-zinc, 1,200 grams per ton silver, and 2.4 grams per ton gold over 15 meters of solid mineralization. While these exceptional grades present processing challenges—the hybrid nature requires specialized milling solutions—the company is developing a unique bulk sample processing approach with updates expected shortly.The historic Wedge mine represents a different opportunity. This past-producing deposit operated by Caminco in the 1950s-60s was abandoned when its head pillar collapsed, leaving two-thirds of known mineralization in place. Recent drilling discovered an eastern extension with intercepts up to 134 meters, while a just-completed program tested depth and southwestern extensions with assays pending. Management targets proving 7-10 million tons at Wedge to reach economic thresholds.Nine Miles Metals' competitive edge lies in systematic application of modern technology. The company flew 1,400 line kilometers of UAV drone geophysics, identifying 11 new mineralized trends. This approach delivered an 80% drill success rate at California Lake East, hitting mineralization in eight of ten holes.With 185 million shares outstanding, reduced overhead ($300,000 annual savings from office relocation), and drilling costs of just $85-100 per meter in a jurisdiction offering 30-day permitting, the company is positioned to execute multiple 2026 catalysts: pending Wedge assays, April drilling resumption at both Nine Mile Brook and Wedge, and government-funded California Lake exploration—all while maintaining optionality for strategic partnerships or sector consolidation.View Nine Mile Metals' company profile: https://www.cruxinvestor.com/companies/nine-mile-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Hodgson, CEO of Serabi Gold PLCOur previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-300-share-price-surge-underscores-brazil-focused-growth-strategy-7926Recording date: 5th February 2026Serabi Gold (LSE: SRB) has positioned itself as one of the sector's standout performers following a transformative 2025, with CEO Mike Ojenir outlining an ambitious yet fully-funded growth strategy in a recent investor update. The Brazilian-focused gold producer delivered record production of 44,000 ounces while growing cash reserves from $20 million to $54 million, despite investing $12 million in exploration—a testament to the company's exceptional cash generation capabilities.For 2026, Serabi has set guidance of 54,000-57,000 ounces, representing up to 30% growth, with longer-term targets of 70,000-80,000 ounces by 2027-2028 and potential to approach 100,000 ounces thereafter. This expansion roadmap is underpinned by the installation of a fourth ball mill at the Palito processing plant, scheduled for Q3 2026, and the probable restart of the previously shuttered Sao Chico mine, which has become economically viable at current gold prices above $4,000 per ounce.What distinguishes Serabi's growth story is its remarkable cost discipline and financial self-sufficiency. With 65% of costs derived from regulated inputs—including labor governed by predictable union agreements and government-subsidized diesel—the company maintains flat operating costs while capturing full margin expansion from elevated gold prices. Quarterly profits have surged from $6 million to a projected $13-14 million, enabling Serabi to fund all capital expenditures from cash flow without equity dilution or debt.The company has also committed to returning approximately 25% of 2025 free cash flow to shareholders through dividends or buybacks, balancing growth investment with shareholder returns. Meanwhile, a $24 million two-year exploration program aims to grow resources from 1 million to 1.6 million ounces, providing the foundation for sustainable production scaling.With permitting progress expected at the flagship Coringa project in 2026 and a debt-free balance sheet, Serabi exemplifies how established producers in stable jurisdictions can leverage operational excellence and favorable commodity prices to deliver compelling shareholder value without the execution risks of transformational M&A.View Serabi Gold's company profile: https://www.cruxinvestor.com/companies/serabi-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-delamar-project-wins-fast-41-status-with-15-month-timeline-8943Recording date: 5th February 2026Integra Resources represents a differentiated investment opportunity among mid-tier gold producers, combining near-term cash generation from producing assets with a de-risked, high-quality development pipeline advancing toward construction decision. The company's $55 million equity financing, which attracted 12 new institutional investors in a three-times oversubscribed raise, validates the investment thesis during a period of sustained gold prices above $2,800 per ounce.The financing was directly prompted by Fast-41 permitting designation from the Bureau of Land Management establishing a 15-month regulatory timeline for the DeLamar gold-silver project in Idaho, considerably faster than management anticipated and creating opportunity to accelerate development activities. This regulatory certainty differentiates DeLamar from peer projects facing uncertain multi-year permitting processes typical of U.S. mining development, whilst enabling detailed capital planning and proactive risk reduction through early works programmes.Capital deployment focuses specifically on pre-permit activities including site preparation, infrastructure upgrades, critical land purchases, long-lead equipment orders, and detailed engineering work. These activities collectively de-risk construction timelines, demonstrate tangible development intent to federal regulators, and position Integra to commence construction rapidly following anticipated mid-2026 record of decision. The early works programme leverages DeLamar's status as a past-producing asset with existing infrastructure requiring selective upgrading rather than greenfield construction, reducing development risk and capital intensity compared to earlier-stage projects.The equity commitment strategically strengthens Integra's position for H2 2026 project financing negotiations by reducing total debt requirements for construction funding, improving leverage ratios, and creating more favourable risk profiles for project lenders. This financial engineering approach potentially reduces overall cost of capital whilst demonstrating management's preference for proactive capital deployment over reactive positioning.Florida Canyon heap leach operation in Nevada provides financial stability through $2,500 per ounce margins and sufficient cash flow to fund all corporate activities and operational reinvestment requirements without external capital. The producing asset reduces development risk compared to pure development companies whilst providing steady cash generation during DeLamar advancement. Management expects 2026 performance to mirror 2025 results, with mid-year feasibility study anticipated to demonstrate mine life extension beyond acquisition-case assumptions.Institutional validation through generalist fund participation alongside traditional precious metals investors suggests broadening mainstream acceptance of gold producer equities as portfolio allocation tools. The oversubscribed financing during volatile market conditions demonstrates strong investor conviction in Integra's execution capabilities, development timeline certainty, and leveraged exposure to sustained precious metals prices.The investment thesis combines multiple catalysts converging within defined timelines: producing operations generating steady cash flow, accelerated permitting pathway reducing regulatory risk, early works programme de-risking construction timelines, upcoming project financing discussions in H2 2026, and construction decision anticipated shortly after mid-2026 record of decision. This sequencing provides near-term development visibility uncommon among mid-tier producers, whilst sustained gold prices above $2,800 per ounce enhance project economics and cash generation profiles across both assets.For investors seeking exposure to precious metals through established producers with near-term growth catalysts, Integra offers differentiated risk-reward positioning: financial stability from producing assets, de-risked development pipeline benefiting from regulatory certainty, proven management execution capabilities, and institutional validation during a favourable commodity price environment. The strategic financing positions the company to advance DeLamar efficiently whilst maintaining operational stability and financial flexibility across the portfolio.Learn more: https://cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Recording date: 3rd February 2026Olive Resource Capital executives Derek Macpherson and Samuel Pelaez discussed the sharp correction in precious metals markets during their February 2nd investor update, providing context for the volatility and outlining their investment strategy moving forward.Gold and silver experienced significant declines on January 30th, falling 9% and 26% respectively, effectively erasing approximately two weeks of gains. Despite this sharp correction, both metals remained positive for the month, with January ranking as the fifth-best performing month for gold since the December 2015 market bottom. The fund itself posted a 12% gain for January despite the month-end selloff.The managers characterized the correction as technical rather than fundamental, noting that key systemic risk indicators remained stable throughout the volatility. High-yield credit spreads, option-adjusted bond spreads, and overnight repo rates showed no signs of financial stress, leading them to conclude that "the plumbing of the system is working fine." They attributed the selloff to a large institutional participant unwinding positions, possibly ahead of month-end requirements, rather than any deterioration in underlying market fundamentals.Looking ahead, the managers identified upcoming fourth-quarter earnings reports from major gold producers as a significant catalyst. Beginning with Agnico Eagle on February 12th, these reports should showcase exceptional cash flow generation, with gold prices averaging $700 per ounce higher than the previous quarter. The expected announcements of dividend increases, share buybacks, and debt reduction should support equity valuations.The fund maintains heavy precious metals exposure while gradually rotating toward industrial commodities and base metals. This strategy reflects their thesis that monetary policy-driven gains in precious metals will broaden to include industrial commodities as fiscal stimulus reaches the real economy. The managers remain confident in the commodity bull market thesis, viewing the recent correction as a tactical pause rather than a trend reversal.Sign up for Crux Investor: https://cruxinvestor.com

Interview withAndrew Penkethman, MD & CEO of Ardea Resources Ltd.Mark Selby, CEO of Canada NickelRecording date: 2nd February 2026The global nickel market is undergoing a fundamental transformation that is creating investment opportunities in Western-controlled supply chains. Andrew Penkethman, CEO of Ardea Resources, and Mark Selby, CEO of Canada Nickel, recently discussed how their large-scale projects in Australia and Canada are positioned to capitalise on this shift.After two challenging years dominated by Indonesian supply flooding global markets, the landscape is changing. Since December 2025, nickel prices have risen approximately $4,500 per ton as Indonesia transitions from overwhelming production to active supply management. Selby characterises Indonesia as "an OPEC of one country," now implementing quota controls rather than unrestricted output. Price increases across the entire supply chain—from ore to nickel pig iron to stainless steel—indicate genuine market tightness rather than temporary speculation.Both executives emphasise a critical distinction between their new development projects and the aging operations that closed in 2024. Legacy assets from BHP and First Quantum represent 30-year-old mines with declining grades, increasing costs, and years of underinvestment. In contrast, Ardea's Goongarrie Hub and Canada Nickel's Crawford project offer fresh economics with 30-50+ year mine lives, substantial resources, and modern processing capabilities that position them favourably on the cost curve.Strategic validation has arrived through significant partnerships. Ardea secured $98.5 million in definitive feasibility study funding from Sumitomo Metal Mining and Mitsubishi Corporation, whilst Canada Nickel attracted Anglo American, Agnico Eagle, and Samsung SDI as investors. These experienced institutions seek long-term supply arrangements spanning decades, not speculative positions.Government support is accelerating development timelines. Both projects have received major project status enabling streamlined permitting and access to sovereign wealth fund financing. Canada's Prime Minister Mark Carney personally promotes the Crawford project to Middle Eastern investors, whilst Australia develops an "investor front door" program for critical minerals projects.The investment thesis extends beyond electric vehicles into broader critical minerals security. Chinese interests control approximately 80% of refined nickel supply, creating strategic vulnerabilities that Western governments address through supply chain diversification initiatives. With defence spending increasing globally and only a handful of quality nickel projects advancing worldwide, both companies expect construction decisions in 2026-2027.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, CEO, Energy FuelsOur previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-americas-critical-minerals-champion-2025s-best-uranium-stock-returns-8965Recording date: 29th January 2026Energy Fuels, a leading U.S. uranium and critical minerals producer, has announced a definitive agreement to acquire Australian Strategic Materials (ASM) through a scheme of arrangement valued at under 6% of its share registry. The transaction represents a significant milestone in Energy Fuels' strategy to build vertical integration across the rare earth supply chain, adding metals and alloys production capabilities to complement its existing separation operations at the White Mesa mill in Utah.ASM brings immediate production capability through its South Korean facility, which currently produces approximately 1,300 tons per annum of neodymium-iron-boron alloy—a critical material for permanent magnets used in electric vehicles and clean energy applications. The facility is already expanding to 3,600 tons per annum in Phase 2, with plans for Phase 3 expansion to 5,600 tons. Additionally, ASM had been developing plans for a U.S. facility with phased development up to 4,000 tons per annum, providing Energy Fuels with domestic production capabilities that align with government initiatives to reduce dependence on Chinese rare earth supply chains.The acquisition also includes the Dubbo project in New South Wales, Australia—a permitted rare earth development that adds another feed source to Energy Fuels' growing portfolio. The project is being re-evaluated using a heap leach processing approach that significantly reduces capital requirements by producing an intermediate concentrate for shipment to White Mesa mill rather than building full on-site separation facilities.CEO Mark Chalmers emphasized that vertical integration addresses a fundamental challenge in the rare earth industry: fragmentation. By controlling multiple steps from separation through alloys production, Energy Fuels expects to improve margins by up to 20% while positioning itself as a strategic partner for government programs and commercial customers seeking integrated solutions. The transaction is expected to close by the end of June 2026, following shareholder votes and court approvals under Australian law.Learn more: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Recording date: 2nd February 2026Olive Resource Capital executives Derek Macpherson and Samuel Pelaez recorded their latest market commentary during a pivotal moment in late January 2026, as precious metals experienced both historic gains and a subsequent correction. Gold surpassed $5,100 while silver exceeded $120 before both metals pulled back, yet still positioned to deliver potentially the best monthly performance on record following 2025's exceptional year.The correction, while notable, was characterised by the executives as a healthy consolidation rather than a reversal of underlying trends. Pelaez emphasised that fundamental drivers supporting precious metals remained intact, including expanding global liquidity at all-time highs and persistent supply constraints. Technical indicators showed overbought conditions with relative strength indices in the 90s range, but the executives noted such conditions can persist for extended periods without signaling imminent reversals.Macpherson's attendance at the Vancouver Resource Investment Conference revealed dramatic shifts in market participation. Conference attendance exceeded levels seen in the previous decade, with one small-cap exploration company reporting over 150 investor booth visits. This contrasted sharply with recent years when sparse attendance left companies pitching to neighbouring exhibitors rather than actual investors.Capital markets activity reflected this heightened interest, with private placements routinely exceeding $20-25 million. Institutional investors who participated in mid-2025 financings returned with substantially larger commitments in January 2026, reflecting strong portfolio performance and capital rotation into the mining sector.Despite the rally in metal prices, Pelaez argued that mining equities, particularly developers and explorers, have not yet reflected $5,000 gold in their valuations. Upcoming first-quarter earnings should demonstrate significant margin expansion, as producers benefit from $700 quarterly increases in realised gold prices flowing directly to bottom lines. The executives maintained that mining equities retain appreciation potential even if commodity prices stabilise at current levels, presenting ongoing opportunities for investors willing to navigate near-term volatility while maintaining conviction in the sector's long-term trajectory.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Smith, Executive Chairman, President & CEO of NioCorp Developments Ltd.Our previous interview: https://www.cruxinvestor.com/posts/niocorp-nasdaqnb-critical-minerals-project-targets-us-supply-chain-security-7125Recording date: 26th January 2026NioCorp Developments (NASDAQ: NB) is accelerating toward project financing for its Elk Creek critical minerals facility in Nebraska, backed by over $300 million in cash and intensifying support from US government agencies. The company raised $370 million in 2025, including a $10 million Department of Defense grant that funded reserve upgrades and engineering work critical to securing Export-Import Bank financing.Executive Chairman Mark Smith reports unprecedented momentum with the US Export-Import Bank, which designated NioCorp as a "very top priority project" in December 2025. "In the last two weeks, I have received more emails and more phone calls from EXIM than I did in all of 2025," Smith said, describing the pace as "Trump speed." The company expects binding commitments by Q2 2026 for a 65% debt, 35% equity structure totaling $780 million.Project economics have been dramatically enhanced by surging rare earth prices. Neodymium-praseodymium oxide has doubled from $55/kg in July 2025 to $110-120/kg, while heavy rare earths show even more striking differentials—dysprosium at $1,250/kg outside China versus $250/kg domestically. These pricing improvements will be reflected in the company's mid-March feasibility study update.NioCorp has commenced detailed engineering for a $45 million underground mine portal project starting February 2026, demonstrating management confidence in near-term financing. The project offers exceptional margins of approximately $450-475 per ton, with $700 in revenue against $225-250 in processing costs across four critical minerals: niobium, scandium, titanium, and magnetic rare earths.The company has secured definitive offtake agreements for 75% of ferroniobium production and 12 tons annually of scandium, with additional announcements expected through April. NioCorp is also negotiating with the Department of Defense for support similar to recent arrangements with MP Materials and USA Rare Earth, positioning the project as critical to US supply chain independence for materials currently 100% imported.View NioCorp's company profile: https://www.cruxinvestor.com/companies/niocorp-developmentsSign 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-aggressive-drilling-and-land-expansion-fuel-growth-potential-7925Recording date: 29th January 2026Power Metallic (TSXV: PNPN) is advancing one of the world's rarest deposit types—an orthomagmatic polymetallic discovery at its NISK project in Quebec. CEO Terry Lynch recently outlined the company's significant 2025 achievements and ambitious 2026 plans, positioning the explorer for a transition toward mine development.The company's most significant 2025 milestone was a metallurgical study delivering exceptional 95% recovery rates across its metal suite, substantially exceeding the 80% modeled. Specific recoveries include copper at 98.9%, palladium at 93.9%, platinum at 96.8%, gold at 85%, and silver at 88.9%. These results address a primary concern in polymetallic projects and, combined with near-surface mineralisation, position NISK as a low-capital, high-margin opportunity with estimated internal rates of return approaching 100%.Power Metallic also successfully consolidated its land position, acquiring seven of eight priority targets around the discovery. Orthomagmatic deposits are exceptionally rare—only 20 discovered globally—with 19 of 20 developing into multi-mine districts. The company now controls a land package six times larger than at the discovery stage, providing district-scale development potential.The company raised $50 million in 2025 and currently holds approximately $33 million cash, fully funding its aggressive 2026 program without near-term financing needs. Plans include 100,000 meters of drilling using five rigs expanding to seven, testing four transformative exploration targets beyond the known Lion zone. The "Elephant" target, emerging from borehole electromagnetic surveys, theoretically measures five times Lion's size and represents the largest anomaly the technical team has encountered.Beyond Quebec, Power Metallic is diversifying its portfolio through a Chilean Metals spinout (TSXV listing expected within weeks) consolidating copper-gold assets near the Candelaria mine, plus three large-scale Saudi Arabian concessions offering significantly lower exploration costs and unprecedented government incentives including 75% project financing at 1% interest rates.With commodity prices strengthening across its metal portfolio and multiple near-term catalysts including drill results and a preliminary economic assessment targeted for Q4 2026 or Q1 2027, Power Metallic is positioning for significant rerating as markets recognize the development potential of this rare discovery.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallicSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxvplsr-exceptional-145-concentrations-drive-resource-expansion-program-7877Recording date: 29th January 2026Pulsar Helium is developing the Topaz Project in Minnesota, positioning itself as a potential solution to America's persistent helium supply challenges. Led by President and CEO Thomas Abraham-James, the company has systematically de-risked its primary helium discovery through 2025, setting the stage for a transformative 2026 with multiple value-defining catalysts on the horizon.The United States represents the world's largest helium market yet has experienced persistent shortages over the past 15 years. Unlike most commodities, helium exists primarily as a byproduct of natural gas production, creating significant supply inflexibility. Major producers outside the United States—Qatar, Algeria, and Russia—present both geopolitical risks and logistical challenges, with helium's molecular properties causing product loss during the four-week shipping transit.Pulsar specializes in primary helium resources, where helium exists as the principal gas rather than a byproduct. The Topaz Project has delivered five consecutive successful wells, all intersecting helium-bearing gas zones with concentrations of 8-10%—significantly exceeding the 2% economic threshold. These wells flow naturally to surface without hydraulic fracturing, and approximately 85% of the raw gas stream appears marketable.The October 2025 announcement of helium-3 presence garnered particular market attention. This ultra-rare isotope, valued at $18.5 million per kilogram, is currently being pursued through lunar mining programs funded by the U.S. and Chinese governments. Pulsar's terrestrial alternative offers concentrations comparable to the moon's surface but in gaseous form, making extraction significantly simpler. Helium-3 is critical for quantum computing applications, enabling optimal processing at near-absolute-zero temperatures.Looking ahead, flow testing scheduled for February through May 2026 will provide critical reservoir data, followed by a resource update and the company's first economic study expected mid-2026. Recent warrant exercises and efficient drilling costs have strengthened Pulsar's financial position, providing sufficient capital through these key milestones. Abraham-James characterized the coming six months as "fast and furious" as the company transitions from exploration to engineering-ready status.View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-heliumSign up for Crux Investor: https://cruxinvestor.com

Interview with Joseph Ovsenek, President & CEO of Tudor GoldOur previous interview: https://www.cruxinvestor.com/posts/tudor-gold-tsxvtud-developer-eyes-300k-ozyear-production-8936Recording date: 23rd January 2026Tudor Gold Corp. has released an updated mineral resource estimate for its Goldstorm deposit at Treaty Creek in British Columbia's Golden Triangle, reporting 24.9 million ounces of gold equivalent in the indicated category with an additional 4 million ounces inferred. The 15% increase in indicated resources positions the project as a potential tier-one asset as the company accelerates development plans targeting production.President and CEO Joseph Ovsenek emphasized the company's focus on higher-grade mineralization to optimize economics. The resource update includes sensitivity analyses at different net smelter revenue cutoff values. At a $125 per ton NSR cutoff, the deposit contains 5.8 million indicated ounces plus 2.6 million inferred ounces. At the more selective $175 per ton NSR cutoff, resources total 3.4 million indicated ounces and 2.4 million inferred ounces.The grade profile at higher cutoffs becomes particularly attractive. At the $175 per ton NSR cutoff, indicated grade averages 2.33 grams per ton gold while inferred averages 4.02 grams per ton. Combined, this approaches three grams per ton gold equivalent without copper and silver credits.The 15% resource increase came primarily from enhanced modeling techniques employing 5-meter blocks at grade boundaries rather than new drilling. Tudor Gold is pursuing concurrent mine planning and metallurgical studies expected to complete this quarter, targeting a Preliminary Economic Assessment by Q3 2026. The development strategy focuses on underground mining using long-hole stoping methods at 8,000-10,000 tons per day supporting annual production around 300,000 ounces.The company has filed permits for underground ramp development to enable infill drilling and expects approval in 2026. A substantial exploration program budgeting 10,000-15,000 meters will target Perfectstorm, CBS, and Eureka zones with an objective of developing an additional 5 million ounce resource beyond Goldstorm.With gold prices approaching $5,000 per ounce, Tudor Gold reported receiving unsolicited financing approaches, providing capital optionality to advance development on its preferred timeline.View Tudor Gold's company profile: https://www.cruxinvestor.com/companies/tudor-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, Director & CEO of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-2025s-strategic-transformation-to-2026-production-8915Recording date: 23rd January 2026New Found Gold Corporation has commenced the execution phase of its flagship Queensway gold project in Newfoundland by awarding the engineering, procurement and construction management contract to WSP Canada. The appointment culminates a competitive selection process involving seven firms and positions the company to achieve first production in late 2027 through an integrated development strategy coordinating engineering, environmental permitting, and project financing.The development plan centres on expanding the acquired Pine Cove mill to 1,400 tonnes per day capacity by converting the facility from flotation to a gravity-CIL circuit and adding a parallel processing train using equipment relocated from the Nugget Pond facility. This approach leverages existing permitted infrastructure obtained through the Maritime Resources acquisition rather than constructing greenfield facilities, reducing both capital requirements and development timeline risk. Pine Cove currently processes 700 tonnes per day from the Hammerdown mine, which is ramping to steady-state production in the first half of 2026 and will generate cash flow during Queensway development.CEO Keith Boyle's selection of an EPCM (Engineering, Procurement, Construction Management) contract structure over traditional EPC reflects management's experience in project delivery and prioritisation of execution certainty over aggressive cost minimisation. The EPCM approach allows collaborative execution with WSP while maintaining owner involvement and flexibility for design optimisation as engineering advances. WSP was selected from five proposals based on relevant mill expansion experience and commenced preliminary work before year-end, establishing early integration with New Found Gold's permitting and financing timelines.The company has structured its path to production around three parallel workstreams coordinated by COO Robert Assabgui. Vice President of Sustainability Jared Saunders is advancing the environmental assessment application through Stantech, targeting submission in Q1 2026. Stantech secured Firefly Metals' environmental approval in 45 days during 2025, providing a relevant precedent for timeline expectations. The environmental assessment process operates independently of WSP's engineering advancement, allowing simultaneous progress without creating schedule dependencies.Meanwhile, Cutfield Freeman is structuring project financing for Queensway development, with management reporting strong interest from potential financing partners. The financing workstream must align with engineering schedules to ensure capital availability for long-lead equipment purchases and construction mobilisation following permit approvals. These represent the next critical milestones following environmental assessment approval.The investment case combines multiple elements: de-risked development through acquired infrastructure, experienced management executing proven development models, near-term catalysts providing sequential de-risking opportunities, Newfoundland's permitting certainty, and management's reported financing confidence. The Hammerdown production ramp provides near-term cash flow while Queensway advances through development, creating a portfolio structure with both production and development components.Investors should monitor environmental assessment approval, financing commitment announcement, and long-lead equipment procurement as key milestones over the next 12-18 months. Each milestone achievement should reduce perceived execution risk and potentially re-rate valuation toward production-stage multiples. The late 2027 production target provides a defined investment horizon for evaluating execution progress, while the current gold price environment above $4,500 per ounce provides economic headroom supporting proper engineering investment without compromising project returns.New Found Gold's disciplined approach to service provider selection and integrated execution framework positions the company to differentiate itself among junior developers through demonstrated execution capability rather than aggressive timelines with minimal professional support.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeffrey Wilson, President and CEO, Precipitate Gold Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-tsxvprg-barrick-partnership-grows-to-22m-as-regulatory-path-clears-6789Recording date: 22nd January 2026As gold approaches $5,000 per ounce, Precipitate Gold Corporation has positioned itself for an aggressive exploration campaign across two promising Dominican Republic projects. The junior explorer recently closed a C$6.5 million financing in early January 2026, bringing its treasury to C$9.5 million with no underlying work commitments on its 100%-owned properties.The most significant development for Precipitate has been the dramatic de-risking of the Dominican Republic as a mining jurisdiction through neighbor GoldQuest Mining Corp.'s success. GoldQuest's share price surged from C$0.16 to over C$2.00 in twelve months as the company advanced its Romero project through environmental approval toward a bankable feasibility study. This progression validated that projects in the Dominican Republic can advance to production, opening capital access for regional explorers.Precipitate's recent financing was notably supported by Dominican investors who watched their peers profit from early GoldQuest positions. According to President and CEO Jeffrey Wilson, wealthy Dominican business individuals who passed on GoldQuest at lower prices are now seeking similar opportunities in the district.The company has identified two near-term drill catalysts. At Pueblo Grande, which surrounds Barrick Gold's Pueblo Viejo mine, Precipitate discovered an untested chargeability anomaly following comprehensive review of historical data. The company plans to test this target with 5-8 drill holes at 100-350 meter depths in a permitted, accessible area with geophysical characteristics similar to Pueblo Viejo mineralisation.At Juan de Herrera, adjacent to GoldQuest's Romero deposit, Precipitate has advanced four to five targets to drill-ready status through twelve months of geochemistry, mapping, and geophysics work. The 40-kilometer shared claim boundary with GoldQuest positions the company within the same geological district for potential "string of pearls" style mineralisation.Wilson emphasized that all factors have aligned for the first time in Precipitate's 13-year history: drill-ready targets, strong gold prices, capital availability, and responsive market conditions following years of disciplined capital preservation.Learn more: https://www.cruxinvestor.com/companies/precipitate-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Meredith Eades, President & CEO of EraNova MetalsRecording date: 23rd January 2026EraNova Metals represents a compelling asymmetric investment opportunity in the critical minerals sector, combining an advanced-stage molybdenum development project trading at a substantial discount to peers with emerging high-grade silver exploration upside that remains unrecognised by current valuation.Under newly appointed President and CEO Meredith Eades, EraNova has repositioned around a dual-path value creation strategy centred on its 30,000-hectare Ruby Creek property in British Columbia. The company's 433 million pound molybdenum resource benefits from $30 million in existing infrastructure, historical feasibility study and environmental approval, and simple metallurgy requiring straightforward processing. Working with engineering firm Tetra Tech to advance toward preliminary economic assessment, EraNova is updating project economics to reflect improving molybdenum market fundamentals with minimal additional drilling required due to comprehensive historical work.The valuation opportunity is striking. At approximately $10 million market capitalisation, investors acquire the Ruby Creek infrastructure at 33 cents on the dollar before accounting for the molybdenum resource itself. Trading at 2.5 cents per pound of molybdenum in-ground versus comparable developers at 5-35 cents, EraNova presents potential for 2-14x re-rating as the PEA demonstrates project economics and strategic partnership discussions advance. Management has confirmed active interest from potential partners exploring joint ventures, strategic partnerships, and offtake agreements—structures that could fund development whilst preserving shareholder value.The exploration dimension provides additional upside optionality currently ignored by market valuation. A 1,585-pound bulk sample from the Silver Surprise zone yielded a 14.3-ounce silver bar through simple crushing and gravity separation, with grades of 4,200 grams per tonne silver and 95% recoveries. Three parallel surface veins extending up to 180 metres offer compelling drill targets, whilst strengthening silver prices above $30 per ounce enhance the economics of potential direct shipping ore scenarios. This near-term revenue generation potential offers an anti-dilutive funding mechanism for continued exploration across seven distinct mineralised zones showing copper-gold-silver-tungsten potential.Management's capital structure and alignment merit investor attention. The operations manager and chief geologist both hold significant equity positions and work without cash compensation, ensuring decisions prioritise shareholder value creation. The autumn financing round came together efficiently with participation from both long-term shareholders and new investors, demonstrating market confidence in the strategic vision whilst maintaining the company's stated focus on execution and disciplined capital allocation.The macro backdrop supports both elements of EraNova's investment thesis. Molybdenum serves critical functions in high-strength steel alloys for infrastructure, pipelines, and construction, with emerging demand from offshore wind, nuclear power, and hydrogen infrastructure supporting steady price improvement. Government emphasis on domestic critical mineral production in stable jurisdictions enhances the strategic value of Canadian molybdenum supply. Simultaneously, silver benefits from monetary uncertainty, industrial demand growth, and supply constraints.For investors seeking exposure to critical minerals development with precious metals exploration leverage, EraNova presents compelling risk-reward at current valuation. The combination of near-term PEA catalyst, potential strategic partnership announcements, 2026 exploration results, and substantial valuation discount to peers creates multiple pathways for value recognition as the market adjusts to the company's repositioned focus and demonstrated progress on both development and exploration fronts.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, Corporate Development of Americas Gold & Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-acquires-us65m-crescent-mine-raises-us115m-8579Recording date: 23rd January 2026Americas Gold & Silver has delivered a remarkable operational turnaround, achieving 2.65 million ounces of silver production in 2025 - the highest output in 20 years and the highest grade at its flagship Galena mine in two decades. This represents a 52% year-over-year production increase, demonstrating the effectiveness of new management's operational improvements since taking control in October 2024.The company recently completed a transformative $130 million acquisition of the Crescent Silver Mine, located just nine miles from Galena. Crescent features a resource exceeding 20 million ounces at over 600 grams per ton - double Galena's current mining grade. The proximity enables significant synergies, with ore from Crescent feeding directly into Galena's existing mill infrastructure. Management has already reduced power costs at Crescent from 65 cents to 5 cents per kilowatt-hour and plans to invest $20-25 million in development during 2026, with production expected to ramp through 2027-2028.Executive Vice President Oliver Turner emphasized the company's execution-focused approach: "We just got to execute on what we say we're going to do and deliver, deliver, deliver. That's what we've started to do already at Americas Gold and Silver and will continue to do in the years ahead."Looking ahead, the company plans an unprecedented exploration campaign with 15-20 drills across its asset base in 2026. Recent discoveries include the high-grade 34 vein at Galena, which intersected 983 grams per ton silver with an expanded conceptual target of 6-7 million ounces. The exploration potential extends to Cosala in Mexico, where seven outcropping targets remain untested.Strategically, Galena operates as the largest active antimony mine in the United States, producing continuously since 1942. With new offtake contracts effective January 2026 providing payment for all byproducts and antimony designated as a critical mineral priority, the company offers unique exposure to both precious metals and strategic materials. Backed by over 60% institutional ownership and robust capitalization, Americas Gold & Silver combines operational execution with significant growth catalysts across production, exploration, and strategic mineral positioning.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 Janet Lee Sheriff, Director & CEO of Verdera EnergyRecording date: 22nd January 2026Verdera Energy represents a focused opportunity to gain exposure to New Mexico uranium development through the state's largest land holding and most comprehensive data package. The company controls 400 square miles of mineral rights alongside 88 million pounds of historical uranium resources distributed across four in-situ recovery projects, following its strategic spin-out from production-oriented enCore Energy.New Mexico's uranium credentials provide compelling jurisdictional context. The state accounts for 40% of all uranium produced in the United States and hosts the only commercial enrichment facility in the country, creating existing nuclear fuel cycle infrastructure. As CEO Janet Lee Sheriff noted, New Mexico could be known as the seventh largest uranium producing district in the world.The $20 million qualifying transaction led by Haywood and SCP Resource Finance at $1.00 per subscription receipt provides substantial working capital relative to typical exploration-stage uranium developers. This financing positions Verdera to simultaneously advance multiple projects rather than pursuing sequential, capital-constrained development. TSXV listing under symbol "V" is expected within weeks following completion of the reverse takeover with POCML7.Verdera's project portfolio spans various advancement stages, anchored by the Crownpoint-Hosta project's NI 43-101 compliant resource of approximately 28 million pounds. West Largo stands out as the highest-grade ISR project in the United States at 0.3% U₃O₈—substantially exceeding typical ISR deposits operating at 0.05-0.15% grades—with approximately 20 million pounds of historical resources. This exceptional grade potentially offers superior project economics through reduced processing volumes and lower operating costs per pound recovered.The company's control of approximately 90% of all uranium exploration data in New Mexico creates strategic competitive advantages unavailable to potential competitors. This data consolidation, comprising the majority of URI and Kerr McGee databases, de-risks exploration across existing landholdings whilst enabling identification of additional acquisition or joint venture opportunities using proprietary information.EnCore Energy's retained 14% stake creates alignment whilst providing access to production-focused technical expertise developed through Texas ISR operations. This partnership proves particularly relevant for Ambrosia Lake, where enCore brings knowledge of satellite central processing plant configurations that could reduce infrastructure requirements.The investment thesis extends beyond individual project merits to encompass broader domestic supply security dynamics. Despite operating the world's largest commercial reactor fleet with 94 operating units generating approximately 20% of domestic electricity, the United States produces less than 5% of required uranium. The Prohibiting Russian Uranium Imports Act signed in 2024 eliminates a source that previously supplied approximately 20% of US reactor requirements, intensifying focus on domestic production.Four New Mexico uranium projects now participate in the FAST-41 permitting programme designed to streamline federal permitting for infrastructure projects of national significance. Combined with state-level engagement through the Clean Energy Association of New Mexico, the regulatory environment shows signs of improvement as domestic supply chain priorities intensify.First-year priorities focus on modernising West Largo's historical resource to current NI 43-101 standards whilst executing drill programmes to expand the resource base. Ambrosia Lake will pursue a dual-track approach combining ISR drilling with permitting advancement, leveraging enCore's technical expertise and the project's historical conventional mining infrastructure.For investors seeking exposure to domestic uranium supply re-emergence, Verdera offers a consolidated vehicle capturing New Mexico's geological prospectivity, established infrastructure, and evolving regulatory support through the state's dominant land position and comprehensive data package.View Verdera Energy's company profile: https://www.cruxinvestor.com/companies/verdera-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Marc Henderson, President & CEO of Laramide Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/laramide-resources-tsxlam-uranium-giant-preps-triple-continent-play-as-ai-drives-nuclear-boom-7870Recording date: 23rd January 2026Laramide Resources has strategically repositioned its portfolio following Kazakhstan's effective nationalization of uranium exploration through legislation requiring 75-90% state ownership in future joint ventures. After securing substantial land packages and completing initial targeting work, the company was preparing to drill when the government introduced rules that CEO Marc Henderson characterized as making commercial development "unviable." The decision represents a significant shift in Kazakhstan's approach to its strategic uranium assets, despite maintaining western-style mining codes for other minerals.With Kazakhstan no longer viable, Laramide has refocused on its Churchrock in-situ recovery project in New Mexico, which is advancing toward Q2 2027 permitting under the federal FAST-41 process. The project offers compelling economics with operating costs estimated at approximately $30 per pound—positioning it in the lower quartile of the global cost curve—while current uranium prices hover around $85. Churchrock will commence production at 1 million pounds annually with expansion capacity to 3 million pounds, benefiting from Laramide's ownership of processing infrastructure that provides competitive advantages over peers requiring third-party toll milling.Henderson emphasized growing supply-demand imbalances as global uranium demand projects to 400 million pounds by 2040 while Kazakhstan and other major producers face declining reserve profiles. The market has entered its first year of primary deficit, yet utilities have been slow to secure long-term supply contracts. The CEO drew parallels to silver markets, which required years of physical deficits before prices responded materially.The company's Australian Westmoreland project—containing 65 million pounds with potential 5-million-pound annual production—remains politically constrained despite Australia's commitment to nuclear submarine programs. However, Boss Resources' acquisition of approximately 20% of Laramide signals external validation of the asset's strategic value. Henderson noted the low-technical-risk open-pit operation could unlock substantial value if political obstacles resolve.Looking forward, Henderson emphasized the industry's need for horizontal consolidation to create diversified mid-tier producers generating 8-10 million pounds annually, as utilities require supply diversification beyond major producers and junior developers.View Laramide Resources' company profile: https://www.cruxinvestor.com/companies/laramide-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Brian Miller, Director & CEO Of Astra ExplorationOur previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-pitch-perfect-november-2025-8536Recording date: 20th January 2026Astra Exploration (TSXV:ASTR) is aggressively advancing its flagship La Manchuria precious metals project in Argentina following encouraging initial drilling results that have validated management's exploration thesis. CEO Brian Miller outlined the company's progress and 2026 strategy in a recent discussion covering exploration results, geological interpretation, and capital allocation priorities.The company's most significant achievement was securing La Manchuria in mid-2024 and completing an inaugural drill program in early 2025 that intersected exceptional near-surface grades. Miller emphasized the quality of mineralization: "The grades that we've intersected there, they're not common to get repeat grades because I'm literally talking about ounces of gold and kilograms of silver in open drill intercepts near surface. And they're not one-offs. We've repeated several of those."Critically, Phase 1 results demonstrated that the mineralized system extends well beyond previous geological interpretations. The project was thought to be faulted off at both ends along strike, but Astra has proven the system continues in both directions with new parallel zones identified. This expansion fundamentally changes the scale potential, with the deposit now opening up in multiple dimensions including at depth.Astra initiated a 10,000-meter Phase 2 drill program in October 2025, with the first half focused on extending the surface footprint through shallow drilling and the second half targeting deeper zones starting March 2026. Assays from the initial phase are currently pending and expected to provide critical information about lateral continuity and the effectiveness of geophysical targeting methodology.Rather than rushing toward formal resource estimation, management is prioritizing demonstration of scale through step-out drilling. This capital-efficient approach aims to prove system extent before the expensive, dilutive infill drilling required for resource definition. The company maintains its original thesis of multi-million-ounce potential.Argentina's unprecedented political and economic reforms have attracted major mining companies including Lundin, BHP, Kinross, and Barrick to deploy significant capital in the country, validating the jurisdiction and reducing perceived country risk. Management views 2026 as having potential to match or exceed 2025's success, with near-term valuation dependent on pending assay results that will determine how much metal the expanded system contains.View Astra Exploration's company profile: https://www.cruxinvestor.com/companies/astra-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Alberto Orozco, CEO, Capitan SilverOur previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-triples-exploration-target-at-historical-cruz-de-plata-silver-district-8232Recording date: 20th January 2026Capitan Silver is entering 2026 with significant momentum following a transformative year that repositioned its Cruz de Plata silver project in Durango, Mexico. CEO Alberto Rosco outlined an ambitious exploration program backed by a recent $29 million financing that will fund 60,000 meters of drilling across what the company now recognizes as a complete mineral system rather than a simple silver trend.The strategic shift came through property consolidation that expanded the project from 7 kilometers to 20 kilometers of vein targets. Through systematic mapping and sampling, the geological team identified that high-grade silver mineralization sits near the contact between an intrusive body and sedimentary rocks, with this controlling structure extending westward and northward in a circular pattern. The company also eliminated a significant royalty and increased gold resources at the adjacent Capitan Hill deposit by 115% to 525,000 ounces.Rosco emphasized that Cruz de Plata's outcropping nature provides substantial cost advantages throughout exploration and potential development. Most previous drilling remained in the top 150 meters, with the 2026 program designed to extend testing to 150-300 meters depth on the advanced Jesus Maria trend while using reverse circulation rigs for rapid, cost-effective testing of new targets to the west, north, and within the intrusive itself.Management remains focused on building an operating mine rather than pursuing early monetization, drawing on the team's experience developing and operating projects in Mexico through their previous work at Argonaut Gold. "We're developing this for the long haul. We see a very big system here and we're very excited about it," Rosco stated, comparing Cruz de Plata to successful intermediate sulfidation deposits like Penasquito and MAG Silver's Juanicipio.With approximately 50 unreleased drill holes from the previous program and multiple rigs operating simultaneously in 2026, investors can expect consistent news flow as Capitan Silver works to demonstrate the scale of its expanded mineral system.Learn more: https://www.cruxinvestor.com/companies/capitan-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/hawk-resources-asxhwk-december-drilling-targets-five-prospects-in-historic-copper-district-8487Recording date: 20th January 2026Hawk Resources has successfully raised A$5 million to fund an aggressive exploration campaign across two high-potential critical minerals projects, with the capital raise closing within an hour of opening due to strong investor demand. The oversubscribed raise demonstrates market confidence in the company's dual-pronged strategy targeting near-term copper-gold catalysts in Utah alongside a potentially transformational scandium opportunity in Western Australia.Managing Director Scott Caithness confirmed drilling has commenced at the company's flagship Cactus copper-gold project in Utah, with a 4,000-meter program testing six previously undrilled targets. The project carries significant historical pedigree, having been mined between 1905 and 1920 at grades of 2% copper with meaningful gold credits. Recent verification drilling by Hawk intersected 30 meters at 1.8% copper from surface, confirming the presence of high-grade mineralisation that remains accessible for modern exploration techniques.The company has allocated approximately A$3 million toward the Cactus drilling campaign, with results expected to flow from March 2026 onwards. Hawk's systematic approach integrates geophysical data, historical drilling records, and the first-ever project-wide soil sampling program to identify high-priority targets. The Copperopolis target exemplifies this methodology—a large chargeability anomaly with encouraging surface geochemistry that has never been drill-tested, despite a 1974 hole nearby intersecting 30 meters at 2% copper.Complementing the Utah copper focus, Hawk has reserved A$1-1.5 million to advance its recently acquired scandium project in Western Australia. The asset features a 4 kilometer by 7 kilometer soil anomaly with scandium grades exceeding 500 parts per million, reaching peaks of 1,200 ppm in a commodity currently worth $3,400 per kilogram. Historical shallow drilling intersected significant scandium mineralisation, though verification through laboratory assays remains the immediate priority.Caithness positions Hawk as a critical metals company with copper focus, offering investors exposure to supply-constrained commodities essential for electrification and advanced manufacturing while maintaining strategic optionality through its diversified project portfolio.View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Dorsch, MD & CEO of Chalice MiningRecording date: 20th January 2026Chalice Mining is developing the Western world's leading palladium-nickel-copper project at Gonneville, discovered in 2020 near Perth, Australia. The project has advanced from discovery to prefeasibility study (PFS) stage, with Final Investment Decision (FID) and construction planned for 2028-29.The project's exceptional economics stem from open-pit mining starting at surface level, delivering all-in sustaining costs of $370/oz compared to $900-1,800/oz for South African competitors operating deep underground mines. This positions Gonneville in the second quartile of the global cost curve. The PFS demonstrates a 23-year mine life with NPV8 of A$3.3 billion at current prices and 40% IRR, producing 170,000 oz/year initially and scaling to 250,000 oz/year in stage two.Palladium prices have surged 105% from $880/oz to $1,800/oz over seven months, driven by supply constraints with over 90% production concentrated in Russia and South Africa. Demand remains resilient as electric vehicle adoption progresses slower than anticipated, supporting hybrid vehicles that require palladium catalytic converters.Chalice's two-stage development strategy balances ambition with capital discipline. Stage one requires A$820 million capex, fundable through 50-70% debt financing given strong project margins and abundant critical minerals financing from sovereign wealth providers. The company has invested A$325 million in technical work, including A$15 million on metallurgical testing—significantly more than typical junior miners at this stage.A simplified flowsheet redesign produces three standard products processable by conventional smelters, eliminating downstream technology risk. The project's Perth location provides infrastructure advantages and residential workforce access, reducing capital requirements to A$200-250 million versus multi-billion dollar bills for remote projects.With regulatory approvals expected in early 2028, Chalice offers rare exposure to palladium development outside Russian and South African dominance in a structurally constrained supply market.View Chalice Mining's company profile: https://www.cruxinvestor.com/companies/chalice-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-agnico-backed-junior-targets-mining-camp-scale-gold-discovery-8319Recording date: 19th January 2026Cartier Resources represents a compelling investment opportunity in Canadian gold exploration, combining exceptional drilling economics, strategic backing from Agnico Eagle Mines, and systematic execution of a mining camp-scale discovery programme across 15 kilometres of Quebec's prolific Cadillac Fault.The investment thesis centres on resource growth from the current 3.2 million ounce baseline at the flagship Chimo Mine toward 4-5 million ounces by year-end 2026, with longer-term potential for 12-15 million ounces across multiple deposits. Independent consultants have formally identified exploration targets for an additional 1.1 million ounces achievable through disciplined drilling, validating management's systematic approach to proving up a mining camp rather than a single-asset development story.Cartier's operational advantages stem directly from location within Val-d'Or's established mining infrastructure. The company has secured all-in drilling costs of C$105-110 per metre—from site preparation through assay results to press release—representing exceptional value in the current inflationary environment. This cost structure enables an aggressive 250,000-metre programme with two rigs currently operating 24/7 and plans to deploy four to six additional rigs, matching in one year the total drilling accomplished over the previous decade.Strategic validation from Agnico Eagle, which holds a 27% stake acquired through its O3 Mining purchase, provides both financial support and technical credibility. Monthly technical committee meetings enable rapid reallocation of drilling resources based on emerging results, whilst Agnico's involvement significantly enhances Cartier's profile amongst institutional investors who view major mining company participation at the exploration stage as validation of project quality and future acquisition potential.The company has initiated critical de-risking studies that progressively enhance project economics. Independent metallurgical testwork targets 96-97% gold recovery rates versus historic 93% recoveries, whilst evaluating toll-milling opportunities at four different processing facilities within 60 kilometres. Establishing toll-milling arrangements could reduce capital expenditure by approximately C$120 million by eliminating dedicated mill construction requirements. Environmental baseline studies and a preliminary economic assessment scheduled for 2026 delivery provide the technical foundation for various development scenarios.Cartier's recent surpassing of C$100 million market capitalisation represented a critical threshold that unlocked institutional investor access previously unavailable. The company has traded over 80 million shares since July 2025, representing complete shareholder base rotation toward sophisticated investors with longer time horizons and larger position sizes. This evolution provides improved liquidity, reduced volatility, and establishes the foundation for additional institutional participation as exploration objectives are achieved.Management has demonstrated disciplined capital allocation by optioning three non-core Windfall District projects to Exploits Discovery for C$2 million cash, nearly 10 million shares, and retained royalties whilst maintaining singular focus on the Cadillac Project. Integration of AI-driven targeting methodologies has already validated discoveries like the Contact zone, accelerating exploration timelines by six to eight months compared to traditional approaches.With C$10 million in treasury supporting aggressive drilling without near-term dilution, gold prices sustained above US$4,600 per ounce dramatically improving project economics, and multiple catalysts including ongoing drill results, metallurgical studies, and year-end PEA delivery, Cartier offers substantial upside leverage at current valuations. The company trades at significant discount to peers with comparable resource bases despite superior jurisdictional advantages, strategic backing, and cost structure. For investors seeking exposure to Abitibi gold discovery potential with clearly defined catalysts and multiple value realisation pathways, Cartier Resources represents a compelling core holding within precious metals portfolios during a critical value inflection period.View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com