Company Interviews

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Recording date: 2nd October 2025Welcome back to Compass, Olive Resource Capital’s weekly markets and portfolio insights show, hosted by Derek MacPherson (Executive Chairman) and Sam Pelaez (President, CEO & CIO). Each week, we cut through the noise in mining and metals, highlighting the most important macro developments and drilling down into the companies shaping our portfolio.In this episode, we unpack a week of pivotal news for both major gold producers and junior explorers. At the very top of the market, Newmont and Barrick—two of the world’s largest gold companies—announced leadership changes on the same day. Newmont’s move was a planned succession from COO to CEO, signaling stability and continuity as the company enters a new phase of growth. Barrick, however, surprised the market with an interim appointment following the sudden departure of Mark Bristow. This contrast highlights the broader cycle shift from defensive, balance-sheet-focused leadership to growth-oriented CEOs ready to capitalise on a bull gold market.The coincidence of both announcements has reignited speculation about deeper industrial alignment. With Nevada Gold Mines and Pueblo Viejo already jointly operated, strategic synergies are clear. A combined or further integrated entity could also benefit from passive investment flows, with Newmont’s S&P 500 inclusion forcing index-tracking funds to increase their exposure. While no deal has been announced, the industrial and financial rationale for closer alignment between Newmont and Barrick is stronger than ever.Beyond the majors, the week delivered extraordinary news from Olive’s portfolio companies. Sterling Metals announced a discovery hole at its Soo Copper project in Ontario - 262 metres at 1% copper equivalent—re-rating the stock by more than 200% in a single day. Years of geological groundwork positioned the company for this success, underscoring the importance of disciplined preparation.Prospector Metals delivered another standout intercept: 44 metres at 13 g/t gold with 1.8% copper at its Mike Lake project. Shares surged nearly 280% and have held those gains. As part of the Discovery Group, Prospector demonstrated how systematic geological work and strong stewardship can unlock transformative discoveries.By contrast, Midnight Sun Mining illustrates the risk of overextended valuations. The company reported nearly 40 metres at .5% copper from its Dumbwa target in Zambia, yet shares fell around 20% as the market had already priced in perfection. The case highlights why entry point and expectations matter as much as geological success.The financing environment also shows renewed strength, with over C$100 million raised across juniors in the past week. With seasonal drill programs now underway, investors should expect a steady cadence of results through year-end. Majors may also lean further into M&A, project acceleration, and capital returns as gold prices remain near record highs.

Interview with CEO Darren BowdenOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-self-funded-nicaragua-gold-mine-targets-140k-oz-start-in-q4-2026-7323Recording date: 30th September 2025Metals Exploration presents a rare combination of near-term production growth and genuine exploration upside that makes it stand out in today's gold sector. With the Nicaragua project tracking ahead of schedule toward November 2026 first gold and the Philippines operation generating $110-120 million in annual cash flow, the company is executing a self-funded growth strategy that eliminates dilution risk while maintaining aggressive exploration programs.The Nicaragua build represents a transformational step-change for the company. All major equipment has been purchased, earthworks are complete, and the $160 million budget remains intact. More importantly, Nicaragua will produce 50% more ounces than the Philippines operation at roughly the same cost structure, bringing all-in sustaining costs down to $900-1000 per ounce. In an environment where many producers cite $1,400 as the new normal, this sub-$1,000 cost structure translates to 60%+ operating margins at current gold prices a genuine competitive advantage.What separates Metals Exploration from typical development stories is management's proven track record. Over six years, the Philippines operation has maintained just 2% annual cost growth versus industry averages of 10-15%. This isn't theoretical cost control it's demonstrated operational excellence that provides confidence in Nicaragua's projected economics.Beyond production growth, the exploration portfolio offers asymmetric upside. Dupax drilling begins immediately, targeting VMS mineralization that could feed existing permitted infrastructure. But the real company-maker potential lies at Abra, where copper-molybdenum and copper-gold porphyry targets sit in the Cordillera belt home to the Philippines' largest copper-gold deposits including the 40-million-ounce Far Southeast system. CEO Darren Bowden characterizes Nicaragua and Dupax as "forerunners to give us the cash" to develop Abra, the company's "white whale."For investors seeking operational excellence combined with tier-one discovery potential, Metals Exploration offers a compelling risk-reward profile. The strategy is elegant: proven cash flow funds patient exploration capital toward potentially transformational discoveries, all without equity dilution. That's increasingly rare in today's gold sector.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with George Bennett, CEO of Rainbow Rare EarthsRecording date: 26th September 2025Rainbow Rare Earths (LSE:RBW) is pioneering a revolutionary approach to rare earth element extraction that addresses both economic efficiency and Western supply chain independence. Led by CEO George Bennett, a seasoned executive with 16 years of investment banking experience and a proven track record of scaling mining operations, the company extracts valuable rare earth materials from phosphogypsum waste rather than traditional hard rock mining.The company's proprietary technology eliminates conventional mining costs including drilling, blasting, and crushing operations, resulting in projected EBITDA margins exceeding 75% and internal rates of return between 45-50%. "We've got no mining costs, we are extracting the RE out of phosphogypsum which is a waste residue," Bennett explains, highlighting the fundamental cost advantage over traditional rare earth projects.Rainbow operates two strategic assets: the flagship Phalaborwa project in South Africa, where the company holds 85% ownership with 35 million tons of high-grade material, and the Uberaba project in Brazil through a 50/50 joint venture with Mosaic, a $15 billion fertilizer company. Both projects leverage existing brownfield infrastructure and provide environmental benefits through waste remediation.The company has secured significant validation through a $50 million equity commitment from the US Development Finance Corporation, positioning the US government as a future project shareholder. This strategic backing, combined with recent floor pricing of $110/kg for neodymium and praseodymium established by MP Materials' Department of Defense contract, provides crucial market stability for Rainbow's revenue streams.With total capital requirements of $300 million and production targeted for 2027-2028, Rainbow is positioned to capitalize on surging demand from electric vehicles, defense applications, and the emerging robotics sector. The company addresses critical Western supply chain vulnerabilities while China controls 95% of global rare earth processing capacity, making Rainbow a compelling investment in the transition toward strategic mineral independence.View Rainbow Rare Earths' company profile: https://www.cruxinvestor.com/companies/rainbow-rare-earthsSign up for Crux Investor: https://cruxinvestor.com

Interview with Rebecca Hunter, CEO of Geiger EnergyRecording date: 26th September 2025Geiger Energy represents a significant consolidation in Canada's uranium exploration sector, formed through the merger of Baslode Energy and Forum Energy Metals in 2025. The combined entity positions itself across two premier uranium districts: Nunavut's Thelon Basin and Saskatchewan's Athabasca Basin analog, creating a year-round exploration platform under experienced leadership.Rebecca Hunter, the company's President and CEO, brings 11 years of Cameco Corporation experience to the role, including direct involvement with the Thelon project during the pre-Fukushima uranium cycle. Her institutional knowledge proves critical as Geiger advances its flagship Aberdeen project, which encompasses 50+ targets adjacent to Orano's 133 million pound uranium deposit.The recent Loki discovery marks a watershed moment for Thelon Basin exploration. "What's exciting about the Loki deposit is that it has sandstone. This year we drilled it and found even more elevated uranium in the sandstone and mineralization at the unconformity," Hunter explains. This represents the first evidence of unconformity-style mineralization in a region historically dominated by basement-hosted deposits, potentially validating the basin's capacity to host world-class uranium systems similar to Saskatchewan's MacArthur River and Cigar Lake mines.Geiger's dual-basin strategy leverages complementary seasonal operating windows. Aberdeen operations run during Nunavut's four-month summer season, while the Hook-ACKIO project in Saskatchewan enables winter drilling programs. This approach maximizes capital efficiency and maintains continuous news flow for investors.The company emerges with robust financial backing, maintaining approximately $6 million in working capital following Baslode's $10 million contribution and an additional $6 million raise. This positions Geiger to execute sustained exploration programs across both flagship assets while maintaining operational flexibility in volatile uranium markets.Hunter emphasizes the strategic focus: "You want to pick one or two really good projects that have that capability. For us, the Aberdeen project is that. We've got a whole district basically to ourselves with really good ground where we think that we could find one of these high-tonnage, high-grade discoveries."View Geiger Energy's company profile: https://www.cruxinvestor.com/companies/geiger-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Gerald Panneton, Executive Chairman of Gold Terra Resource Corp.Our previous interview: https://www.cruxinvestor.com/posts/gold-terra-resource-tsxvygt-leveraging-rising-gold-prices-with-high-grade-yellowknife-project-6315Recording date: 25th September 2025Gold Terra Resources Corporation (TSXV:YGT) is advancing its Yellowknife gold project in Canada's Northwest Territories, capitalizing on dramatically improved economics driven by gold's rise to $3,750 per ounce. Executive Chairman Gerald Panneton sees significant opportunity to revitalize the historically productive mining district, which was shuttered in 2003 when gold traded at just $340 per ounce.The company has outlined 1.8 million ounces of combined indicated and inferred resources, with a strategic focus on 540,000 near-surface ounces in the Yellorex zone that can be accessed via ramp development within 3-4 years. This approach prioritizes cash flow generation over the more capital-intensive deep underground mining that characterized the original operation.Gold Terra's competitive advantage centers on the Con Mine, a cornerstone asset featuring existing mining lease and surface rights that could reduce permitting timelines from the typical 10-15 years for greenfield projects to approximately one year. "The biggest advantage Gold Terra has with the Con mine as a cornerstone property is that [they have] the mining lease and the surface rights," Panneton explained.Third-party validation came through OR Royalties' $2 million investment to increase their NSR royalty from 1% to 2%, with an option for additional investment to reach 3%. The endorsement followed an in-depth technical review, providing external confirmation of the project's potential.Current gold prices have transformed project economics, enabling potential cutoff grade reductions that could expand the Yellorex zone from 540,000 to 700,000 ounces. Management targets completing a resource update and preliminary economic assessment within 6-12 months, aiming to finalize the Newmont acquisition by 2026.With $3 million in treasury and improved market conditions, Gold Terra enters a critical development phase positioned to leverage both existing infrastructure advantages and gold's structural bull market through disciplined, phased development focused on near-term production potential.View Gold Terra's company profile: https://www.cruxinvestor.com/companies/gold-terra-resource-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Dustin Perry, CEO of Kingfisher Metals Our previous interview: https://www.cruxinvestor.com/posts/gold-navigating-the-investment-opportunities-and-understanding-the-risks-5527Recording date: 24th September 2025Kingfisher Metals has positioned itself as a dominant force in British Columbia's Golden Triangle, assembling the largest contiguous land package among junior explorers at 850 square kilometers. Under CEO Dustin Perry's leadership, the company operates in Canada's most prolific copper-gold region, home to the highest-grade gold mine at Brucejack and the world's largest undeveloped gold deposit at KSM.Recent exploration success validates the company's systematic approach. The 2025 program delivered 234 meters grading 1% copper equivalent and identified a new porphyry system at Hank target. Perry describes this discovery as having "all the early stage indications that we're on to a very large deposit." The breakthrough resulted from methodical target generation by a team with proven experience at KSM, Red Chris, and the successful GT Gold project.Strategic advantages differentiate Kingfisher from regional competitors. Properties sit just 12 kilometers from highway infrastructure with favorable topography, lower elevation, and reduced environmental complications. Perry notes the location benefits: "You don't need to find something that good to make it very economical where we are given the location." The company avoids salmon river conflicts that plague other regional projects while maintaining proximity to power infrastructure.Financial backing strengthens the exploration runway through a $11 million financing completed in May 2025. Ashwath Mehra, founding partner of Glencore and former GT Gold executive chairman, leads the advisory board while institutional investors provide patient capital for multi-year programs.The investment thesis centers on statistical probability across extensive prospective terrain surrounded by major operators Teck, Anglo American, and Newmont. Recent $750 million commitments to adjacent Galore Creek and Schaft Creek projects, located further from infrastructure, create acquisition potential for infrastructure-advantaged discoveries. Perry's long-term vision follows the GT Gold model, targeting systematic exploration leading to discovery and ultimate major company acquisition within three years.Learn more: https://www.cruxinvestor.com/companies/kingfisher-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jean Lafleur, Technical Adviser, Lafleur MineralsOur previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cse-lflr-positioning-for-near-term-gold-production-7636Recording date: 24th September 2025Lafleur Minerals is emerging as a unique player in Quebec’s gold sector by combining operational infrastructure with a growing mineral base in the prolific Val-d’Or camp. At the heart of its strategy is the fully permitted Beacon Mill, a 500-750 ton per day processing facility located near Val-d’Or. Unlike competitors who must wait years for permitting and construction, Lafleur can restart operations for just $5-6 million, with expected gold recovery rates exceeding 97%. This operational advantage not only provides immediate revenue opportunities through toll milling but also underpins the company’s acquisition strategy of targeting smaller deposits within a 100-kilometer radius—resources that larger producers typically overlook.The company’s flagship Swanson gold project is undergoing an ambitious expansion under the guidance of Technical Adviser Jean Lafleur. Recent drilling has expanded the property’s size five to six times, confirming mineralization across a strike length of more than two kilometers. Geological analysis highlights an orogenic gold system with both classic quartz vein mineralization and sulfide-rich zones, offering near-surface, open-pit potential. The company is targeting a 500,000 to 1 million ounce resource, positioning Swanson as a key growth driver alongside the mill.High gold prices exceeding $3,600 per ounce create especially favorable conditions for Lafleur’s model. With infrastructure already in place, near-surface deposits, and a scalable milling capacity, the company can generate cash flow faster and at lower cost than traditional exploration-driven peers. By leveraging its mill, Lafleur can build a pipeline of deposits—historical mines, new discoveries, or neighboring properties—to secure long-term feed and multi-year production horizons.Backed by Jean Lafleur’s decades of geological experience and the established logistics of Val-d’Or, Lafleur Minerals is positioned not only as an exploration company but as a vertically integrated developer with immediate revenue potential and a clear growth trajectory in Canada’s most prolific gold camp.Learn more: https://www.cruxinvestor.com/companies/lafleur-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Ben Pullinger, President & CEO of ATEX Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-resource-update-coming-after-exceptional-phase-five-drill-results-6808Recording date: 25th September 2025ATEX Resources (TSXV: ATX) has positioned itself as a leading copper development story following the successful completion of its resource update and a strategic $21 million land acquisition. The company's Valeriano project in Chile has achieved management's guidance target of 2 billion tons at 0.78% copper equivalent grade, with 24% of the resource now classified in the higher-confidence indicated category.The resource achievement represents significant progress from the company's initial geological understanding. Through systematic drilling that expanded from 22,000 meters in 2023 to 51,000 meters currently, ATEX has evolved its geological model from a conceptual three-finger framework to a comprehensive understanding of a continuous granodioritic porphyry core representing nearly one billion tons, complemented by substantial wall rock mineralization.Central to ATEX's development strategy is the B2B zone, which delivered 30 million tons at 1.36% copper equivalent grade within just one year of drilling. This higher-grade zone forms the foundation for a potential starter operation that could provide early cash flow and achieve payback periods of 2-3 years, addressing the capital intensity challenges typical of large-scale copper projects.The company's $21 million acquisition of 14,500 hectares of surface rights eliminates critical development risks by providing complete control over surface access and water rights. This strategic investment removes permitting uncertainties and reduces operational costs, particularly for water procurement and trucking expenses.ATEX has distinguished itself through exceptional exploration efficiency, achieving a discovery cost of half a penny per pound of copper in the ground—efficiency levels not observed since the early 1990s. This performance reflects both the deployment of advanced directional drilling techniques and the inherently well-behaved geological characteristics of the Valeriano deposit.With over $20 million in cash and $52 million in callable warrants, ATEX maintains a strong financial position to execute its Phase 6 drilling program while benefiting from favorable copper market dynamics driven by global supply constraints and increasing electrification demand.View ATEX Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Maura Kolb, President of Dryden Gold Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-58m-drill-campaign-funded-by-strategic-investment-6644Recording date: 23rd September 2025Dryden Gold Corporation has emerged as a compelling exploration opportunity in northwestern Ontario's proven mining district, combining institutional validation with operational excellence to develop what appears to be a significant district-scale gold system. The company's methodical approach has attracted strategic investment from Centerra Gold, which maintains a 9.9% ownership position and provides crucial third-party validation of the exploration thesis.Under President Maura Kolb's leadership, Dryden Gold has achieved remarkable operational efficiency with industry-leading drilling costs at $200 CAD all-in, significantly below peer averages. This cost advantage stems from strategic partnerships with Winnipeg-based contractors and local expertise development, supporting the company's growth to 10 employees with dedicated core facilities across their 70,000-hectare land package.The flagship Gold Rock target exemplifies the company's systematic geological approach, evolving from three initial structures to dozens of high-grade intersection targets within a concentrated 1km x 1km footprint. This evolution has fundamentally changed mining scenarios from underground-only to potential open-pit development through the identification of stacked structures and multiple deformation events.Regional exploration has revealed an 8km strike length pattern comparable to Red Lake's 28 million ounce endowment, with newly identified targets at Mud Lake showing similar mineralization to Gold Rock. Recent drilling at these regional targets suggests the emergence of a true district-scale opportunity rather than isolated deposits.Financially, Dryden Gold maintains strong liquidity with a recent $7.8 million raise funding 20-25,000 meters of additional drilling, while $11.5 million in warrants at $0.30 now in-the-money provide potential non-dilutive financing. Approximately two-thirds of results from recent drilling campaigns remain unreported, creating multiple near-term catalysts.The company explicitly targets eventual merger and acquisition activity, with Kolb stating: "The endgame is M&A. So we're shopping for our future buyout really with these major companies." This strategic positioning, combined with institutional backing and expanding resource potential, creates compelling risk-adjusted exposure to both organic growth and consolidation opportunities in the strengthening gold sector.Learn more: https://www.cruxinvestor.com/companies/dryden-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Petek Akerley, President & CEO of Erdene Resources DevelopmentOur previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-mongolia-gold-mine-98-complete-first-pour-september-2025-7357Recording date: 23rd September 2025Erdene Resource Development represents a compelling transition story within the gold mining sector, having successfully achieved first production while maintaining substantial growth optionality across a district-scale asset base in Mongolia. The company's September 2025 first gold pour from Bayan Khundii marks the culmination of systematic development efforts and positions the operation for sustained cash flow generation through favorable metallurgical characteristics and operational efficiency.The technical foundation supporting Erdene's investment proposition centers on exceptional deposit characteristics that translate directly to operational advantages. Bayan Khundii's 93-95% gold recovery rates using conventional processing technology, combined with low cyanide consumption and minimal sulfide content, position the operation favorably within industry cost curves. This operational efficiency becomes particularly valuable during periods of input cost inflation, providing margin protection and cash flow stability that supports both debt service and growth investment.The company's financial trajectory offers clear value creation milestones for investors. Current debt levels of $110 million are projected for retirement by mid-2026 through operational cash flows, eliminating the 13.8% financing costs and providing increased flexibility for expansion capital allocation. The 50-50 joint venture structure with Mongolian Mining Corporation provides operational stability and local expertise while maintaining strategic control through unanimous decision-making processes.Near-term growth catalysts focus on high-probability, infrastructure-leveraged expansion opportunities. The Bayan Khundii pit extension program targets an additional 150,000 ounces through westward and southward drilling, potentially increasing total reserves by 30% with minimal additional permitting requirements. The Dark Horse deposit, located 2.5 kilometers from existing operations, contains 50,000 ounces of high-grade surface mineralization amenable to alternative processing routes, including potential heap leach operations that could complement existing capacity.District-scale development potential extends the investment timeline beyond immediate expansion scenarios. The Altan Nar polymetallic project, containing 500,000 gold equivalent ounces across a 5-kilometer trend, represents a second development phase that could double production profiles to 200,000-250,000 ounces annually. The $7 million exploration budget allocated for 2026 targets systematic resource definition across this portfolio, focusing on near-surface opportunities that minimize development risks and capital requirements.Strategic diversification through the Zuun Mod molybdenum project provides exposure to industrial metals markets experiencing supply deficits, particularly within Chinese demand centers. This asset optionality offers portfolio balance and potential value realization through alternative development scenarios or strategic partnerships.The company's recent 6-for-1 share consolidation reflects management recognition of evolving institutional investor requirements as the company transitions from developer to producer status. This corporate action, combined with improving operational metrics and cash flow generation, positions Erdene for potential producer re-rating as institutional recognition expands.Erdene's positioning within current gold market dynamics appears particularly advantageous given the combination of immediate production cash flows and substantial expansion potential. The operational excellence demonstrated through successful startup, coupled with systematic approach to resource expansion across multiple deposits, suggests sustained value creation potential within Mongolia's established mining jurisdiction. The clear debt reduction timeline and aggressive exploration programs targeting near-surface extensions provide investors with both current income exposure and future growth optionality within a single investment vehicle.View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-developmentSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-meet-the-team-john-sestan-7696Recording date: 23rd September 2025Cabral Gold Corporation is positioning itself to capitalize on record gold prices with its Cuiú Cuiú gold project in northern Brazil, featuring 1.2 million ounces of inferred and indicated resources across an entire mining district. The company has completed a pre-feasibility study for a starter operation requiring less than $40 million in capital expenditure with an impressive 12-month construction timeline.The project's economics have become exceptionally attractive in the current gold market environment. With all-in sustaining costs projected at $1,200 per ounce and gold trading above $2,600, the operation generates approximately $2,500 profit per ounce pre-tax. This translates to a remarkable five-month payback period on the initial capital investment, making it one of the most attractive development opportunities in the gold sector.Cabral has structured its development around proven heap leaching technology using a rotating pad system that prioritizes operational flexibility over cost optimization. The company will operate four heaps on a 120-day cycle, allowing for process adjustments between cycles to ensure production consistency and reduce technical risks.Three drill rigs are actively exploring across the district, targeting a doubling of current resources within 12-18 months. Recent high-grade results include 11 meters at 33 grams per tonne and 39 meters at 5.1 grams per tonne, demonstrating the district's continued potential. The project encompasses four new discoveries plus approximately 50 additional targets that have shown encouraging gold values.The project benefits significantly from its location adjacent to Brazil's third-largest gold mine, Tocantinzinho, which produces 200,000 ounces annually. Historical data indicates the Cuiú Cuiú area produced ten times more placer gold than the Tocantinzinho area, suggesting superior geological endowment across the district.Construction financing discussions are at advanced stages, with management expecting news within weeks regarding debt financing arrangements that will fund the majority of the capital requirements.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Garrett Ainsworth, President & CEO, District Metals CorpOur previous interview: https://www.cruxinvestor.com/posts/district-metals-tsxvdmx-betting-on-swedens-uranium-future-5726Recording date: 23rd September 2025District Metals Corp has strategically positioned itself at the forefront of Sweden's anticipated uranium mining revival, controlling 100% of the Viken deposit—described as the world's largest undeveloped uranium resource. The company's timing appears exceptional, as Sweden's center-right government plans to lift the country's uranium mining moratorium in Q4 2025, with new legislation expected to take effect January 1, 2026.The company executed a capital-efficient acquisition strategy between 2020 and 2025, securing complete ownership of the Viken deposit for approximately 5 million shares and minimal cash outlay. This approach demonstrates remarkable foresight, as the acquisition occurred during a period when Sweden's uranium mining prohibition remained in place, allowing District Metals to secure the asset at attractive valuations.The Viken deposit offers compelling operational characteristics that differentiate it from complex high-grade uranium projects. Located within Sweden's alum shale sequence, the deposit spans 4 kilometers wide by 6 kilometers long in a shallow, flat-lying formation suitable for conventional open-pit mining. This geological simplicity contrasts sharply with sophisticated underground operations like those in Canada's Athabasca Basin, which require advanced extraction techniques and significant capital investment.Beyond uranium, the deposit contains valuable commodities including vanadium, potash, phosphate, nickel, copper, zinc, and potential rare earth elements. This polymetallic nature provides natural commodity price hedging and multiple revenue streams, reducing dependence on uranium pricing alone. The inclusion of vanadium—particularly valuable for energy storage applications—and rare earth elements aligns with Europe's strategic objectives of reducing critical mineral import dependence.District Metals completed an updated mineral resource estimate in April 2025, addressing deficiencies in previous studies and incorporating multiple commodities that were previously excluded. The company invested in comprehensive MobileMT geophysical surveys to optimize mine planning and expects to complete a preliminary economic assessment within 6-12 months, depending on selected mining locations and metallurgical testing results.The investment thesis extends beyond commodity fundamentals to encompass European energy security and critical mineral independence. As geopolitical tensions highlight supply chain vulnerabilities, Sweden's domestic uranium production capability represents strategic value for EU energy policy objectives. The timing coincides with Europe's commitment to nuclear energy as essential baseload power for achieving net-zero emissions while maintaining industrial competitiveness.District Metals represents a pure-play opportunity on Sweden's uranium mining liberalization, combining operational simplicity, polymetallic diversification, and alignment with European strategic priorities in a capital-efficient package positioned for near-term regulatory catalysts.Learn more: https://www.cruxinvestor.com/companies/district-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Recording date: 23rd September 2025The Denver Gold Forum Americas marked a pivotal moment for the gold mining sector, with buy-side attendance surging over 30% as institutional investors demonstrate renewed interest in precious metals equities. This dramatic shift from the sparse attendance witnessed two years prior signals broader market recognition of the sector's improved fundamentals and investment potential.Major gold miners have fundamentally transformed their financial profiles, moving from debt-heavy structures to robust cash positions. AngloGold Ashanti exemplifies this transformation, transitioning from net debt to net cash even after completing major acquisitions like Centamin. This financial strength has created unprecedented flexibility for capital allocation strategies previously unavailable during weaker commodity environments.Share buyback programs have emerged as a key theme among major producers, creating consistent market liquidity and generating positive feedback effects through passive fund flows. Industry observers expect buyback announcements from larger mid-cap companies over the next twelve months, representing a new marginal buyer category that provides ongoing support for gold mining equities.The gold mining sector has undergone a philosophical transformation regarding growth strategies. Previously, companies emphasized organic growth while treating acquisitions as taboo investments that attracted negative analyst and investor sentiment. The current environment shows marked openness to inorganic growth opportunities, with management teams no longer viewing expansion as inherently problematic.B2Gold's explicit targeting of 2026 acquisitions represents the most candid expression of this strategic shift, while other companies express cautious optimism about appropriate opportunities. Even companies with substantial organic growth potential, including Agnico Eagle, indicate receptiveness to suitable acquisition targets when they emerge.Investment managers Derek Macpherson and Samuel Pelaez identified Bellevue Gold as their primary new portfolio addition, representing a classic single-asset turnaround story. The Western Australian underground producer operates one of the world's highest-grade gold deposits, containing approximately 3.5 million ounces at nearly 10 grams per tonne.The company experienced multiple operational challenges during 2024 production startup, including delayed mine development, balance sheet strain, and unusual flooding events. These difficulties triggered lender covenant violations and forced balance sheet restructuring, creating attractive entry valuations for patient investors.Current operational metrics indicate successful turnaround execution, with mine development catching up to planned schedules and access to higher-grade ore blocks improving production flexibility. Management projects 170,000 ounces of annual production, though operational capacity suggests potential for 200,000 ounces annually.The combination of strong gold prices, improved sector sentiment, and increased institutional participation creates favorable conditions for both operational turnarounds and sector re-rating opportunities. With Bellevue's market capitalization under $1 billion USD, the company trades at significant discounts to comparable Western Australian producers, suggesting fair value potential in the $2-3 billion range.This institutional interest surge, coupled with miners' enhanced financial flexibility and strategic openness, positions the gold sector for continued evolution as both a defensive precious metals play and growth-oriented investment opportunity.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Greg Martyr, Executive Chairman, Capital MetalsOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-lsecmet-strategic-alliance-advances-worlds-highest-grade-mineral-sands-play-7308Recording date: 22nd September 2025Capital Metals stands poised to make a final investment decision by end-2025 on its Taprobane Minerals project in Sri Lanka, representing what executive chairman Greg Martyr calls "one of the highest grade undeveloped mineral sands projects in the world." The company's exceptional 17.2% grade deposit dramatically exceeds the global average of less than 5%, creating substantial competitive advantages in an otherwise challenging market environment.The project's economics are compelling, requiring only $25 million in initial capital to generate projected annual revenues of $35-40 million against operating costs below $20 million. This translates to a base case net present value of $180 million, creating significant upside potential for a company trading at a market capitalization below £20 million.Capital Metals has secured crucial local partnerships, including a $4 million investment from Ambeon Capital for a 20% stake. The partnership brings legendary cricketer-turned-investment banker Aravinda De Silva to the board, providing essential government relations access in navigating Sri Lanka's regulatory environment.The regulatory landscape has improved markedly following the election of a new anti-corruption government that secured 75% of the vote. "The big picture is that the country is focusing on a mineral source of revenue for foreign direct investment which is what they need," Martyr explains, highlighting the administration's pro-business mining stance.Two critical approvals remain pending: mining license expansion and export rights for heavy mineral concentrate. Management expresses confidence these will be secured by year-end, enabling construction to begin in Q1 2026. The straightforward surface mining operation involves no blasting or chemical processing, with immediate environmental remediation capabilities positioning the project favorably in an ESG-conscious investment climate.With established markets for its four primary commodities—ilmenite, rutile, zircon, and garnet—the project offers investors exposure to a high-margin, environmentally responsible mining operation backed by exceptional resource quality and supportive regulatory momentum.Learn more: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of Atha Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-ex-cameco-team-makes-2nd-high-grade-discovery-7477Recording date: 22nd September 2025ATHA Energy represents a compelling investment opportunity in the uranium sector, driven by exceptional exploration success and unique district-scale positioning. The company's recent discovery at RIB North delivered 26.3 meters of composite uranium mineralization with high-grade intervals reaching 55,730 counts per second, marking the best exploration hole to date at the Angilak Project. This discovery extends mineralization across a 12-kilometer corridor in the Angikuni Basin, where ATHA maintains sole control of an entire uranium-rich sub-basin adjacent to the world-renowned Athabasca Basin.The investment thesis centers on ATHA's proven exploration methodology and experienced management team. CEO Troy Boisjoli brings direct experience from NexGen Energy's Arrow deposit development, while VP Exploration Cliff Revering previously served as chief geologist at Cameco's Cigar Lake operation. This leadership combination provides credible expertise for advancing discoveries through resource definition toward development. The company has achieved a 100% drilling success rate across four separate discoveries in a single exploration program, demonstrating systematic geological understanding and effective targeting.ATHA's strategic position offers multiple value creation pathways. The company can advance either the established LAC50 deposit, containing a historic resource, or prioritize the emerging RIB corridor discoveries showing Athabasca-style mineralization characteristics. This optionality provides flexibility for capital allocation decisions while reducing single-asset risk common among exploration companies.The uranium market environment supports discovery valuations, with structural supply deficits and growing nuclear energy demand driving sector fundamentals. Leading producers like Cameco continue testing all-time highs while quality exploration opportunities remain limited, creating scarcity value for credible discovery stories. ATHA's planned transition from exploration to resource development in 2026 positions the company to capitalize on favorable market timing while providing clear milestone catalysts for investor evaluation and value recognition in the evolving nuclear energy landscape.—Learn more: https://cruxinvestor.com/companies/atha-energy-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Ian Cockerill, CEO of Endeavour Mining Our previous interview: https://www.cruxinvestor.com/posts/endeavour-mining-tsxedv-free-cash-flow-surges-to-411m-in-q1-7087Recording date: 17th September 2025Endeavour Mining, one of the world's top 10 gold producers, is demonstrating exceptional operational execution amid gold's surge beyond $3,600 per ounce. The West African-focused miner delivered 58% of annual production guidance in the first half of 2025 while maintaining industry-leading costs across its five-mine portfolio.The company's disciplined capital allocation strategy has positioned it as a leader in shareholder returns. Endeavour will distribute $379 per ounce produced through dividends and buybacks, including $150 million in cash dividends and $69 million in share repurchases by end of H2 2025. "We have class leading dividends both in terms of guaranteed dividends, supplemental cash dividends as well as buybacks," noted CEO Ian Cockerill.Despite generous shareholder distributions, management is strategically reinvesting windfall cash from elevated gold prices. The company plans material increases in exploration spending, leveraging historical discovery costs of just $25 per ounce versus current gold prices exceeding $3,600. "Our discovery cost historically has been $25 an ounce. $100 to find something that's worth $3,500. Think of the value add that brings to us," Cockerill emphasized.Endeavour has secured 30% organic production growth through 2030, targeting 1.5 million ounces annually from existing project pipelines. This growth foundation provides flexibility for additional opportunities without execution pressure. The company is evaluating geographic expansion beyond West Africa, focusing on similar geological terrains where its frontier market expertise applies.While current gold prices create approximately $1,500 per ounce windfall above guidance assumptions, management recognizes commodity price cyclicality. Their balanced approach of returning substantial cash to shareholders while investing in high-return exploration and operational improvements positions Endeavour to maintain industry-leading performance regardless of future price movements.Learn more: https://www.cruxinvestor.com/companies/endeavour-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Shawn Khunkhun, CEO of Dolly Varden Silver CorporationOur previous interview: https://www.cruxinvestor.com/posts/dolly-varden-silver-tsxvdv-targets-top-10-global-producer-status-7537Recording date: 12th September 2025Dolly Varden Silver Corporation has emerged as a compelling consolidation story in the precious metals sector, delivering exceptional returns while positioning for significant growth in an improving silver market. Under CEO Shawn Khunkhun's leadership since February 2020, the company has systematically transformed from a $20 million market cap explorer into a $550 million silver platform, generating 650% share price appreciation for shareholders.The company's strategic approach centers on consolidating high-grade silver assets in British Columbia's Golden Triangle, accumulating five past-producing mines through methodical acquisitions. Khunkhun's contrarian timing proved prescient, entering the market when $16 silver prices provided minimal exploration incentives for major producers. "We've raised $150 million, and the idea has been, let's create an instrument where investors could get exposure to silver," he explained, describing the systematic vehicle construction.Technical fundamentals support the growth trajectory. The company's assets demonstrate exceptional metallurgy with 88% silver recovery rates, backed by 196,000 meters of drilling and strong community support in a region seeking economic development. A robust $40 million treasury provides flexibility for both organic growth through a 55,000-meter drill program and strategic acquisitions.The institutional investor base reflects confidence in management execution, with 50% institutional ownership including Fidelity, US Global, and Eric Sprott's 10% stake. The April 2025 US listing delivered an immediate 38% share price bump, enhancing access to American capital markets.With only ten primary silver producers globally, Khunkhun sees a clear path to becoming "the 11th" through continued consolidation. Management targets ambitious but achievable goals: $2 billion market cap, 400% share price appreciation, and production status within 18 months. As silver trades at $42 per ounce and generalist investors increase precious metals allocations, Dolly Varden appears positioned to capitalize on both sector rotation and metal price appreciation.Learn more: http://cruxinvestor.com/companies/dolly-varden-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with David Wolfin, CEO, Avino Silver & Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/avino-silver-gold-tsxasm-silver-junior-plans-8-10m-oz-annual-output-by-2030-6788Recording date: 17th September 2025Avino Silver & Gold Mines Limited presents a compelling transformation story in the precious metals sector, positioning itself for intermediate producer status through strategic organic growth. Under CEO David Wolfin's leadership, the company is executing a clear five-year plan to expand from one to three producing assets, all owned outright and designed to drive substantial operational leverage.The foundation of this growth strategy rests on the flagship Avino Mine, which generates 2.5 to 2.8 million ounces of silver equivalent annually. This cornerstone operation provides the cash flow foundation supporting expansion while maintaining competitive cost metrics. The company's Q2 2025 financial results demonstrate strong execution with $21.8 million in revenue, $10 million in operating income, and $4.4 million in free cash flow, achieved at all-in sustaining costs of $20.93 per ounce.The next phase centers on La Preciosa, acquired from Coeur Mining in 2022 and permitted in Q1 2025. Recent drilling results have exceeded expectations, revealing 7.9 meters of 1,600 grams of silver equivalent, substantially higher than the 200-gram resource grid used in original planning. This higher-grade ore will contribute to lower costs and improved margins when processed through existing mill infrastructure.Avino's financial strategy distinguishes it from peers. "We're doing the opposite of our peers. We're unlevering, unhedging, and buying back the royalty," Wolfin explains. This approach has created a debt-free balance sheet with $50 million in cash, providing flexibility for self-funded expansion without equity dilution.Market recognition has followed operational success. The company achieved 600% stock performance over three years, earning inclusion in both the TSX30 and GDXJ index. With daily trading volumes of 6-8 million shares on NYSE American, institutional accessibility continues improving.The third asset, oxide tailings processing, completes Avino's measured expansion approach, targeting combined all-in sustaining costs in the "mid-teens to low teens" range across all operations.Learn more: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Lon Shaver, President of Silvercorp Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/20-year-silver-producer-silvercorp-tsxsvm-expands-to-ecuador-with-12-costs-vs-35-prices-7436Recording date: 15th September 2025Silvercorp Metals (TSX: SVM) has positioned itself as a compelling investment opportunity in the current precious metals cycle, combining operational excellence with strategic growth initiatives across multiple jurisdictions. The company's financial foundation anchors its investment thesis, with $377 million in cash plus an investment portfolio providing substantial strategic flexibility without requiring dilutive equity raises.The company's core Chinese operations at the Ying mine continue delivering consistent performance despite facing operational challenges earlier this year. Management is strategically transitioning from labor-intensive mining methods to mechanized approaches, improving both safety and operational efficiency. This evolution positions the company for sustained profitability while reducing operational risks associated with manual mining processes.Silvercorp's most significant near-term catalyst is the El Domo project in Ecuador, targeting commercial production by end-2026. The project benefits from a favorable financing structure with Wheaton Precious Metals contributing $175 million of the $240 million capital requirement through a streaming arrangement. Legal challenges have been definitively resolved through Ecuador's judiciary system, clearing the path for development execution.Trading at a $1.2 billion market capitalization against consensus net asset value estimates of $1.6 billion, Silvercorp offers investors discounted exposure to silver markets. As a silver-dominant producer with over 60% of revenues derived from silver, the company provides leveraged exposure to precious metals strength while maintaining operational cash generation capabilities.Management's disciplined approach to mergers and acquisitions, supported by a $400 million shelf prospectus, positions the company for strategic growth through value-accretive transactions. Their expertise in challenging jurisdictions creates competitive advantages in acquiring assets where other operators demand risk premiums. With a 20-year track record of profitable operations and near-term production growth catalysts, Silvercorp presents an attractive entry point for precious metals exposure in the current market environment.View Silvercorp's company profile: https://www.cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with David Londoño, President & CEO of Mineros SAOur previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-cash-rich-gold-miner-eyes-expansion-7128Recording date: 15th September 2025American gold mining, combining exceptional financial performance with an aggressive expansion strategy across Colombia, Nicaragua, and Chile. The company reports record revenues, earnings per share, and adjusted EBITDA while maintaining over $100 million in cash, providing substantial financial flexibility for growth initiatives without requiring external financing.The company's flagship Porvenir project in Nicaragua has achieved significant engineering optimization, with preliminary feasibility studies reducing initial capital requirements from over $250 million to the mid-$100 millions. The project features a scalable 2,000 tons per day processing plant expandable to 5,000 TPD capacity, targeting 4-5 grams per ton gold grades with valuable byproduct credits from copper, silver, and zinc. Recent exploration success around the main deposit has identified additional mineralization that could accelerate expansion timelines and extend mine life.Operational expansion centers on a $45 million investment to increase the Hemco plant capacity from 1,800 to 2,300 tons per day. This expansion leverages the company's unique relationship with artisanal miners, who provide both high-grade feed material and valuable geological intelligence. The capacity increase targets production growth from current levels of 120-130,000 ounces annually to 200,000 ounces, representing approximately 55% growth from Nicaragua operations alone.Mineros SA recently acquired the La Pepa exploration property in Chile for $40 million cash, adding 2 million ounces of gold resources at 0.56 grams per ton average grade. Located near Copiapó in an established mining district, the property benefits from existing infrastructure and experienced personnel. Management targets production within five years, supported by shallow, oxide-dominated mineralization suitable for heap leach processing.The company maintains its commitment to shareholder returns through a $30 million annual dividend policy while reinvesting excess cash flow into growth projects. Although the dividend yield has decreased from 10-15% to below 5% due to share price appreciation, the absolute payment remains consistent, demonstrating management's balanced approach to growth investment and shareholder returns in a strengthening gold price environment.View Mineros SA's company profile: https://www.cruxinvestor.com/companies/mineros-saSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Chawrun, COO of i-80 Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-meet-the-team-tyler-hill-7946Recording date: 15th September 2025i-80 Gold (TSX:IAU) is positioning itself as Northern Nevada's next significant gold producer through a systematic three-phase development strategy targeting over 600,000 ounces annually. Under new leadership, the company has assembled an experienced management team led by COO Paul Chawrun, who brings over 35 years of mining engineering expertise and a proven track record of scaling operations, having previously helped build Teranga Gold into a mid-tier producer later acquired by Endeavour Mining.The company's development strategy leverages well-understood Carlin trend geology across multiple high-grade assets. Currently operating the Granite Creek mine, i-80 Gold possesses underground resources exceeding 10 grams per ton gold, providing exceptional economics for future development. "The geology is well understood. This is Carlin trend. It's epithermal that's been mineralized inside a sediment host," Chawrun explains, emphasizing the predictability that underpins their expansion plans.The cornerstone of Phase 1 involves refurbishing the company-owned Lone Tree Autoclave by end-2027, which will eliminate the current $1,000-1,200 per ounce margin loss from toll milling arrangements. Phase 2 expands production through the Cove underground mine and Granite Creek open pit, while Phase 3 centers on the flagship Mineral Point asset, featuring a 17-year mine life and 3 million ounces of measured and indicated resources.i-80 Gold's approach emphasizes capital efficiency and risk mitigation, with each phase designed to generate cash flow supporting subsequent development. The company has engaged Hatch Engineering, recognized experts in autoclave technology, to manage the technical execution while maintaining operational continuity through existing toll milling arrangements.Operating in Nevada's supportive regulatory environment provides significant jurisdictional advantages, with established infrastructure and community support facilitating development timelines. The company's strategic focus on organic growth through systematic asset development positions it to capitalize on strong gold prices while building toward mid-tier producer status in North America's premier gold district.View i-80 Gold's company profile: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/from-mega-mines-to-lean-machines-rio2-ltd-vista-golds-blueprint-for-fast-track-gold-production-7298Recording date: 16th September 2025Vista Gold Corp (TSX:VGZ) presents a compelling investment opportunity through its strategic transformation of the Mt Todd Gold Project, Australia's second largest undeveloped gold asset and the largest not owned by an existing producer. The company's recent feasibility study represents a fundamental strategic pivot that has created enhanced economics, reduced capital requirements, and multiple pathways for value realization.The cornerstone of Vista Gold's investment thesis lies in its decision to redesign Mt Todd from a massive 50,000 ton per day operation requiring over $1 billion in initial capital to a more focused 15,000 ton per day operation with $425 million capex—a 59% reduction that makes financing significantly more achievable. This strategic shift prioritizes grade over volume, raising the cut-off grade from 0.35 g/t to 0.5 g/t, resulting in a 23% improvement in reserve grade while maintaining over 5 million ounces of gold reserves.The redesigned project delivers exceptional economics with an NPV5 of $1.1 billion using a conservative $2,500 gold price assumption. At $3,300 gold price, closer to current market levels above $3,600, the NPV increases to $2.2 billion with an IRR approaching 45%. The production profile shows consistent output of 153,000 ounces annually over the first 15 years, providing predictable cash flow generation that appeals to investors seeking stable gold exposure.The market has responded overwhelmingly positively to Vista Gold's strategic direction, with shares surging 133% from 93 cents to $2.17 following the July feasibility study publication. This appreciation reflects both the favorable gold price environment and increased recognition of the project's improved risk-reward profile, demonstrating investor confidence in management's strategic execution.Vista Gold's strategic approach provides investors with exposure to three distinct value realization scenarios: joint venture partnerships, potential sale or corporate transactions, and self-development. This optionality ensures the company can adapt to market conditions and capitalize on the most favorable outcome for shareholders. The reduced capital requirements have expanded the pool of potential joint venture partners, while the project's improved economics make it more attractive for corporate transactions.Mt Todd's unique positioning as Australia's largest undeveloped gold project not owned by a producer provides significant strategic value in the current consolidation environment. The project benefits from Australia's political stability, established mining infrastructure, and proximity to Asian gold demand centers, reducing development risk compared to emerging market alternatives.Vista Gold offers investors exposure to a premier undeveloped gold asset with management that has demonstrated strategic flexibility to optimize shareholder value. The combination of proven reserves exceeding 5 million ounces, enhanced project economics, reduced capital requirements, and multiple development pathways positions the company as an attractive vehicle for gold sector exposure. With gold prices providing substantial operational margins above feasibility study assumptions and strong market validation through share price appreciation, Vista Gold represents a compelling opportunity for investors seeking exposure to Australia's gold sector through a strategically positioned development company.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-gold-producer-ready-to-restart-sleeping-giant-mine-7160Recording date: 15th September 2025Abcourt Mines (TSXV:ABI) has successfully completed its first gold pour at the Sleeping Giant Mine in Quebec, marking a critical transition from development company to gold producer. Speaking at the Denver Gold Forum, President and CEO Pascal Hamelin outlined an aggressive production scaling strategy designed to capitalize on favorable gold market conditions.The company plans to ramp production from zero to 30,000 ounces annually within 18 months, following a detailed preliminary assessment released in 2023. This production target represents only 45% of the mill's total capacity, providing significant room for future expansion to potentially 60,000-70,000 ounces annually. The scalability provides multiple expansion avenues as the company develops additional mining fronts within the existing operation.Operationally, Abcourt maintains a strong cost structure with all-in sustaining costs projected at $1,600 USD per ounce and monthly operating costs of approximately $4 million. At current gold prices exceeding $3,600 per ounce, this creates substantial margins and positions the company for rapid cash flow generation.Beyond the Sleeping Giant operation, Abcourt has identified significant exploration potential at its Flordin project. The 2024 discovery exposed a vein measuring 300 meters long by over 10 meters wide, with drilling confirming continuity to 400 meters depth. Geophysical surveys suggest the vein could extend up to 2 kilometers in length, with management projecting a four to five-year timeline to operational status.The company maintains a portfolio of 15 projects within trucking distance of the Sleeping Giant mill, enabling potential infrastructure sharing and operational synergies. With plans for eventual share buybacks rather than dividends to optimize tax efficiency for shareholders, Abcourt appears positioned to benefit from sustained precious metals strength while building a scalable production platform in Quebec's mining-friendly jurisdiction.View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-high-grade-discovery-transforms-economics-of-historic-guyana-mine-7355Recording date: 15th September 2025Omai Gold Mines (TSXV:OMG) presents a rare combination of scale, scarcity, and strategic positioning that positions it among the most compelling gold investment opportunities in today's market. The company's dramatic transformation from zero resources to 6.5 million ounces within four years demonstrates exceptional execution capability while creating substantial shareholder value, evidenced by the stock's remarkable 600% appreciation over the past year.The investment thesis centers on Omai Gold's membership in an exclusive group of only seven large-scale, developable gold projects globally that exceed 2 grams per tonne and remain available to public investors rather than being held by major mining corporations. This scarcity premium becomes increasingly valuable as major mining companies generate substantial cash flows from elevated gold prices while facing limited organic growth opportunities.Omai Gold's strategic advantages extend beyond resource scale to encompass exceptional infrastructure benefits. As a former producing mine, the project features existing cleared land, operational airstrip, road access, and critically, existing tailings facilities. These infrastructure elements substantially reduce development risk and capital requirements compared to greenfield projects, while the proximity to established transportation corridors and government-funded road improvements enhance operational economics.The company's financial position provides confidence in execution capability. With $19 million in cash following a February financing round, Omai Gold maintains adequate funding through the completion of its comprehensive preliminary economic assessment expected in early 2026. This capital supports four active drill rigs and high-impact studies that advance the project toward its targeted production capacity of 300,000 ounces annually, positioning the operation as a significant mid-tier producer.Beyond current resources, Omai Gold's exploration program offers substantial upside potential. Deep drilling beneath the Wenot deposit targets mineralization 600 meters below existing resources, with successful results potentially extending mine life from the current 20-30 year projection to 40 years. This exploration strategy addresses investor concerns about resource depletion while positioning Omai Gold as a potential multi-generational mining operation.The macro environment strongly favors Omai Gold's positioning. Central banks have become net buyers of gold for the first time in decades, while institutional investors increasingly view gold as a portfolio hedge against inflation and monetary policy uncertainty. Simultaneously, the mining industry faces supply constraints as major discoveries become rare and development timelines extend, creating a scarcity premium for large-scale, developable projects in stable jurisdictions.Guyana's political and economic environment provides additional investment security. President Irfaan Ali's recent re-election with 57% majority support and parliamentary control ensures policy continuity, while the country's transformation driven by offshore oil discoveries has generated the world's highest GDP growth rate. The government actively supports mining development as part of its economic diversification strategy, unlike jurisdictions where mining faces political opposition.The convergence of strong gold fundamentals, limited new supply, and Omai Gold's unique positioning creates compelling value realization potential. Whether through independent development or strategic acquisition by cash-rich major mining companies seeking growth opportunities, shareholders are positioned to benefit from multiple pathways to value maximization in an environment that rewards quality assets with premium valuations.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com