Company Interviews

Interview with Gavin Ferrar, CEO of Central Asia Metals Our previous interview: https://www.cruxinvestor.com/posts/central-asia-metals-lsecaml-kazakhstan-copper-producer-reports-solid-financial-performance-6938Recording date: 31st March 2026Central Asia Metals PLC, an AIM-listed base metals producer with a $400 million market capitalization, delivered robust 2025 financial results while navigating a critical transition from mature assets to new growth opportunities.The company reported $230 million in revenue and $103 million in EBITDA, generating $56 million in free cash flow. This enabled a 12 pence per share dividend representing a 7% yield—paid at the maximum end of its 30-50% free cash flow distribution policy. The company also completed a $10 million share buyback before market weakness reduced valuations by 20-30% across the mining sector.Central Asia Metals' financial backbone remains the Kounrad copper operation in Kazakhstan, which operates at exceptional 75% EBITDA margins. The facility processes 600 million tons of Soviet-era waste dumps through heap leaching, producing 13,300 tons of copper cathode in 2025. While production guidance moderates to 12,000-13,000 tons for 2026 as leach curves naturally decline after 14 years of operation, the site has consistently outperformed expectations with 13-14% higher copper recovery than forecast. This track record supports management's pursuit of license extension beyond the current 2034 expiration date.The company's SASA lead-zinc mine in North Macedonia faced significant challenges in 2024 due to unexpected geological complexity at depth. Management implemented comprehensive restructuring including an 11% workforce reduction, enhanced geological monitoring, new mining methods, and strategic hedging of 50% of zinc production. Fourth quarter 2025 showed marked improvement, enabling raised guidance for 2026.Looking forward, Central Asia Metals pursues dual-track growth through early-stage exploration across six Kazakhstan licenses and acquisition of pre-feasibility stage development assets trading at 0.25x net asset value. CEO Gavin Ferrar emphasized the company's proven construction and operational expertise as competitive advantages in advancing acquired projects while maintaining financial flexibility through a clean balance sheet and disciplined capital allocation.Learn more: https://www.cruxinvestor.com/companies/central-asia-metalsSign up for Crux Investor: https://cruxinvestor.com

 Recording date: 7th April 2026The closure of the Strait of Hormuz has triggered significant disruptions across global energy markets, creating what Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair at Olive Resource Capital, view as structural investment opportunities extending well beyond the immediate crisis.While the Strait handles 20% of global crude oil, the more consequential impacts affect liquefied natural gas, petrochemicals, and fertilizers, where 20-50% of certain products originate from the Persian Gulf region. This supply shock is forcing countries like Japan and South Korea to fundamentally reassess their energy security strategies.Glencore emerged as the primary beneficiary in thermal coal, as reduced Qatari LNG availability extends the operational life of existing coal-fired power plants. The company controls 30% of seaborne coal trade and recently expanded its portfolio by acquiring Teck Resources' coal assets in 2025. Coal represents 30% of Glencore's EBITDA, with additional upside from its commodity trading division, which profits from supply chain disruptions.Woodside Energy and Santos offer compelling value propositions for Asian LNG markets. Australian producers sit 40% closer to key importers than Qatar, reducing shipping costs and insurance premiums, yet trade at half the valuation multiples of US peers like ExxonMobil and Chevron. Rolling spot contracts should reflect elevated pricing in second-half 2026 results.The disruption of 20% of global ammonia supply coincides with Northern Hemisphere planting season, driving dramatic appreciation in fertilizer stocks. CF Industries has gained 40% since the Strait closure, while Woodside's recently acquired Texas ammonia facility enters production at opportune timing.The team emphasizes discipline, separating conviction from entry points. They anticipate any diplomatic resolution could trigger profit-taking in names that have appreciated 40%+, providing better risk-adjusted entry opportunities. The core thesis rests on structural supply chain shifts prioritizing security over cost optimization—a behavioral change likely to persist for years regardless of near-term geopolitical developments.Sign up for Crux Investor: https://cruxinvestor.com 

Interview with Peter Secker, CEO of Canyon ResourcesOur previous interview: https://www.cruxinvestor.com/posts/canyon-resources-asxcay-premium-cameroon-bauxite-mine-ships-first-ore-mid-2026-8719Recording date: 2nd April 2026Canyon Resources (ASX:CAY) is rapidly advancing the Minim Martap bauxite deposit in Cameroon toward first production, targeting initial shipments in late September 2026. The project features 51% alumina and 2% silica content, which Chief Executive Officer Peter Secker believes represents the highest-grade undeveloped bauxite deposit globally. With over 1.1 billion tons of resource located 800 kilometers from the coast, the asset combines exceptional quality with significant scale.The superior grade profile translates directly into economic advantage. Canyon expects to receive $76 to $78 per ton for its bauxite, representing a $10 to $12 premium above the Guinea standard GBIX price of $65 per ton. This premium reflects the reduced caustic soda consumption and lower energy requirements in alumina refining that the high-grade material enables. Against production costs of $36 per ton to port and $20 per ton freight, the company projects $200 million in annual free cash flow at 10 million tons per year production.The project is 50% complete and fully funded through first production, with $40 million in cash and a $95 million undrawn debt facility covering the remaining sub-$100 million in development costs. Critical infrastructure components are progressing on schedule: road construction is 80% complete, the first seven locomotives are en route to Cameroon for May-June arrival, and trial mining commences within weeks.Canyon has adopted a strategic approach to commercial negotiations, postponing offtake agreements until after demonstrating actual product quality with its first 50,000-ton trial shipment. This positions the company to negotiate stronger terms with North American, European, Middle Eastern, and Asian customers while seeking prepayment facilities to fund expansion.The company is increasing its ownership stake in Camrail, the rail operator, from the current 9.1% to enhance logistics control. An $820 million World Bank-funded rail upgrade will enable production to scale from 2 million to over 10 million tons annually by decade's end, with expansion funded through operating cash flow rather than equity dilution.View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Steven Sirbovan, President & CEO of ICG Silver & GoldRecording date: 1st April 2026ICG Silver and Gold Corp. is a newly listed exploration company that began trading on the CSE on March 31, 2026, after spinning out from American Pacific Mining. The company holds a single flagship asset, the Tuscarora District, a 10,000-acre contiguous land package in northeastern Nevada positioned at the intersection of the Independence and Carlin Trends. For investors evaluating the junior exploration space, ICG presents a clearly defined near-term catalyst, a funded treasury, and a geological thesis that differentiates it from prior operators at the same project.The Tuscarora District is not a greenfield exploration play. Historical operators Novo Resources and American Pacific Mining conducted 25,000 metres of drilling, collected 5,000 samples, and completed 130 line-kilometres of geophysics across the property. Those programs generated high-grade results, including an intersection of just over 4 metres grading 127 g/t gold at the South Navajo target. Despite this work, the project was consistently treated as a gold-only system. ICG's management believes that interpretation left a significant dimension of the project unexplored: a spatially overlapping, silver-dominant epithermal system, supported by surface rock samples returning up to approximately 38,000 g/t silver at certain targets and near-surface geophysical anomalies.The former Dexter open-pit mine, located just off the property boundary on trend with the South Navajo and Modoc targets, produced approximately 50,000 ounces of gold and 250,000 ounces of silver in the early 1990s and serves as a direct analogue for the style of mineralisation management is targeting.The company enters the market with approximately C$6.2 million in the treasury and a Phase 1 RC drill program of 3,000 to 6,000 metres scheduled to commence in June 2026. RC costs in the region are currently estimated at approximately US$250 per metre, providing ICG with sufficient capital to complete the program without near-term financing pressure. Assay results are expected in August 2026, giving investors a defined newsflow window within the current calendar year.The Phase 1 program targets two categories of drill holes. The first group focuses on South Navajo and Modoc to build toward an eventual mineral resource. The second and more exploration-oriented group targets East Pediment, Grand Prize, King's Vein, and North Navajo areas which are identified through sampling and geophysics but not yet systematically drilled. Hole depths are planned at 200 to 300 metres, consistent with the shallow, open-pittable mineralisation model the company is evaluating.The management team brings relevant capital markets and technical depth. CEO Steven Sirbovan has 13 years of capital markets experience including work at Waterton Global Resource Management with a Nevada focus. The board includes Jeff Swinoga, formerly of Barrick Gold, and Gary Baschuk, who spent significant time at Barrick's Goldstrike operation in Nevada. VP of Exploration Korbon McCall provides direct technical continuity with the project through his prior work with American Pacific.For investors, the near-term thesis is straightforward: a funded drill program, an August 2026 assay window, and a geological interpretation that has not previously been tested at district scale. The key risk, as with any early-stage exploration company, is that drilling results may not confirm the dual-system thesis. Investors should size positions accordingly and monitor Phase 1 results as the primary near-term value inflection point.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Beer, Interim President & CEO of Atex ResourcesOur previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-chile-copper-giant-hits-2b-ton-target-secures-strategic-land-rights-8108Recording date: 2nd April 2026Atex Resources finds itself at a strategic inflection point as interim CEO Chris Beer steers the company through a leadership transition while maintaining aggressive exploration momentum at its Valeriano copper-gold project in Chile. Following the January departure of founding CEO Ben Pullinger for personal reasons, the board is conducting a comprehensive executive search targeting candidates with exploration expertise, engineering background, and proven ability to engage with major mining companies.The company operates from a position of financial strength, holding $150 million in cash that funds approximately 2.5 to 3 years of drilling at current activity levels. This runway allows Atex to pursue an ambitious exploration strategy without near-term financing pressure, a significant advantage in the current market environment.The Valeriano project has delineated 2 billion tons of copper mineralization at 0.8% copper equivalent, comprising 1.5 billion tons in the inferred category and 500 million tons in the indicated category. What distinguishes this discovery is the high-grade B2B breccia zone sitting above the massive porphyry system. This breccia currently measures 30 to 40 million tons, with the company targeting expansion to at least 50 million tons at grades exceeding 1.5% copper equivalent.Recent Phase 6 drilling has exceeded expectations, extending beyond the original 25,000-meter target to more than 30,000 meters. A particularly significant intercept in Hole 34 discovered nearly one kilometer of continuous mineralization in rhyolite rather than the expected breccia, potentially expanding the B2B tonnage by 70% in a single hole. This finding opens new geological dimensions and questions whether the system represents discrete breccia clusters or a more continuous mineralized envelope.The dual nature of the deposit creates unusual development optionality. The high-grade breccia presents a near-term development target accessible to mid-tier producers, while the underlying porphyry system compares favorably to world-class block cave operations like Red Chris in Canada and Carrapateena in Australia. Strategic backing from Agnico Eagle, which holds over 15% of outstanding shares, validates the district-scale potential that includes three to four additional Valeriano-like targets within six kilometers awaiting systematic testing.View Atex Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Padget, President & CEO of Founders MetalsRecording date: 1st April 2026Founders Metals is a gold exploration company operating in Suriname with a straightforward but high-conviction proposition: a district-scale land package in one of the world's most geologically prospective and underexplored orogenic gold terrains, backed by strong institutional capital, company-owned drilling infrastructure, and a growing portfolio of discoveries.The flagship Antino project now covers over 100,000 hectares of Guyana Shield greenstone belt, a fivefold expansion from just 20,000 hectares less than a year ago. That land growth reflects both the company's operational effectiveness in Suriname and the geological rationale for holding as much ground as possible in a terrain that draws consistent comparisons to West Africa's Birimian gold belt, the source of some of the world's most significant orogenic gold discoveries over the past three decades.The project is not a single-target story. Upper Antino, the most advanced zone, has returned exceptional drill results including 50.5 metres at 31 g/t gold, and infill drilling has confirmed mineralisation continuity across sub-parallel shear structures and down-plunge gold shoots. Lower Antino, 3.5 kilometres away, offers a contrasting but complementary bulk tonnage profile with 80-90 metres averaging approximately 1 g/t from surface that points toward open-pit development potential. Having both styles on the same land package gives Founders Metals a level of future mine-design flexibility that is genuinely uncommon among companies at this stage of development.Beyond those two advanced zones, five additional discoveries have been made in the past 18 months. The most significant new target is Antino North, approximately 100 square kilometres of undrilled ground, has now received its first drill rig. Management has flagged this as a top priority on the grassroots side, driven by structural indicators and geochemical results consistent with the broader camp-scale thesis.The 2026 programme consists of up to 70,000 metres across four of the company's six owned drill rigs, split roughly equally between advancing known targets and testing new ones. The company holds approximately $50 million in cash and has indicated that both the technical capacity and the financial capacity exist to drill beyond the planned meterage if results justify it.The shareholder register reflects the project's credibility among sophisticated capital allocators. BlackRock and Franklin Templeton are on the register, having been attracted by the project's scale potential and the technical depth of the team. Management retains approximately 7.5% ownership. Chris Taylor, the architect of the Great Bear Resources exit, widely regarded as one of the most successful resource-free acquisitions in recent Canadian mining history, sits on the board and brings a well-validated strategic perspective on exploration-stage value creation.For investors, Founders Metals offers a rare combination in the junior gold space: genuine district-scale potential, a multi-discovery track record, institutional validation, full operational control, and a management team with both the geological credibility and the capital discipline to execute over a multi-year discovery cycle. The key catalysts to watch in 2026 are results from Antino North, ongoing infill drilling at Upper Antino, and any further additions to the concession package.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Ruyi Deysel, Managing Director & CEO of West Wits MiningOur previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-first-gold-production-achieved-as-south-african-project-goes-live-8410Recording date: 2nd April 2026West Wits Mining has crossed a pivotal threshold, delivering its first gold pour at the Qala Shallows project in South Africa's Witwatersrand Basin and beginning the operational ramp-up toward steady-state production of 70,000 ounces per annum. For investors tracking the company's progress, the milestone is meaningful not only symbolically but structurally: it confirms that West Wits has successfully built and commissioned an underground gold mine on schedule, within a disciplined capital framework, and with early performance metrics running ahead of the Definitive Feasibility Study.The production model is built around toll treatment of ore at a Sibanye-Stillwater facility nearby, avoiding the capital burden of a standalone processing plant in the early stage and compressing the timeline to first revenue. Ore grades and gold recoveries from bottle roll tests are both tracking above DFS assumptions which is a positive early indicator for the unit economics that will define the ramp-up. The all-in sustaining cost target of approximately US$1,300/oz positions the operation with a material margin against current gold prices, and management has been explicit that cost control is central to the company's operating philosophy.Funding is not a near-term concern. The company completed an unsolicited A$27.5 million equity raise in January, entered production fully funded, and is now preparing its first drawdown under the lending facility. Approximately 25% of total project funding is expected to come from early gold revenue, which means maintaining the production ramp-up profile is both an operational and financial imperative. Contingency has been built into both the equity and lending structures to absorb short-term variability.Energy management is an area of active focus. Diesel currently accounts for around 8% of operating costs, already low relative to comparable operations, partly due to the closed-loop hydropower system that uses purified local groundwater. Grid power connection, expected in Q4 2026, will reduce diesel dependency further and improve operating margins without any requirement for additional production volume. This represents a near-term, largely de-risked cost improvement that investors can monitor against a defined timeline.On the growth side, the company has launched a scoping study targeting an expansion pathway to 200,000 oz per annum, nearly three times the current steady-state target. The study commenced in February 2025 and is expected to conclude by June, at which point management will have defined the direction for a full feasibility study. This provides investors with a clear, time-bound catalyst to assess the long-term scale of the asset.What distinguishes West Wits Mining's investment case from many of its junior gold peers is the board's stated philosophy: demonstrate profitability first, grow selectively second. In a sector where capital is frequently deployed in pursuit of market capitalisation rather than margin, that orientation carries weight. The coming twelve months will test whether the operational execution matches the framework management has built. The early signals are encouraging, the funding is in place, and the catalysts are defined.View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pge-developer-with-novel-process-exclusive-ip-clear-path-to-pea-9497Recording date: 31st March 2026ValOre Metals is developing the Pedra Branca platinum-palladium project in northeast Brazil and is making a straightforward argument to the market: it is significantly undervalued relative to the small peer group of development-stage PGE companies, and it has a clear plan to close that gap in 2026.The numbers support the premise. Pedra Branca hosts a 2.2 million ounce resource grading 1.08 g/t on a 2P+gold basis. Comparable peers: Stillwater Critical Minerals with its Stillwater West project in Montana, and Generation Mining advancing an Ontario project, carry resource bases of approximately 3 million ounces and trade at market capitalisations of $100–200 million. ValOre sits at approximately $26 million. That is a valuation gap that invites scrutiny, and CEO Nick Smart's explanation for it is credible.The discount reflects two correctable problems. First, the company's prior ownership of uranium assets created market confusion about its identity as a PGE developer. That has been resolved: the Hatchet uranium properties have been sold to Future Fuels, and ValOre is now a single-asset, single-commodity company focused entirely on Pedra Branca. Second, without an economic study on file, investors cannot model the project's returns. That changes with the delivery of a Preliminary Economic Assessment, targeted for 2026 and representing the single most important near-term catalyst for the stock.Smart brings unusual technical credibility to this mandate. His background is in chemical engineering and extractive metallurgy, with 21 years spent at Anglo American in platinum and palladium operations. His focus since joining in October 2024 has been on the metallurgical and engineering programme required to underpin the PEA and early results are positive.Metallurgical test work conducted with the University of Cape Town is delivering palladium and platinum extractions of 73–74% from a hydrometallurgical leaching route designed for Pedra Branca's weathered near-surface ore. These are initial results from shake-flask testing that are expected to improve as the programme scales. An additional finding that UCT's hot caustic pre-treatment can unlock high-grade chromitite-hosted PGEs grading 6.5–8.5 g/t at surface creates optionality for high-grade feed in the early mine-life years, with potentially positive implications for early-year project economics and NPV.The macro environment provides further support. Primary platinum supply has been in structural decline since 2021, falling from over 6 million ounces to a projected 5.12 million in 2026 despite a price that has roughly doubled. With 80% of global PGE production concentrated in South Africa, Zimbabwe, and Russia, the geopolitical case for supply diversification into jurisdictions like Brazil is building. Pedra Branca's near-surface, open-cast profile, existing infrastructure access, and proximity to a deep-water port position it as a potentially low-capital-intensity development relative to peers.For investors willing to act ahead of the PEA, the near-term news flow along with the interim metallurgical updates and early engineering outputs provide a series of checkpoints to monitor ahead of the binary catalyst. The valuation gap is large, the path to closing it is defined, and the macro tailwinds are in place.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeffrey R. Wilson, President & CEO of Precipitate Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-corp-tsxvprg-funding-secured-as-barrick-adjacent-drilling-starts-9454Recording date: 2nd April 2026Precipitate Gold Corp. (TSXV:PRG) is approaching what may be the most consequential period in its history. The Vancouver-based junior explorer holds three gold-copper projects in the Dominican Republic (all 100% owned) and is now executing on the phase of exploration that carries the highest potential for value creation: active discovery drilling.The company's two flagship assets are strategically located. Juan de Herrera shares a border with Goldquest Mining's Romero deposit, a 3.5 million gold-equivalent ounce resource advancing through feasibility and environmental review. Pueblo Grande surrounds Barrick Gold's Pueblo Viejo mine, one of the largest gold-producing operations in Latin America. In both cases, the host geology is known, the mineralisation style of high-grade gold and copper is confirmed in adjacent ground, and the question now is whether Precipitate's targets contain comparable mineralisation at economic grades.That question will be answered by the drill bit over the course of 2026. The company has planned up to 10,000 metres of drilling across multiple zones on both projects, with Pueblo Grande already in an active program and Juan de Herrera in final preparation for mobilisation. At Juan de Herrera, years of methodical exploration work of approximately 18,000 soil samples and subsequent induced polarisation geophysical surveys have identified multiple zones where elevated gold and copper at surface coincide with strong chargeability anomalies at depth. This is precisely the geochemical and geophysical signature that defines the Romero and Cachimbo mineralised zones on neighbouring Goldquest ground, lending the targeting approach a credible, data-driven foundation.The financial position supports the program without immediate dilution risk. A $6.5 million financing completed in January 2026, led by Dominican institutional investors, brought the total working capital to approximately $9 million. Those same investors hold approximately $5 million in in-the-money warrants, providing an additional funding lever should the drill program warrant expansion. The participation of locally connected Dominican capital is significant not only financially but as a signal: investors with direct knowledge of the political and regulatory environment have chosen to back the company at scale.The jurisdictional backdrop has improved meaningfully. The Dominican government has moved toward a more pro-mining stance, with faster permitting and demonstrated willingness to support projects through the development pipeline. Goldquest's advancement of Romero toward feasibility is providing the sector's first real proof of concept that the country can host a project from discovery through to production-ready status.From a valuation standpoint, Precipitate has historically traded in close ratio to Goldquest, despite Goldquest holding the established resource. That relationship has diverged over the past two years as Goldquest re-rated on the back of jurisdictional improvements and project advancement. Management believes the gap represents an opportunity, with exploration success at Juan de Herrera or Pueblo Grande the most direct mechanism to close it.Assay results from both projects, expected progressively across 2026, will define the investment outcome. For investors with the risk tolerance appropriate to early-stage exploration, the current setup in terms of geological, financial, and jurisdictional is as well-structured as Precipitate has ever presented.View Precipitate Gold's company profile: https://www.cruxinvestor.com/companies/precipitate-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin Reid, CEO of Troilus Mining Corp. Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-build-team-arrives-to-prepare-for-production-7076Recording date: 31st March 2026Troilus Mining Corp. is one of the most advanced development-stage copper-gold companies in Canada, and it is approaching the finish line on the work required to make a construction decision on its central Quebec project. For investors assessing the risk-reward profile of the company today, the picture is materially different from where it stood twelve or even six months ago.The engineering work is substantially complete. Basic engineering, a phase costing approximately $15 million and involving 100,000 man-hours, has been finished, producing a control budget with plus-or-minus 10% variance. Detailed engineering is now underway at an $80 million budget scope, with over 100 engineers working full-time. The company expects to be near 100% detailed engineering complete by the time construction begins, which is an unusually high level of execution certainty for a project of this scale and complexity.The financing structure is almost entirely in place. A $1 billion USD debt facility has been assembled through eleven institutional counterparties, backstopped by European export credit agencies, a structure that provides both competitive pricing and flexibility. Due diligence is substantially complete. A $172.5 million equity raise, completed without warrants, is in the bank and funding all current activity. The final element is a streaming arrangement, which CEO Justin Reid has described as imminent and increasingly favourable in its terms given current commodity prices.The permitting process is orderly and on track. The Environmental and Social Impact Assessment was submitted to federal regulators in mid-2024. The first round of questions has been answered and resubmitted. Because Troilus's engineering is so far advanced, the company can respond to technical regulatory queries in weeks rather than months, a meaningful advantage that reduces the risk of delays. The construction permit is expected by end of 2026, with full construction mobilisation targeted for Q1 2027.Commodity prices have transformed the project's economic profile. The feasibility study was modelled at $1,975 gold. With gold above $4,500 and copper near $5 per pound, the project's internal economics are substantially stronger than at any prior point in its development. Debt providers are modelling conservatively at $3,000 gold — and the project is still robust at that level. Investors gaining exposure today are doing so with significant commodity price upside already embedded in the asset.The company is also actively compressing the path to first cash flow. Pre-construction site work is underway under existing permits, including camp expansion, road relocations, deforestation, mobile crusher deployment, and early earthworks using local contractors. The 40,000-metre drill programme announced for 2026 targets grade optimisation in the early years of mine life, which could accelerate the pace of capital payback without affecting the existing mine plan or permit timeline.For investors with a two-to-three-year horizon, the catalysts ahead — streaming announcement, credit committee approval, construction permit, and ground-breaking — represent a sequential series of de-risking events that have historically driven significant re-ratings in developer valuations. Troilus is approaching all of them simultaneously.View Troilus Mining's company profile: https://www.cruxinvestor.com/companies/troilus-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-major-ea-catalyst-due-q2-2026-as-springpole-advances-toward-development-9452Recording date: 30th March 2026First Mining Gold Corp. (TSX:FF) is approaching what CEO Dan Wilton describes as the most consequential moment in the company's history. After eight years navigating Canada's federal environmental assessment process for its flagship Springpole Gold Project in northwestern Ontario, a permitting decision is expected within months. Management believes this single event will be the catalyst that forces the market to reprice assets it has consistently undervalued.Springpole is not a marginal project. The deposit holds a 5 million ounce resource and is designed to produce more than 300,000 ounces of gold per year, placing it among Canada's ten largest gold mines when built. The operation runs at a sub-3:1 strip ratio with manageable metallurgy, and the feasibility study was built on a conservative $3,100/oz gold base case. At $4,000/oz, The after-tax NPV is approximately $3 billion. The project remains economically viable at $2,500/oz, which provides meaningful downside protection in any scenario of gold price weakness.Despite these attributes, First Mining's shares were trading at roughly $0.47, a level management estimates at approximately 0.1x net asset value. Wilton puts the fundamental per-share value at over $5, implying the current share price represents a discount of roughly 90% to intrinsic value. That gap, as Wilton argues, is a product of a broader structural failure in the gold developer segment: for the better part of a decade, capital simply was not available to advance projects through permitting and feasibility, and many developers stalled or gave up. First Mining kept moving by monetising secondary assets, generating close to $100 million in cash over five years to fund continued progress. The result is a company that now holds two of the ten largest undeveloped gold projects in Canada at a moment when shovel-ready opportunities are genuinely scarce.The second project, Duparquet, located in Quebec's Abitibi gold belt, adds a layer of optionality the market appears to be pricing at zero. At current gold prices, management estimates Duparquet's NPV at approximately $3 billion. The geology team believes the deposit is on a trajectory toward 10 million ounces. Yet for practical purposes, investors are currently acquiring both projects at a price that reflects neither.The strategic context matters too. Major gold producers are now trading at mid-cycle NAV multiples, their reserve pipelines are thinning, and exploration cannot solve the problem on any relevant timeline. A discovery made today is fifteen or more years from production. That dynamic points to intensifying M&A pressure around advanced developers, of which there are very few, with the combination of scale, jurisdiction quality, and near-term permitting visibility that First Mining offers. The company has indicated openness to partnership structures that would preserve meaningful shareholder participation.The near-term risk is binary: the environmental assessment outcome matters enormously. But for investors who believe the permitting decision will go the right way as the management does, the current entry point offers exposure to a potential multi-hundred percent re-rating driven by catalysts that are already in motion.View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Gentile, InvestorOur previous interview: https://www.cruxinvestor.com/posts/capital-discipline-dilution-golds-next-bull-phase-mining-alpha-with-michael-gentile-ep1-8247Recording date: 26th March 2026Veteran resource investor Michael Gentile, the largest individual shareholder in over 30 junior mining companies and co-founder of Bastion Asset Management, argues that recent market turbulence masks improving fundamentals across the gold mining sector. Despite gold retreating from $5,500 to approximately $4,500, Gentile maintains this pullback represents healthy consolidation within an early-stage bull market rather than a warning sign of exhaustion.The violent selloff—marked by $11 billion in ETF outflows during March and collapsing investor sentiment—actually reinforces Gentile's bullish thesis. Unlike mature bull markets where every dip attracts eager buyers, precious metals continue exhibiting "wall of worry" characteristics where negative catalysts trigger aggressive selling. This suggests limited speculative excess and substantial room for broader market participation.Gentile's conviction rests on structural fiscal dynamics he believes will necessitate currency debasement. With $40 trillion in US debt generating $2 trillion in annual interest expense, and bond yields rising despite geopolitical tensions, the Federal Reserve faces mounting pressure to intervene. Yield curve control or quantitative easing would suppress rates while inflation accelerates, creating negative real rates historically favorable for gold.Meanwhile, gold producers have achieved unprecedented financial strength. Industry margins expanded from $100 per ounce post-COVID to approximately $2,000 currently, generating free cash flow yields of 10-25% compared to 3% for the S&P 500. Virtually every major producer now operates debt-free while initiating buybacks and dividends—a stark contrast to the empire-building mentality that destroyed value during the 2008-2012 cycle.For junior mining investors, Gentile emphasizes disciplined diversification across 30-35 positions focused on assets with existing resources, infrastructure proximity, favorable jurisdiction, and realistic paths to production. With quality ounces trading at 1-2% of spot gold prices in strategic acquisitions, current valuations offer compelling entry points for patient capital willing to accept that most juniors will never reach production while concentrated winners generate outsized returns.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-87-gt-gold-over-95m-mining-permit-granted-9596Recording date: 26th March 2026Cabral Gold is approaching one of the most consequential transitions in a junior mining company's lifecycle: the move from developer to producer. With its Phase One oxide heap leach project at Cuiú Cuiú in northern Brazil now 60% complete, on budget, and on schedule for commercial gold production in Q4 2026, the company is within striking distance of generating meaningful cash flow from one of the lowest-cost gold mining methods available.The Phase One project was prefeasibility-studied at a gold price of $2,500 per ounce. Gold is currently trading around $4,500 per ounce. That gap matters enormously to the investment case. The company expects to produce approximately 25,000 ounces in its first 12 months at an all-in sustaining cost of $1,200–$1,300 per ounce, generating an estimated $60–$65 million in annual cash flow. Against a current market capitalisation of approximately $200 million, Cabral is trading at roughly 3x anticipated cash flow, well below the 7x multiple at which junior gold producers are typically valued once in production. The implied re-rating potential on Phase One alone is substantial.The permitting picture has also improved materially. Cabral recently received its Licença Prévia (LP) for a full mining license . This removes the 1,500 tonnes per day ceiling imposed by trial mining licenses, clears the path to operating at the full Phase One design capacity of 3,000 tonnes per day, and provides regulatory line-of-sight for the larger Phase Two hard rock operation that sits behind it.Beyond Phase One, the exploration upside at Cuiú Cuiú is significant and largely unpriced. The district's soil anomaly spans 7 kilometres and remains open, seven times the size of the equivalent anomaly at the adjacent of the third-largest gold mine in Brazil which produced just under 180,000 ounces in 2025. Cuiú Cuiú's historical placer gold production of approximately 2 million ounces dwarfs Tocantinzinho's 200,000-ounce placer endowment, providing a geological proxy for the scale of the hard rock system below. The global resource last updated in September 2022 at 1.2 million ounces has not captured 35,000 metres of subsequent drilling or four new discoveries, including the Jerimum Cima intercept of 9.5 metres at 87.4 g/t gold which is the best result in the project's history.A $20 million bought deal financing has been announced to fund an accelerated exploration program. CEO Alan Carter, who has invested $2 million of his own capital in the company, is direct about the strategic logic: getting more rigs on site now, ahead of Phase One cash flow, allows the company to grow its resource base and advance the Phase Two economic case faster than a more conservative approach would allow.For investors focused on the junior gold development sector, Cabral presents a defined production timeline, a widening cash flow margin driven by gold prices, significant resource growth optionality, and a management team with a track record of discovering and building mines in the same district. The re-rating catalysts are multiple, sequential, and near-term.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Penkethman, MD & CEO of Ardea Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/western-nickel-projects-gain-momentum-as-supply-dynamics-improve-9150Recording date: 30th March 2026Ardea Resources (ASX:ARL) has made meaningful progress in advancing the Goongarrie Hub, its flagship asset within the Kalgoorlie Nickel Project in Western Australia. The company recently secured approximately A$1 billion in indicative funding support from Export Finance Australia and the US Export-Import Bank, representing a significant external endorsement of the project ahead of the completion of its Definitive Feasibility Study, due in the June 2026 quarter.The Goongarrie Hub is one of the largest nickel-cobalt resources in the world and is being developed through an incorporated joint venture with Sumitomo Metal Mining and Mitsubishi Corporation. The Japanese partners hold 75% of the project's offtake and bring integrated downstream processing expertise, established export credit agency relationships, and a track record of delivering large-scale resource projects globally. This partnership structure is central to Ardea's ability to access competitive project financing and provides a level of commercial credibility that distinguishes the company from peers still in search of strategic partners.The EFA letter of support is for up to A$500 million and can be structured across debt, equity, or other instruments. The US EXIM indicative support is for US$350 million, or approximately A$500 million. Both are conditional on DFS completion, environmental approvals, and a Final Investment Decision, and should be understood as indicative rather than committed capital. That said, management described the receipt of this support ahead of DFS completion as an industry first, and the involvement of two major Western government-backed institutions adds credibility to the project's strategic positioning within broader Australia-Japan-US critical mineral cooperation frameworks.Total project capex is expected to exceed the A$3.1 billion estimated in the 2023 Prefeasibility Study, driven by flowsheet changes and inflationary pressures. The financing gap between current indicative support and total capex is material, and investors should expect additional equity raises as the project progresses. The company is pursuing a multi-layered capital stack that includes further export credit agency engagement, potential government grants, and the possible monetisation of Ardea's retained 25% offtake entitlement.The DFS is the central near-term focus. Completion in the June 2026 quarter will trigger a Mini Investment Decision to commit to the FEED phase, advancing engineering from approximately 30% to 60% completion and substantially derisking the path to a Final Investment Decision. The FEED phase is planned to run in parallel with the environmental approvals process, which is traditionally 18 to 24 months. Major Project Status from the Australian federal government and a pending Lead Agency Status application in Western Australia are expected to assist in streamlining this process.On the market side, Ardea's management points to tightening Indonesian permitting standards and growing defence-driven demand for high-quality stainless steel as structural tailwinds for nickel prices. The project sits at the intersection of a potential cyclical recovery in nickel and an accelerating geopolitical shift toward Western-aligned critical mineral supply chains.For investors, the June 2026 DFS completion represents the most actionable near-term catalyst. Ardea is advancing through a well-defined development pathway with credible partners, institutional backing, and growing government support — but the path to production remains multi-year, capital-intensive, and conditional on milestones yet to be achieved.View Ardea Resoures' company profile: https://www.cruxinvestor.com/companies/ardea-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Recording date: 31st March 2026Olive Resource Capital is responding to a sharp, volatility-driven sell-off in mining equities by repositioning its portfolio toward higher-quality, more liquid gold producers — a strategy grounded in the view that institutional forced selling, rather than fundamental deterioration, is responsible for the bulk of recent price declines.Speaking on their investment podcast, Samuel Pelaez, President, CEO, and CIO, and Derek McPherson, Executive Chairman, outlined a deliberate spring-clean of the firm's holdings. The core thesis is straightforward: when risk managers at leveraged funds are forced to de-risk portfolios rapidly, mining stocks — categorised as high-risk assets — are sold indiscriminately, regardless of underlying asset quality. The result is a repricing event that creates entry points disconnected from fundamentals, with valuations across junior and mid-tier gold names down 20–60% from recent highs.Rather than chasing the steepest discounts at the riskiest end of the market, Olive is moving up the market capitalisation and liquidity spectrum. The two names at the centre of their repositioning are Northern Star Resources (ASX:NST) and Goldsky (TSXV:GSKR). Northern Star is Australia's largest gold producer and operator of the Super Pit, the country's largest gold mine. The company has delivered consistently against guidance for most of its fifteen-year history. Temporary operational setbacks over the past six months, compounded by broad gold price weakness, have pushed the stock to what Pelaez describes as the most attractive entry point since the company was founded. The operational issues are characterised as temporary; the asset quality and management track record are not in question. Olive is treating it as a multi-quarter accumulation, with scope to add further on any near-term earnings disappointment.Goldsky presents a different but complementary opportunity. The company is consolidating 100% of the Barsele project through an ongoing acquisition process. McPherson notes the stock is trading in an unusual manner relative to its fundamental position, likely as a result of transaction mechanics rather than any change in underlying value. The completion of the Barsele acquisition is expected to serve as a near-term re-rating catalyst. Across both names and their broader portfolio, Olive's non-negotiable filter is balance sheet strength. Financing conditions have deteriorated sharply. Companies requiring capital raises are now doing so on materially worse terms — warrants and sweeteners that were unnecessary two months ago are now standard — while cashed-up operators can continue executing, maintaining momentum and avoiding dilution.Looking ahead, the pair flag two key dynamics for investors to monitor. First, Q2 margins face a potential double squeeze: gold's average price is expected to be lower than Q1's exceptional levels above $5,000 per ounce, while rising energy costs — energy represents approximately 30% of open-pit mining costs — flow through from higher oil prices. Margins remain healthy, but the rate of expansion will slow. Second, M&A conditions are ripening. Compressed valuations, record producer free cash flow, and the psychological ease of offering premiums to depressed share prices create the conditions for an active deal calendar in the months ahead.For investors willing to apply discipline and maintain a medium-term horizon, the current environment offers access to some of the highest-quality gold producer equities at valuations not seen in over a decade.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO of Vista GoldOur previous interview: https://www.cruxinvestor.com/posts/vista-gold-corp-nysevgz-39m-oversubscribed-raise-funds-development-push-9478Recording date: 28th March 2026Vista Gold Corp. (NYSE: VGZ) is advancing its Mt Todd Gold project in Australia's Northern Territory with a strategic rightsizing that management believes positions the asset for independent development while addressing a significant market valuation disconnect.The company completed a 2025 feasibility study that reduced the project from 50,000 tons per day to 15,000 tons per day, cutting initial capital requirements by 59% from approximately $1 billion to $425 million. This restructuring targets annual production of 153,000 ounces over the first 15 years of a 30-year mine life, with the company raising its design cutoff grade from 0.35 to 0.5 grams per ton to prioritize higher-quality ore.At a conservative $2,500 per ounce gold price, the feasibility study projects an after-tax NPV of $1.1 billion and a 27.8% IRR, with all-in sustaining costs near $1,500 per ounce. At $3,300 gold, the NPV increases to $2.2 billion with an IRR approaching 45%. With current gold prices around $4,500 per ounce, the project demonstrates substantial leverage to prevailing market conditions.Despite holding 5.2 million ounces of proven and probable reserves and 10.6 million total ounces, Vista Gold trades at a significant discount to peers on enterprise value per ounce metrics. CEO Frederick Ernest attributes this partly to legacy perceptions from the project's 1990s operational history, though he emphasized that past failures stemmed from poor equipment selection rather than fundamental project flaws. Modern HPGR crusher technology is expected to achieve 90% metallurgical recovery versus historical 70% rates, while the frequently cited "hard ore" issue translates to only $50 per ounce in additional energy costs.Near-term catalysts include permitting approvals expected through mid-2027, building an experienced Australian mine development team, and securing project financing through multiple pathways including traditional banks, government infrastructure funding, and potential streaming arrangements. The company closed a $44.85 million financing in March 2026, providing over $50 million in cash to fund development activities.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc. Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-high-grade-quebec-gold-project-targets-q3-2027-production-9500Recording date: 26th March 2026Amex Exploration Inc. (TSXV:AMX) has positioned itself as a potentially undervalued opportunity in the gold development sector, with management arguing the company's $470 million market capitalisation fails to reflect the project's underlying economics compared to similarly staged peers.The Quebec-based developer's investment thesis rests on three fundamental pillars: exceptional ore grades, capital-efficient phased development, and strategic infrastructure positioning. At the project's core lies a grade differential that management characterizes as transformative. While comparable development projects report grades between 1.9 and 3.6 grams per tonne, AMX's deposit averages 5.1 grams per tonne on a diluted basis. The flagship Champagne zone grades 16 grams per tonne before dilution, with practical mining grades expected between 10 and 12 grams per tonne.This grade advantage translates directly into capital efficiency. Phase 1 development requires $146 million in capital expenditure to achieve production exceeding 100,000 ounces annually from a 2.3 million ounce resource base. The company's phased approach—bulk sample followed by Phase 1 and Phase 2—creates a self-funding pathway designed to minimize equity dilution, with each stage generating revenue to finance subsequent expansion.Near-term catalysts include imminent bulk sample permit approval, currently at the six-month review threshold following submission in mid-September. Upon approval, construction mobilization follows within 45 days, positioning the project for mid-2027 initial production of 20,000 to 23,000 ounces. Phase 1 commercial production targets early-to-mid 2028.Infrastructure access provides additional operational advantages. Proximity to an established town delivers immediate workforce availability, while electrical grid connectivity eliminates diesel generation requirements and associated fuel price exposure. Water supply exists through municipal connections, collectively differentiating the project's capital intensity from remote deposits requiring greenfield infrastructure construction.Management contends that peers with similar production timelines trade at market capitalisations between $1.2 billion and double AMX's current valuation, despite what the company characterises as inferior grade economics and higher capital requirements.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Dembicki, President & CEO of Tier One SilverRecording date: 23rd March 2026Tier One Silver (TSXV:TSLV) is advancing an early-stage precious metals discovery in southern Peru that has delivered some of the highest-grade rock sampling results seen in the region. The company's 100%-owned Curibaya project has returned silver grades up to 300,000 grams per ton and gold grades approaching one kilogram, with over 80 samples exceeding one kilogram per ton silver distributed across a five-square-kilometer footprint.Led by President and CEO Peter Dembicki, a former Canaccord Genuity investment adviser, the company benefits from world-class technical expertise. Christian Rios, formerly with Bear Creek Mining and integral to the Santana Corani discovery, serves as Senior Vice President of Exploration, while Antonio Arribas, former global head of geosciences for BHP and Newmont, provides additional technical guidance.The property emerged from the 2021 spin-out of Auryn Resources and was consolidated through opportunistic acquisitions when base metal prices declined. Located in southern Peru's copper belt near the city of Tacna, the approximately 14,000-hectare property had never been systematically explored despite being surrounded by major global copper-silver producers.Following an initial 5,000-meter reconnaissance drilling program, the company engaged independent consultants who identified a key insight: higher-elevation areas within the property should preserve a more intact precious metals system due to less erosion over geological time. The current 1,200-meter drilling program is testing this thesis in the Cambaya corridor, where rock samples have returned eight kilograms per ton silver and four grams per ton gold.An unexpected discovery during initial drilling revealed indicators of a potential large porphyry copper system at depth, attracting attention from major mining companies seeking the next significant discovery in Peru's porphyry belt.After operating through five years of challenging silver prices ranging from $17-22 per ounce, the company raised approximately $6.5 million in late 2025 as silver strengthened above $70. Management estimates requiring another 10,000 meters of drilling before resource definition, with six kilometers of identified vein corridors providing multiple targets. The company's strategy focuses entirely on discovery and resource definition rather than development, positioning for an eventual strategic transaction.View Tier One Silver'c company profile: https://www.cruxinvestor.com/companies/tier-one-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin van der Toorn, President & CEO of Greenheart Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/greenheart-gold-tsxvghrt-proven-discovery-team-advances-3-suriname-projects-with-35m-runway-8542Recording date: 25th March 2026Greenheart Gold (TSXV:GHRT) is executing a comprehensive exploration strategy across the Guyana Shield, with President and CEO Justin van der Toorn advancing multiple high-potential gold projects in Suriname and Guyana. The company's disciplined approach to early-stage exploration, combined with an experienced management team and strategic portfolio management, positions it to make discoveries in one of the world's most underexplored yet geologically prospective gold regions.The company currently operates three advanced projects in Suriname—Majorodam, Igab, and Tosso Creek—each at different stages of development. At Majorodam, a 10,000-meter reverse circulation drilling program is underway testing a 15-kilometer gold-in-soil anomaly. The cost-effective RC approach allows rapid coverage of the entire trend at approximately 50-60% of diamond drilling expenses, with holes targeting near-surface mineralization before following higher-grade zones to depth.The Igab project has emerged as a high-priority target following exceptional trenching results of 12 meters at 4.82 g/t and 11 meters at 9 g/t gold. Diamond drilling commences in April 2026 to establish detailed structural understanding of these high-grade shear zones. Located 30 kilometers south of Newmont's Merian operation, Igab benefits from proximity to established infrastructure and geological context.Tosso Creek represents bulk tonnage potential with 86 meters at 0.6 g/t gold in trenching. Additional trenching is underway to refine targets before drilling in Q2 2026.Greenheart's management team brings proven credentials from Reunion Gold's Oko discovery in Guyana, which ultimately attracted a takeover. The company maintains capital discipline through its willingness to drop non-performing projects while preserving treasury strength for aggressive multi-project exploration. "We're explorers, that's what we think we're good at," Justin emphasized.With multiple drilling programs advancing simultaneously throughout 2026, Greenheart is positioned to deliver continuous newsflow while targeting tier-one discoveries in the underexplored Guyana Shield. The company's strategy focuses on demonstrating meaningful intercepts with both grade and volume to establish mineable potential across its portfolio.View Greenheart Gold's company profile: https://www.cruxinvestor.com/companies/greenheart-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Phil Hoskins, CEO of Atomic EagleRecording date: 24th March 2026Atomic Eagle (ASX:AEU) is advancing the Muntanga uranium project in Zambia with an aggressive resource expansion strategy designed to unlock economies of scale. Led by CEO Phil Hoskins and backed by the founders of Boss Energy and Lotus Resources - both now uranium producers - the company has assembled experienced uranium development expertise to grow a technically proven asset in a tier-one African jurisdiction.The Muntanga project stands on solid ground with a completed NI 43-101 feasibility study and a recently expanded resource of 58.8 million pounds at 309 ppm. What distinguishes this deposit is exceptional metallurgical characteristics: over 90% recoveries, 21-day leach kinetics, and remarkably low acid consumption of just 20 kilograms per ton. These parameters signal favorable economics to experienced developers, though the previous operator's study at 2.2 million pounds per annum production showed insufficient scale to generate attractive returns.Atomic Eagle's solution centers on resource growth. The largest drill program at Muntanga since 2007 launches in April 2026, targeting over 50,000 meters across 10 discrete targets using cost-effective gamma-probe technology at $45 per meter. The company aims to grow resources toward 100+ million pounds to support 4-5 million pounds per annum production by circa 2030, comparable to Bannerman Resources' development model. Current resources, if fully incorporated into a revised mine plan, could already support 3.9 million pounds annually for 12 years.With $19 million in treasury, Atomic Eagle is well-funded to execute its 2026 exploration program and 2027 updated feasibility study. Zambia offers significant jurisdictional advantages: no free carried government interest, established mining infrastructure as the world's seventh-largest copper producer, and Fraser Institute-validated regulatory stability.Additional upside exists through a 116 million pound Niger asset (1,300 ppm grade) currently assigned zero market value. Active negotiations are progressing to return this asset under new terms, with an update expected in the first half of 2026. Recent roadshow feedback confirmed that investors view Atomic Eagle as undervalued based solely on the Zambian asset, positioning the company as a focused development play rather than a speculative exploration play in an increasingly strategic uranium market.View Atomic Eagle's company profile: https://www.cruxinvestor.com/companies/atomic-eagleSign up for Crux Investor: https://cruxinvestor.com