Company Interviews

Interview with Terry Lynch, CEO of Power Metallic MinesOur previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-aggressive-drilling-and-land-expansion-fuel-growth-potential-7925Recording date: 29th January 2026Power Metallic (TSXV: PNPN) is advancing one of the world's rarest deposit types—an orthomagmatic polymetallic discovery at its NISK project in Quebec. CEO Terry Lynch recently outlined the company's significant 2025 achievements and ambitious 2026 plans, positioning the explorer for a transition toward mine development.The company's most significant 2025 milestone was a metallurgical study delivering exceptional 95% recovery rates across its metal suite, substantially exceeding the 80% modeled. Specific recoveries include copper at 98.9%, palladium at 93.9%, platinum at 96.8%, gold at 85%, and silver at 88.9%. These results address a primary concern in polymetallic projects and, combined with near-surface mineralisation, position NISK as a low-capital, high-margin opportunity with estimated internal rates of return approaching 100%.Power Metallic also successfully consolidated its land position, acquiring seven of eight priority targets around the discovery. Orthomagmatic deposits are exceptionally rare—only 20 discovered globally—with 19 of 20 developing into multi-mine districts. The company now controls a land package six times larger than at the discovery stage, providing district-scale development potential.The company raised $50 million in 2025 and currently holds approximately $33 million cash, fully funding its aggressive 2026 program without near-term financing needs. Plans include 100,000 meters of drilling using five rigs expanding to seven, testing four transformative exploration targets beyond the known Lion zone. The "Elephant" target, emerging from borehole electromagnetic surveys, theoretically measures five times Lion's size and represents the largest anomaly the technical team has encountered.Beyond Quebec, Power Metallic is diversifying its portfolio through a Chilean Metals spinout (TSXV listing expected within weeks) consolidating copper-gold assets near the Candelaria mine, plus three large-scale Saudi Arabian concessions offering significantly lower exploration costs and unprecedented government incentives including 75% project financing at 1% interest rates.With commodity prices strengthening across its metal portfolio and multiple near-term catalysts including drill results and a preliminary economic assessment targeted for Q4 2026 or Q1 2027, Power Metallic is positioning for significant rerating as markets recognize the development potential of this rare discovery.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallicSign up for Crux Investor: https://cruxinvestor.com

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

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

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

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

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

Interview with Oliver Turner, Corporate Development of Americas Gold & Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-acquires-us65m-crescent-mine-raises-us115m-8579Recording date: 23rd January 2026Americas Gold & Silver has delivered a remarkable operational turnaround, achieving 2.65 million ounces of silver production in 2025 - the highest output in 20 years and the highest grade at its flagship Galena mine in two decades. This represents a 52% year-over-year production increase, demonstrating the effectiveness of new management's operational improvements since taking control in October 2024.The company recently completed a transformative $130 million acquisition of the Crescent Silver Mine, located just nine miles from Galena. Crescent features a resource exceeding 20 million ounces at over 600 grams per ton - double Galena's current mining grade. The proximity enables significant synergies, with ore from Crescent feeding directly into Galena's existing mill infrastructure. Management has already reduced power costs at Crescent from 65 cents to 5 cents per kilowatt-hour and plans to invest $20-25 million in development during 2026, with production expected to ramp through 2027-2028.Executive Vice President Oliver Turner emphasized the company's execution-focused approach: "We just got to execute on what we say we're going to do and deliver, deliver, deliver. That's what we've started to do already at Americas Gold and Silver and will continue to do in the years ahead."Looking ahead, the company plans an unprecedented exploration campaign with 15-20 drills across its asset base in 2026. Recent discoveries include the high-grade 34 vein at Galena, which intersected 983 grams per ton silver with an expanded conceptual target of 6-7 million ounces. The exploration potential extends to Cosala in Mexico, where seven outcropping targets remain untested.Strategically, Galena operates as the largest active antimony mine in the United States, producing continuously since 1942. With new offtake contracts effective January 2026 providing payment for all byproducts and antimony designated as a critical mineral priority, the company offers unique exposure to both precious metals and strategic materials. Backed by over 60% institutional ownership and robust capitalization, Americas Gold & Silver combines operational execution with significant growth catalysts across production, exploration, and strategic mineral positioning.View Americas Gold and Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Janet Lee Sheriff, Director & CEO of Verdera EnergyRecording date: 22nd January 2026Verdera Energy represents a focused opportunity to gain exposure to New Mexico uranium development through the state's largest land holding and most comprehensive data package. The company controls 400 square miles of mineral rights alongside 88 million pounds of historical uranium resources distributed across four in-situ recovery projects, following its strategic spin-out from production-oriented enCore Energy.New Mexico's uranium credentials provide compelling jurisdictional context. The state accounts for 40% of all uranium produced in the United States and hosts the only commercial enrichment facility in the country, creating existing nuclear fuel cycle infrastructure. As CEO Janet Lee Sheriff noted, New Mexico could be known as the seventh largest uranium producing district in the world.The $20 million qualifying transaction led by Haywood and SCP Resource Finance at $1.00 per subscription receipt provides substantial working capital relative to typical exploration-stage uranium developers. This financing positions Verdera to simultaneously advance multiple projects rather than pursuing sequential, capital-constrained development. TSXV listing under symbol "V" is expected within weeks following completion of the reverse takeover with POCML7.Verdera's project portfolio spans various advancement stages, anchored by the Crownpoint-Hosta project's NI 43-101 compliant resource of approximately 28 million pounds. West Largo stands out as the highest-grade ISR project in the United States at 0.3% U₃O₈—substantially exceeding typical ISR deposits operating at 0.05-0.15% grades—with approximately 20 million pounds of historical resources. This exceptional grade potentially offers superior project economics through reduced processing volumes and lower operating costs per pound recovered.The company's control of approximately 90% of all uranium exploration data in New Mexico creates strategic competitive advantages unavailable to potential competitors. This data consolidation, comprising the majority of URI and Kerr McGee databases, de-risks exploration across existing landholdings whilst enabling identification of additional acquisition or joint venture opportunities using proprietary information.EnCore Energy's retained 14% stake creates alignment whilst providing access to production-focused technical expertise developed through Texas ISR operations. This partnership proves particularly relevant for Ambrosia Lake, where enCore brings knowledge of satellite central processing plant configurations that could reduce infrastructure requirements.The investment thesis extends beyond individual project merits to encompass broader domestic supply security dynamics. Despite operating the world's largest commercial reactor fleet with 94 operating units generating approximately 20% of domestic electricity, the United States produces less than 5% of required uranium. The Prohibiting Russian Uranium Imports Act signed in 2024 eliminates a source that previously supplied approximately 20% of US reactor requirements, intensifying focus on domestic production.Four New Mexico uranium projects now participate in the FAST-41 permitting programme designed to streamline federal permitting for infrastructure projects of national significance. Combined with state-level engagement through the Clean Energy Association of New Mexico, the regulatory environment shows signs of improvement as domestic supply chain priorities intensify.First-year priorities focus on modernising West Largo's historical resource to current NI 43-101 standards whilst executing drill programmes to expand the resource base. Ambrosia Lake will pursue a dual-track approach combining ISR drilling with permitting advancement, leveraging enCore's technical expertise and the project's historical conventional mining infrastructure.For investors seeking exposure to domestic uranium supply re-emergence, Verdera offers a consolidated vehicle capturing New Mexico's geological prospectivity, established infrastructure, and evolving regulatory support through the state's dominant land position and comprehensive data package.View Verdera Energy's company profile: https://www.cruxinvestor.com/companies/verdera-energySign up for Crux Investor: https://cruxinvestor.com

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

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

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

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

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

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

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-rare-public-salt-play-targets-10-of-north-americas-de-icing-market-8676Recording date: 16th January 2026Atlas Salt is positioning itself to address a critical infrastructure need in North America through the development of the Great Atlantic Salt project on Newfoundland's west coast. The company targets the deicing road salt market, where demand consistently outstrips domestic supply by 30-40%, forcing North American buyers to source from Egypt and Chile with significantly longer lead times and higher costs.CEO Nolan Peterson, who joined the company in June 2025, explained the market dynamics: "There is a salt shortage year-over-year when you're balancing domestic production versus domestic needs. And domestically, I'm grouping Canada and the United States as one market." The timing appears particularly opportune, with Ontario currently experiencing severe shortages despite having a full year to prepare following last year's supply crisis.The project's geographic advantage is substantial. Located in Newfoundland with direct port access, Atlas Salt can deliver product to the same markets served by foreign producers in 15 to 20% less time and cost, according to Peterson. This proximity enables rapid response to spot market opportunities and provides supply chain stability that foreign sources cannot match.The updated feasibility study demonstrates robust economics with total capital requirements of approximately $600 million CAD. The project generates an NPV of $920 million CAD with a 21.3% after-tax IRR and $188 million in annual after-tax free cash flow over a 25-year mine life. "Our contrast is that we have steady stable cash flow year after year kind of like a dividend or a bond if you will once you get over that initial hurdle," Peterson explained.Construction activities are beginning imminently following financing completed in October 2025, with the company targeting Q2 2026 for a finalized debt package covering 60-80% of capital needs from sovereign wealth funds and infrastructure banks. Atlas Salt has already signed an MOU with Scotwood Industries, the largest distributor of packaged retail deicing salt in North America, while pursuing additional commercial partnerships and potential vertical integration opportunities.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Luke Norman, Executive Chairman of US Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-feasibility-study-imminent-with-major-20262028-catalysts-8678Recording date: 16th January 2026US Gold Corp has distinguished itself within the junior gold sector by securing full mining permits for its CK Gold project in Wyoming whilst maintaining an exceptionally tight share structure of just 16.5 million shares outstanding. The company completed a $31.2 million financing in December 2025 with participation from major institutional investors including VanEck, Goehring & Rozencwajg, and Libra Capital, marking a validation milestone that complements its established retail shareholder base.The CK Gold project represents one of the few fully permitted, shovel-ready gold-copper developments in North America. Having received final non-conditional mining permits in December 2024, US Gold Corp has eliminated a significant source of timeline uncertainty that affects competing projects. This permitting achievement, combined with the project's location just 20 miles from Cheyenne, Wyoming, provides practical advantages in accessing established infrastructure, skilled labour, and contractor services that should translate into lower capital and operating costs.The company expects to release its Definitive Feasibility Study (DFS) in late January or early February 2026, establishing the pathway to project finance. Executive Chairman Luke Norman outlined an 18-month timeline from financing to production, with first-year output forecast at 130,000 ounces gold and 24 million pounds copper. With gold prices exceeding $4,600 per ounce, project economics benefit materially compared to earlier technical assessments conducted at lower metal price assumptions.Management has identified multiple financing pathways reflecting strong global demand for gold-copper concentrates. The preference for debt financing aims to preserve the company's tight share structure, which provides significant operating leverage with a $330 million market capitalisation against a 1.7 million ounce reserve base. Potential financing structures include forward sales arrangements, concentrate offtake agreements, and traditional project debt, creating optionality in capital structure.Beyond the permitted reserve, US Gold Corp plans to commence drilling targeting an additional one million ounces below the current resource. With 80% of historical drilling bottoming in mineralisation, management estimates this exploration programme could add approximately one billion dollars in net present value. This drilling represents a strategic shift toward value optimisation now that economic viability and permitting have been established.The investment proposition centres on scarcity value within North American gold development opportunities. As major producers face declining reserve grades and extended permitting timelines, fully permitted projects in tier-one jurisdictions command premium valuations. US Gold Corp's combination of permits, institutional validation, infrastructure advantages, and tight share structure positions the company for potential multiple reratings throughout 2026 as it advances through definitive feasibility release, project financing, and construction commencement.The straightforward metallurgical flowsheet—crush, grind, flotation, and tri-stack processing—reduces technical execution risk, whilst the Wyoming location provides jurisdictional certainty and operational advantages. With institutional capital flowing into the gold sector and concentrate demand characterised as "insatiable," US Gold Corp offers investors exposure to near-term North American gold production with significant exploration upside and multiple catalysts ahead.View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Richard Young, CEO, i-80 GoldOur previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-production-path-to-200000-ounces-8586Recording date: 16th January 2026Nevada-based i-80 Gold is executing an ambitious three-phase development plan to transform from a small producer into a mid-tier gold company, targeting production growth from under 50,000 ounces annually to over 600,000 ounces within six years. All five projects are brownfield developments at historic Nevada mines, offering reduced execution risk through existing permits and infrastructure.The company delivered five preliminary economic assessments in Q1 2025 and has raised approximately $300 million toward a targeted $900 million to $1 billion recapitalisation. Management expects to complete balance sheet restructuring by end of Q1 2026, which will enable full construction approval for the critical Lone Tree autoclave refurbishment project.The Lone Tree facility refurbishment represents a cornerstone investment, with total capital costs of approximately $430 million and completion scheduled for end of 2027. Once operational, the facility is projected to produce 200,000 ounces annually and generate $200-400 million in EBITDA at current gold prices. i-80 Gold will be one of only two companies operating an autoclave in Nevada.Project economics have improved substantially with higher gold prices. At $3,000 gold, the net asset value of the five projects was approximately $5 billion versus the company's current market capitalization of $1.3 billion fully diluted. At current gold prices above $4,600, NAV is estimated between $8-10 billion, with all-in sustaining costs averaging approximately $1,400 per ounce.The company has significantly strengthened its technical team and is advancing feasibility studies for multiple underground mines including Archimedes and Granite Creek. Management is also accelerating work on Mineral Point, the flagship asset capable of producing 300,000 ounces over a 17-year mine life, pulling development forward by approximately two years.Operating exclusively in Nevada provides advantages including world-class geology, skilled workforce, supportive regulatory environment, and the current macro environment featuring high gold prices without corresponding input cost inflation.Learn more: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-multi-jurisdictional-uranium-portfolio-8580Recording date: 15th January 2026IsoEnergy Ltd. (TSX:ISO) differentiates within the uranium sector through near-term production advancement at the Tony M project in Utah while maintaining exposure to ultra-high-grade exploration upside at the Hurricane deposit in Saskatchewan's Athabasca Basin. The company has commenced bulk sampling operations at Tony M, extracting approximately 2,000 tons of material for processing at the White Mesa Mill. This program validates three critical decision criteria for full-scale production restart: current operating costs for mining, trucking, and processing; updated capital requirements; and scalability of beneficiation techniques tested on smaller samples that could substantially reduce waste material sent to mill. The strategic toll milling arrangement with Energy Fuels' White Mesa Mill—the only operational conventional uranium mill in the United States—eliminates processing infrastructure capital while providing established metallurgical pathway, as the mill historically processed ore from Tony M during previous 2007-2008 production period. Tony M's existing surface and underground infrastructure substantially reduces restart capital intensity compared to greenfield mine development, positioning the project as IsoEnergy's primary near-term production opportunity. CEO Philip Williams emphasized the competitive advantage: "In our market cap range, there's not so many of them so we want to be one of those producers and be able to deliver material into a rapidly rising uranium price environment which we think is coming in the United States." Concurrently, IsoEnergy has mobilized two drill rigs to Hurricane for a winter campaign exceeding 5,000 meters. The program tests expansion potential within and adjacent to known ultra-high-grade mineralization, extending up to 3 kilometers along structural trend. Hurricane ranks among the world's highest-grade uranium deposits, with exceptional grade concentration reflected in small physical footprint relative to contained uranium. The exploration strategy follows the Athabasca Basin geological model where high-grade deposits form as multiple lenses along structural corridors, suggesting discovery potential for additional proximate ore zones.Portfolio diversification spans multiple development stages and top-tier jurisdictions. Beyond Tony M and Hurricane, IsoEnergy maintains the Coles Hill project in Virginia—a large-scale development opportunity potentially benefiting from federal policy support for domestic production—plus a 50% joint venture with Purepoint Energy exploring additional Athabasca Basin targets. The pending acquisition of Toro Energy, expected to close April 2026, adds Western Australian exposure and development-stage assets.IsoEnergy operates within a bifurcated uranium market where large-cap producers trade at premiums to net asset value while smaller companies trade at substantial discounts, creating consolidation conditions. The company's mid-tier market capitalization provides optionality as both potential acquirer of discounted junior assets and potential target for larger producers seeking high-grade Athabasca Basin exposure. NextGen Energy's 30% ownership provides strategic shareholder stability, while IsoEnergy maintains approximately $60 million in equity positions in smaller uranium companies.Management reports accelerating institutional investor engagement as the production timeline clarifies and uranium market fundamentals strengthen. The recent addition of commercial and marketing expertise signals preparation for uranium sales as production approaches. Near-term catalysts include the Tony M production restart decision following bulk sampling results, Hurricane drilling outcomes, Toro acquisition closure, and potential uranium import policy changes under the Section 232 investigation.Williams acknowledged uranium equity performance ultimately depends on physical price movement despite strong fundamentals: "The space can get ahead of the price for some period of time, but the price has to also move." However, when utility contracting accelerates—whether driven by policy changes, supply disruptions, or other factors—price movements can occur rapidly given concentrated uranium market structure.View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO of Canada NickelOur previous interview:  https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-major-projects-office-fast-tracks-crawford-build-8552Recording date: 14th January 2026Canada Nickel has achieved critical milestones positioning its Crawford nickel sulfide project for a construction decision by year-end 2026, securing both federal Major Projects Office designation in November 2025 and Ontario's "one project, one process" fast-track permitting status on January 13, 2026. These designations reflect coordinated government commitment to establishing domestic critical mineral supply chains independent of Chinese influence.The company has transformed the Timmins region into the world's largest nickel sulfide district, expanding from two resources at year-end 2024 to eight separate resources totaling over 20 million tons of contained nickel. The recently announced Reid deposit demonstrates superior economics with half Crawford's strip ratio, one-third less overburden, and 15% chromium content. CEO Mark Selby indicated the company has identified three to four additional deposits potentially offering higher value than the flagship Crawford project.Strategic validation comes from a diversified investor base including Anglo American, Agnico Eagle, Samsung SDI, and Taykwa Tagamou Nation, which invested $20 million directly. This cornerstone group spans major mining operators, battery supply chain participants, and Indigenous partners, demonstrating confidence across the value chain.Canada Nickel's downstream processing strategy targets 70-90 cent per pound North American premiums by converting concentrate into products for stainless steel and battery markets. This approach aligns with government priorities around value-added manufacturing while capturing sustained regional pricing advantages. The company has completed front-end engineering design with Hatch, moving beyond standard feasibility-level work to reduce execution risk.The 2026 timeline includes federal permit approval by mid-year, initial government funding announcements in Q1, and financing package completion by Q3. Ontario Minister Stephen Lecce publicly committed to "go full tilt to unlock one of the world's largest nickel deposits," representing invested political capital that reduces regulatory uncertainty. Combined with first-quartile cost positioning from iron and chromium byproducts, existing infrastructure, and an experienced local workforce, Crawford represents Canada's tactical execution of critical mineral supply chain independence.View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-completes-oversubscribed-700-million-funding-for-ree-uranium-duo-track-8223Recording date: 14th January 2026Energy Fuels CEO Mark Chalmers discusses the company's breakout 2025 performance as the best-performing uranium stock, with returns more than double its nearest competitor. This in-depth interview covers Energy Fuels' unique positioning as America's only integrated critical minerals platform, combining uranium production targeting 2+ million pounds annually with rare earth processing capabilities at the White Mesa Mill.Key discussion points include:- Uranium production ramp to 2M+ pounds and December's record 350,000-pound monthly output- White Mesa Mill's rare earth processing capabilities and recent IMREC circuit addition- Toliara project in Madagascar: world-class heavy mineral sands with $1.5B+ NPV- $700M convertible note at just 0.75% coupon—dramatically below competitor rates- Donald project and White Mesa upgrade feasibility studies expected Q1 2026- Government engagement on critical minerals security- Strong balance sheet with ~$1 billion cash providing development flexibilityView Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuels