Company Interviews

Interview with Dennis Lindgren, CEO of Black Bear MineralsRecording date: 10th December 2025Black Bear Minerals (ASX:BKB) has completed a strategic transformation from lithium explorer to focused North American precious metals developer, acquiring the Shafter Silver Project in Texas for A$30 million whilst advancing the Independence Gold Project in Nevada. This repositioning positions the company at the intersection of exceptional resource grades, existing production infrastructure, and America's growing recognition of critical mineral supply vulnerabilities.The flagship Shafter Project hosts 17.6 million ounces at 289 grams per tonne silver in foreign resource estimates, ranking amongst the ASX's highest-grade silver resources. CEO Dennis Lindgren, formerly with South32 and Alcoa, emphasises the infrastructure advantage: "It's one of the highest grade silver projects on the ASX. It comes with about 150 million in estimated infrastructure and that includes existing underground workings, existing core sheds as well as historical data." This existing infrastructure—including underground workings, mill circuits, and processing facilities operational until 2013—potentially compresses development timelines by years compared to greenfield competitors.Near-term catalysts centre on JORC-compliant resource conversion targeted for the second half of 2026, supported by A$17 million working capital allocated for drilling programmes. Recent rock chip sampling has returned exceptional grades exceeding 3,000 g/t from near-surface areas outside the current resource footprint, whilst historical stockpile evaluation reveals grades averaging over 300 g/t, suggesting previous operators may have applied inappropriate cutoff grades or overlooked valuable mineralization.Beyond silver-focused historical operations, Black Bear's technical review has identified multicommodity potential including zinc, lead, vanadium, and gold across multiple locations. Lindgren noted: "We're picking up really good levels of zinc and lead that we would consider as targets to go forward with." This creates potential by-product credits that could materially improve project economics whilst expanding exploration vectors beyond current silver-equivalent resource calculations.Silver's designation as a US critical mineral fundamentally alters the strategic context surrounding domestic production projects. America produces approximately 30 million ounces annually whilst consuming over 210 million ounces—importing roughly 85% of requirements despite the metal's critical status for national security and economic competitiveness. Lindgren articulated the supply-demand imbalance: "Having another US domestic asset that can actually supply into those markets we think is something that's very attractive particularly with it being critical now."Jurisdictional advantages strengthen Black Bear's development pathway. Texas ranks within the top five global mining jurisdictions with 20% tax rates, partial permitting already in place, and strong community support in Presidio County. Proximity to major Mexican silver operations ensures access to experienced workforce and established supply chains.Portfolio diversification comes through Independence Gold Project in Nevada, hosting 419,000 ounces of near-surface heap-leachable gold at 0.4 g/t and 980,000 ounces of high-grade skarn mineralisation at 6.67 g/t. The company recently completed 5,000 metres of drilling exceeding planned programmes, with assay results expected in early 2026.Management's measured approach prioritises resource definition and JORC compliance over premature production planning, appropriate given recent acquisition timing. However, the infrastructure leverage and critical mineral designation create optionality for accelerated development should commodity fundamentals, government support, or strategic partnerships materialise. Investors should monitor JORC conversion progress, drilling results from both projects, and infrastructure assessment studies as key milestones determining whether Black Bear can validate its high-grade silver thesis and capitalise on structural supply deficits facing American consumers.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-pitch-perfect-november-2025-8486Recording date: 10th December 2025Cabral Gold Inc. (TSXV:CBR) has secured $45 million US in gold loan financing to construct its first mine at the Cuiú Cuiú project in northern Brazil, with commercial production targeted for Q4 2026. The financing structure avoids equity dilution during the critical construction phase, preserving shareholder value whilst enabling the company's transition from explorer to cash-generating producer.Construction activities have accelerated substantially with 143 personnel on site, 50 pieces of heavy equipment operational, and major foundation concrete pours scheduled by year-end. President and CEO Alan Carter confirmed: "We recently raised $45 million US through a gold loan. Projects in construction. We should be producing gold in the fourth quarter of 2026," noting "there was no equity raise as part of that, which I think surprised a lot of people."The project benefits from unusually deep oxide weathering averaging 60 metres – a geological characteristic Carter describes as "quite unusual from most gold deposits around the world." This creates substantial free-digging material processable through simple metallurgical circuits without conventional crushing and grinding infrastructure, enabling low-capital initial operations.Cabral's strategic differentiation centres on its two-stage development approach designed to eliminate serial equity dilution. The initial 1,500 tonnes per day oxide operation generates internal cash flow to fund aggressive exploration of much larger hard rock resources beneath the weathered zone, transforming the company from market-dependent explorer into self-funding entity. Carter articulated the rationale: "We think that the best way to fund all that work that needs to be done is not by continually diluting the capital structure and doing private placement after private placement and ending up with a massive number of shares issued and outstanding."Unlike typical developers focused solely on construction execution, Cabral maintains three drill rigs and 80 exploration personnel operating concurrently with mine building. Recent drone magnetic surveys confirmed clear structural continuity over 2 kilometres between the Central deposit and PDM discovery, with reconnaissance drilling validating gold intersections along the newly identified trend. Carter characterised this as "tremendously exciting," substantially expanding prospective ground between known deposits.Management describes Cuiú Cuiú as a district-scale gold system with four new discoveries since the 2022 resource estimate and 50 additional peripheral targets with identified gold. Carter positioned the oxide operation within this broader context: "The bigger prize at Cuiú Cuiú is the definition of this very, very large gold district that clearly contains multiple deposits."The permitting pathway utilises Brazilian trial mining licences for initial operations with full mining licence approval for 3,000 tonnes per day expansion anticipated January 2026. Recent public consultations demonstrated no community opposition, de-risking regulatory progression. The full permit isn't operationally required until mid-2027, providing comfortable scheduling buffer.Project execution benefits from experienced Brazilian mining personnel including Luis Salaro, who has built multiple coal mines in Brazil, alongside Ausenco engineering support and what Carter describes as "a very impressive group of consultants."Cabral's investment proposition combines near-term production catalyst, non-dilutive financing preserving equity value, and district-scale exploration potential funded through internal cash generation. The parallel execution of construction and exploration positions the company to enter production with an expanded resource base rather than simply a built mine processing fixed inventory, creating multiple value drivers as Cabral transitions from explorer to cash-generating producer with growth optionality in a strong gold price environment.View Cabral Gold's company profile:https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Walker, CEO, East Star ResourcesOur previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-driving-towards-near-term-copper-production-in-kazakhstan-4519Recording date: 9th December 2025East Star Resources (LSE: EST) has established a distinctive development model for junior mining companies, securing strategic partnerships that fund exploration and production while maintaining significant equity positions across multiple copper and gold projects in Kazakhstan.The company's approach centers on two major partnerships that fundamentally alter its capital structure. Endeavour Mining, a FTSE 100 company, has committed $5 million over two years with potential for an additional $20 million, while simultaneously taking an equity position to become East Star's largest shareholder. The joint venture targets tier-one gold discoveries of 3+ million ounces, with Endeavour carrying East Star through to prefeasibility studies on successful projects where the company retains 20% ownership.Separately, Hong Kong Shanghai Mining Services - an EPCM contractor that has built over 500 processing plants globally - will fully fund development of the Verkhuba copper deposit to production. East Star retains 30% ownership of the 20 million ton resource grading 1.2% copper without contributing additional capital, with production targeted for 2027-2028.CEO Alex Walker explained the strategy addresses fundamental challenges facing junior explorers: "You can spend a few million dollars per target and not have enough to show for it." The partnership structure allows East Star to advance multiple projects simultaneously while achieving cash flow neutrality in 2026 through management fees and partner funding.The company maintains 100% ownership of three porphyry projects and the Rulikha VMS deposit, which hosts a 500,000+ ton copper equivalent exploration target based on digitized Soviet drilling data. This retained optionality provides leverage to future copper price movements and additional partnership opportunities.Kazakhstan's reformed mining code, modeled on Western Australia's first-come-first-serve system, combined with extensive infrastructure including smelters, railways, and concentrators, provides what Walker describes as "the cheapest place in the world to dig a hole." Recent entry by Ivanhoe, Rio Tinto, and First Quantum validates the jurisdiction's emerging status as a strategic copper-gold province.Learn more: https://www.cruxinvestor.com/companies/east-star-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Blake Hylands, CEO, Lithium Ionic Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-low-cost-brazil-mine-ready-for-2027-production-as-market-rebalances-8304Recording date: 9th December 2025Lithium Ionic is positioning itself to capitalize on a dramatic market recovery as lithium prices have tripled since mid-2025, driven by energy storage demand exceeding initial projections. CEO Blake Hylands reports the company's stock has doubled during this period but remains "massively undervalued" relative to improving fundamentals and the company's proximity to construction.The company is advancing its Brazilian lithium project with a manageable $191 million capital requirement and industry-leading economics. At $600 all-in sustaining costs, the project maintains profitability even when spot prices dipped to $800-900, providing crucial downside protection that higher-cost competitors lack. Current spot prices around $1,200 offer healthy margins, with the project's feasibility study using conservative assumptions below today's pricing.Hylands emphasised that 2026 represents a transformational year, with construction targeted to begin by mid-year. The company has assembled the experienced "Sigma team" that successfully built the Sigma Lithium project, providing execution credibility and enabling an 18-24 month timeline to production once construction commences. This speed advantage is significant, as competing projects remain 5-10 years from production.Progress on project financing has accelerated substantially, with the company "being inundated with offtake and prepay opportunities" as market participants rush to secure future supply. Multiple lenders have expressed interest in financing the entire project, with discussions spanning China, North America, and other jurisdictions. The financing structure will incorporate near-term debt followed by lower-cost options including export credit agencies and government-backed facilities.The permitting process is advancing through new regional procedures, with strong federal and state government support. Both financing and permits are expected to conclude early in 2026, clearing the path for construction. Hylands set clear accountability metrics, stating "anything less than that, I'd be disappointed" regarding the company's ability to announce financing completion, permit approval, and construction commencement by year-end 2026.Learn more: https://www.cruxinvestor.com/companies/lithium-ionic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Studer, interim CEO, Kingman MineralsRecording date: 9th December 2025Kingman Minerals Ltd. is advancing plans to revive a 140-year-old gold and silver mine in Arizona's Mohave County, with exploration work set to commence in early 2026. Under the leadership of interim CEO Simon Studer, the company recently completed an oversubscribed $1.5 million financing round that brings total treasury to $2.1 million—sufficient to fund the year's entire exploration program.The Rosebud Mine, discovered in the 1880s and active during the 1920s and 1930s, has yielded remarkably high-grade results in recent sampling. Underground channel samples collected in 2020 revealed values up to 688 grams per ton gold from material left behind by earlier operators. Historical drilling has shown grades ranging from 9-13 grams per ton over 2-meter intervals, though no modern compliant resource estimate currently exists.What makes this opportunity particularly intriguing is that previous operators exclusively focused on the shallow oxide zone above 100 meters depth, never systematically exploring the deeper sulfide mineralization that could represent the bulk of the deposit. The property shows evidence of at least eight distinct sub-parallel vein structures, most of which remain inadequately tested.The 2026 exploration program begins with drone-based magnetometry in mid-December 2025, covering the entire 590-hectare Mohave project area. This geophysical work will provide 3D structural modeling to optimize drill targeting. Drilling is scheduled to begin in Q1 2026, initially testing strike extensions of the two most productive historic veins before expanding to parallel structures.With approximately 42 million shares outstanding and a market capitalization around $4 million, management believes the company is significantly undervalued relative to its high-grade potential and production history. The combination of proven mineralization, systematic modern exploration approach, and 60% insider ownership creates what Studer characterizes as a compelling risk-reward proposition in the junior gold exploration space, particularly given Arizona's favorable mining jurisdiction and existing underground infrastructure.Learn more: https://www.cruxinvestor.com/companies/kingman-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Allan Ritchie, Executive Chairman & CEO and David Ward, Managing Director of Adavale ResourcesRecording date: 9th December 2025Adavale Resources Limited (ASX: ADD) has emerged as a compelling Australian gold story, having transformed a A$900,000 acquisition into a 115,000-ounce JORC resource at the London-Victoria project in just nine months. The former BHP gold mine in New South Wales' prolific Lachlan Fold Belt is now the focus of an aggressive exploration and development program led by a management team with significant skin in the game.Executive Chairman Allan Ritchie and newly appointed Managing Director David Ward have structured the company to maximize shareholder alignment. All four directors collectively own over 5% of Adavale and take their remuneration exclusively in shares rather than cash, ensuring minimal corporate overhead. This approach is backed by cornerstone investor Gleneden, who holds 20% of the company and brings decades of resources sector expertise.The technical progress at London-Victoria has been impressive. Phase 1 drilling delivered standout results including 48 meters at 0.82 grams per ton gold, with high-grade zones of 25 meters at 1.2 g/t located 100 meters below the existing pit. Significantly, this intercept occurred outside the current resource envelope, indicating substantial expansion potential. Ward's historical knowledge of the site—having worked for the previous operator—combined with the recent discovery of hundreds of historic BHP grade control maps, is accelerating targeting accuracy.The company employs a dual-strategy approach: advancing London-Victoria toward near-term production through tolling agreements with nearby Alkane Resources' Tomingley facility (50km away), while systematically exploring five greenfields licenses for epithermal and porphyry discoveries. Surface samples at the Ashes prospect have returned up to 10 grams per ton gold, demonstrating early-stage promise.With Phase 2 drilling currently underway at a cost-effective A$350,000 for 13-14 holes, Adavale is executing a capital-efficient program that maintains multiple pathways to value creation in a favorable gold price environment exceeding A$4,000 per ounce.Learn more: https://www.cruxinvestor.com/companies/adavale-resourcesSign 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-fast-tracking-worlds-largest-high-grade-bauxite-development-7892Recording date: 5th December 2025Canyon Resources (ASX:CAY) is advancing rapidly toward mid-2026 production at its Minim Martap bauxite project in Cameroon, executing one of the mining industry's most compressed development timelines. The company has progressed from mining license approval in late 2024 to full development mode, with all major equipment ordered and financing secured.The project's economics are compelling: a pre-tax net present value exceeding $800 million, 29% internal rate of return, and modest capital costs of just $97 million to first production. Operating costs of $35 per ton position Minim Martap competitively in the global market, particularly given the premium-grade ore quality of 51% alumina with less than 2% silica. This quality commands a $10 premium over Guinea's standard pricing, translating to margins of $25-30 per ton at current market prices of approximately $81-82 per ton.CEO Peter Secker emphasized the project's market timing: "Chinese demand for bauxite is strong. Guinea obviously have a few problems with some decisions they've made recently. So everybody is looking for an alternate source of bauxite and Minim Martap coming on stream mid next year. Perfect timing."The development's critical path centers on rail infrastructure. Locomotives ordered from China will arrive in February 2026, with commissioning in March to enable ore hauling by April. The mining contractor, experienced in African bauxite operations, mobilizes in January. Initial production of 2 million tons annually will scale dramatically to 10 million tons by 2031 as World Bank-funded rail upgrades totaling $820 million are completed, potentially generating $200 million in annual free cash flow.Canyon has also raised equity to increase its Camrail stake from 9% to over 30%, seeking operational control over the critical 800-kilometer rail corridor to the Port of Douala. As Cameroon's first major mining project, Minim Martap benefits from strong government support and first-mover advantages in an emerging jurisdiction with significant mineral potential across multiple commodities.View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Trent Mell, CEO of Electra Battery Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/electra-battery-metals-tsxvelbm-pioneering-north-americas-critical-mineral-independence-7527Recording date: 5th December 2025Electra Battery Materials is progressing with construction of North America's first battery-grade cobalt refinery, marking a significant step toward reducing Western dependence on Chinese critical mineral processing. The Canadian facility, located just north of Toronto, targets production of 6,500 tons annually starting in 2027.CEO Trent Mell described the company's transformation as "Electra 2.0" following a comprehensive financial restructuring. The company raised $82.5 million in new capital from three levels of government, including the U.S. Department of Defense, alongside private investors. Simultaneously, lenders converted 60% of $67 million in debt to equity, demonstrating confidence in the project's viability. This recapitalization addresses the financial constraints that had paralyzed development over the previous two years.The brownfield refinery redevelopment carries an estimated capital expenditure of $69 million and is valued at over $250 million upon completion. At full capacity, the facility targets $30 million in annual EBITDA, with first-year production expected to generate $15-18 million during the 12-month ramp-up period.Commercial stability comes from a five-year tolling agreement with LG, the largest non-Chinese cobalt buyer globally. This contract covers 60-80% of production at fixed processing margins, insulating Electra from cobalt price volatility. Mell emphasized a conservative approach: "Don't get greedy. Lock in a margin. Let's just not mess it up."Demand fundamentals remain robust despite slower electric vehicle adoption rates. Mell noted that industrial and defense applications, including military drones and night vision goggles, would consume the facility's entire output even without EV demand. Indicative interest already stands at twice production capacity.The 2026 construction timeline includes contractor selection in December 2025, with detailed budgets released in January 2026. Cold commissioning begins late 2026, positioning the facility for commercial production throughout 2027. China currently controls approximately 70% of global cobalt refining capacity, making Electra's domestic processing capability strategically significant for North American supply chain security.View Electra Battery Metals' company profile: https://www.cruxinvestor.com/companies/electra-battery-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Doornbos, President & CEO of E3 Lithium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/e3-lithium-tsxvetl-pioneering-lithium-development-in-the-heart-of-canadas-energy-industry-5064Recording date: 5th December 2025E3 Lithium has achieved significant technical and regulatory milestones as it advances its Alberta-based direct lithium extraction project toward commercial production by 2028/29. The company successfully commissioned its demonstration facility in September 2025, producing battery-grade lithium carbonate within just three weeks—a timeline CEO Chris Doornbos described as "generally not heard of" for such complex processing equipment. This achievement validates E3's proprietary 30-column DLE system while delivering recovery rates exceeding 95% at the extraction stage.The technical progress comes amid a recovering lithium market, with prices climbing approximately 40% from June 2025 lows. Doornbos attributes this recovery to tight supply-demand fundamentals rather than speculation, noting that demand continues growing from Chinese EV markets, battery storage facilities, and increasingly from US data center infrastructure. With 75% of global lithium production concentrated in China, Western governments are prioritizing domestic supply chain development, creating favorable policy conditions for North American developers.E3 has strategically recalibrated its commercialization approach, targeting 12,000 tons annual carbonate production for Phase 1 rather than the previously planned 32,000 tons of hydroxide. This revision reduces initial capital requirements while maintaining competitive economics at approximately $73,000 per installed ton—comparable to Rio Tinto's portfolio average. The company's Leduc aquifer operates at 16 times atmospheric pressure, essentially self-delivering brine and dramatically reducing operational pumping costs.On the regulatory front, E3 received Alberta's first lithium facility license under the province's brine-hosted mineral scheme and has submitted its Environmental Protection and Enhancement Act application, with commercial facility permits advancing through 2026. CEO Doornbos has transitioned to Executive Chairman to focus specifically on securing offtake agreements and project financing, reflecting management's confidence in the technical team's execution capabilities as the project moves toward construction and commercial operations amid North America's projected 300,000-ton lithium deficit through 2030.Viee E3 Lithium's company profile: https://www.cruxinvestor.com/companies/e3-lithiumSign 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-approaching-key-permitting-milestone-6790Recording date: 4th December 2025First Mining Gold is approaching a pivotal moment in its development of two major Canadian gold projects, with CEO Dan Wilton outlining a clear pathway toward industry partnership and construction decisions over the next several years.The company's flagship Springpole project in Ontario, containing approximately 5 million ounces, awaits environmental assessment approval targeted for late Q1 or early Q2 2026. This milestone represents the culmination of an eight-year permitting process and addresses longstanding investor concerns about developing a deposit located in a lake bay. The recently updated prefeasibility study demonstrates robust economics with $2.1 billion after-tax NPV at $3,100 gold, rising to $3.8 billion at current spot prices of $4,200.Wilton emphasizes the project's exceptional gold price sensitivity, noting that "every hundred bucks the gold price goes up, that's $250 million of after tax NPV." Following environmental approval, the company plans to pursue an industry partnership modeled on Australia's Gold Road Resources, which retained 50% ownership while a partner built the mine, ultimately leading to a $2.5 billion acquisition.The company's second major asset, Duparquet in Quebec, contains 3.5 million ounces of measured and indicated resources and represents one of Canada's highest-grade open pit projects. Unlike Springpole, First Mining intends to advance Duparquet independently toward a potential 2030-31 construction decision, with the company currently expanding resources through ongoing drilling.First Mining has systematically monetized non-core assets, including recent partnerships on the Cameron project and retained interests in the high-grade Pickle Crow project. Trading at approximately $30 per ounce of resources compared to Canadian peer averages of $150-200 per ounce, Wilton frames the environmental assessment approval as "the biggest catalyst that we will see in this company probably from the time that it was formed."View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Swinoga, CEO of Exploits Discovery Corp.Our previous interview: https://www.cruxinvestor.com/posts/exploits-discovery-csenfld-new-found-gold-deal-unlocks-10m-treasury-value-7947Recording date: 5th December 2025Exploits Discovery Corp (CSE:NFLD) is a resource-stage gold exploration company focused on advancing properties with established historic resources in premier Canadian mining jurisdictions including Quebec and Ontario. Today it has completed a transformational deal with New Found Gold, receiving 2.8 million shares now valued at over $11 million plus a 1% royalty on properties along the Appleton fault. CEO Jeff Swinoga discusses how the company has strategically repositioned from grassroots exploration to resource-stage development.Key Highlights:- New Found Gold Transaction: 2.8M shares valued at $11M+ (up from $7M at announcement) with 1% NSR royalty on Bullseye and other properties adjacent to Keats discovery.- Enhanced Treasury: Approximately $3.6M in working capital against $11M market cap - analyst Brian Lundin notes company is "trading at cash value" with investors getting "the gold for free"- Resource Portfolio: Acquired three Quebec properties and one district-scale Ontario asset containing ~700,000 ounces of historic gold resources.- January 2026 Drilling: Fenton property programme targeting high-grade gold along magnetic corridors intersecting diabase dykes, following extensive geophysical work- Strategic Backing: Eric Sprott holds ~14% ownership stakeSwinoga explains: "We wanted our shareholders to benefit from a rising gold price by having resources in the ground."The company is at an inflection point, transitioning from transaction completion to operational execution with immediate drilling catalysts and systematic technical work designed to improve targeting beyond previous operators' efforts.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-high-grade-copper-expansion-project-in-canada-7823Recording date: 4th December 2025Abitibi Metals Corp. (CSE:AMQ) is rapidly emerging as a compelling copper-gold story in Quebec's prolific mining belt, with CEO Jon Deluce outlining a disciplined growth strategy centered on the company's flagship B26 deposit. After drilling over 25,000 meters in 2025, the company is targeting a substantial resource update to 25-30 million tons in 2026, up from the current 2+ million ounce gold equivalent resource.The drilling program has delivered exceptional results, including intercepts of 18% copper equivalent over 6.3 meters with 6 grams per ton gold, and 4.5% copper equivalent over 21 meters. These world-class grades demonstrate the deposit's polymetallic nature and draw comparisons to the historic Selbaie mine located just 7 kilometers away, which produced 53 million tons over two decades.Strategic capital management has been central to Abitibi's approach. The company recently completed a bought deal financing through BMO at 35 cents per share—a 65% premium to the September market price—with no warrants attached. This structure attracted institutional investors and built the treasury to $23-24 million, funding 45,000 meters of drilling through 2027 while maintaining a clean capital structure.With a market capitalization of $65 million and an enterprise value of just $40 million, Deluce believes the company remains undervalued relative to its resource potential. The 2026 exploration strategy balances systematic resource expansion through 150-meter infill drilling with aggressive 600-meter step-outs designed to test whether B26 could reach tier-one scale comparable to Selbaie's 60-million-ton endowment.Management has assembled an experienced advisory board including Victor Cantore, Craig Parry, and Shane Williams, positioning the company for Quebec's active M&A environment. Rather than accepting dilutive 20% strategic investments, Abitibi is selectively pursuing a 5% partnership with a Quebec producer that would provide validation without eliminating competitive tension or capping shareholder upside as the copper market potentially enters a sustained bull phase.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-new-quebec-producer-positioned-for-growth-cash-flow-buybacks-8051Recording date: 3rd December 2025Abcourt Mines (TSXV:ABI) has successfully transitioned from exploration to production at its Sleeping Giant mine in Quebec, representing an increasingly rare case study in debt-financed mine development that avoids the severe shareholder dilution typical of traditional equity-financed builds. The company secured $12 million in financing from Nebari—including C$8 million initial tranche, $2 million follow-on, and $2 million used to buy down the Triple Flag NSR royalty from 2% to 1.5%—and commenced gold production.October 2025 production reached 475 ounces whilst operating at conservative staffing levels and building mill circuit inventory. Management projects cash flow positivity by Q2 2026 at approximately 700 ounces monthly production, with current monthly burn rate below $1 million. The Nebari credit facility includes a two-year interest-only period until July 2027, providing critical runway to demonstrate operational consistency and build cash reserves before principal repayments commence.The operational leverage inherent in Abcourt's asset base is substantial. The company operates an 800-tonne-per-day mill (permitted for 950 tonnes per day) currently running at less than 45% capacity. Management targets 350 tonnes per day by autumn 2025, with the mill processing all current mine production in approximately eight hours on day shift only. Plans include expanding to two shifts in early 2026 and eventually four shifts as production scales, providing a clear pathway to meaningful production growth without major capital investment.The constraint on production growth is labour availability rather than geological or metallurgical factors. CEO Pascal Hamelin explicitly stated: "It's not the feed, it's the people, that's the problem you're trying to solve for." The company has invested in infrastructure to address recruitment challenges, including a sleep camp commissioned in September 2024 with Phase Two expansion pending permit approval.The current mine plan supports seven years producing 25,000–33,000 ounces annually, with variation driven by grade. Management's strategic priority centres on extending mine life to 10+ years through three underground drill rigs at Sleeping Giant, then increasing mining fronts to utilise full mill capacity. This narrow-vein, high-grade mining approach—room-and-pillar methods targeting veins 30 centimetres to one metre wide—inherently limits tonnes but maximises grade, with underground samples showing visible gold exceeding 300 g/t.The Flordin discovery adds significant exploration upside. Systematic work exposed 300 metres of strike length grading 5 g/t gold over 15–20 metres width at surface, located 138 kilometres from existing mill infrastructure within a potential two-kilometre mineralised corridor. Abcourt has planned 20,000 metres of drilling for 2026—winter programmes targeting the eastern extension towards Agnico Eagle's adjacent property boundary, spring/summer/autumn programmes targeting northwestern extensions—entirely funded from operating cash flow.Management and directors hold approximately 30% ownership, having consistently supported development through equity investments. Shareholders have expressed preference for share buybacks over dividends once balance sheet permits, with capital allocation decisions driven by financial strength rather than arbitrary timelines.Sustained gold prices above US$4,000 per ounce have fundamentally improved narrow-vein deposit economics. Every US$100 increase translates to approximately US$2.5–3.3 million in additional annual revenue at current production guidance. The investment case depends on execution during the 18-month ramp-up period, successful miner recruitment, and drilling success at both assets to extend mine life and confirm district-scale potential at Flordin.View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Smart, CEO of ValOre Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pitch-perfect-november-2025-8623Recording date: 3rd December 2025ValOre Metals is executing an ambitious transformation from single-asset platinum-palladium explorer into an integrated precious metals producer operating across Brazil. Under CEO Nick Smart—an Anglo American veteran with 21 years of experience building and commissioning operations globally—the company is pursuing a dual-track strategy: advancing the flagship Pedra Branca PGM project towards production whilst acquiring near-term cash-flowing assets to accelerate transformation into a diversified producer.The platinum-palladium market has shifted dramatically from anticipated decline to structural deficit. Contrary to earlier predictions that electric vehicles would eliminate PGM demand, hybrid vehicles—now representing a larger automotive segment than pure EVs—actually require higher loadings of platinum and palladium in autocatalysts due to smaller engines operating at lower temperatures. This has created steady demand whilst years of low prices discouraged new supply investment.South Africa holds 90% of global PGM resources, but ageing deep-level operations face mounting operational challenges and costs. With relatively few development-stage projects globally and extended timelines for new supply even once financed, the supply deficit appears structural. Global platinum production approximates 6 million ounces annually—a fraction of gold's 120 million ounces—meaning modest demand shifts drive significant price impacts. Industrial catalyst applications and jewellery substitution for record-priced gold provide additional demand support.ValOre's Pedra Branca project in Ceará State, Brazil, offers compelling economics compared to traditional PGM operations. Most significantly, mineralisation extends to surface, enabling open-pit mining rather than the expensive 600-800 metre deep underground operations characterising South African production. This provides substantial cost advantages—open-pit mining is cheaper and faster to develop than underground operations requiring massive shaft infrastructure investment.The Pedra Branca project holds a 2.2 million ounce inferred resource at 1.08 grams per tonne, with higher-grade ore near surface providing advantages for early production economics. The asset spans 50,000 hectares with mineralisation extending over 80 kilometres, suggesting expansion potential. Infrastructure advantages—stable jurisdiction, excellent access, supportive government policies—compound the geological benefits.Accelerated Development PathwayValOre is leveraging Brazil's trial mining licensing programme, which allows demonstration-scale operations at approximately one-tenth of planned full capacity. For Pedra Branca, targeting eventual production of 150,000 ounces annually, the trial mining phase would operate at approximately 15,000 ounces per annum. Following a preliminary economic assessment by end-2026 and an 18-month construction period, the company expects H2 2028 production. This phased approach reduces capital intensity, enables operational refinement, and generates cash flow supporting subsequent expansion.ValOre is actively pursuing Brazilian precious metal projects (particularly gold assets) that have completed trial mining but require capital for full production. The company targets acquisitions in early 2026 that would provide production that same year, ramping through 2027-2028 as Pedra Branca advances. As a Discovery Group-backed entity with North American capital access, ValOre can provide financing that Brazilian-domiciled companies struggle to secure.Acquiring projects with existing operational teams, completed engineering work, and functioning demonstration plants accelerates production whilst building internal capability. This dual-track approach—near-term production via M&A alongside Pedra Branca development—aims to transform ValOre from explorer to diversified producer within compressed timeframes across multiple Brazilian operations, establishing production profile whilst maintaining leverage to potential PGM price recovery.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Chief Executive Officer, Keith BoyleOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-explorer-to-producer-8484Recording date: 3rd December 2025New Found Gold Corporation is executing a capital-efficient development strategy that combines near-term cash flow from the recently acquired Hammerdown mine with advancement of the flagship Queensway Gold Project in Newfoundland, Canada. The November 2025 Maritime Resources acquisition delivered two critical assets: a producing underground mine that poured first gold one day before closing, and the fully permitted Pine Cove mill that eliminates major infrastructure requirements for Queensway's planned 700-ton-per-day operation. Management's appointment of Cutfield Freeman to structure project financing for Queensway's $155 million initial capital requirement signals progress toward a debt-heavy capital structure, with Hammerdown cash flow serving as the equity portion to minimize shareholder dilution. Recent grade control drilling at five-meter spacing confirms exceptional grades at the Keats zone, with only 20% of results released from the 70,000-meter 2025 program. These dense drill patterns reduce estimation uncertainty in nuggety gold deposits and support anticipated resource upgrades in the 2026 technical report. Discovery of high-grade mineralization at Dropkick, located 11 kilometers from existing resources, demonstrates district-scale exploration potential beyond current mine plans. The company targets Q1 2026 permit submission for Queensway with approval expected in H2 2026, enabling development commencement toward late 2027 commercial production. Hammerdown is ramping to steady-state operations during H1 2026, providing cash generation that de-risks Queensway financing while maintaining exploration programs across both properties that could extend mine life and improve project economics.—Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO, Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-all-known-questions-answered-november-2025-8553Recording date: 2nd December 2025Atlas Salt is advancing the Great Atlantic Salt project on Newfoundland's west coast to supply North America's deicing road salt market. The project targets production of 4 million tons annually by 2030-2033, representing approximately 10% of the northeastern US and eastern Canada market that consumes 30-36 million tons each year.The company offers rare public market exposure to a recession-proof commodity with stable demand fundamentals. CEO Nolan Peterson emphasizes the project's competitive advantages, particularly its three-day delivery capability compared to foreign competitors requiring approximately one month for vessel chartering and transit. This logistical edge proved critical during last winter's severe cold snaps when municipalities faced supply shortages and paid premium spot market prices.Total capital requirements reach C$590 million, phased over four to five years leading to 2030 production start. The financing structure reflects the project's low-risk profile, with Atlas Salt working to secure at least 60% debt financing from sovereign wealth funds, export development credit agencies, and major infrastructure banks. Recent working capital raises included a major Canadian pension fund, signaling institutional validation of the project's infrastructure-like characteristics.The deposit contains over one billion tons of reserves grading 96% pure salt, eliminating the metallurgical complexity that plagues most mining projects. Unlike conventional mines, operations simply extract product without chasing veins or managing tailings. Remaining project risks center on execution and financing rather than resource uncertainty.The project will create 200 direct jobs in rural Newfoundland with strong indigenous and local community support. Many potential employees currently fly to mines elsewhere in Canada and have expressed interest in repatriating for local employment opportunities. This stakeholder alignment distinguishes Atlas Salt from Canadian resource projects facing opposition, positioning it as what Peterson calls "a mine that everybody wants built" with profitability comparable to medium-sized gold operations.Learn more: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, CEO, Amex ExplorationOur previous interview: https://www.cruxinvestor.com/posts/high-grade-projects-target-2026-production-to-take-advantage-of-4200-gold-price-8291Recording date: 2nd December 2025Amex Exploration is advancing a gold development project in Quebec's Abitibi Greenstone belt that eliminates traditional mining financing challenges through a carefully structured phased approach. President and CEO Victor Cantore outlined how the company plans to bring its Perron property into production while maintaining an aggressive exploration program across more than 500 square kilometers of prospective ground.The company controls over 70 kilometers of strike length on one of the world's most prolific gold-producing regions. The Perron project hosts 831,000 ounces of gold at approximately half an ounce per ton, located adjacent to hydroelectric power, an available workforce, and supportive communities including local First Nations groups.Amex has structured a self-funding development model that avoids the capital-raising challenges facing most junior miners. Starting in 2027, the company will begin toll milling operations targeting 112,000 ounces annually at all-in sustaining costs around $1,100 per ounce. Pre-production revenue of $68 million combined with over $100 million from initial production phases will internally fund the $146 million capex requirement before any major construction begins."By 2027, when you're getting your first ore from there, even if gold is at $5,000 Canadian, which we're well above that today, that's over $100 million that's going to come in," Cantore explained. At gold prices exceeding $3,200 per ounce, the operation could generate margins of approximately $2,000 per ounce pre-tax.The phased approach deliberately avoids two common mining failures: tailings management facilities and incorrect mill sizing. After four years of toll milling providing operational data, Amex will invest $191 million in growth capital to build its own processing infrastructure. The company has already secured $25 million in exploration funding through 2026, supporting over 100,000 meters of drilling across existing properties and recently acquired Ontario assets. Future exploration will be funded from operating cash flow, eliminating shareholder dilution while expanding the resource base across this highly prospective land package.Learn more: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with George Bee, President and CEO, US Gold CorpOur previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-permitted-gold-copper-project-targets-january-dfs-with-17moz-reserve-8558Recording date: 2nd December 2025US Gold Corp is positioning itself as one of the few fully permitted gold development projects in the United States as it prepares to release a feasibility study for its CK Gold Project in Wyoming. President and CEO George Bee, speaking at the Resourcing Tomorrow conference in London, outlined the company's timeline for transitioning from developer to producer while maintaining significant exploration upside in Nevada.The feasibility study, expected in January 2026, incorporates advanced Jameson cell flotation technology that delivers improved recovery rates with lower capital and operating costs compared to conventional processing methods. The company has also optimized its tailings management system, switching to continuous belt filtration for enhanced efficiency. While inflation will impact some cost estimates, Bee emphasized that rising gold, copper, and silver prices more than offset these increases.The CK Gold Project benefits from exceptional infrastructure, located just 90 minutes from Denver International Airport via interstate highways. This strategic positioning enables a daily commuting workforce, eliminating remote camp costs while providing access to established mining services. The local utility will provide power infrastructure through a substation connection, with the company paying only demand charges rather than capitalizing construction costs.Development activities have commenced with access road construction beginning December 2025 using existing treasury funds. Following financing completion in the first half of 2026, heavy earthworks will progress through 2027, with major equipment installation occurring year-end 2027. Commissioning is scheduled for late 2027, positioning the project for commercial production in 2028.The operation will produce approximately 110,000 gold equivalent ounces annually over an initial 10-year mine life, generating a clean copper-gold concentrate attractive to smelters. Once CK generates cash flow, management plans to self-fund exploration at the Keystone project in Nevada, located 11 miles from Barrick's Cortez complex in the same geological environment as world-class Carlin-type deposits. This strategy allows US Gold to pursue district-scale discovery potential without shareholder dilution while maintaining its near-term focus on construction execution.Learn more: https://www.cruxinvestor.com/companies/us-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Segun Lawson, CEO of Thor Exploration Ltd.Our previous interview: https://www.cruxinvestor.com/posts/thor-exploration-lsethx-nigerian-pioneer-preps-18m-oz-senegal-gold-project-for-q4-pfs-7891Recording date: 3rd December 2025Thor Explorations presents a compelling investment opportunity combining immediate cash generation from low-cost, high-grade gold production with a self-funded development pipeline spanning near-term mine life extension, advanced-stage project construction, and genuine exploration discoveries across three West African jurisdictions.The company operates the 100%-owned Segilola gold mine in Nigeria, producing 90,000–95,000 ounces annually at all-in sustaining costs below $1,000 per ounce. At current gold prices above $4,000 per ounce, Thor captures operating margins exceeding $3,000 per ounce, creating substantial free cash flow that funds quarterly dividends whilst simultaneously financing aggressive exploration and development programmes without equity dilution. Q3 2025 operational results demonstrated this financial strength, with production of 22,600 ounces generating approximately $70 million in revenue. Management's strategic decision to withhold 3,000 ounces for Q4 sale above $4,000 per ounce positions the company for potentially record quarterly financial performance. Thor has completely repaid its project debt, achieving a debt-free balance sheet that provides exceptional strategic flexibility for capital allocation decisions. This financial position distinguishes Thor from capital-constrained peers and enables the company to advance multiple projects simultaneously across different development stages.The Segilola operation represents Thor's immediate value creation opportunity through mine life extension. The company has deployed five drilling rigs exploring beneath the existing pit, systematically intersecting high-grade underground mineralisation averaging 5.5 grams per tonne (g/t) compared to open pit grades of just over 4 g/t. With all infrastructure capital expenditure already sunk and operational expertise established, every additional ounce discovered creates what management characterizes as "super ounces" requiring minimal incremental capital to extract. Thor targets an updated resource estimate in Q1 2026 whilst also pursuing satellite deposits within a 50-kilometre radius of the processing plant. The company plans a pilot mining operation in 2026 at one southern target, supplementing an existing stockpile containing over 44,000 ounces representing more than $175 million in contained gold value.Thor's Douta project in Senegal represents material near-term production growth, with a preliminary feasibility study weeks from completion. The project carries estimated capital costs of $250–$300 million, of which Thor will self-fund $150 million from operational cash flows. The remaining $100 million will be sourced through debt financing with Africa Finance Corporation, which financed Segilola and maintains an equity stake. Management targets first gold production in Q1 2028 following an investment decision expected in H1 2026, with the project featuring a larger resource base than Segilola and approximately 10 years of mine life that would materially increase Thor's consolidated production profile.Early-stage exploration success in Côte d'Ivoire provides genuine blue-sky discovery potential. At Guitry, 4,600 metres of drilling has delineated six mineralised lenses with high-grade intersections including 10 metres at 10 g/t across just 15% of an 8-kilometre by 5-kilometre geochemical footprint. The Marahui project has identified 8 kilometres of drill targets with surface rock chips returning 10–17 g/t. Both projects advance toward maiden resource estimates in H1 2026 through continuous drilling programmes funded entirely from internal cash generation.Thor's investment proposition centres on operational execution, financial strength, and portfolio diversification. The company's ability to generate substantial cash flows whilst advancing multiple growth opportunities without external capital requirements creates a differentiated risk-reward profile. Multiple near-term catalysts through 2026 include the Douta feasibility study release, Segilola resource update, Côte d'Ivoire maiden resources, construction decision-making, and continued operational cash generation supported by elevated gold prices and proven low-cost production capabilities.View Thor Exploration's company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO, Coda MineralsOur previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-95-recovery-rate-transforms-copper-project-into-tier-1-asset-7833Recording date: 2nd December 2025As global copper markets confront a widening supply deficit, Australian junior Coda Minerals is positioning its Elizabeth Creek Copper-Silver Project as a potential solution to what CEO Chris Stevens describes as an industry crisis. Located in South Australia adjacent to BHP's Carrapateena operation and near the world-class Olympic Dam mine, the project benefits from established infrastructure in a proven mining jurisdiction.The company's economics have transformed dramatically since initial studies. At conservative base case assumptions of $9,260 per tonne copper and $30 per ounce silver, Elizabeth Creek delivers an $855 million post-tax net present value with a 35% internal rate of return. However, with copper currently trading at $11,600 per tonne and silver reaching record levels near $59 per ounce, the post-tax NPV expands to $1.9 billion with a 60% IRR. This compares to Coda's current market capitalisation of approximately $40 million.A fundamental strategic shift underpins this enhanced profile. Coda abandoned its original copper-cobalt-silver flowsheet in favor of a simplified approach focusing exclusively on copper and silver through proven leaching technology. "If you can base the project fundamentally off two commodities with deep liquid markets, you're in a much better shape," Stevens explains. This eliminates the marketing and technical challenges associated with cobalt while employing methods used for roughly 20% of global copper production.With three drill rigs currently on site and a fully funded prefeasibility study targeting completion by end-2026, Coda is systematically de-risking a large, flat-lying orebody spanning 4.5 square kilometers. The recent $12.3 million capital raise was heavily oversubscribed, funding critical hydrogeology drilling, geotechnical work, and mine optimization studies.Stevens articulates the supply challenge starkly: "You need 30 Codas to replace an Escondida. Where are they coming from? Because there are not 30 Codas in Australia." With demand accelerating through electrification and data center expansion while legacy mines deplete, credibly-financed development projects in established jurisdictions occupy an increasingly strategic position in global copper supply chains.Learn more: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com