Interview with Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.Our previous interview: https://www.cruxinvestor.com/posts/pacific-ridge-exploration-tsxvpex-fiore-group-backing-fuels-250m-ton-copper-resource-push-7283Recording date: 3rd October 2025Pacific Ridge Exploration Limited (TSXV: PEX) is positioning itself to become British Columbia's leading copper exploration company at what management believes represents a significant valuation discount to peers. Trading at a $14 million market capitalization, the company recently reported its maiden resource estimate for the Kliyul project showing 334 million tons at 0.33% copper equivalent, containing 2.42 billion pounds copper equivalent. This includes 1.2 billion pounds of copper, 2.74 million ounces of gold, and 10 million ounces of silver.The company's trajectory shifted dramatically following a $3 million financing led by the Fiore Group in June 2025, which increased the market cap from $3 million to its current $14 million valuation. President and CEO Blaine Monaghan emphasized that this partnership provides critical validation from one of the strongest mining houses around, backed by billionaire capital and a strong technical team. The financing enabled Pacific Ridge to complete its resource estimate and execute drilling programs at both Kliyul and the RDP project.The Kliyul deposit offers several distinguishing characteristics. The mineralization is hosted in a single contiguous zone that remains open in multiple directions, representing just one target along a 6-kilometer mineralized trend with five additional poorly-tested targets. Monaghan articulated a strategy favoring new discoveries over incremental resource expansion, believing capital is better deployed testing untested targets that could dramatically increase overall project value.The RDP project, located 40 kilometers west of Kliyul, returned a standout intercept of 107 meters grading 1.4% copper equivalent in 2022 when under option to Antofagasta. With the project now back under company control, Pacific Ridge completed five drill holes totaling 2,100 meters in 2025, with copper sulfides intersected in all holes. Results remain pending and represent a significant near-term catalyst that management believes could drive substantial revaluation in the current favorable market environment for copper exploration.View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-explorationSign up for Crux Investor: https://cruxinvestor.com
Recording date: 2nd October 2025Welcome back to Compass, Olive Resource Capital’s weekly markets and portfolio insights show, hosted by Derek MacPherson (Executive Chairman) and Sam Pelaez (President, CEO & CIO). Each week, we cut through the noise in mining and metals, highlighting the most important macro developments and drilling down into the companies shaping our portfolio.In this episode, we unpack a week of pivotal news for both major gold producers and junior explorers. At the very top of the market, Newmont and Barrick—two of the world’s largest gold companies—announced leadership changes on the same day. Newmont’s move was a planned succession from COO to CEO, signaling stability and continuity as the company enters a new phase of growth. Barrick, however, surprised the market with an interim appointment following the sudden departure of Mark Bristow. This contrast highlights the broader cycle shift from defensive, balance-sheet-focused leadership to growth-oriented CEOs ready to capitalise on a bull gold market.The coincidence of both announcements has reignited speculation about deeper industrial alignment. With Nevada Gold Mines and Pueblo Viejo already jointly operated, strategic synergies are clear. A combined or further integrated entity could also benefit from passive investment flows, with Newmont’s S&P 500 inclusion forcing index-tracking funds to increase their exposure. While no deal has been announced, the industrial and financial rationale for closer alignment between Newmont and Barrick is stronger than ever.Beyond the majors, the week delivered extraordinary news from Olive’s portfolio companies. Sterling Metals announced a discovery hole at its Soo Copper project in Ontario - 262 metres at 1% copper equivalent—re-rating the stock by more than 200% in a single day. Years of geological groundwork positioned the company for this success, underscoring the importance of disciplined preparation.Prospector Metals delivered another standout intercept: 44 metres at 13 g/t gold with 1.8% copper at its Mike Lake project. Shares surged nearly 280% and have held those gains. As part of the Discovery Group, Prospector demonstrated how systematic geological work and strong stewardship can unlock transformative discoveries.By contrast, Midnight Sun Mining illustrates the risk of overextended valuations. The company reported nearly 40 metres at .5% copper from its Dumbwa target in Zambia, yet shares fell around 20% as the market had already priced in perfection. The case highlights why entry point and expectations matter as much as geological success.The financing environment also shows renewed strength, with over C$100 million raised across juniors in the past week. With seasonal drill programs now underway, investors should expect a steady cadence of results through year-end. Majors may also lean further into M&A, project acceleration, and capital returns as gold prices remain near record highs.
Interview with CEO Darren BowdenOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-self-funded-nicaragua-gold-mine-targets-140k-oz-start-in-q4-2026-7323Recording date: 30th September 2025Metals Exploration presents a rare combination of near-term production growth and genuine exploration upside that makes it stand out in today's gold sector. With the Nicaragua project tracking ahead of schedule toward November 2026 first gold and the Philippines operation generating $110-120 million in annual cash flow, the company is executing a self-funded growth strategy that eliminates dilution risk while maintaining aggressive exploration programs.The Nicaragua build represents a transformational step-change for the company. All major equipment has been purchased, earthworks are complete, and the $160 million budget remains intact. More importantly, Nicaragua will produce 50% more ounces than the Philippines operation at roughly the same cost structure, bringing all-in sustaining costs down to $900-1000 per ounce. In an environment where many producers cite $1,400 as the new normal, this sub-$1,000 cost structure translates to 60%+ operating margins at current gold prices a genuine competitive advantage.What separates Metals Exploration from typical development stories is management's proven track record. Over six years, the Philippines operation has maintained just 2% annual cost growth versus industry averages of 10-15%. This isn't theoretical cost control it's demonstrated operational excellence that provides confidence in Nicaragua's projected economics.Beyond production growth, the exploration portfolio offers asymmetric upside. Dupax drilling begins immediately, targeting VMS mineralization that could feed existing permitted infrastructure. But the real company-maker potential lies at Abra, where copper-molybdenum and copper-gold porphyry targets sit in the Cordillera belt home to the Philippines' largest copper-gold deposits including the 40-million-ounce Far Southeast system. CEO Darren Bowden characterizes Nicaragua and Dupax as "forerunners to give us the cash" to develop Abra, the company's "white whale."For investors seeking operational excellence combined with tier-one discovery potential, Metals Exploration offers a compelling risk-reward profile. The strategy is elegant: proven cash flow funds patient exploration capital toward potentially transformational discoveries, all without equity dilution. That's increasingly rare in today's gold sector.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com
Interview with George Bennett, CEO of Rainbow Rare EarthsRecording date: 26th September 2025Rainbow Rare Earths (LSE:RBW) is pioneering a revolutionary approach to rare earth element extraction that addresses both economic efficiency and Western supply chain independence. Led by CEO George Bennett, a seasoned executive with 16 years of investment banking experience and a proven track record of scaling mining operations, the company extracts valuable rare earth materials from phosphogypsum waste rather than traditional hard rock mining.The company's proprietary technology eliminates conventional mining costs including drilling, blasting, and crushing operations, resulting in projected EBITDA margins exceeding 75% and internal rates of return between 45-50%. "We've got no mining costs, we are extracting the RE out of phosphogypsum which is a waste residue," Bennett explains, highlighting the fundamental cost advantage over traditional rare earth projects.Rainbow operates two strategic assets: the flagship Phalaborwa project in South Africa, where the company holds 85% ownership with 35 million tons of high-grade material, and the Uberaba project in Brazil through a 50/50 joint venture with Mosaic, a $15 billion fertilizer company. Both projects leverage existing brownfield infrastructure and provide environmental benefits through waste remediation.The company has secured significant validation through a $50 million equity commitment from the US Development Finance Corporation, positioning the US government as a future project shareholder. This strategic backing, combined with recent floor pricing of $110/kg for neodymium and praseodymium established by MP Materials' Department of Defense contract, provides crucial market stability for Rainbow's revenue streams.With total capital requirements of $300 million and production targeted for 2027-2028, Rainbow is positioned to capitalize on surging demand from electric vehicles, defense applications, and the emerging robotics sector. The company addresses critical Western supply chain vulnerabilities while China controls 95% of global rare earth processing capacity, making Rainbow a compelling investment in the transition toward strategic mineral independence.View Rainbow Rare Earths' company profile: https://www.cruxinvestor.com/companies/rainbow-rare-earthsSign up for Crux Investor: https://cruxinvestor.com
Interview with Rebecca Hunter, CEO of Geiger EnergyRecording date: 26th September 2025Geiger Energy represents a significant consolidation in Canada's uranium exploration sector, formed through the merger of Baslode Energy and Forum Energy Metals in 2025. The combined entity positions itself across two premier uranium districts: Nunavut's Thelon Basin and Saskatchewan's Athabasca Basin analog, creating a year-round exploration platform under experienced leadership.Rebecca Hunter, the company's President and CEO, brings 11 years of Cameco Corporation experience to the role, including direct involvement with the Thelon project during the pre-Fukushima uranium cycle. Her institutional knowledge proves critical as Geiger advances its flagship Aberdeen project, which encompasses 50+ targets adjacent to Orano's 133 million pound uranium deposit.The recent Loki discovery marks a watershed moment for Thelon Basin exploration. "What's exciting about the Loki deposit is that it has sandstone. This year we drilled it and found even more elevated uranium in the sandstone and mineralization at the unconformity," Hunter explains. This represents the first evidence of unconformity-style mineralization in a region historically dominated by basement-hosted deposits, potentially validating the basin's capacity to host world-class uranium systems similar to Saskatchewan's MacArthur River and Cigar Lake mines.Geiger's dual-basin strategy leverages complementary seasonal operating windows. Aberdeen operations run during Nunavut's four-month summer season, while the Hook-ACKIO project in Saskatchewan enables winter drilling programs. This approach maximizes capital efficiency and maintains continuous news flow for investors.The company emerges with robust financial backing, maintaining approximately $6 million in working capital following Baslode's $10 million contribution and an additional $6 million raise. This positions Geiger to execute sustained exploration programs across both flagship assets while maintaining operational flexibility in volatile uranium markets.Hunter emphasizes the strategic focus: "You want to pick one or two really good projects that have that capability. For us, the Aberdeen project is that. We've got a whole district basically to ourselves with really good ground where we think that we could find one of these high-tonnage, high-grade discoveries."View Geiger Energy's company profile: https://www.cruxinvestor.com/companies/geiger-energySign up for Crux Investor: https://cruxinvestor.com
Interview with Gerald Panneton, Executive Chairman of Gold Terra Resource Corp.Our previous interview: https://www.cruxinvestor.com/posts/gold-terra-resource-tsxvygt-leveraging-rising-gold-prices-with-high-grade-yellowknife-project-6315Recording date: 25th September 2025Gold Terra Resources Corporation (TSXV:YGT) is advancing its Yellowknife gold project in Canada's Northwest Territories, capitalizing on dramatically improved economics driven by gold's rise to $3,750 per ounce. Executive Chairman Gerald Panneton sees significant opportunity to revitalize the historically productive mining district, which was shuttered in 2003 when gold traded at just $340 per ounce.The company has outlined 1.8 million ounces of combined indicated and inferred resources, with a strategic focus on 540,000 near-surface ounces in the Yellorex zone that can be accessed via ramp development within 3-4 years. This approach prioritizes cash flow generation over the more capital-intensive deep underground mining that characterized the original operation.Gold Terra's competitive advantage centers on the Con Mine, a cornerstone asset featuring existing mining lease and surface rights that could reduce permitting timelines from the typical 10-15 years for greenfield projects to approximately one year. "The biggest advantage Gold Terra has with the Con mine as a cornerstone property is that [they have] the mining lease and the surface rights," Panneton explained.Third-party validation came through OR Royalties' $2 million investment to increase their NSR royalty from 1% to 2%, with an option for additional investment to reach 3%. The endorsement followed an in-depth technical review, providing external confirmation of the project's potential.Current gold prices have transformed project economics, enabling potential cutoff grade reductions that could expand the Yellorex zone from 540,000 to 700,000 ounces. Management targets completing a resource update and preliminary economic assessment within 6-12 months, aiming to finalize the Newmont acquisition by 2026.With $3 million in treasury and improved market conditions, Gold Terra enters a critical development phase positioned to leverage both existing infrastructure advantages and gold's structural bull market through disciplined, phased development focused on near-term production potential.View Gold Terra's company profile: https://www.cruxinvestor.com/companies/gold-terra-resource-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Dustin Perry, CEO of Kingfisher Metals Our previous interview: https://www.cruxinvestor.com/posts/gold-navigating-the-investment-opportunities-and-understanding-the-risks-5527Recording date: 24th September 2025Kingfisher Metals has positioned itself as a dominant force in British Columbia's Golden Triangle, assembling the largest contiguous land package among junior explorers at 850 square kilometers. Under CEO Dustin Perry's leadership, the company operates in Canada's most prolific copper-gold region, home to the highest-grade gold mine at Brucejack and the world's largest undeveloped gold deposit at KSM.Recent exploration success validates the company's systematic approach. The 2025 program delivered 234 meters grading 1% copper equivalent and identified a new porphyry system at Hank target. Perry describes this discovery as having "all the early stage indications that we're on to a very large deposit." The breakthrough resulted from methodical target generation by a team with proven experience at KSM, Red Chris, and the successful GT Gold project.Strategic advantages differentiate Kingfisher from regional competitors. Properties sit just 12 kilometers from highway infrastructure with favorable topography, lower elevation, and reduced environmental complications. Perry notes the location benefits: "You don't need to find something that good to make it very economical where we are given the location." The company avoids salmon river conflicts that plague other regional projects while maintaining proximity to power infrastructure.Financial backing strengthens the exploration runway through a $11 million financing completed in May 2025. Ashwath Mehra, founding partner of Glencore and former GT Gold executive chairman, leads the advisory board while institutional investors provide patient capital for multi-year programs.The investment thesis centers on statistical probability across extensive prospective terrain surrounded by major operators Teck, Anglo American, and Newmont. Recent $750 million commitments to adjacent Galore Creek and Schaft Creek projects, located further from infrastructure, create acquisition potential for infrastructure-advantaged discoveries. Perry's long-term vision follows the GT Gold model, targeting systematic exploration leading to discovery and ultimate major company acquisition within three years.Learn more: https://www.cruxinvestor.com/companies/kingfisher-metalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Jean Lafleur, Technical Adviser, Lafleur MineralsOur previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cse-lflr-positioning-for-near-term-gold-production-7636Recording date: 24th September 2025Lafleur Minerals is emerging as a unique player in Quebec’s gold sector by combining operational infrastructure with a growing mineral base in the prolific Val-d’Or camp. At the heart of its strategy is the fully permitted Beacon Mill, a 500-750 ton per day processing facility located near Val-d’Or. Unlike competitors who must wait years for permitting and construction, Lafleur can restart operations for just $5-6 million, with expected gold recovery rates exceeding 97%. This operational advantage not only provides immediate revenue opportunities through toll milling but also underpins the company’s acquisition strategy of targeting smaller deposits within a 100-kilometer radius—resources that larger producers typically overlook.The company’s flagship Swanson gold project is undergoing an ambitious expansion under the guidance of Technical Adviser Jean Lafleur. Recent drilling has expanded the property’s size five to six times, confirming mineralization across a strike length of more than two kilometers. Geological analysis highlights an orogenic gold system with both classic quartz vein mineralization and sulfide-rich zones, offering near-surface, open-pit potential. The company is targeting a 500,000 to 1 million ounce resource, positioning Swanson as a key growth driver alongside the mill.High gold prices exceeding $3,600 per ounce create especially favorable conditions for Lafleur’s model. With infrastructure already in place, near-surface deposits, and a scalable milling capacity, the company can generate cash flow faster and at lower cost than traditional exploration-driven peers. By leveraging its mill, Lafleur can build a pipeline of deposits—historical mines, new discoveries, or neighboring properties—to secure long-term feed and multi-year production horizons.Backed by Jean Lafleur’s decades of geological experience and the established logistics of Val-d’Or, Lafleur Minerals is positioned not only as an exploration company but as a vertically integrated developer with immediate revenue potential and a clear growth trajectory in Canada’s most prolific gold camp.Learn more: https://www.cruxinvestor.com/companies/lafleur-mineralsSign up for Crux Investor: https://cruxinvestor.com
Interview with Ben Pullinger, President & CEO of ATEX Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-resource-update-coming-after-exceptional-phase-five-drill-results-6808Recording date: 25th September 2025ATEX Resources (TSXV: ATX) has positioned itself as a leading copper development story following the successful completion of its resource update and a strategic $21 million land acquisition. The company's Valeriano project in Chile has achieved management's guidance target of 2 billion tons at 0.78% copper equivalent grade, with 24% of the resource now classified in the higher-confidence indicated category.The resource achievement represents significant progress from the company's initial geological understanding. Through systematic drilling that expanded from 22,000 meters in 2023 to 51,000 meters currently, ATEX has evolved its geological model from a conceptual three-finger framework to a comprehensive understanding of a continuous granodioritic porphyry core representing nearly one billion tons, complemented by substantial wall rock mineralization.Central to ATEX's development strategy is the B2B zone, which delivered 30 million tons at 1.36% copper equivalent grade within just one year of drilling. This higher-grade zone forms the foundation for a potential starter operation that could provide early cash flow and achieve payback periods of 2-3 years, addressing the capital intensity challenges typical of large-scale copper projects.The company's $21 million acquisition of 14,500 hectares of surface rights eliminates critical development risks by providing complete control over surface access and water rights. This strategic investment removes permitting uncertainties and reduces operational costs, particularly for water procurement and trucking expenses.ATEX has distinguished itself through exceptional exploration efficiency, achieving a discovery cost of half a penny per pound of copper in the ground—efficiency levels not observed since the early 1990s. This performance reflects both the deployment of advanced directional drilling techniques and the inherently well-behaved geological characteristics of the Valeriano deposit.With over $20 million in cash and $52 million in callable warrants, ATEX maintains a strong financial position to execute its Phase 6 drilling program while benefiting from favorable copper market dynamics driven by global supply constraints and increasing electrification demand.View ATEX Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-incSign up for Crux Investor: https://cruxinvestor.com
Interview with Maura Kolb, President of Dryden Gold Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-58m-drill-campaign-funded-by-strategic-investment-6644Recording date: 23rd September 2025Dryden Gold Corporation has emerged as a compelling exploration opportunity in northwestern Ontario's proven mining district, combining institutional validation with operational excellence to develop what appears to be a significant district-scale gold system. The company's methodical approach has attracted strategic investment from Centerra Gold, which maintains a 9.9% ownership position and provides crucial third-party validation of the exploration thesis.Under President Maura Kolb's leadership, Dryden Gold has achieved remarkable operational efficiency with industry-leading drilling costs at $200 CAD all-in, significantly below peer averages. This cost advantage stems from strategic partnerships with Winnipeg-based contractors and local expertise development, supporting the company's growth to 10 employees with dedicated core facilities across their 70,000-hectare land package.The flagship Gold Rock target exemplifies the company's systematic geological approach, evolving from three initial structures to dozens of high-grade intersection targets within a concentrated 1km x 1km footprint. This evolution has fundamentally changed mining scenarios from underground-only to potential open-pit development through the identification of stacked structures and multiple deformation events.Regional exploration has revealed an 8km strike length pattern comparable to Red Lake's 28 million ounce endowment, with newly identified targets at Mud Lake showing similar mineralization to Gold Rock. Recent drilling at these regional targets suggests the emergence of a true district-scale opportunity rather than isolated deposits.Financially, Dryden Gold maintains strong liquidity with a recent $7.8 million raise funding 20-25,000 meters of additional drilling, while $11.5 million in warrants at $0.30 now in-the-money provide potential non-dilutive financing. Approximately two-thirds of results from recent drilling campaigns remain unreported, creating multiple near-term catalysts.The company explicitly targets eventual merger and acquisition activity, with Kolb stating: "The endgame is M&A. So we're shopping for our future buyout really with these major companies." This strategic positioning, combined with institutional backing and expanding resource potential, creates compelling risk-adjusted exposure to both organic growth and consolidation opportunities in the strengthening gold sector.Learn more: https://www.cruxinvestor.com/companies/dryden-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Petek Akerley, President & CEO of Erdene Resources DevelopmentOur previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-mongolia-gold-mine-98-complete-first-pour-september-2025-7357Recording date: 23rd September 2025Erdene Resource Development represents a compelling transition story within the gold mining sector, having successfully achieved first production while maintaining substantial growth optionality across a district-scale asset base in Mongolia. The company's September 2025 first gold pour from Bayan Khundii marks the culmination of systematic development efforts and positions the operation for sustained cash flow generation through favorable metallurgical characteristics and operational efficiency.The technical foundation supporting Erdene's investment proposition centers on exceptional deposit characteristics that translate directly to operational advantages. Bayan Khundii's 93-95% gold recovery rates using conventional processing technology, combined with low cyanide consumption and minimal sulfide content, position the operation favorably within industry cost curves. This operational efficiency becomes particularly valuable during periods of input cost inflation, providing margin protection and cash flow stability that supports both debt service and growth investment.The company's financial trajectory offers clear value creation milestones for investors. Current debt levels of $110 million are projected for retirement by mid-2026 through operational cash flows, eliminating the 13.8% financing costs and providing increased flexibility for expansion capital allocation. The 50-50 joint venture structure with Mongolian Mining Corporation provides operational stability and local expertise while maintaining strategic control through unanimous decision-making processes.Near-term growth catalysts focus on high-probability, infrastructure-leveraged expansion opportunities. The Bayan Khundii pit extension program targets an additional 150,000 ounces through westward and southward drilling, potentially increasing total reserves by 30% with minimal additional permitting requirements. The Dark Horse deposit, located 2.5 kilometers from existing operations, contains 50,000 ounces of high-grade surface mineralization amenable to alternative processing routes, including potential heap leach operations that could complement existing capacity.District-scale development potential extends the investment timeline beyond immediate expansion scenarios. The Altan Nar polymetallic project, containing 500,000 gold equivalent ounces across a 5-kilometer trend, represents a second development phase that could double production profiles to 200,000-250,000 ounces annually. The $7 million exploration budget allocated for 2026 targets systematic resource definition across this portfolio, focusing on near-surface opportunities that minimize development risks and capital requirements.Strategic diversification through the Zuun Mod molybdenum project provides exposure to industrial metals markets experiencing supply deficits, particularly within Chinese demand centers. This asset optionality offers portfolio balance and potential value realization through alternative development scenarios or strategic partnerships.The company's recent 6-for-1 share consolidation reflects management recognition of evolving institutional investor requirements as the company transitions from developer to producer status. This corporate action, combined with improving operational metrics and cash flow generation, positions Erdene for potential producer re-rating as institutional recognition expands.Erdene's positioning within current gold market dynamics appears particularly advantageous given the combination of immediate production cash flows and substantial expansion potential. The operational excellence demonstrated through successful startup, coupled with systematic approach to resource expansion across multiple deposits, suggests sustained value creation potential within Mongolia's established mining jurisdiction. The clear debt reduction timeline and aggressive exploration programs targeting near-surface extensions provide investors with both current income exposure and future growth optionality within a single investment vehicle.View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-developmentSign up for Crux Investor: https://cruxinvestor.com
Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-meet-the-team-john-sestan-7696Recording date: 23rd September 2025Cabral Gold Corporation is positioning itself to capitalize on record gold prices with its Cuiú Cuiú gold project in northern Brazil, featuring 1.2 million ounces of inferred and indicated resources across an entire mining district. The company has completed a pre-feasibility study for a starter operation requiring less than $40 million in capital expenditure with an impressive 12-month construction timeline.The project's economics have become exceptionally attractive in the current gold market environment. With all-in sustaining costs projected at $1,200 per ounce and gold trading above $2,600, the operation generates approximately $2,500 profit per ounce pre-tax. This translates to a remarkable five-month payback period on the initial capital investment, making it one of the most attractive development opportunities in the gold sector.Cabral has structured its development around proven heap leaching technology using a rotating pad system that prioritizes operational flexibility over cost optimization. The company will operate four heaps on a 120-day cycle, allowing for process adjustments between cycles to ensure production consistency and reduce technical risks.Three drill rigs are actively exploring across the district, targeting a doubling of current resources within 12-18 months. Recent high-grade results include 11 meters at 33 grams per tonne and 39 meters at 5.1 grams per tonne, demonstrating the district's continued potential. The project encompasses four new discoveries plus approximately 50 additional targets that have shown encouraging gold values.The project benefits significantly from its location adjacent to Brazil's third-largest gold mine, Tocantinzinho, which produces 200,000 ounces annually. Historical data indicates the Cuiú Cuiú area produced ten times more placer gold than the Tocantinzinho area, suggesting superior geological endowment across the district.Construction financing discussions are at advanced stages, with management expecting news within weeks regarding debt financing arrangements that will fund the majority of the capital requirements.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com
Interview with Garrett Ainsworth, President & CEO, District Metals CorpOur previous interview: https://www.cruxinvestor.com/posts/district-metals-tsxvdmx-betting-on-swedens-uranium-future-5726Recording date: 23rd September 2025District Metals Corp has strategically positioned itself at the forefront of Sweden's anticipated uranium mining revival, controlling 100% of the Viken deposit—described as the world's largest undeveloped uranium resource. The company's timing appears exceptional, as Sweden's center-right government plans to lift the country's uranium mining moratorium in Q4 2025, with new legislation expected to take effect January 1, 2026.The company executed a capital-efficient acquisition strategy between 2020 and 2025, securing complete ownership of the Viken deposit for approximately 5 million shares and minimal cash outlay. This approach demonstrates remarkable foresight, as the acquisition occurred during a period when Sweden's uranium mining prohibition remained in place, allowing District Metals to secure the asset at attractive valuations.The Viken deposit offers compelling operational characteristics that differentiate it from complex high-grade uranium projects. Located within Sweden's alum shale sequence, the deposit spans 4 kilometers wide by 6 kilometers long in a shallow, flat-lying formation suitable for conventional open-pit mining. This geological simplicity contrasts sharply with sophisticated underground operations like those in Canada's Athabasca Basin, which require advanced extraction techniques and significant capital investment.Beyond uranium, the deposit contains valuable commodities including vanadium, potash, phosphate, nickel, copper, zinc, and potential rare earth elements. This polymetallic nature provides natural commodity price hedging and multiple revenue streams, reducing dependence on uranium pricing alone. The inclusion of vanadium—particularly valuable for energy storage applications—and rare earth elements aligns with Europe's strategic objectives of reducing critical mineral import dependence.District Metals completed an updated mineral resource estimate in April 2025, addressing deficiencies in previous studies and incorporating multiple commodities that were previously excluded. The company invested in comprehensive MobileMT geophysical surveys to optimize mine planning and expects to complete a preliminary economic assessment within 6-12 months, depending on selected mining locations and metallurgical testing results.The investment thesis extends beyond commodity fundamentals to encompass European energy security and critical mineral independence. As geopolitical tensions highlight supply chain vulnerabilities, Sweden's domestic uranium production capability represents strategic value for EU energy policy objectives. The timing coincides with Europe's commitment to nuclear energy as essential baseload power for achieving net-zero emissions while maintaining industrial competitiveness.District Metals represents a pure-play opportunity on Sweden's uranium mining liberalization, combining operational simplicity, polymetallic diversification, and alignment with European strategic priorities in a capital-efficient package positioned for near-term regulatory catalysts.Learn more: https://www.cruxinvestor.com/companies/district-metals-corpSign up for Crux Investor: https://cruxinvestor.com
Recording date: 23rd September 2025The Denver Gold Forum Americas marked a pivotal moment for the gold mining sector, with buy-side attendance surging over 30% as institutional investors demonstrate renewed interest in precious metals equities. This dramatic shift from the sparse attendance witnessed two years prior signals broader market recognition of the sector's improved fundamentals and investment potential.Major gold miners have fundamentally transformed their financial profiles, moving from debt-heavy structures to robust cash positions. AngloGold Ashanti exemplifies this transformation, transitioning from net debt to net cash even after completing major acquisitions like Centamin. This financial strength has created unprecedented flexibility for capital allocation strategies previously unavailable during weaker commodity environments.Share buyback programs have emerged as a key theme among major producers, creating consistent market liquidity and generating positive feedback effects through passive fund flows. Industry observers expect buyback announcements from larger mid-cap companies over the next twelve months, representing a new marginal buyer category that provides ongoing support for gold mining equities.The gold mining sector has undergone a philosophical transformation regarding growth strategies. Previously, companies emphasized organic growth while treating acquisitions as taboo investments that attracted negative analyst and investor sentiment. The current environment shows marked openness to inorganic growth opportunities, with management teams no longer viewing expansion as inherently problematic.B2Gold's explicit targeting of 2026 acquisitions represents the most candid expression of this strategic shift, while other companies express cautious optimism about appropriate opportunities. Even companies with substantial organic growth potential, including Agnico Eagle, indicate receptiveness to suitable acquisition targets when they emerge.Investment managers Derek Macpherson and Samuel Pelaez identified Bellevue Gold as their primary new portfolio addition, representing a classic single-asset turnaround story. The Western Australian underground producer operates one of the world's highest-grade gold deposits, containing approximately 3.5 million ounces at nearly 10 grams per tonne.The company experienced multiple operational challenges during 2024 production startup, including delayed mine development, balance sheet strain, and unusual flooding events. These difficulties triggered lender covenant violations and forced balance sheet restructuring, creating attractive entry valuations for patient investors.Current operational metrics indicate successful turnaround execution, with mine development catching up to planned schedules and access to higher-grade ore blocks improving production flexibility. Management projects 170,000 ounces of annual production, though operational capacity suggests potential for 200,000 ounces annually.The combination of strong gold prices, improved sector sentiment, and increased institutional participation creates favorable conditions for both operational turnarounds and sector re-rating opportunities. With Bellevue's market capitalization under $1 billion USD, the company trades at significant discounts to comparable Western Australian producers, suggesting fair value potential in the $2-3 billion range.This institutional interest surge, coupled with miners' enhanced financial flexibility and strategic openness, positions the gold sector for continued evolution as both a defensive precious metals play and growth-oriented investment opportunity.Sign up for Crux Investor: https://cruxinvestor.com
Interview with Greg Martyr, Executive Chairman, Capital MetalsOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-lsecmet-strategic-alliance-advances-worlds-highest-grade-mineral-sands-play-7308Recording date: 22nd September 2025Capital Metals stands poised to make a final investment decision by end-2025 on its Taprobane Minerals project in Sri Lanka, representing what executive chairman Greg Martyr calls "one of the highest grade undeveloped mineral sands projects in the world." The company's exceptional 17.2% grade deposit dramatically exceeds the global average of less than 5%, creating substantial competitive advantages in an otherwise challenging market environment.The project's economics are compelling, requiring only $25 million in initial capital to generate projected annual revenues of $35-40 million against operating costs below $20 million. This translates to a base case net present value of $180 million, creating significant upside potential for a company trading at a market capitalization below £20 million.Capital Metals has secured crucial local partnerships, including a $4 million investment from Ambeon Capital for a 20% stake. The partnership brings legendary cricketer-turned-investment banker Aravinda De Silva to the board, providing essential government relations access in navigating Sri Lanka's regulatory environment.The regulatory landscape has improved markedly following the election of a new anti-corruption government that secured 75% of the vote. "The big picture is that the country is focusing on a mineral source of revenue for foreign direct investment which is what they need," Martyr explains, highlighting the administration's pro-business mining stance.Two critical approvals remain pending: mining license expansion and export rights for heavy mineral concentrate. Management expresses confidence these will be secured by year-end, enabling construction to begin in Q1 2026. The straightforward surface mining operation involves no blasting or chemical processing, with immediate environmental remediation capabilities positioning the project favorably in an ESG-conscious investment climate.With established markets for its four primary commodities—ilmenite, rutile, zircon, and garnet—the project offers investors exposure to a high-margin, environmentally responsible mining operation backed by exceptional resource quality and supportive regulatory momentum.Learn more: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com
Interview with Troy Boisjoli, CEO of Atha Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-ex-cameco-team-makes-2nd-high-grade-discovery-7477Recording date: 22nd September 2025ATHA Energy represents a compelling investment opportunity in the uranium sector, driven by exceptional exploration success and unique district-scale positioning. The company's recent discovery at RIB North delivered 26.3 meters of composite uranium mineralization with high-grade intervals reaching 55,730 counts per second, marking the best exploration hole to date at the Angilak Project. This discovery extends mineralization across a 12-kilometer corridor in the Angikuni Basin, where ATHA maintains sole control of an entire uranium-rich sub-basin adjacent to the world-renowned Athabasca Basin.The investment thesis centers on ATHA's proven exploration methodology and experienced management team. CEO Troy Boisjoli brings direct experience from NexGen Energy's Arrow deposit development, while VP Exploration Cliff Revering previously served as chief geologist at Cameco's Cigar Lake operation. This leadership combination provides credible expertise for advancing discoveries through resource definition toward development. The company has achieved a 100% drilling success rate across four separate discoveries in a single exploration program, demonstrating systematic geological understanding and effective targeting.ATHA's strategic position offers multiple value creation pathways. The company can advance either the established LAC50 deposit, containing a historic resource, or prioritize the emerging RIB corridor discoveries showing Athabasca-style mineralization characteristics. This optionality provides flexibility for capital allocation decisions while reducing single-asset risk common among exploration companies.The uranium market environment supports discovery valuations, with structural supply deficits and growing nuclear energy demand driving sector fundamentals. Leading producers like Cameco continue testing all-time highs while quality exploration opportunities remain limited, creating scarcity value for credible discovery stories. ATHA's planned transition from exploration to resource development in 2026 positions the company to capitalize on favorable market timing while providing clear milestone catalysts for investor evaluation and value recognition in the evolving nuclear energy landscape.—Learn more: https://cruxinvestor.com/companies/atha-energy-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Ian Cockerill, CEO of Endeavour Mining Our previous interview: https://www.cruxinvestor.com/posts/endeavour-mining-tsxedv-free-cash-flow-surges-to-411m-in-q1-7087Recording date: 17th September 2025Endeavour Mining, one of the world's top 10 gold producers, is demonstrating exceptional operational execution amid gold's surge beyond $3,600 per ounce. The West African-focused miner delivered 58% of annual production guidance in the first half of 2025 while maintaining industry-leading costs across its five-mine portfolio.The company's disciplined capital allocation strategy has positioned it as a leader in shareholder returns. Endeavour will distribute $379 per ounce produced through dividends and buybacks, including $150 million in cash dividends and $69 million in share repurchases by end of H2 2025. "We have class leading dividends both in terms of guaranteed dividends, supplemental cash dividends as well as buybacks," noted CEO Ian Cockerill.Despite generous shareholder distributions, management is strategically reinvesting windfall cash from elevated gold prices. The company plans material increases in exploration spending, leveraging historical discovery costs of just $25 per ounce versus current gold prices exceeding $3,600. "Our discovery cost historically has been $25 an ounce. $100 to find something that's worth $3,500. Think of the value add that brings to us," Cockerill emphasized.Endeavour has secured 30% organic production growth through 2030, targeting 1.5 million ounces annually from existing project pipelines. This growth foundation provides flexibility for additional opportunities without execution pressure. The company is evaluating geographic expansion beyond West Africa, focusing on similar geological terrains where its frontier market expertise applies.While current gold prices create approximately $1,500 per ounce windfall above guidance assumptions, management recognizes commodity price cyclicality. Their balanced approach of returning substantial cash to shareholders while investing in high-return exploration and operational improvements positions Endeavour to maintain industry-leading performance regardless of future price movements.Learn more: https://www.cruxinvestor.com/companies/endeavour-miningSign up for Crux Investor: https://cruxinvestor.com
Interview with Shawn Khunkhun, CEO of Dolly Varden Silver CorporationOur previous interview: https://www.cruxinvestor.com/posts/dolly-varden-silver-tsxvdv-targets-top-10-global-producer-status-7537Recording date: 12th September 2025Dolly Varden Silver Corporation has emerged as a compelling consolidation story in the precious metals sector, delivering exceptional returns while positioning for significant growth in an improving silver market. Under CEO Shawn Khunkhun's leadership since February 2020, the company has systematically transformed from a $20 million market cap explorer into a $550 million silver platform, generating 650% share price appreciation for shareholders.The company's strategic approach centers on consolidating high-grade silver assets in British Columbia's Golden Triangle, accumulating five past-producing mines through methodical acquisitions. Khunkhun's contrarian timing proved prescient, entering the market when $16 silver prices provided minimal exploration incentives for major producers. "We've raised $150 million, and the idea has been, let's create an instrument where investors could get exposure to silver," he explained, describing the systematic vehicle construction.Technical fundamentals support the growth trajectory. The company's assets demonstrate exceptional metallurgy with 88% silver recovery rates, backed by 196,000 meters of drilling and strong community support in a region seeking economic development. A robust $40 million treasury provides flexibility for both organic growth through a 55,000-meter drill program and strategic acquisitions.The institutional investor base reflects confidence in management execution, with 50% institutional ownership including Fidelity, US Global, and Eric Sprott's 10% stake. The April 2025 US listing delivered an immediate 38% share price bump, enhancing access to American capital markets.With only ten primary silver producers globally, Khunkhun sees a clear path to becoming "the 11th" through continued consolidation. Management targets ambitious but achievable goals: $2 billion market cap, 400% share price appreciation, and production status within 18 months. As silver trades at $42 per ounce and generalist investors increase precious metals allocations, Dolly Varden appears positioned to capitalize on both sector rotation and metal price appreciation.Learn more: http://cruxinvestor.com/companies/dolly-varden-silverSign up for Crux Investor: https://cruxinvestor.com
Interview with David Wolfin, CEO, Avino Silver & Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/avino-silver-gold-tsxasm-silver-junior-plans-8-10m-oz-annual-output-by-2030-6788Recording date: 17th September 2025Avino Silver & Gold Mines Limited presents a compelling transformation story in the precious metals sector, positioning itself for intermediate producer status through strategic organic growth. Under CEO David Wolfin's leadership, the company is executing a clear five-year plan to expand from one to three producing assets, all owned outright and designed to drive substantial operational leverage.The foundation of this growth strategy rests on the flagship Avino Mine, which generates 2.5 to 2.8 million ounces of silver equivalent annually. This cornerstone operation provides the cash flow foundation supporting expansion while maintaining competitive cost metrics. The company's Q2 2025 financial results demonstrate strong execution with $21.8 million in revenue, $10 million in operating income, and $4.4 million in free cash flow, achieved at all-in sustaining costs of $20.93 per ounce.The next phase centers on La Preciosa, acquired from Coeur Mining in 2022 and permitted in Q1 2025. Recent drilling results have exceeded expectations, revealing 7.9 meters of 1,600 grams of silver equivalent, substantially higher than the 200-gram resource grid used in original planning. This higher-grade ore will contribute to lower costs and improved margins when processed through existing mill infrastructure.Avino's financial strategy distinguishes it from peers. "We're doing the opposite of our peers. We're unlevering, unhedging, and buying back the royalty," Wolfin explains. This approach has created a debt-free balance sheet with $50 million in cash, providing flexibility for self-funded expansion without equity dilution.Market recognition has followed operational success. The company achieved 600% stock performance over three years, earning inclusion in both the TSX30 and GDXJ index. With daily trading volumes of 6-8 million shares on NYSE American, institutional accessibility continues improving.The third asset, oxide tailings processing, completes Avino's measured expansion approach, targeting combined all-in sustaining costs in the "mid-teens to low teens" range across all operations.Learn more: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com
Interview with Lon Shaver, President of Silvercorp Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/20-year-silver-producer-silvercorp-tsxsvm-expands-to-ecuador-with-12-costs-vs-35-prices-7436Recording date: 15th September 2025Silvercorp Metals (TSX: SVM) has positioned itself as a compelling investment opportunity in the current precious metals cycle, combining operational excellence with strategic growth initiatives across multiple jurisdictions. The company's financial foundation anchors its investment thesis, with $377 million in cash plus an investment portfolio providing substantial strategic flexibility without requiring dilutive equity raises.The company's core Chinese operations at the Ying mine continue delivering consistent performance despite facing operational challenges earlier this year. Management is strategically transitioning from labor-intensive mining methods to mechanized approaches, improving both safety and operational efficiency. This evolution positions the company for sustained profitability while reducing operational risks associated with manual mining processes.Silvercorp's most significant near-term catalyst is the El Domo project in Ecuador, targeting commercial production by end-2026. The project benefits from a favorable financing structure with Wheaton Precious Metals contributing $175 million of the $240 million capital requirement through a streaming arrangement. Legal challenges have been definitively resolved through Ecuador's judiciary system, clearing the path for development execution.Trading at a $1.2 billion market capitalization against consensus net asset value estimates of $1.6 billion, Silvercorp offers investors discounted exposure to silver markets. As a silver-dominant producer with over 60% of revenues derived from silver, the company provides leveraged exposure to precious metals strength while maintaining operational cash generation capabilities.Management's disciplined approach to mergers and acquisitions, supported by a $400 million shelf prospectus, positions the company for strategic growth through value-accretive transactions. Their expertise in challenging jurisdictions creates competitive advantages in acquiring assets where other operators demand risk premiums. With a 20-year track record of profitable operations and near-term production growth catalysts, Silvercorp presents an attractive entry point for precious metals exposure in the current market environment.View Silvercorp's company profile: https://www.cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com