Company Interviews

Crux Investor
  • 5.0 (18)
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An insight into junior mining and opportunities to invest. Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster. Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.

  1. 2 DAYS AGO

    Cassiar Gold (TSXV:GLDC) - 'Undervalued?' Investment Series, with Marco Roque

    Interview with Marco Roque, President & CEO of Cassiar Gold Corp. Our previous interview: https://www.cruxinvestor.com/posts/cassiar-gold-corp-tsxvgldc-whoever-comes-in-on-cassiar-is-going-to-make-a-lot-of-money-9480 Recording date: 17th March 2026 Cassiar Gold Corp. (TSXV:GLDC) operates an advanced exploration project in northern British Columbia with a resource base and infrastructure profile that management believes the market has significantly mispriced. The company controls 2.3 million ounces at its Taurus deposit, comprising 1.9 million inferred ounces at 0.95 grams per tonne and 410,000 indicated ounces at 1.43 grams per tonne. With 91% of these ounces within 150 meters of surface and the deposit remaining open in all directions, the geological foundation provides both near-term development potential and longer-term expansion opportunity. What distinguishes Cassiar from typical exploration companies is its existing infrastructure position. The property holds valid mine permits, a permitted 300 ton-per-day mill, paved road access, grid power, 25 kilometers of underground workings, and 160 kilometers of access roads. President and CEO Marco Roque emphasizes that these pre-existing assets represent hundreds of millions in sunk capital that competing projects would need to spend and years of permitting timeline already completed. Despite these advantages, Cassiar trades at approximately $32 Canadian per ounce of enterprise value with an $80 million market capitalization, well below the $50-900 per ounce range management cites for comparable peers. The company's strategic positioning centers on dual development optionality: high-grade underground veins averaging 10-20 grams per tonne capable of generating 30,000-60,000 ounces annually with minimal capital requirements estimated at $3 million Canadian, alongside longer-term open-pit development of the bulk tonnage deposit. The critical path to production involves re-permitting tailings facilities to current British Columbia standards, estimated at 1.5-2 years, though direct shipping ore arrangements could compress this timeline by 25-33%. With current gold prices creating potential margins exceeding $5,000 per ounce on high-grade material versus $200-300 margins in previous years, management believes the risk-reward profile for near-term development has fundamentally improved, driving increasing strategic interest and supporting the company's transition from exploration toward production. Learn more: https://www.cruxinvestor.com/companies/cassiar-gold Sign up for Crux Investor: https://cruxinvestor.com

    29 min

  2. 2 DAYS AGO

    Trifecta Gold (TSXV:TG) - Yukon Explorer Targets Multi-Million Oz Discovery in Proven Gold Belt

    Interview with Richard Drechsler, President & CEO of Trifecta Gold Recording date: 17th March 2026 Trifecta Gold is positioning itself as the next potential discovery story in Yukon's Tombstone Gold Belt, where exploration companies have identified over 20 million ounces of new gold resources since 2020. Led by CEO Richard Drechsler, a 20-year Yukon exploration veteran, the company is systematically exploring reduced intrusion-related gold systems in a geological corridor that has transformed Snowline Gold from a penny stock into a multi-billion dollar company. The company's corporate structure reflects strong institutional backing. Three cornerstone investors control 40% of outstanding shares: Condire Investors holds 20%, Crescat Capital 10%, and an HNW investor group another 10%. Management owns approximately 11% with no seed stock dilution, ensuring alignment with shareholders. All positions were acquired through private placements or market purchases, with the initial 2024 round priced at 15 cents. Trifecta's inaugural 2025 drilling program at the Rye project delivered encouraging results. Six holes systematically tested different geological environments around a target intrusion located 14 kilometers from the North Canol Road. The first hole intersected 37 meters of over one gram per ton gold, while another hole encountered 1,400 grams per ton silver over two meters. Core samples showed vein densities comparable to or exceeding those at Banyan Gold's successful project, with the correct gold-bismuth-tellurium metal signature present in over 90% of samples. The technical team brings targeted expertise. Moira Smith, who co-authored papers on intrusion-related systems and worked at Alaska's Pogo deposit, joined the advisory committee alongside Fred Graybeal, former ASARCO chief geologist. The company benefits from logistical support through Archer, Cathro & Associates, which has explored Yukon since 1965. With $3 million in treasury, including $2 million in flow-through funds, Trifecta plans to mobilize in June for a July-September drilling campaign at Rye. Results are expected from September through year-end. Beyond Rye, the company controls nine additional untested properties in the belt, providing multiple discovery opportunities as it pursues what Drechsler describes as "front end of that LAN curve" value creation. View Trifecta Gold's company profile: https://www.cruxinvestor.com/companies/trifecta-gold Sign up for Crux Investor: https://cruxinvestor.com

    22 min

  3. 3 DAYS AGO

    Marvel Biosciences (TSXV:MRVL) - Novel Treatment For Social Withdrawal Shows Rapid Results

    Interview with Dr. Mark Williams, President & CSO, and  J. Roderick Matheson, Director & CEO of Marvel Bioscience Corp. Recording date: 16th March 2026 Marvel Biosciences is advancing MB-204, a first-in-class treatment for social withdrawal conditions across autism spectrum disorder, depression, and Alzheimer's disease. The clinical-stage biotechnology company targets an underserved therapeutic area affecting millions globally, with autism prevalence reaching one in 36 children in the United States and depression impacting one in eight adults currently on antidepressants. The addressable market spans hundreds of billions of dollars in healthcare costs and lost productivity. The compound is based on a modified version of an approved Parkinson's medication, providing an established safety foundation for clinical development. Preclinical data demonstrates rapid symptom reversal within one hour of oral dosing in animal models. In head-to-head comparisons, MB-204 outperformed trofinetide, the only FDA-approved Rett syndrome treatment, across all measured behavioral endpoints. Critically, animals treated with MB-204 maintained improvements for two to three weeks after treatment cessation, suggesting semi-permanent neurological changes, while trofinetide benefits disappeared immediately upon stopping. Marvel's clinical strategy prioritizes orphan disease indications, specifically Rett syndrome and Fragile X syndrome, where Phase 3 success rates exceed 50% due to genetically homogeneous patient populations and validated regulatory pathways. The company has completed manufacturing of clinical-grade material and toxicology studies, positioning MB-204 for immediate Phase 1 entry in Australia within six to twelve months. The Australian regulatory environment offers efficient processes and a 43% research tax credit that significantly reduces development costs. Marvel holds composition of matter patents in China and Japan, with additional jurisdictions pending. The company has engaged in preliminary partnership discussions, aligning with neuroscience sector dynamics where approximately 70% of companies complete licensing or acquisition deals before Phase 2. Historical precedents show neuroscience acquisitions typically occur at valuations exceeding $80 million at this stage. Trading at $9 million CAD market capitalization, Marvel represents a significant discount to comparable Phase 1 neuroscience firms, with several peers valued between $100-400 million. Sign up for Crux Investor: https://cruxinvestor.com

    31 min

  4. 4 DAYS AGO

    Gunnison Copper (TSX:GCU) - New PEA with 18-24 Month PFS Timeline

    Interview with Stephen Twyerould, President & CEO of Gunnison Copper Our previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxmin-nears-copper-production-start-in-september-2025-7847 Recording date: 13th March 2026 Gunnison Copper has released an updated Preliminary Economic Assessment for its flagship Arizona copper project, demonstrating $2 billion in after-tax net present value and positioning the asset as a prime acquisition target in North America's critical minerals sector. The study shows a 22.7% internal rate of return with $1.5 billion in capital requirements, representing a $700 million improvement in NPV over the company's previous assessment completed just 12 months earlier. The project is designed to produce 80,000 metric tons of copper cathode annually over a 21-year mine life, generating $6-7 billion in cumulative free cash flow. The substantial NPV improvement stems primarily from operational and technical enhancements rather than commodity price assumptions, including the strategic integration of the high-grade Strong & Harris satellite deposit and incorporation of innovative mineral sorting technology. Strong & Harris, located 3 kilometers from the main Gunnison pit, grades 0.8% copper—nearly three times typical Arizona operating grades—and added $190 million to NPV by leveraging shared infrastructure rather than operating as a standalone development. The company has also incorporated an on-site acid plant to eliminate dependency on volatile Mexican imports, contributing an additional $200-250 million to project value while providing competitive advantage. CEO Stephen Twyerould was direct about the company's strategic path forward, stating the firm is "unlikely to build this thing" independently. Instead, management is focused on delivering a fully-permitted Preliminary Feasibility Study with reserves within 18-24 months to maximize shareholder value through a potential transaction. The company benefits from a streamlined state-level permitting process without federal nexus, leveraging existing permits that require only amendment. Currently trading at a $220 million market capitalization—approximately one-third the valuation multiples of comparable Arizona copper developers—Gunnison represents what Twyerould describes as exceptionally rare: a mid-tier scale project approaching fully-permitted status in a tier-one jurisdiction with proven management execution capability. View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copper Sign up for Crux Investor: https://cruxinvestor.com

    26 min

  5. 5 DAYS AGO

    Americas Gold & Silver (TSX:USA) - 'Undervalued?' Investment Series, with Oliver Turner

    Interview with Oliver Turner, VP, Corporate Development of Americas Gold & Silver Corp. Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-new-usa-critical-minerals-hub-to-be-built-9246 Recording date: 13th March 2026 Americas Gold & Silver is executing an ambitious expansion strategy at its flagship Galena mine in Idaho, backed by what management argues is a significant valuation disconnect in the market. Trading at 0.7-0.85 times net asset value according to consensus analyst models, the company sits well below the peer group average of 1.5x NAV despite operating the world's third highest-grade primary silver mine. The company recently announced its largest exploration program in history, comprising 64,000 meters of drilling primarily focused at Galena. Recent results have delivered impressive intercepts approaching 5 kilograms per ton of silver, accompanied by substantial copper and antimony byproducts. The program builds on two major 2025 discoveries, including the 34 vein which has expanded to a target of 6-7 million ounces. Management's production goal centers on returning Galena to 5 million ounces annually, matching historical 2002 output levels. This target underpins a three-year operational transformation plan focused on modernization, equipment upgrades, and transitioning to more efficient mining methods. The strategy emphasizes dual objectives: increasing throughput while simultaneously improving grades through targeted drilling of high-grade zones. Executive Vice President Oliver Turner emphasized the management team's proven track record, having previously scaled production from near-zero to 200,000 gold ounces annually at both Coeur Mining and Klondex using identical operational strategies. The team's execution capability represents a key differentiator as the company navigates its growth phase. Strategic initiatives include a joint venture with US Antimony to construct an antimony processing facility at Galena, maximizing payability for critical mineral byproducts, and the acquisition of the nearby Crescent mine to generate operational synergies. With $130 million in cash and a $50 million undrawn credit facility, all planned growth initiatives are fully funded without requiring additional capital raises. At current silver prices above $84 per ounce, the company generates robust operating cash flow while investing in production expansion. View Americas Gold & Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation Sign up for Crux Investor: https://cruxinvestor.com

    27 min

  6. 5 DAYS AGO

    Cabral Gold (TSXV:CBR) - 87 g/t Gold over 9.5m & Mining Permit Granted

    Interview with Alan Carter, President & CEO of Cabral Gold Inc. Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-advancing-towards-q4-2026-production-8738 Recording date: 13th March 2026 Cabral Gold (TSXV:CBR) is developing a district-scale gold project in northern Brazil's Tapajós region through a strategic two-stage approach designed to fund exploration from operational cash flow rather than shareholder dilution. The company's Phase 1 heap leach operation, currently 54% complete with a capital cost of $37.7 million, targets gold production in the fourth quarter of 2026. President and CEO Alan Carter emphasizes the project's economic advantages, with all-in production costs expected near $1,000 per ounce. At current gold prices above $5,000 per ounce, the modest 25,000-ounce annual production from Phase 1 should generate approximately $100 million in pre-tax cash flow—funding that will support aggressive district exploration without requiring additional equity raises. The project benefits from unique geological characteristics, featuring 60 to 70 meters of weathered oxide material that requires no drilling, blasting, or conventional milling. This free-digging saprolite needs only cement addition for processing, dramatically reducing both capital and operating costs compared to traditional hard rock mining. Recent developments have catalyzed investor interest. On March 10, 2026, Cabral secured the LP (preliminary mining license), representing Brazil's most critical permitting milestone after a process initiated in 2018. Two days later, the company announced exceptional drill results from the Jerimum Cima discovery: 9.5 meters at 87.4 grams per ton gold, including 2.9 meters at 285 grams per ton. Jerimum Cima represents one of four new discoveries since 2022, expanding the deposit count from three to at least six within the district. The company's current 1.2 million ounce resource awaits updating later in 2026, while 50 additional untested targets remain across a 7-kilometer soil anomaly—seven times larger than nearby Tocantinzinho, Brazil's third-largest open-pit gold mine. Carter notes the district's historical context: during the 1980s Tapajós gold rush, approximately 2 million ounces were extracted from placer workings at Cuiú Cuiú, with "the vast majority of that placer gold" remaining unexplained by current hard-rock discoveries. View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-gold Sign up for Crux Investor: https://cruxinvestor.com

    26 min

  7. 6 DAYS AGO

    Lafleur Minerals (CSE:LFLR) - Beacon Mill Restart Powers Abitibi Hub Strategy

    Interview with Paul Ténière, CEO of Lafleur Minerals Inc. Our previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cselflr-from-pea-to-production-a-12-month-gold-timeline-8402 Recording date: 10th March 2026 Lafleur Minerals (CSE: LFLR) is positioning itself as a near-term gold producer in Quebec's Abitibi-Témiscamingue region, targeting production by the end of 2026 through its Swanson deposit and Beacon Mill. The company's recently released Preliminary Economic Assessment demonstrates robust economics with a $101 million NPV and 65% internal rate of return at a conservative $2,750 per ounce gold price, while maintaining all-in sustaining costs of $1,569 per ounce over a seven-year mine life. The project's accelerated timeline stems from significant existing infrastructure advantages. The Beacon Mill, recently refurbished and currently being recommissioned, has a nameplate capacity of 750 tonnes per day with near-term expansion potential to 1,250 tonnes per day. The Swanson deposit sits on an existing mining lease, substantially reducing permitting timelines that typically plague greenfield projects. With initial capital requirements of approximately $30 million Canadian, the company is evaluating multiple financing pathways including offtake agreements, equity raises, and potential merger scenarios. Lafleur currently reports just over 200,000 ounces in combined indicated and inferred categories, representing a 30% increase from previous estimates. Management targets reaching one million ounces through depth extensions beyond the historical 350-meter drilling limit and advancement of satellite deposits including Bartec and Jolin. The company's drilling programs have identified continued mineralization between 350 and 500 meters depth, consistent with typical Abitibi geology. Beyond standalone production, Lafleur is pursuing a hub-and-spoke model with Beacon serving as a regional processing center. As major producers have shifted focus toward feeding their own mills, third-party processing capacity has tightened across the district. This creates opportunity for mid-tier processors like Lafleur to capture value through custom milling while justifying future mill expansions to 3,000-4,000 tonnes per day. The strategy positions the company as both a producer and regional infrastructure provider in one of Canada's most prolific gold districts. View Lafleur Minerals' company profile: https://www.cruxinvestor.com/companies/lafleur-minerals Sign up for Crux Investor: https://cruxinvestor.com

    32 min

  8. 6 DAYS AGO

    Navigating M&A announcements during periods of intense market volatility

    Recording date: 11th March 2026 Samuel Pelaez and Derek Macpherson of Olive Resource Capital recently discussed their strategic response to significant changes in the Arizona Sonoran Copper acquisition by Hudbay Minerals. The all-share transaction, announced at a $9.35 per share equivalent value, has declined to approximately $7.56 following broader market volatility triggered by Middle East geopolitical tensions. The sharp decline stems from systematic deleveraging across financial markets. Macro hedge funds operating on leverage faced forced position reductions as volatility increased, creating indiscriminate selling pressure across asset classes regardless of individual company fundamentals. This market-wide movement particularly affected industrial sectors and copper producers, driving down Hudbay's stock price and consequently reducing the value of their offer to Arizona Sonoran shareholders by nearly 20%. Rather than exiting the position as conventional wisdom might suggest following a merger announcement, Olive Resource Capital made the counterintuitive decision to increase their holdings. Their rationale centers on dual benefits: continued copper market exposure through the Hudbay share ratio, combined with a low but notable probability of a superior competing bid emerging. The firm estimates less than 10% odds of an alternative offer, which Pelaez characterizes as surprisingly high for friendly transactions. The unusually tight merger arbitrage spread, trading within 1% of transaction value, provides key supporting evidence. This tight spread suggests market participants are pricing some probability of alternative bids rather than treating the Hudbay transaction as certain. The deteriorated deal economics create plausible scenarios where cash bids previously deemed insufficient could now represent superior value. A hypothetical $8.50 cash offer that appeared unattractive compared to the original $9.35 consideration now looks competitive against the current $7.56 equivalent. This decision also reflects broader portfolio constraints. Olive Resource Capital seeks increased copper developer exposure as the next commodity bull market leg following gold, but faces limited high-conviction opportunities. The scarcity of quality copper development projects makes maintaining strategic sector allocation through Arizona Sonoran sensible despite the changed investment thesis post-announcement. Sign up for Crux Investor: https://cruxinvestor.com

    30 min
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Ratings & Reviews

5
out of 5
18 Ratings

About

An insight into junior mining and opportunities to invest. Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster. Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.

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  • Creator
    Crux Investor
  • Years Active
    2019 - 2026
  • Episodes
    2K
  • Rating
    Clean
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    © Copyright 2021 All rights reserved.
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    Company Interviews

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