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. 8 HR 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

  2. 1 DAY 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

  3. 2 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

  4. 2 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

  5. 2 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

  6. 11 MAR

    Olive Resource Capital Posts Strong 2026 Returns Despite Geopolitical Uncertainty

    Recording date: 7th March 2026 Olive Resource Capital is off to a strong start in 2026, with the fund up approximately 25% year-to-date following an exceptional 160% return in 2025. The gains have been driven primarily by precious metals holdings, including positions in Omai, Arizona Sonoran, and West Point Gold. Two major portfolio exits have recently validated the fund's investment approach, even as geopolitical tensions introduce near-term volatility. The fund's most significant development was the acquisition of Arizona Sonoran by Hudbay, announced during PDAC week in an all-stock deal valuing Arizona Sonoran at approximately $9.35 per share. Olive had followed the company since its private-stage days, building its position opportunistically over time. Management at Arizona Sonoran executed on every stated objective — maximising the resource and resolving the complex Nuton joint venture — ultimately clearing the path for Hudbay's offer and delivering a substantial multiple on the fund's cost basis. The second exit involved Sailfish Royalties, where Olive realised approximately 4x returns after the company sold its Spring Valley royalty asset. With initial purchases around $1.00 per share and the stock trading near $4.40 following the announcement, the position generated roughly 400% returns over two years — a strong outcome for a lower-risk royalty investment. The annual PDAC mining conference in Toronto drew approximately 42,000 registrants, an all-time high well above the historical range of 20,000–30,000. Beyond the headline numbers, fund managers Samuel Pelaez and Derek Macpherson noted the quality of emerging deal flow: genuinely new companies, freshly acquired projects, and existing stories advanced meaningfully by new exploration results — not simply recycled ideas repackaged for a stronger market. Recent military actions involving the United States, Israel, and Iran, combined with softer economic data from China and the U.S., have triggered a flight to liquidity that pulled mining equities down 10–15% across some positions. The fund had proactively raised cash ahead of the weakness using seasonal trading models and currently holds approximately 10% in cash, which it plans to deploy opportunistically into pullbacks. Despite near-term uncertainty, Olive maintains a positive full-year outlook, anticipating a potential rotation into copper later in 2026 as commodity leadership evolves and actively searching for a replacement copper name following Arizona Sonoran's sale. Sign up for Crux Investor: https://cruxinvestor.com

    24 min

  7. 9 MAR

    Atlas Salt (TSXV:SALT) - Construction Begins at Great Atlantic Project

    Interview with Nolan Peterson, CEO, Atlas Salt Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-salt-market-insight-with-nolan-peterson-9255 Recording date: 5th of March 2026 Atlas Salt has commenced construction activities at its Great Atlantic Salt project in western Newfoundland, marking a significant milestone for what could become North America's first new salt mine in over 25 years. CEO Nolan Peterson outlined the company's development progress during the 2026 PDAC conference in Toronto, emphasizing both the advancement of physical construction and an aggressive financing campaign to capitalize on favorable market conditions. The company has initiated a $100 million early works package approved by the Newfoundland government, with current activities including site clearing, ground preparation, and infrastructure development optimized for winter ground conditions. The roadmap for 2026 encompasses establishing site pads, road access, power infrastructure, and preparatory work for underground drift development. This early phase represents the first component of a $600 million CAD total capital program. Atlas Salt is pursuing a financing structure targeting 60% debt from infrastructure banks, sovereign wealth funds, and export credit agencies, with the remaining 40% from equity investors. The company has engaged Endeavour Financial to structure the project financing package, while market interest has created opportunities to accelerate capital raising beyond original timelines. Peterson noted that heightened awareness of salt shortages has prompted earlier engagement from potential financial partners. The project addresses documented supply constraints in North American deicing markets, where no new mine construction has occurred in a quarter-century. The Great Atlantic operation will shorten supply chains to key northeastern markets while offering stable, recession-proof cash flows over a projected 25-year mine life based on current reserves, with potential for an additional 50 years from identified resources. The company benefits from an exceptionally supportive regulatory environment, having secured environmental assessment approval in just two months. With 100% battery-electric operations planned, the project positions as both an infrastructure solution and an environmental showcase. Peterson's focus on strategic partnerships and project de-risking suggests multiple near-term catalysts as the company advances toward production. Learn more: https://www.cruxinvestor.com/companies/atlas-salt Sign up for Crux Investor: https://cruxinvestor.com

    24 min

  8. 9 MAR

    Astra Exploration (TSXV:ASTR) - 7,500m Drilled & Third Exploration Program to Commence

    Interview with Brian Miller, Director & CEO of Astra Exploration Our previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-high-grade-argentine-discovery-opens-in-multiple-dimensions-9016 Recording date: 5th March 2026 Astra Exploration (TSXV: ASTR) is a junior precious metals company with a focused two-country portfolio in Chile and Argentina, and a clear near-term strategy centred on its La Manchuria gold-silver project in Santa Cruz province. Following a strong PDAC 2026, the company is well positioned heading into what could be a transformational period of exploration. La Manchuria is a low sulphidation epithermal system with a dual-target structure. Near surface, the company has confirmed an expanding bulk disseminated gold-silver system — one that has grown with every drill programme conducted to date. Deeper in the system lies the primary prize: a potential high-grade feeder zone, the kind of structure that drives the most significant epithermal discoveries in Patagonia. Astra has been methodically building toward testing that target, beginning with near-surface drilling to establish scale and validate the geological model before committing capital to deeper holes. Two programmes have now been completed, totalling 7,500 metres across 36 holes. Of the 25 holes drilled in the second programme, 13 have been released with results. Twelve remain pending from the laboratory and are expected to be published by the end of March 2026. These represent a near-term, defined news pipeline that does not require the company to raise capital or commence new fieldwork to deliver. The third programme — another 5,000 metres — is set to begin within approximately one month. Astra holds roughly $4 million in cash, sufficient to fund this programme in full. The budget was structured at the time of the company's $6.2 million raise to ensure exactly this kind of operational continuity. The third programme will begin to shift focus toward deeper targets, moving the company closer to the high-grade feeder discovery scenario that underpins its long-term investment case. Argentina's operating environment has also improved significantly. Under President Milei's administration, permitting has accelerated and foreign investment capital is flowing into the country at a pace not seen in recent years. Santa Cruz province permits year-round drilling, removing the seasonal constraints that limit many other jurisdictions and enabling a consistent cadence of results throughout 2026. Beyond Argentina, Astra holds two Chilean projects — Pampa Paciencia, adjacent to two operating copper mines, and a high sulphidation target in the active Maricunga belt — that provide strategic optionality without requiring meaningful near-term capital. Pre-drill work is planned at Cerobio in Chile in the coming weeks, with the potential to unlock value through partnership or joint venture as the belt attracts renewed attention following Chile's improved political backdrop. For investors, the proposition is straightforward: a funded explorer with an expanding near-surface discovery, a high-grade feeder thesis yet to be tested at depth, a defined catalyst schedule across the next 60 to 90 days, and a macro tailwind from both gold prices and an improving Argentine investment climate. Astra enters the next phase of its programme with momentum, capital, and a story that is only beginning to register with the wider market. View Astra Exploration's company profile: https://www.cruxinvestor.com/companies/astra-exploration Sign up for Crux Investor: https://cruxinvestor.com

    14 min
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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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