Company Interviews

Crux Investor
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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. 19時間前

    ATHA Energy (TSXV:SASK) - Building the Next Uranium Basin

    Interview with Troy Boisjoli, CEO of ATHA Energy. Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-63m-funded-explorer-scales-up-2026-drill-program-10101 Recording date: 13th July 2026 ATHA Energy's 2026 exploration program at the Angilak Uranium Project in Nunavut is delivering early evidence that its uranium system extends well beyond the boundaries of its currently defined deposit. With three drill rigs active across two priority areas, the company has reported an 11.5 metre composite uranium mineralization intersection at Lac 50 West, located four kilometres from the known Lac 50 deposit, and a 37 metre composite intersection at RIB North, the widest result recorded at that target to date. Both results support CEO Troy Boisjoli's description of a district-scale opportunity spanning a 21-kilometre corridor at Lac 50 and an 18-kilometre corridor at RIB, rather than a series of isolated deposits. Management has been clear that 2026 is not a delineation year. Drilling is deliberately spaced between 150 and 500 metres apart, designed to establish continuity of mineralization across the wider system before committing to tighter, resource-defining infill drilling, which the company expects could begin in 2027 if results continue to track as planned. This sequencing is a meaningful signal for investors: near-term news flow is likely to focus on scale and continuity rather than resource ounces, and grade or thickness data should be read in that context. The program is well funded, following a $63 million raise in the first quarter of 2026 led by Queens Road Capital, giving the company a stated 24-month runway. ATHA also holds a broader Nunavut and Athabasca Basin land package that management has flagged as a source of potential future value. For investors, the key consideration is that current figures, including the conceptual 60.8 to 98.2 million pound exploration target at Lac 50, are not a defined mineral resource, and the eventual scale of the opportunity depends on whether this year's step-out drilling can be tied into continuous, economically relevant mineralized zones. — Learn more: https://cruxinvestor.com/companies/atha-energy Sign up for Crux Investor: https://cruxinvestor.com

  2. 22時間前

    Cabral Gold (TSXV:CBR) - 85% Built, Q4 Production & District Growth Ahead

    Interview with Alan Carter, President and CEO, Cabral Gold Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-phase-one-heap-leach-on-schedule-q4-production-targeted-10682 Recording date: 14th July 2026 Cabral Gold is nearing a key milestone as it transitions from an exploration-focused company to a gold producer, with mining and ore stacking now underway at its Cuiú Cuiú gold-in-oxide project in Brazil. The activity forms part of the commissioning process for the Phase 1 heap leach operation, which is approximately 85% complete. Commercial gold production remains on track for the fourth quarter of 2026. The project is designed to process oxidized surface material using a low-cost heap leach method that avoids drilling, blasting, and complex milling. Ore from the MG deposit is currently being mined, sized, agglomerated, and stacked on leach pads, marking significant progress toward initial gold output. The remaining step before full production is commissioning the wet circuit, which will recover gold from solution. A key component of this process is the adsorption-desorption-recovery (ADR) plant, recently shipped from Australia and expected to arrive on site in late July 2026. Once installed, it will enable final commissioning stages through the third quarter. While initial gold production may begin earlier, Cabral has emphasized that commercial production will be declared only once steady-state output is achieved. Financially, the project remains aligned with the 2025 pre-feasibility study, including an estimated all-in sustaining cost of around $1,200 per ounce, offering strong margins even amid softer gold prices. The company is also evaluating a potential expansion of Phase 1, with further details expected soon. Meanwhile, exploration continues across the district, where Cabral is now modeling six deposits, double the previous estimate. With six drill rigs active and an updated resource estimate expected by year-end 2026, the company is positioning itself for both near-term cash flow and long-term growth. Learn more: https://www.cruxinvestor.com/companies/cabral-gold Sign up for Crux Investor: https://cruxinvestor.com

  3. 1日前

    Gold Lags but Mining Equities Outperform on Stock-Specific Catalysts

    Recording date: 11th July 2026 Olive Resource Capital delivered an approximate 15% return in the first half of 2026, outperforming many peers in a more moderate market environment compared to the strong gains of 2025. Returns were further supported by three portfolio company acquisitions, two of which closed the period, highlighting the role of opportunistic corporate activity in performance. The firm emphasized that such events are beneficial but not a reliable foundation for long-term strategy. The commodity landscape in H1 2026 was marked by a clear rotation. Lithium and oil emerged as the strongest performers, with oil remaining resilient despite price volatility and lithium rebounding after years of underinvestment. In contrast, gold, silver, and platinum group metals lagged after leading the previous year, undergoing what management described as a necessary consolidation phase. Despite weak underlying commodity prices, Olive’s strongest gains came from precious metals equities. This divergence reflects the firm’s focus on company-specific catalysts—such as mergers and acquisitions, resource updates, and technical studies—rather than direct exposure to commodity price movements. Holdings like K92 Mining exemplify this strategy, with growth-driven revaluation potential independent of gold price trends. Macroeconomic conditions remained broadly supportive, with strong global manufacturing activity and continued monetary stimulus, although reduced liquidity support from China is being monitored. Geopolitical tensions, including those involving Iran, influenced energy markets but were viewed as temporary disruptions with longer-term implications for supply chains and energy demand. Heading into the second half of 2026, the firm is cautiously deploying elevated cash reserves into energy and uranium, driven by themes such as AI-related power demand, electrification, and favorable seasonal trends. It continues to avoid West African development projects due to rising jurisdictional risks, instead favoring opportunities in North and South America where regulatory conditions are more stable and investment visibility is stronger. Sign up for Crux Investor: https://cruxinvestor.com

  4. 1日前

    Fox Tungsten (TSXV:FOXT) - High-Grade BC Project Targets 3Mt Resource in 20,000m Drill Push

    Interview with Stephen Gray, President & CEO of Fox Tungsten Recording date: 11th July 2026 Fox Tungsten is advancing its high-grade Fox project in southern British Columbia, aiming to position it as a rare North American source of tungsten amid tightening global supply. The deposit averages roughly 1% tungsten, which management equates to about 20 grams per tonne gold or 25% copper at current prices, placing it among the higher-grade tungsten projects globally. However, its current resource of just over 1 million tonnes is considered too small to support economic development, prompting an aggressive 20,000-metre drilling campaign in 2026. The ongoing program, supported by two active rigs, focuses primarily on infill drilling between three known zones to expand the resource toward a target of approximately 3 million tonnes—seen as the minimum scale required for a Preliminary Economic Assessment (PEA). A smaller portion of drilling will test deeper extensions of the deposit for potential underground development, marking the first step toward longer-term growth. Metallurgical testing indicates a relatively simple processing route, with gravity separation achieving about 75% recovery into a high-grade tungsten concentrate exceeding 60%. The ore is also considered environmentally favorable, lacking harmful elements and unlikely to generate acid. Additional flotation testing is planned to potentially improve recovery further. Infrastructure advantages strengthen the project’s outlook, including road access, proximity to regional services, and an existing power line. The company is well-funded, with approximately C$15 million in working capital following a recent financing, sufficient to complete drilling and advance toward a PEA expected in 2027. Fox Tungsten’s strategy is supported by strong market dynamics. Tungsten prices have risen sharply due to both geopolitical pressures—particularly Chinese export constraints—and a broader structural supply deficit. With no active tungsten mines in North America, the Fox project could play a key role in diversifying supply if development progresses as planned. Sign up for Crux Investor: https://cruxinvestor.com

  5. 2日前

    Flagship Minerals (ASX:FLG) - Gold Growth Meets Tier-1 Copper Opportunity

    Interview with Paul Lock, Chairman & MD of Flagship Minerals Our previous interview: https://www.cruxinvestor.com/posts/flagship-minerals-asxflg-fast-tracks-isidora-project-to-21m-oz-gold-milestone-10307 Recording date: 9th July 2026 Flagship Minerals has repositioned itself as a focused gold and copper explorer, combining advancement of its flagship Isidora Gold Project in Chile with the acquisition of the Whipsaw Copper Project in British Columbia. The strategic shift is reinforced by the divestment of its RK Lithium Project for US$4 million, providing non-dilutive funding while simplifying the company’s commodity exposure. At the core of Flagship’s portfolio is the 2.1 million ounce Isidora project, where recent metallurgical drilling and trenching have been completed. The company is now progressing infill and extension drilling aimed at upgrading and expanding the resource, with an updated estimate targeted for late 2026 or early 2027. Parallel workstreams—including metallurgical testing, environmental studies, and water solution assessments, are feeding into a prefeasibility study expected in early 2027. Management believes Isidora remains significantly undervalued compared to peers, attributing the gap primarily to investor concerns around potential equity dilution rather than asset quality. The newly acquired Whipsaw Copper Project introduces large-scale copper optionality in a Tier-1 jurisdiction. Located near an operating mine in British Columbia, Whipsaw hosts a substantial exploration target of up to 1.02 billion tonnes at 0.2–0.4% copper equivalent. Importantly, the deal is structured with deferred payments and no minimum exploration spend, allowing Flagship to manage capital efficiently. The company is evaluating whether to advance drilling or spin out the asset into a separate listed vehicle, offering flexibility in how value is realized. Flagship’s broader strategy reflects a shift among junior miners toward multi-asset, multi-commodity portfolios that reduce reliance on a single project. With near-term catalysts at Isidora and strategic options at Whipsaw, the company aims to deliver growth, diversification, and a clearer pathway toward development without excessive shareholder dilution. View Flagship Minerals' company profile: https://www.cruxinvestor.com/companies/flagship-minerals Sign up for Crux Investor: https://cruxinvestor.com

  6. 2日前

    Gunnison Copper (TSX:GCU) - Advances $2B Arizona Project Toward 2028 Construction Decision

    Interview with Craig Hallworth, President & CEO of Gunnison Copper Our previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxgcu-new-pea-with-18-24-month-pfs-timeline-9611 Recording date: 8th July 2026 Gunnison Copper is positioning itself as a rising U.S. copper producer under new CEO Craig Hallworth, who recently stepped up from CFO following a leadership transition. The company has rapidly advanced its operations, bringing the Johnson Camp mine in Arizona into production within 18 months and using that momentum to progress its much larger flagship Gunnison project, which could supply up to 10% of current U.S. refined copper demand. A major priority has been financial restructuring. Gunnison successfully eliminated legacy secured debt in early 2026 and settled convertible debentures at a significant discount, strengthening its balance sheet and improving investor confidence. Institutional ownership has grown substantially, reflecting increased market credibility. Operationally, Johnson Camp is already producing copper cathode using Rio Tinto’s Nuton leaching technology, with output sold domestically, including to Amazon Web Services. The project has also qualified for U.S. federal tax credits and may benefit from additional state-level incentives. The flagship Gunnison project presents compelling economics, with an estimated after-tax value of nearly $2 billion and a 22.5% internal rate of return. Despite this, the company trades at a steep discount to peers. Management attributes this gap to its earlier-stage development status and sees significant upside as permitting, drilling, and feasibility work advance. A key differentiator is Gunnison’s integrated acid plant strategy, designed to mitigate supply chain risks and reduce reliance on imported sulfuric acid. Combined with an already-permitted site and low litigation risk, this supports a streamlined development pathway. With a large-scale drilling program underway and ongoing metallurgical testing, Gunnison aims to expand its resource base and attract a strategic partner ahead of a targeted construction decision by mid-2028, aligning with growing U.S. demand for domestically sourced critical minerals. View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copper Sign up for Crux Investor: https://cruxinvestor.com

  7. 2日前

    The Brazil Premium: What Investor Need to Know about Brazil's Mining Boom

    Panel Interview withMichael Hodgson, CEO of Serabi Gold PLCAlan Carter, President & CEO of Cabral Gold Inc.Thiago Diniz, VP Exploration of ValOre Metals Recording date: 7th July 2026 Brazil is emerging as an increasingly attractive mining jurisdiction, according to executives from Serabi Gold, Cabral Gold, and ValOre Metals, who discussed the country’s regulatory environment, infrastructure, and investment climate. While Brazil’s federal mining framework is widely viewed as stable and predictable, challenges persist at the state level, particularly in newer mining regions such as Pará. There, under-resourced agencies often delay permitting, leading companies to rely on temporary “guia” licenses to maintain project timelines. Despite these bottlenecks, investor sentiment toward Brazil has improved significantly. What was once considered a “Brazil discount” in mining valuations has, according to industry leaders, shifted to a “Brazil premium.” This change is driven by strong gold prices, increased participation from major global miners such as Vale, BHP, and Anglo American, and growing access to both institutional and retail capital. Brazil’s mining sector also plays a major economic role, contributing billions in revenue and exports. Infrastructure development has further strengthened the investment case. In the Tapajós region, new highways have reduced costs, connected mine sites, and improved community relations by generating local economic benefits. However, success in Brazil depends heavily on early and sustained engagement with state regulators and local stakeholders, as these relationships often determine permitting outcomes more than federal involvement. Operationally, companies report a generally capable domestic workforce, though specialized skills and imported equipment can present constraints. Meanwhile, Brazil’s geological potential remains underexplored, with only about 30% of the country mapped in detail. Looking ahead, Serabi aims to double gold production, Cabral is advancing toward first production in 2026 with active drilling, and ValOre is progressing toward a preliminary economic assessment while pursuing acquisitions. Overall, Brazil is increasingly viewed as a competitive and promising destination for mining investment. Sign up for Crux Investor: https://cruxinvestor.com

  8. 5日前

    Mont Royal Resources (ASX:MRZ) - Ashram Rare Earths Project PEA Delivers C$2B NPV, 22% Post-Tax IRR

    Interview with Nicholas Holthouse, MD of Mont Royal Resources Our previous interview: https://www.cruxinvestor.com/posts/mont-royal-resources-asxmrz-ashram-pea-nears-as-capex-slashed-50-and-fluorspar-upside-emerges-10160 Recording date: 8th July 2026 Mont Royal Resources Limited (ASX:MRZ, TSXV:MRZL) has used the past month to substantiate its case as a scale rare earths developer positioned to help address Western critical minerals supply gaps. The centrepiece is an updated Preliminary Economic Assessment for the company's 100%-owned Ashram Rare Earths and Fluorspar Project in Nunavik, Québec, released and followed by the formal NI 43-101 Technical Report required under Canadian disclosure rules. The updated PEA confirms Ashram as a 30-year, large-scale development. On a post-tax basis, the project delivers an NPV8 of C$2.03 billion, an IRR of 22.0%, and payback of 3.9 years from the start of production; pre-tax figures are stronger, at C$3.44 billion NPV8 and 25.6% IRR. Life-of-mine revenue is forecast at C$24.6 billion, with EBITDA of C$15.5 billion (a 62.7% margin), driven by average annual production of approximately 17,466 tonnes of saleable rare earth oxide, including roughly 4,035 tonnes of NdPr oxide. Initial capital expenditure is estimated at C$1.23 billion, including a 30% contingency, with the Company also anticipating C$342 million in refundable Clean Technology Manufacturing tax credits. The updated Mineral Resource Estimate totals 204.3Mt (73.2Mt Indicated at 1.89% TREO and 131.1Mt Inferred at 1.91% TREO), with the mine plan drawing on only around 25% of that base over its 30-year life leaving room for future expansion, including the currently excluded BD-Zone. NdPr, the primary magnet metal pairing, represents approximately 21% of the resource's total rare earth oxide content, a distribution that positions Ashram to supply the higher-value end of the rare earth basket into markets forecast to grow at 8-12% annually through 2050. Beyond the economic study, Mont Royal is managing two other active workstreams. First, the company acknowledged an independent, Nation-led initiative from the Naskapi Nation of Kawawachikamach to evaluate potential regional access corridor options, a process Mont Royal says it respects but does not control, running in parallel to its own engagement with Inuit, Naskapi and Innu communities on Ashram-related infrastructure. Second, the company's 75%-owned Northern Lights Minerals project is undergoing a helicopter-supported gold till-sampling survey across the Chateaufort Property, targeting ground directly along strike from Benz Mining's 1,005,000oz Eastmain gold deposit, with preliminary data expected in August 2026 and a full report in Q3. For investors, the key considerations are straightforward. On the positive side: a resource base and NdPr distribution that stack up well against global peers, PEA economics that clear the bar for progression to Pre-Feasibility Study, and access to Canadian government funding support, including the anticipated tax credit allocation. On the risk side: the PEA carries a ±50% accuracy range typical of scoping-level studies, no off-take agreements or committed financing are yet in place against the roughly C$1.23 billion initial capital requirement, and the assumed third-party access-road cost model has not yet been formalised into an infrastructure agreement. Permitting is expected to take several years given the project's location within federally and provincially regulated territory under the James Bay and Northern Québec Agreement. The Company has targeted the second half of 2026 for the start of Pre-Feasibility Study work, alongside continued permitting, environmental baseline studies, and strategic partnership discussions as the next set of milestones to track. View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources  Sign up for Crux Investor: https://cruxinvestor.com

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番組について

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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