Company Interviews

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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. 29 MIN AGO

    West Wits Mining (ASX:WWI) - First Gold Production Achieved as South African Project Goes Live

    Interview with Rudi Deysel, Board MD & CEO OF West Wits Mining Our previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-gold-producer-doubles-npv-to-500m-with-81-irr-in-updated-dfs-7533 Recording date: 30th October 2025 West Wits Mining (ASX:WWI) has successfully transitioned from project developer to gold producer, achieving a significant milestone on October 14, 2025, with its first underground ore production in South Africa's renowned Witwatersrand Basin. Managing Director and CEO Rudi Deysel confirmed that following a three-month mobilization period beginning in July, the company completed its first physical blast and ore transport from the mine. The project's unique structure allows for simultaneous development and production, facilitated by previous early works that established an operational footprint. "We actually produced our first ore around the 14th of October. So that was the first physical blast and first transport of ore out of the mine," Deysel stated. Stockpiles are being transported to Sibanye Stillwater's Ezulwini processing plant under tolling arrangements, enabling the company to generate revenue while advancing development. Early results have exceeded expectations, with production tracking marginally above resource model forecasts. Ground conditions have proven excellent, with fresh rock and strong stability allowing rapid advancement of the one-east and one-west temporary declines. Drilling and blasting cycle times are completing within single shifts, with the operation progressing toward multi-blast approvals that could double production capacity at working faces. West Wits has implemented modern hydropower technology over traditional compressed air systems common in older South African mines, delivering significant power savings by eliminating compression losses and leakage issues. The company has also deployed digital infrastructure including volume scanning, electronic sampling systems, and real-time vibration monitoring. The project remains fully funded through to steady-state production of 70,000 ounces annually, with an eight-to-nine-month payback period at current gold prices. Management maintains a disciplined focus on establishing sustainable mining practices and quality standards during this critical ramp-up phase, while pursuing a longer-term growth target of 200,000 ounces per annum within three years. "Once you prove yourself as a good operator and you deliver what you promised then you really get financial partners that support you," Deysel emphasized. View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-mining Sign up for Crux Investor: https://cruxinvestor.com

    31 min

  2. 1 HR AGO

    DRDGOLD (NYSE:DRD) - Moving Towards 200,000 oz Gold Production From Tailings

    Interview with Niël Pretorius, CEO of DRDGOLD Ltd. Our previous interview: https://www.cruxinvestor.com/posts/gold-strategic-vision-vs-market-hype-how-mining-leaders-navigate-cycles-7468 Recording date: 29th October 2025 DRDGOLD represents an unusual opportunity in the gold sector—a company that has paid dividends for 18 consecutive years without interruption, maintained a debt-free balance sheet through multiple commodity cycles, and is currently funding a transformative expansion entirely from operating cash flows. For investors seeking gold exposure through operational discipline rather than exploration speculation, DRDGOLD's business model warrants serious attention. The Johannesburg-based company, listed on both the JSE and NYSE with a market capitalization exceeding $2 billion, operates a distinctive business extracting gold from mine tailings—the waste material from historical mining operations. Current production runs between 100,000-155,000 ounces annually from two main operations: Ergo and Far West Gold. Success in this business depends entirely on processing massive volumes at the lowest possible cost, requiring relentless operational efficiency. CEO Niël Pretorius emphasizes a critical operational philosophy: "We don't gauge our efficiency on the basis of dollar per ounce. We gauge our efficiency on the basis of rand per ton." This focus on unit costs per ton processed rather than per ounce produced enables profitable operations across wider gold price ranges. As head grades inevitably decline when mining tailings, controlling costs per ton processed becomes the only sustainable path forward. Strategic investments in renewable energy—including a solar farm and battery storage at Ergo—have reduced power costs by 9-15 rand per ton, demonstrating management's commitment to continuous efficiency gains. DRDGOLD is currently executing Vision 2028, its most significant capital investment program. The initiative includes three major projects: extending Ergo operations with new infrastructure including the Withok tailings facility, expanding the DP2 plant to double processing capacity to 1.2 million tons monthly, and constructing an 800-hectare Regional Tailings Storage Facility—one of the largest in South Africa—capable of holding more than 800 million tons of mine residue. These projects will establish infrastructure for processing 3 million tons monthly and increase production to approximately 200,000 ounces annually by 2028-2029. The financial execution is particularly impressive. Vision 2028 requires $100-120 million in annual capital expenditure, dramatically higher than the company's typical sustaining capital of approximately 5% of cash operating costs. When designed, management anticipated requiring debt financing during peak capital periods. However, the gold price rally enabled funding the entire program from cash flows while maintaining the debt-free balance sheet and even doubling recent dividend payments. Upon completion, sustaining capital requirements will return to historical levels, substantially improving free cash flow generation. Beyond current operations, DRDGOLD is positioning for two growth opportunities: regional consolidation of nearby tailings operations leveraging existing infrastructure, and environmental restoration services for global mining companies. The restoration concept involves reprocessing mine tailings and depositing material into exhausted open pits, addressing the industry's escalating mine closure challenge while potentially generating economic returns. Management is actively engaging with operators of mature open-pit projects worldwide. Pretorius articulated the company's value proposition candidly: "Our value proposition is one of asset optimization. So we have a very large asset base. We can process at a particular rate, and our efforts are towards putting in the infrastructure to do that for as long as we possibly can and not leaving any value behind." This embedded resilience—prioritizing stability and longevity over speculative growth—has enabled uninterrupted dividend payments through commodity cycles and positions DRDGOLD as a disciplined, operationally focused investment in the gold sector. For investors seeking gold exposure through proven management, operational excellence, production growth, and financial discipline without exploration risk or acquisition-driven volatility, DRDGOLD presents a compelling case built on 18 years of demonstrated resilience. View DRDGOLD's company profile: https://www.cruxinvestor.com/companies/drdgold-limited Sign up for Crux Investor: https://cruxinvestor.com

    33 min

  3. 1 HR AGO

    Minnova Corp (TSXV:MCI) Infrastructure Advantage Towards 2027 Production with 300% Value Increase

    Interview with Gord Glenn, President & CEO of Minnova Corp. Our previous interview: https://www.cruxinvestor.com/posts/minnova-mci-planning-price-pace-potential-partners-1103 Recording date: 28th October 2025 Minnova Corp (TSXV:MCI) presents a distinctive investment opportunity in the junior gold development space, combining near-term production potential with substantial infrastructure advantages and exceptional leverage to elevated gold prices. The company is advancing the past-producing PL Gold Mine in northern Manitoba toward production by late 2027 or early 2028, following a strategic pivot from underground to open-pit mining that transforms the project's risk-return profile. The company's most significant competitive advantage lies in its existing infrastructure. An on-site 1,000-ton-per-day mill remains in serviceable condition, requiring only $15-20 million in refurbishment versus the $100+ million that peer companies must invest to build new processing facilities. Combined with owned power lines connected to Manitoba's hydroelectric grid and major permits still in place from the 1980s operation, Minnova effectively enjoys a $50-75 million head start over grassroots developments. The mill's location just 200-300 meters from the planned open pit eliminates the substantial haulage costs and logistical complexity that burden many competing projects. The transformation in gold prices has fundamentally altered project economics. Minnova's 2017 feasibility study, prepared when gold traded at $1,250 per ounce, contemplated an 800-ton-per-day underground operation producing 46,000 ounces annually. While technically viable, the project struggled to attract financing. With gold now above $4,000 per ounce, the company has shifted to an open-pit strategy that can utilize the mill's full 1,000-ton-per-day capacity from day one. The 2017 underground scenario showed a 300% after-tax internal rate of return at $2,500 gold; the lower-cost open-pit approach should deliver even stronger metrics. The technical program supporting this strategy has progressed rapidly. Minnova engaged A&B Global Mining, a South African engineering firm with extensive open-pit and narrow-vein experience, to develop preliminary pit designs and engineering studies. Current drilling, initiated in September 2025, has intersected visible gold in mineralized structures outside the existing resource estimate, while infill drilling aims to upgrade resource confidence levels. The company targets Q1 2026 for its preliminary economic assessment and updated mineral resource estimate, followed by an updated feasibility study in Q3 2026. The financing environment has shown early signs of validation. In summer 2025, Minnova attracted its first Australian institutional shareholder, along with new interest from European and US investors—a geographic diversification that signals the investment thesis is resonating beyond traditional Canadian junior mining circles. Open-pit development specifically appeals to project financiers, offering lower operating costs, reduced technical risk, and shorter development timelines compared to underground operations. For investors, Minnova occupies an interesting position on the risk spectrum—beyond grassroots exploration but before established production. The 24-30 month timeline to cash flow generation, existing infrastructure, and advanced permitting status reduce several categories of development risk that plague many junior mining projects. The company expects annual production of 40,000-50,000 ounces at full throughput, with significant resource expansion potential demonstrated through recent drilling results. Key near-term catalysts include assay results from the current drill program, the Q1 2026 PEA release, and the Q3 2026 feasibility study—each representing inflection points where investors can evaluate whether preliminary economic expectations are validated by detailed engineering and costing. The combination of infrastructure advantages, gold price leverage, and near-term production timeline creates a differentiated opportunity for investors seeking exposure to elevated gold prices through an advanced development project with reduced capital intensity. View Minnova's company profile: https://www.cruxinvestor.com/companies/minnova-corp Sign up for Crux Investor: https://cruxinvestor.com

    28 min

  4. 2 DAYS AGO

    Mont Royal Resources (ASX:MRZ) - Ashram Acquisition Drives November 2025 ASX Re-admission

    Interview with Nicholas Holthouse, MD & CEO, and Peter Ruse, Head of Corporate Development, Mont Royal Resources Recording date: 21st October 2025 Mont Royal Resources (ASX:MRZ) is preparing to list on the Australian Securities Exchange on 5th November 2025, following its merger with Commerce Resources. The combined entity brings together North America's largest undeveloped rare earth deposit - the Ashram project in Quebec, Canada—with experienced management and a clear development strategy aimed at capitalizing on unprecedented Western government support for critical minerals. The Ashram deposit contains nearly 200 million tons of resource grading approximately 2% total rare earth oxide (TREO), supported by over 30,000 meters of drilling. What distinguishes the project is its exceptional metallurgical characteristics, with CEO Nicholas Holthouse noting the asset produces concentrates of 35-37% through strong flotation kinetics, a critical factor where many rare earth projects fail to deliver despite promising headline numbers. Holthouse, who brings eight years of rare earth sector experience including roles at Hastings Technology Metals and Meteoric Resources, will relocate to Montreal to oversee development. This on-site leadership approach mirrors the successful strategy employed by Michael O'Keefe at Champion Iron, also operating in Quebec. The company plans to scale operations to 1.2 million tons per year throughput, producing approximately 2,800-3,000 tons of NdPr annually, a "bite-sized chunk" attractive to separators while maintaining scalability for future expansion. The project also contains valuable fluorspar mineralization, contributing 10-15% of projected value and addressing North American supply shortages. The merged entity will comprise approximately 190 million shares at 20 cents per share with $10 million cash, creating an enterprise value of $25 million - compelling value for a resource of this scale. Near-term focus centers on securing government support for road infrastructure connecting the remote deposit to markets, leveraging Canada's recent commitment to allocate 1.5% of GDP specifically to critical mineral projects and associated infrastructure. View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources Sign up for Crux Investor: https://cruxinvestor.com

    28 min

  5. 3 DAYS AGO

    Lafleur Minerals (CSE:LFLR) - From PEA to Production: A 12-Month Gold Timeline

    Interview with Paul Ténière, CEO, Lafleur Minerals Our previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cselflr-swanson-expansion-targets-500k1m-oz-resource-in-quebec-gold-camp-8112 Recording date: 28th October 2025 Lafleur Minerals is positioning itself for gold production within 12 months through the strategic integration of its Swanson deposit with the fully-owned Beacon Gold Mill in Quebec. CEO Paul Ténière outlined the company's comprehensive development plan during a detailed discussion, emphasizing how existing infrastructure and historical data are being leveraged to accelerate the path to production. The company is targeting completion of a preliminary economic assessment by December 2025, though Ténière noted the study approaches prefeasibility-level detail despite its PEA classification for regulatory purposes. "It's kind of misleading in a way to call it a PEA. We're calling it a PEA level only because really we're moving into a PFS level," he explained. The scope includes comprehensive work by ERM consultants covering pit design, metallurgical testing, ore sorting evaluation through SRC in Saskatchewan, and a mineral resource update incorporating twin holes at Swanson. The Beacon Gold Mill, which operated until 18 months ago under previous ownership by Monarch Mining, provides Lafleur with detailed operating cost data rarely available to development-stage companies. A dedicated team of engineers is already mobilized at the site, with initial maintenance and repairs estimated at $2-6 million. The restart strategy includes processing 5,000 tons of existing stockpile to validate equipment performance before Swanson material arrives in early 2026. Swanson's location on an existing mining lease 45-50 kilometers from Beacon significantly streamlines the permitting pathway. The company needs only to submit an updated mine plan and environmental closure plan to Quebec authorities, a process Ténière indicated "can be done in a matter of months" rather than years. The initial development phase envisions an 80,000-100,000 ton bulk sample that represents the first phase of mining, serving to validate metallurgical projections while generating early cash flow. Beyond the initial open-pit scenario, Lafleur has identified multiple expansion pathways including underground resources at Swanson showing higher grades at depth, potential mill expansion to 3,000 tons per day, and custom milling opportunities for regional deposits. Learn more: https://www.cruxinvestor.com/companies/lafleur-minerals Sign up for Crux Investor: https://cruxinvestor.com

    26 min

  6. 4 DAYS AGO

    Precious Metals Rally Still in Early Innings Despite Gold Hitting New Highs

    Interview with Michael Gentile, Investor Recording date: 6th October 2025 Michael Gentile, a strategic investor with 25 years of institutional money management experience, is conducting a five-city European roadshow featuring six of his largest portfolio investments. The tour through London, Paris, Geneva, Zurich, and Frankfurt comes at a pivotal moment—gold prices are reaching new highs while institutional appetite for precious metals equities returns after years of dormancy. Gentile's investment approach centers on contrarian positioning in the junior mining sector. His gold thesis, established during the 2018 downturn, was built on concerns about unsustainable government debt levels, excessive spending, and questionable monetary policy. While these fundamental concerns have intensified over seven years, market recognition has lagged dramatically as investors remained captivated by extraordinary returns in technology and artificial intelligence sectors. The investor manages a portfolio of 25-30 junior mining companies, typically entering positions at $5-20 million market capitalizations. His philosophy emphasizes three critical elements: significant insider ownership to align management with shareholders, disciplined capital allocation that avoids excessive dilution, and strategic acquisitions during downturns rather than expensive drilling programs when capital is scarce. What makes the current environment particularly compelling is the fundamental shift in gold demand. Central banks have been the primary driver of gold prices since 2019, acting as price-agnostic buyers targeting specific allocation percentages. Now, institutional investors and family offices are beginning their first meaningful allocations to precious metals—a sector representing just 0.5% of global investor capital despite its growing monetary importance. Gentile notes that mining companies are already highly profitable at current gold prices, eliminating the need for further appreciation to justify equity valuations. Despite recent strength, the sector shows none of the typical exuberance that characterizes late-cycle peaks, suggesting the rally remains in its early innings with substantial room for growth. Sign up for Crux Investor: https://cruxinvestor.com

    24 min

  7. 5 DAYS AGO

    Perseus Mining (ASX:PRU)- African Gold Growth With $837M Cash & Production Ramp

    Interview with Craig Jones, Managing Director & CEO of Perseus Mining Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-record-financial-results-capital-returns-7829 Recording date: 27th October 2025 Perseus Mining has embarked on a new leadership chapter with Craig Jones assuming the managing director and CEO role, bringing 15 years of operational and capital project expertise from Newcrest Mining to guide the African-focused gold producer through an ambitious expansion phase. Jones outlined a strategy centered on operational continuity rather than radical change. The focus remains squarely on delivering Perseus's five-year growth plan, which encompasses three key pillars: maintaining performance across existing operations, ramping up the Nyanzaga project in Tanzania by March quarter 2027, and developing CMA Underground as the company's first underground mine. The September quarter results underscored the operational foundation supporting this growth agenda. Perseus produced just under 100,000 ounces at an all-in sustaining cost of $1,463 per ounce, generating $161 million in operating cash flow while maintaining an industry-leading safety record with a 6.0 total reportable injury frequency rate. The company ended the quarter with net cash and bullion of $837 million. This robust balance sheet positions Perseus to fund more than $800 million in planned capital expenditure over five years without requiring debt financing, while simultaneously supporting a $100 million share buyback program. "We can fund all of our aspirations through the cash that we have on the balance sheet," Jones stated. All three operating mines - Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana are transitioning to higher-grade ore sources that should lift production in coming quarters. Meanwhile, the Nyanzaga project is tracking on schedule and budget with over 1,000 workers on site, mill fabrication ahead of schedule, and promising exploration results suggesting a potential reserve update later this year. Jones emphasized Perseus's commitment to its African focus, noting that any acquisitions outside the region would require compelling strategic rationale. "You have to stick to your knitting," he explained, highlighting the company's expertise in building and operating mines across West Africa as its core competitive advantage in creating shareholder value. View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-mining Sign up for Crux Investor: https://cruxinvestor.com

    27 min

  8. 5 DAYS AGO

    Po Valley Energy (ASX:PVE) – Cash-Flowing Italian Gas Producer Eyes 4–5x Growth

    Interview with Kevin Bailey, Executive Chairman & CEO of Po Valley Energy Recording date: 27th October 2025 Po Valley Energy, a $60 million Australian-listed natural gas producer operating in northern Italy's Po Valley basin, represents a compelling investment case built on immediate cash generation, visible production growth, and alignment with Europe's energy security priorities. With a single well currently producing and plans to drill multiple additional wells over the next two years, the company offers exposure to premium European gas pricing in a geopolitically strategic market. The company's sole producing asset, the Podere Maiar well in the Selva Malvezzi concession, has delivered consistent performance since commencing production in 2022, flowing 79,000-80,000 standard cubic meters per day and generating approximately $10,000 AUD in daily revenue. Operating at 60% free cash flow margins with minimal overhead costs of just $2 million AUD annually, Po Valley maintains a debt-free balance sheet with $15 million AUD cash on hand. Russia's invasion of Ukraine in February 2022 fundamentally transformed Po Valley's economics and strategic positioning. Gas prices, which historically traded at €0.20 per standard cubic meter, now rarely fall below €0.30 and frequently trade at €0.50 or higher. The Italian government, having reduced domestic production from 40% to just 8% while becoming dependent on Russian imports, is now actively encouraging producers to accelerate development and restore indigenous supply. Po Valley plans to drill 4-5 additional wells over the next two to three years, targeting known anticlines that ENI identified during exploration campaigns in the 1950s-1970s but did not fully develop. The company estimates this program will cost €35-40 million, of which its 63% operated interest represents approximately €22-25 million. With current cash reserves and ongoing production expected to fund 60%+ of requirements internally, Po Valley anticipates needing only modest debt financing or a small equity raising to complete the program. Once new wells are connected, production is expected to increase 3-4x to over 300,000 scm/day. Chairman and CEO Kevin Bailey, who owns 25% of the company through open market purchases, has emphasized Po Valley's focus on shareholder returns rather than empire building. Management intends to return capital via dividends or buybacks once the drilling campaign is complete, with no interest in acquisitions or expansion beyond core assets. Beyond its producing concession, Po Valley owns the offshore Teodorico asset containing approximately 37 billion cubic feet of 2P gas reserves, valued at $40-50 million AUD in 2022 - nearly equal to the company's current market capitalization. While not planning independent development, management will derisk this asset for potential sale to larger European operators. View Po Valley Energy's company profile: https://www.cruxinvestor.com/companies/po-valley-energy-limited Sign up for Crux Investor: https://cruxinvestor.com

    39 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 - 2025
  • Episodes
    2K
  • Rating
    Clean
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    © Copyright 2021 All rights reserved.
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