Company Interviews

Crux Investor
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Company Interviews

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. 22 HR. AGO

    US Resource Equities Poised to Rally on Permitting Changes and Project Pipelines

    Previous episode: https://www.cruxinvestor.com/posts/mining-sector-ma-activities-production-centers-evolves-opportunities-6039 Recording date: 18th November 2024 The 2024 U.S. election results are poised to have a significant impact on the mining sector, as a Republican sweep led by the re-election of Donald Trump ushers in a period of potentially pro-growth, pro-development policies. In this edition of The Compass podcast, Olive Resource Capital's Executive Chairman Derek McPherson and President and CEO Samuel Pelaez share their insights on the implications for investors in resource equities. While overall market sentiment has deteriorated in recent weeks, gold, silver and copper prices have remained remarkably resilient, even in the face of a surging U.S. dollar. This suggests the underlying fundamentals for these commodities remain constructive, despite the challenging economic backdrop. Under a second Trump administration, McPherson and Pelaez anticipate a continuation of the tax cuts, deregulation and deficit spending that characterized the president's first term in office. While they caution that the ultimate economic impacts remain uncertain, particularly around the inflationary effects of potential tariffs and a wider deficit, the mining industry could be a clear beneficiary. In particular, the hosts expect the permitting process for U.S. mining projects to be streamlined, either through executive orders or by ceding more authority to state and local governments. This could be a game-changer for projects located in traditional mining jurisdictions like Arizona, Alaska and Nevada, where complex and lengthy permitting requirements have been a key obstacle to development. For investors, the current tax loss selling season may offer attractive entry points to gain exposure to these themes. As investors sell underperforming positions to offset gains elsewhere in their portfolios, junior mining stocks often experience sharp, indiscriminate declines in November and December before recovering in the new year. Several U.S.-focused developers and explorers were highlighted that they believe are well-positioned to benefit from the expected policy tailwinds, including Arizona Sonoran Copper (ASCU), AngloGold Ashanti (AU), Troilus Gold (TLG), and Silver47 (AGA). They also see the potential for increased M&A activity as larger producers look to take advantage of the improved operating environment to boost their project pipelines and growth through acquisitions. While acknowledging the risks and uncertainties inherent in the space, the hosts make a compelling case for the role of gold, silver and copper in a diversified investment portfolio. With valuations at attractive levels and the potential for meaningfully enhanced economics under a more supportive regulatory regime, U.S. mining equities could offer significant upside for patient, long-term investors. Learn more: https://cruxinvestor.com Sign up for Crux Investor: https://cruxinvestor.com

    40 min

  2. 2 DAYS AGO

    American Eagle Gold (TSXV:AE) - $29 Million Major Funding for Multi-Billion Ton Copper-Gold in BC

    Interview with Anthony Moreau, CEO of American Eagle Gold Our previous interview: https://www.cruxinvestor.com/posts/american-eagle-gold-tsxvae-massive-copper-grades-over-huge-widths-4841 Recording date: 14th November 2024 American Eagle Gold offers investors an attractive speculation on the emerging gold-copper discovery in mining-friendly British Columbia. The company's flagship, NAK Copper-Gold project, has already delivered impressive drill results that point to multi-billion ton potential, attracting major investments from two leading mining companies. In a strong show of confidence, major miners Tech and South32 have taken substantial equity positions in American Eagle, validating the project's potential. South32 made a game-changing $29 million investment with no warrants after visually inspecting drill core. As CEO Anthony Moreau explained, "A $29 million investment on equity with no warrants is significant and it completely de-risks us." Armed with nearly $40 million on hand, American Eagle now has a three-year runway to aggressively drill and expand the deposit. To date, only about 20% of the prospective area has been explored, leaving substantial room for growth. "I think we have the potential to have another 10x on us," stated Moreau, who believes the company is on track to reach a billion dollar valuation. The NAK deposit has a unique characteristic - in the north, the mineralization is more copper-rich with a 70-30 copper to gold ratio, while in the south it transitions to a more gold-rich. This provides AE with exposure to two metals with compelling supply-demand fundamentals. Copper is a critical metal for the global energy transition and faces a looming supply deficit, while gold stands to benefit from a rising tide of inflation concerns and geopolitical risks. As Moreau quipped, "Gold companies want copper now. It's not a competition." American Eagle has already delivered a 30x return for investors over the past two years, and a tightly held share structure provides confidence for further gains. With about 60-63% of shares owned by insiders and the two major mining investors, only about 37% of shares are in retail hands. The company is now focused on stepping out aggressively with the drill bit to further expand the resource. "For any retail that comes out, the more we de-risk ourselves and the higher valuation we get, now these banks and these funds can start coming in," explained Moreau. "We've seen that recently - I saw a lot of funds come in." For investors seeking outsized returns in the junior mining space, American Eagle Gold provides an attractive combination of geologic potential, major miner backing, and a proven management team focused on marketing and growth. With drills turning to further prove out a globally significant resource, AEG is well positioned to continue rewarding shareholders. Watch this rising copper-gold story closely. View American Eagle Gold's company profile: https://www.cruxinvestor.com/companies/american-eagle-gold Sign up for Crux Investor: https://cruxinvestor.com

    22 min

  3. 2 DAYS AGO

    ATEX Resources (TSXV:ATX) - Slated Growth with New Strategic Major Investment on Large Copper Asset

    Interview with Ben Pullinger, President & CEO of ATEX Resources Inc. Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-advancing-large-scale-copper-gold-project-in-chiles-atacama-desert-5956 Recording date: 15th November 2024 ATEX Resources, a copper exploration company with projects in Chile, is well-positioned for significant growth and value creation following a strategic investment from major global miner Agnico Eagle. Agnico has acquired a 13% stake in ATEX with an option to increase its ownership to 20%, providing a strong endorsement of ATEX's projects, team and long-term potential. ATEX's flagship asset is the Valeriano copper-gold project, which CEO Ben Pullinger, believes could host over 10 million ounces of gold in addition to its large copper resource. With Agnico's backing, ATEX now has the financial strength to aggressively advance Valeriano through expanded drilling and technical studies. The company is currently operating two drill rigs and aims to have five turning by year-end as it works to deliver an updated resource estimate in mid-2025. Recent drilling has returned some of the highest-grade intercepts to date at Valeriano, including 112m at 1.5% CuEq, demonstrating the potential for higher-grade zones within the deposit. ATEX is also conducting a metallurgical testwork program that will provide valuable data for project optimization and economic studies. Agnico's involvement brings significant technical expertise to the project. As one of the world's top underground miners, Agnico can provide valuable input to guide exploration, resource delineation, and mine planning as Valeriano advances. This partnership aligns with Agnico's strategy of investing in established mining camps with potential for major, long-life assets - criteria that Valeriano clearly meets. For ATEX shareholders, the Agnico investment is a major de-risking event that validates the company's assets and strategy. It alleviates funding pressure and allows ATEX to think long-term, optimizing project development rather than rushing studies. Importantly, it demonstrates that ATEX is graduating from a pure exploration story to a company with world-class partners and resources. While already commanding a C$300 million valuation, CEO Pullinger sees potential for ATEX to reach a billion dollar market cap as it continues to de-risk and expand Valeriano. The company is now on the radar of larger institutional investors and is seeing strong interest in the UK and Europe as well as North America. With a tight global pipeline of copper development projects, ATEX represents a unique investment opportunity in a critical metal. Copper market fundamentals remain highly attractive, and as Valeriano advances it is positioned to be a strategically important asset that could help meet the world's long-term copper needs. Through its partnership with Agnico and continued exploration success, ATEX is entering an exciting new chapter in its evolution. As the company delivers on its ambitious goals, it offers significant upside potential for investors who recognize the value of its assets, team and world-class partners. View ATEX Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-inc Sign up for Crux Investor: https://cruxinvestor.com

    12 min

  4. 3 DAYS AGO

    West Red Lake Gold Mines (TSXV:WRLG) - Upcoming PFS for Near-Term Gold Production on Madsen Mine

    Interview with Shane Williams, President & CEO of West Red Lake Gold Mines Our previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsxvwrlg-poised-for-success-in-restarting-historic-madsen-mine-6164 Recording date: 15th November 2024 West Red Lake Gold Mines (TSXV:WRLG) is on the cusp of revitalizing the historic Madsen gold mine in the renowned Red Lake mining district of Ontario. Under the stewardship of a new management team, the company has dedicated the past 18 months to systematically de-risking the project, setting the stage for a potential resumption of production in late 2025. Central to WRLG's efforts has been a focus on validating the geological understanding of the deposit and the integrity of the resource base. The company has undertaken an extensive 50,000m underground drilling campaign to augment the existing data set. Crucially, WRLG engaged three independent groups to review the data and construct their own resource models. The results align closely with WRLG's internal estimates, providing a strong third-party endorsement of the company's methodology and conclusions. With a firm geological foundation established, WRLG has shifted its attention to the operational preparations required to bring the Madsen mine back online. The recent arrival of key infrastructure components, such as the crusher and camp, mark tangible progress on this front. The company has also successfully scaled its on-site workforce to 150, with plans to reach 200-250 in the coming months. Importantly, WRLG has been able to draw heavily from the experienced local labor pool in the Red Lake area, underscoring the project's advantageous location. Looking ahead, two key milestones are expected to further solidify the Madsen project's trajectory. By early December, WRLG anticipates completing a pre-feasibility study (PFS) centered on an 800-1000 tons/day operating scenario. Management has emphasized the importance of focusing the study on a "base case" that demonstrates the economics of restarting the mine based solely on the Madsen resource. While exploration upside certainly exists, the PFS is intended to present a conservative, achievable starting point for the operation. Concurrent with the PFS, WRLG is conducting a test mining program to reconcile actual results with the resource model. This will provide a final level of confirmation as the company prepares to make a production decision.  For investors, the coming months are likely to be transformative for the Madsen project and, by extension, WRLG. The delivery of the PFS should provide the first detailed look at the anticipated economics of the re-started operation. The test mining results will offer another key data point in evaluating the risk profile of the asset ahead of a full production decision.  While not without risks, the Madsen project benefits from extensive existing infrastructure, a strategic location, and a management team that has demonstrated a methodical, disciplined approach to resource development. As WRLG transitions from explorer to producer, the value proposition for investors is poised for a potential re-rating, making the story one to watch closely in the junior gold space. View West Red Lake Gold Mines' company profile: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-inc Sign up for Crux Investor: https://cruxinvestor.com

    20 min

  5. 3 DAYS AGO

    IsoEnergy (TSX:ISO) - US Expansion and Advancing High-Grade Uranium Assets on Growing Global Demand

    Interview with Marty Tunney, COO of IsoEnergy Ltd. Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-anfield-energy-acquisition-positions-for-uranium-market-resurgence-6054 Recording date: 14th November 2024 Iso Energy (TS:ISO) is a uranium exploration and development company well-positioned to capitalize on the growing global demand for clean, carbon-free energy. With a portfolio of high-grade assets in premier mining jurisdictions including Canada, the United States, and Australia, IsoEnergy offers investors a compelling opportunity to gain exposure to the uranium sector. The company's flagship asset is the high-grade Hurricane uranium deposit located in Canada's renowned Athabasca Basin. Hurricane boasts the highest grade uranium resource globally, with the potential to support a low-cost mining operation. IsoEnergy is actively advancing Hurricane with ongoing exploration and development work. IsoEnergy recently made a transformative acquisition, buying Anfield Energy and its US uranium assets. The deal includes the past-producing Tony M Mine and the Shootaring Canyon Mill in Utah. IsoEnergy is working to refurbish the Tony M Mine, which has been on standby since the 1980s, to bring it back into production. The Shootaring Canyon Mill could provide Iso Energy with a centralized processing facility for its US projects, but requires additional studies and permitting to increase its throughput capacity and production levels. The acquisition of Anfield Energy provides IsoEnergy with a pathway to near-term production in the US and a foothold in a jurisdiction with a supportive stance towards uranium mining. Management is optimistic about the potential to bring the Tony M Mine back into production and is working to advance the project through permitting. Importantly, the political environment for nuclear energy is improving in the United States. The Biden administration has signaled its support for expanding nuclear power capacity as part of its clean energy agenda. Meanwhile, presidential election winner Donald Trump has also adopted a pro-nuclear stance. This bipartisan support bodes well for the domestic uranium industry. The company has a strong balance sheet and no debts as of its most recent financial reporting. To enhance its capital markets profile and access a deeper pool of institutional investors, IsoEnergy is considering a potential stock listing in the United States. A US listing could help the company achieve a valuation more in line with its uranium peers and provide additional liquidity for its shares. The outlook for the uranium market is improving as countries prioritize carbon-free energy solutions to combat climate change. Demand for uranium is expected to grow in the coming years as new nuclear reactors come online and existing plants extend their operating lives. At the same time, uranium supply remains constrained following years of low prices that led to mine curtailments and project deferrals. This supply-demand imbalance could lead to higher uranium prices, benefiting producers like IsoEnergy. In conclusion, IsoEnergy offers investors a compelling opportunity to gain exposure to the uranium sector. The company's high-grade resources, experienced management team, and exposure to supportive jurisdictions like the US and Canada position it well for growth. With multiple potential catalysts on the horizon, including a potential US listing and the advancement of its Tony M Mine, IsoEnergy is a uranium explorer to watch. View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergy Sign up for Crux Investor: https://cruxinvestor.com

    25 min

  6. 3 DAYS AGO

    Pan Global Resources (TSXV:PGZ) - Copper Draws European Investment Backing

    Interview with Tim Moody, President & CEO of Pan Global Resources Inc. Our previous interview: Recording date: 15th November 2024Pan Global Resources: Advanced Copper Exploration in Europe's Strategic Mining District Pan Global Resources, led by CEO Tim Moody, has established itself as one of the few copper-focused exploration companies in Europe, advancing a significant discovery that could play a crucial role in meeting Europe's growing copper demand. The company recently demonstrated strong market confidence by raising $7.2 million, substantially exceeding its initial $3 million target, with 80% of funding coming from European investors including a prominent resource fund. The company's flagship La Romana deposit, supported by 180 drill holes, forms the foundation of their copper portfolio. Management has outlined an ambitious vision to develop up to 100 million tons of economically viable mineralization across multiple deposits, following the successful model of regional operations like Neves Corvo. Their property hosts approximately 15 drill-ready targets, with the Bravo target, located just 1 kilometer from La Romana, prioritized for near-term drilling. What sets Pan Global apart from typical junior explorers is their strategic location and professional approach to development. The project's proximity to major producers like Sandfire MATSA and First Quantum's Las Cruces operation creates multiple development pathways, including potential toll processing arrangements that could significantly reduce capital requirements. The company has also completed advanced metallurgical studies for both copper and tin recovery, already at pre-feasibility study quality, demonstrating early technical de-risking. The management team brings substantial expertise, including mine builders and M&A experts on the board, three mining engineers in operations, and a general manager with Rio Tinto experience spanning from resource development through mine closure. This technical depth is unusual for a company at this stage and positions them well for various development scenarios. Looking ahead, Pan Global has outlined several near-term priorities:Continuing resource delineation at La RomanaInitial drilling at the Bravo target, with 3-5 holes plannedPreparation of a preliminary economic assessmentOngoing evaluation of regional targets The company's European location has gained strategic significance amid growing focus on secure critical mineral supply chains. With over 80% of recent financing coming from European investors, including strategic backing from major resource funds and Spanish mining investors, Pan Global has demonstrated strong regional support for their development strategy. The project benefits from its location in a mining-friendly district with existing infrastructure and multiple development options. Whether through potential toll processing arrangements, standalone development, or strategic partnerships, the company has created multiple pathways to value creation. Their systematic approach to project advancement, including early completion of metallurgical studies and careful target prioritization, demonstrates a professional approach to development that has attracted sophisticated investors. While early-stage exploration carries inherent risks, Pan Global's technical approach, financing success, and strategic positioning within Europe's critical minerals landscape present a compelling opportunity in the copper exploration sector. The company's ability to attract significant European investment support, combined with their systematic approach to project advancement, positions them well for continued development of their copper assets.— Learn more: https://cruxinvestor.com Sign up for Crux Investor: https://cruxinvestor.com

    20 min

  7. 5 DAYS AGO

    Canada Nickel (TSXV:CNC) - Advances $2B Crawford Project with Construction Decision Set by 2025

    Interview with Mark Selby, CEO of Canada Nickel Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-secures-billion-funding-5990 Recording date: 14th November 2024 Canada Nickel (TSXV:CNC) is rapidly advancing the Crawford project toward becoming the Western world's largest nickel sulfide operation, with recent developments substantially de-risking both the project's funding and permitting pathway. The company has secured significant funding commitments toward the $2 billion project cost, including $500 million US from Export Development Canada (EDC) and another $500 million from a leading financial institution. Additionally, the project qualifies for approximately $600 million in Canadian government tax credits related to critical minerals and carbon capture storage. CEO Mark Selby outlines that of the total $2.5 billion funding requirement ($1.5B debt, $1B equity), the company has visibility on most of the debt package, with EDC's role as lead arranger crucial in attracting other government credit agencies and commercial banks. On the equity side, after accounting for tax credits and Samsung's $100 million commitment, the company only needs to secure approximately $300 million, with discussions ongoing with battery supply chain participants and private equity groups. The project's timeline is clearly defined, with several near-term catalysts:Environmental Impact Statement filing completion within daysFederal permitting decision expected by summer/fall 2025Construction decision targeted for fall 202530-month construction period to production The project economics are compelling, with an NPV of $2.5 billion US. The company expects to retain 60-70% ownership post-funding, representing significant potential value for shareholders. Recent exploration success has enhanced the project's potential, with high-grade discoveries at Bannockburn showing 4% nickel over 4 meters and 12 meters of 1.6%. The macro environment strongly supports the project's development. Critical minerals security has become a national security priority for both the US and Europe, with strong bipartisan support in the US regardless of administration changes. As Selby notes, "Critical minerals are really a national security issue for both the US and Europe. Those of us who are going to be inside the fence are going to benefit from whatever tariffs end up being placed on Chinese production." Beyond Crawford, the company controls multiple regional targets, with several showing potential to exceed Crawford's scale. An initial resource for the Reid property, which may be larger than Crawford, is expected before year-end. The company is also developing downstream processing opportunities, recently strengthened by key appointments including Julian Ovens, former Chief of Staff to senior ministers and executive at BHP and Rio Tinto. For investors, Canada Nickel offers exposure to World's largest western nickel sulfide project, strong government support and funding commitments, clear timeline to construction decision, multiple near-term catalysts, regional exploration upside, and strategic positioning in critical minerals space. With major milestones approaching and significant funding secured, Canada Nickel appears well-positioned to advance Crawford toward production while maintaining majority ownership for shareholders. View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickel Sign up for Crux Investor: https://cruxinvestor.com

    21 min

  8. 5 DAYS AGO

    Mineros S.A (TSX:MSA) - Leading Gold Producer in Colombia with Growth Plan Towards 400,000 oz/yr

    Interview with Andres Restrepo Isaza, President & CEO of Mineros SA Our previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-unique-gold-producer-with-strong-financials-and-high-dividend-yield-5981 Recording date: 14th November 2024 Mineros SA, a Colombian gold mining company with a rich 50-year history, presents a compelling investment case for those seeking exposure to the precious metals sector. With its unique mining operations, strong financial performance, and clear growth strategy, Mineros is well-positioned to create significant shareholder value in the coming years. One of Mineros' key differentiators is its approach to mining. In Colombia, the company operates a large-scale alluvial mining operation, utilizing a fleet of dredges to extract gold from an artificial pond along a well-defined path with over a decade of drilled reserves. In Nicaragua, Mineros has organized more than 6,000 artisanal miners into cooperatives, providing ore purchasing and processing services while ensuring a strong social license to operate. Financially, Mineros is firing on all cylinders. The company is on track to generate over $200 million in 2024, with net income more than doubling compared to the previous year. Mineros boasts a strong balance sheet with nearly $60 million in cash in Q3 and a net cash position of $30 million, providing ample flexibility to fund its growth initiatives. Shareholders have also been well-rewarded, with the company consistently paying dividends for over two decades, currently yielding around 10%. Looking ahead, Mineros has a clear roadmap for growth. The company aims to expand its gold production from the current level of 200,000 ounces per year to 300,000-400,000 ounces per year in the coming years. This growth will be driven by a combination of organic projects, such as the polymetallic deposit in Nicaragua that could add 60,000-70,000 ounces of annual production, and strategic M&A. With its strong financial position, Mineros is actively evaluating potential acquisition targets and expects to have news on this front in the next six months. Underpinning Mineros' success is its unwavering commitment to environmental stewardship, community development, and local employment. The company's progressive land rehabilitation practices, community infrastructure investments, and local procurement initiatives have helped it establish a strong social license in both Colombia and Nicaragua. This not only ensures smooth operations but also provides access to new growth opportunities. In conclusion, Mineros SA presents a unique and attractive investment proposition. With its differentiated mining approach, strong financial performance, clear growth strategy, and commitment to social responsibility, the company is well-positioned to deliver significant returns for shareholders. As the gold price environment remains supportive, investors would be wise to take a closer look at this emerging mid-tier producer. View Mineros S.A. company profile: https://www.cruxinvestor.com/companies/mineros-sa Sign up for Crux Investor: https://cruxinvestor.com

    27 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 - 2024
  • Episodes
    2K
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