BusinessInvestingNewsBusiness News

Company Interviews

Crux Investor

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.

Play

Open in

35 episodes
Avg 26 min
English

Episodes 35

Newest Oldest Longest

All20 Unplayed20 In progress0 Played0

Counted on this page — what you have heard stays on this device, so it is not something the list can be paged by.

Friday · 37 min
Selkirk Copper (TSXV:SCMI) - Doubles Mineral Resource Estimate, Minto to Restart by 2028
Interview with Colin Joudrie, CEO, Selkirk Copper Our previous interview: https://www.cruxinvestor.com/posts/selkirk-copper-mines-tsxvscmi-restart-developer-targets-mid-2028-production-10866 Recording date: 26th August 2026 Selkirk Copper Mines is executing a restart of the past-producing Minto copper-gold-silver mine in Yukon, Canada, an asset that operated successfully for 16 years before its most recent operator entered bankruptcy in 2023. Rather than building a new mine, Selkirk is rehabilitating existing infrastructure - a 4,100 tonne-per-day processing plant, underground and open-pit workings, a 400-person camp, water treatment facilities and grid power - an approach management argues meaningfully compresses both the capital and time required to reach production. The exploration case has strengthened materially over the past year. A Phase 1 drill programme of 52,288 metres, completed in mid-2026, underpinned an updated Mineral Resource Estimate showing a 182% increase in Measured & Indicated copper to 940 million pounds, alongside comparable increases in gold and silver. An ongoing Phase 2 programme, targeting 50,000 metres, is now more than 90% complete and running ahead of schedule, with recent assay results including a 13.12% copper-equivalent intercept at the high-grade Minto North zone and step-out drilling that suggests further expansion potential to the south. Roughly half of the resource growth is attributed to drilling success, with the remainder reflecting updated metal price assumptions. A structural feature distinguishes Selkirk's economics from the prior operation: a gold and silver streaming agreement that previously diverted precious metals revenue to an outside party was eliminated during the bankruptcy process. CEO Colin Joudrie describes this as a rare outcome that leaves the company with full exposure to gold and silver, which together represent roughly 35% of the deposit's value. Management also plans metallurgical upgrades - adding gravity recovery circuits and a permanent crusher circuit - intended to lift precious metals recovery and reduce milling costs relative to historical performance. The near-term roadmap is defined. A Preliminary Economic Assessment, incorporating the enlarged resource base, is targeted for completion in Q3 2026 and will provide the first formal cost and production estimate under Selkirk's ownership. A Feasibility Study is expected to begin around the end of September 2026, feeding into a final investment decision targeted for mid-2027, with first production targeted for mid-2028. Restart capital costs are currently expected to be in the range of C$200 million, financing for which - alongside potential offtake and streaming arrangements - is expected to be arranged over the next 12-18 months. Joudrie situates the restart within a broader copper market thesis: negative treatment and refining charges, ageing global mine supply, and recent major operational failures elsewhere have left the market structurally short, a gap he believes new, quickly-executed supply like Minto is well positioned to help fill. Risks include permitting amendment timing, which remains outside the company's direct control, Yukon-specific cost inflation in contract mining, and the execution risk of translating a substantially larger drill database into a coherent, financeable mine plan. The PEA release stands as the clearest near-term test of whether the exploration success translates into a credible economic case. Learn more: https://www.cruxinvestor.com/companies/selkirk-copper Sign up for Crux Investor: https://cruxinvestor.com/subscribe
Thursday · 23 min
American Eagle Gold (TSXV:AE) - Strikes Kilometre-Long Copper Zone at BC's Babine Porphyry District
Interview with Anthony Moreau, CEO, American Eagle Gold Our previous interview: https://www.cruxinvestor.com/posts/american-eagle-gold-tsxvae-29-million-major-funding-for-multi-billion-ton-copper-gold-in-bc-6271 Recording date: 25th August 2026 American Eagle Gold Corp. (TSXV:AE | OTCQB:AMEGF) is advancing its 100%-owned NAK copper-gold porphyry project in British Columbia's Babine Porphyry District, and the past month has produced two of the strongest results in the company's history. NAK26-87, reported 18 August 2026, intersected 1,001 metres of 0.46% copper equivalent (CuEq) starting at surface, including 218 metres of 1.01% CuEq - a full kilometre of continuous copper-gold mineralisation and the longest intercept ever drilled at NAK. A week later, NAK26-89 returned 411 metres of 0.43% CuEq from 47 metres downhole, within a broader 880-metre interval of 0.30% CuEq, extending near-surface mineralisation roughly 250 metres east of the existing South Zone and opening a new target area along the southern margin of the Babine porphyry stock. Together, these results have grown the mapped South Zone footprint to more than 700 metres east-west by 600 metres north-south, with a high-grade core extending beyond 800 metres depth, and management believes the zone remains open in multiple directions. Three additional western step-out holes - NAK26-84, -86 and -88 - returned broad, consistent copper intercepts that extend the footprint further north and west, with positive implications for future open-pit design and strip ratio. The company is roughly a fifth of the way through an approximately 80-hole, 55,000-metre drill programme running through April 2027, with three rigs operating continuously. Management has now dedicated one rig specifically to the newly opened southern stock zone, an area it describes as among the least-tested but most prospective ground on the property, and the immediate next target is a follow-up to NAK23-09 - the 2023 "Teck Hole." American Eagle is well capitalised to execute this programme. As at July 2026, the company reported approximately $55 million in cash (with a subsequent release citing approximately $50 million), 205 million shares outstanding, and a market capitalisation of roughly $230 million at a share price of $1.12. Management states the company is funded through 2028 without need for near-term financing. Insiders and strategic shareholders control 53% of the share register, including South32 (19.9%), Teck (12.9%) and Eric Sprott (9.5%) - none of whom, according to CEO Anthony Moreau, have sold shares since investing. The investment case rests on combining a high-grade core with substantial surrounding bulk tonnage, a model management compares to Highland Valley. CEO Moreau has framed the strategy as proving NAK can become a mine within the current metal price cycle, positioning the asset for acquisition by a major producer. Road access, existing power and rail infrastructure, and a five-year Exploration Agreement with the Lake Babine Nation (signed August 2023) support a lower relative cost of capital versus more remote British Columbia projects. Key catalysts ahead include continued assay releases through April 2027 (roughly 74 of 80 planned holes remain unreported), results from the newly dedicated southern stock zone rig, ongoing metallurgical test work feeding a 2027 PEA, and a targeted maiden mineral resource estimate in 2027. The primary risk remains that NAK is still a pre-resource exploration asset: reported intercepts, while long and consistently mineralised, do not yet establish confirmed tonnage or grade, and copper equivalent figures rely on assumed metal prices and recoveries pending further metallurgical work. Learn more: https://www.cruxinvestor.com/companies/american-eagle-gold Sign up for Crux Investor: https://cruxinvestor.com/subscribe
Thursday · 29 min
Bravo Mining (TSXV:BRVO) - Luanga Advances Toward PFS With Multiple Funding Options
Interview with Luis Azevedo, Chairman and CEO, Bravo Mining Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-double-grades-and-resource-up-to-236-million-tons-in-tier-one-pgm-deposit-7934 Recording date: 25th August 2026 Bravo Mining (TSXV:BRVO, OTCQX:BRVMF) is advancing its 100%-owned Luanga PGM+Au+Ni deposit in Brazil's Carajás Mineral Province through a Pre-Feasibility Study guided for Q3 2026, while simultaneously extending two secondary discoveries — a nickel-copper sulphide system at the Babylon target and an early-stage copper-gold exploration programme — that management believes could add materially to the project's long-term optionality. The immediate news is a set of assay results from drill hole DDH26LU347 at Babylon, adjacent to Luanga's North Sector. The hole intercepted 13.4 metres at 1.55% nickel, 0.33% copper and 2.02 g/t PGM+Au (including a higher-grade 6.7-metre interval at 2.25% nickel and 3.14 g/t PGM+Au), plus a separate 6.0-metre interval grading 6.81 g/t PGM+Au. CEO Luis Azevedo characterises the nickel-copper result as evidence the deposit could ultimately support underground mining grades in addition to its established open-pit resource, with a large Induced Polarisation anomaly at roughly 700 metres depth now queued for follow-up drilling. On the core PGM story, the PFS — pushed one quarter from Q2 to Q3 2026 — is being built around metallurgical testwork showing Jameson Cell flotation technology can lift platinum, palladium and gold recoveries by 5-10% and nickel recoveries by 5-30% against conventional Denver cells, while cutting mass pull by up to 50%. Glencore Technology has independently reviewed the metallurgical database and indicated it is prepared to issue performance guarantees on the assumptions. Azevedo argues the practical effect is a larger, more profitable pit rather than a simple recovery uplift, which is the stated reason the study needed the extra quarter. Bravo held approximately $94 million in cash at the time of interview, which management says funds the PFS, permitting and 2026 drilling without near-term dilution. Beyond the treasury, the company has structured but not yet drawn on two further levers: an indicative $280 million offer for a portion of its gold credit, and an existing $300 million credit line from Orion. A PGM offtake has drawn interest from multiple parties but remains unpriced pending bankable feasibility numbers. On permitting, Bravo already holds its preliminary licence and plans to submit for the Installation Licence within one to two weeks of the PFS release, targeting approval within six months to a year based on the company's track record with Brazilian regulators. A construction decision is targeted roughly six months after the PFS, with construction possible from mid-2028, pending a Q1 2027 resource update and a Q3 2027 Definitive Feasibility Study. The 2025 PEA's vertically-integrated smelter scenario has also become more attractive: rising sulphuric acid byproduct pricing lifts that case's NPV from approximately $1.2 billion to $1.68 billion versus the base concentrate-sale case, though management has not yet decided on timing. Separately, a copper-gold division led by 31-year Vale veteran Fabio Masotti is running IP surveying ahead of an 8,000-metre H2 2026 drill programme — a third, still unpriced source of optionality that management says could eventually support a standalone corporate structure if results warrant it. Learn more: https://cruxinvestor.com/companies/bravo-mining Sign up for Crux Investor: https://cruxinvestor.com/subscribe
Wednesday · 28 min
EraNova Metals (TSXV:NOVA) - C$714M NPV Adanac Molybdenum Project Advances Toward Feasibility
Interview with Meredith Eades, President and CEO, EraNova Metals Our previous interview: https://www.cruxinvestor.com/posts/eranova-metals-dual-path-critical-minerals-play-with-30-million-infrastructure-advantage-in-canada-9037 Recording date: 24th August 2026 EraNova Metals has released the first independent economic study on its Adanac Molybdenum Project since 2008, and the numbers give investors a concrete basis for evaluating a story that has, until now, rested largely on historical potential. The Preliminary Economic Assessment (PEA), prepared by Tetra Tech Canada, values Adanac at a C$714.4 million after-tax NPV with a 23.5% IRR and a 2.6-year payback, using a US$25.00 per pound long-term molybdenum price. At the current spot price of US$31.91 per pound, President and CEO Meredith Eades said the after-tax NPV rises to C$1.29 billion, with IRR climbing to 30.2%. What separates Adanac from many junior molybdenum stories is the amount of work already completed. The project was drilled more than 73,000 metres, advanced through a full feasibility study, and received an Environmental Assessment Certificate in 2007, before the 2008 financial crisis halted construction. EraNova estimates the value of this historical infrastructure at more than C$100 million - road access, site works and engineering that a typical greenfield developer would need years and substantial capital to replicate. Combined with a mineral resource that is 93% Measured and Indicated, the technical foundation for a Feasibility Study is already largely in place, reducing the need for extensive further drilling. The macro backdrop adds to the case. Around 90% of the world's molybdenum supply arrives as a by-product of copper mining, and as copper operations increasingly move underground, by-product molybdenum grades and volumes are under pressure. That leaves relatively few primary molybdenum developers positioned to meet growing demand from high-strength steel applications in pipelines, energy infrastructure, aerospace and defence. Eades is explicit that EraNova is not attempting to raise its full C$953.3 million initial capital requirement in one step. Instead, the company is using the PEA as a credibility milestone to open conversations with government funding programmes, strategic partners and potential off-takers, including molybdenum consumers such as Freeport, Centerra and Molymet. A roughly 3,000-metre engineering support drilling programme is planned to advance toward Feasibility, alongside an updated environmental assessment process conducted in continued engagement with the Taku River Tlingit First Nation. Against a market capitalisation the company puts at approximately $10 million, the PEA's economics represent a significant disconnect from the underlying asset value - if the numbers hold through Feasibility. Risks remain: the project still requires a full Feasibility Study, updated permits, and a near-billion-dollar capital build, all of which carry execution and dilution risk as capital is raised in stages. For investors willing to accept pre-production development risk, EraNova offers a rare primary molybdenum exposure with an unusually advanced permitting and engineering head start, plus exploration optionality across the wider Ruby Creek property - including high-grade silver, gold and tungsten targets - that could deliver catalysts independent of the molybdenum development timeline. Learn more: https://www.cruxinvestor.com/companies/eranova-metals Sign up for Crux Investor: https://cruxinvestor.com
Wednesday · 20 min
New Found Gold (TSX:NFGC) - Graduates to the TSX
Interview with Keith Boyle, Director & CEO of New Found Gold Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxnfg-construction-still-on-track-10918 Recording date: 14th August 2026 New Found Gold's transition from exploration company to emerging Newfoundland gold producer reached a milestone with its move to the TSX main board, a step CEO Keith Boyle frames as recognition of the company's operational progress over the past 18 months. The listing upgrade is intended to widen access to institutional capital and stock indices unavailable on the TSX Venture Exchange, with Boyle noting the company currently splits roughly 60% of trading volume on New York exchanges and 40% on the TSXV, and expects the TSX move to lift Canadian volume without reducing US liquidity. Operationally, the company is running a two-track strategy. Hammerdown, a smaller open-pit gold mine acquired as part of the Maritime Resources transaction, is being ramped toward a 20,000-25,000 ounce annual run rate and is expected to be declared in commercial production within months. Boyle was explicit that Hammerdown was never intended to be a major cash generator - its purpose is to cover general and administrative costs and exploration spend, freeing the balance sheet to focus on the larger Queensway project. Queensway itself is being built in phases rather than as a single large-scale mill, a decision Boyle said was made specifically to reduce the size of financing required at each stage. Phase one, a 700-tonne-per-day open pit feeding an expanded Pine Cove mill, is fully funded through to first ore delivery - targeted for the fourth quarter of next year - following a $220 million financing announced in April. The company expects production to climb toward 120,000-125,000 ounces annually by 2028 and 175,000-200,000 ounces from 2031, as later, larger phases come online. A key near-term catalyst is the forthcoming updated mineral resource estimate and preliminary economic assessment for Queensway. Rather than moving straight to a feasibility study, the company is choosing to publish an updated PEA so investors can see the full multi-phase project, since phases two and three have not yet received enough infill drilling to be classified beyond inferred resources. Phase one, by contrast, has been de-risked through 5-by-5-metre grade control drilling and orders already placed for the mill conversion, which Boyle said supports a feasibility-level capital cost estimate for that portion of the project. On exploration, New Found Gold is directing roughly 45% of its expanded 90,000-metre, $40-million-plus 2026 drill programme toward new discovery targets rather than infill - including strike extensions east of the high-grade core, ground picked up along the Appleton Fault from the November Exploits Discovery acquisition, and follow-up drilling at Pulse Pond/Greenwood Pond and Duder Lake. Boyle said per-ounce discovery costs have fallen from roughly $145 for the initial resource to below $100 currently, comparing favourably with M&A-driven ounce additions in the sector, which he put at $500-600 per ounce. For investors, the story combines a funded near-term production ramp with an aggressive, discovery-weighted exploration budget, and the updated Queensway study will be the next major data point to watch. View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold Sign up for Crux Investor: https://cruxinvestor.com
Tuesday · 33 min
The New Mining Cycle: Stronger Copper Market, Bigger Gold Projects
Recording date: 21st August 2026 Omai Gold Mines emerged as the central focus of Olive Resource Capital’s latest market review after releasing a preliminary economic assessment that highlighted the project’s potential scale. At a gold price of $3,600 per ounce, Omai’s after-tax net present value was estimated at $4 billion, increasing to $5.5 billion at $4,200 gold. The study outlined average annual production of 350,000 ounces over an 18-year mine life, including several years above 400,000 ounces, and $8.1 billion in cumulative undiscounted cash flow. Although the market initially reacted cautiously, Olive argued that investors are still adjusting to the multibillion-dollar capital requirements of large mine developments in a higher-gold-price environment. Olive also viewed Prospector Metals’ sharp selloff as a potential opportunity. The company’s shares fell about 40% following early Yukon drill results that did not immediately match the prior year’s standout intercepts. However, only two full holes and part of a third had been reported from a 44-hole program. With the company funded for its drilling campaign and management indicating it had identified a high-grade structural core, Olive added shares at approximately $0.80 to $0.90. The stock subsequently rebounded roughly 25% from its low. K92 Mining reported more than US$300 million in quarterly cash flow and reached a net-cash position while advancing its Stage 3 expansion. The company also announced a planned CEO succession, with John Lewins becoming non-executive chairman and internal executive David Medilek taking over as CEO. Olive characterized the change as a continuity move rather than a change in strategy. The broader second-quarter reporting season reinforced copper’s growing importance. Copper accounted for more than half of BHP’s EBITDA while being Rio Tinto’s largest contributing group (alongside aluminum and lithium), both firsts. Supply disruptions, constrained inventories and US stockpiling contributed to tighter copper markets. This renewed attention on miners with copper exposure, including DPM Metals, which generated record revenue and free cash flow. Olive was more cautious on Eldorado Gold, arguing that McIlvenna Bay is principally a zinc asset despite being widely described as a copper project. Sign up for Crux Investor: https://cruxinvestor.com
Monday · 29 min
Atomic Eagle (ASX:AEU) - Regains Control of 116.5Mlb Madaouela Uranium Asset
Interview with Phil Hoskins, CEO of Atomic Eagle Our previous interview: https://www.cruxinvestor.com/posts/atomic-eagle-asxaeu-all-known-questions-answered-april-2026-10323 Recording date: 3rd August 2026 Atomic Eagle Limited (ASX:AEU | OTCQX:AEUXF) has negotiated the return of its Madaouela Uranium Project in Niger, transforming the company from a single-asset Zambian developer into a dual-asset uranium play with a combined resource base spanning two continents. The deal, agreed in principle after seven months of negotiation with Niger's Ministry of Mines, follows the 2024 expropriation of the project from Atomic Eagle's subsidiary GoviEx Uranium and the international arbitration proceedings that followed. The scale differential between the two projects is significant. Madaouela hosts 116.5 million pounds of U3O8 at 1,282ppm - roughly twice Muntanga's resource size and four times its grade - underpinned by more than $160 million of historical expenditure and 600,000 metres of drilling. At current uranium prices, management estimates the project's net present value at approximately $650 million US, with each $5-per-pound price increase adding a further $100 million. The commercial terms give Atomic Eagle 60% ownership of a newly formed Nigerien entity, with the government holding 40% - 15% as a standard free-carried interest and up to 25% as a contributory stake that dilutes if unfunded. Near-term cash outlay is limited to $10 million US in staged payments, plus a non-cash offer to carry the government for up to $40 million of its equity contribution. Critically for investors assessing execution risk, operational control - budgets, work programmes, and day-to-day decisions - sits unambiguously with Atomic Eagle, with no unanimous consent requirements from the government side. The company now has a two-year window to update feasibility studies, reapply for environmental approvals, and convert the historical NI 43-101 resource estimate into a JORC-compliant figure, targeted for the second half of 2026. With $13.8 million in cash as at 30 June 2026 and a further $16 million potentially available through early option exercises by strategic holders, management believes funding is adequate to meet these near-term obligations without an immediate capital raise. Management was explicit that Madaouela is not intended to divert resources or attention from Muntanga, which continues to grow toward a resource approaching 60 million pounds, supported by its own dedicated exploration and study teams. CEO Phil Hoskins framed the valuation opportunity in relative terms: African uranium developers currently trade around $3 a pound, which applied to Atomic Eagle's 60% attributable Madaouela resource implies roughly $210 million Australian in additional value - a figure he suggested could be exceeded given strategic interest already expressed by parties including the White House and major Chinese uranium companies, though he cautioned this depends on Atomic Eagle first demonstrating the deal's credibility to the market. Formal signing of the mining convention is imminent. Until then, the agreement remains non-binding, and investors should treat the current terms as indicative rather than final. View Atomic Eagle's company profile: https://www.cruxinvestor.com/companies/atomic-eagle Sign up for Crux Investor: https://cruxinvestor.com
August 19 · 18 min
Cabral Gold (TSXV:CBR) - Operating Licence Secured, First Gold Targeted by September
Interview with Alan Carter, President & CEO of Cabral Gold Inc. Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-85-built-q4-production-district-growth-ahead-11014 Recording date: 14th August 2026 Cabral Gold has reached a pivotal stage in developing its Cuiú Cuiú gold district in Pará State, Brazil, having secured the Operating Licence (LO) needed to begin leaching gold from its first heap leach pad. The licence, granted by the state environmental authority SEMAS/PA, follows the earlier Preliminary Licence and sits alongside a separate approval from Brazilian military authorities covering the purchase and transport of cyanide which both prerequisites for gold recovery under the company's Phase 1 gold-in-oxide operation. Construction of the wet processing circuit, the last major piece of the build, is over 90% complete. The ADR plant which is built in Australia and shipped to site has finished mechanical assembly, with electrical work more than 90% done and commissioning under way. The simpler dry circuit, covering ore crushing, agglomeration and stacking, is already commissioned and operating. Ore is being mined, stacked and prepared for irrigation, which CEO Alan Carter expects to begin within days. Management's updated timeline puts first gold production in September 2026, around six weeks earlier than originally planned, with full commissioning wrapped up by late September and a ramp-up toward commercial production - defined internally as 60-70% of design throughput - through the fourth quarter. The company has deliberately avoided issuing formal 2026 production guidance given the number of ramp-up variables involved in a first-time mine build, though guidance is likely for 2027. Economically, the early mine life looks favourable relative to the broader resource. Infill drilling at the first deposit being mined points to average grades near 1.5 g/t gold over the first 12-18 months, roughly double the 0.7 g/t life-of-mine average, with life-of-mine costs guided at approximately US$1,200 an ounce against a gold price recently around US$4,300 an ounce. Management expects Phase 1 to generate at least US$50 million a year in cash flow once ramped up, which it intends to direct toward repaying a 39-month gold loan (signed in November 2025) and funding an active six-rig exploration programme, rather than raising further equity. The larger opportunity, as Carter frames it, is Stage 2: unweathered hard-rock gold beneath the oxide caps now being mined, which he says represents roughly three-quarters of the district's current resource. With six known gold deposits, five confirmed to carry oxide caps, and around 50 untested peripheral targets across the district, management plans to update Cuiú Cuiú's global resource estimate by year-end and, depending on the outcome, potentially advance a preliminary economic assessment on the hard-rock opportunity in the first half of 2027. Near-term risks centre on commissioning execution through the wet circuit and the inherent uncertainty of ramping up a new operation, while the current trial mining licence's 500,000-tonne cap - below the 1-million-tonne throughput contemplated in the Pre-Feasibility Study - remains a near-term constraint pending an expected licence upgrade. The project also recorded its first Lost Time Incident during the update period, a non-critical injury, against a Lost Time Injury Rate of 0.34 per 200,000 hours worked. View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-gold Sign up for Crux Investor: https://cruxinvestor.com
August 18 · 26 min
Capitan Silver (TSXV:CAPT) - 60,000m Drill Program Targets Large-Scale Potential
Interview with Alberto Orozco, CEO of Capitan Silver Our previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-60000m-drilling-to-prove-scale-at-cruz-de-plata-9531 Recording date: 11th August 2026 Capitan Silver Corp. (TSXV:CAPT) is advancing its Cruz de Plata silver-gold project in Durango, Mexico, through a fully-funded 60,000 metre drill programme in 2026 - a 400% increase over the prior year's campaign and more than double all historic drilling on the property combined. CEO Alberto Orozco told Crux Investor the company is roughly halfway through the programme, with four rigs (one RC, three diamond) now active and the drill rate accelerating as additional rigs have come online through the year. The project's most advanced target, the Jesus María trend, has been drilled along a continuous strike length of 2.5 km, part of a broader 3.7 km surface-sampled mineralised trend and a cumulative 21 km of vein structures identified across the consolidated property. Historical and recent drill results include intercepts of up to 1 kg/t silver over two to three metres, within broader zones as wide as 40 m grading 100-300 g/t AgEq. Orozco was clear the project is a primary silver system rather than a base-metals story: silver represents 75-95% of AgEq value depending on location, and a west-to-east metal zonation pattern is being used to vector toward the deeper part of the system. Management's stated priority for 2026 is proving scale rather than rushing a resource. Because the current programme is focused on step-out rather than infill drilling, any near-term resource estimate would be classified as inferred. Orozco indicated an internal benchmark of roughly 100 Moz AgEq for a credible first resource, a figure he said the company does not expect to be far from once the current programme concludes, though further drilling would be needed to build density around any initial estimate. Financially, Capitan Silver raised C$29 million in late 2025 to fund the expanded programme and reported a market capitalisation of $212.0 million as of August 2026. Over 70% of the share register is tightly held, with no free founder shares and most shares issued at $0.20. Two of the last three financings priced at a premium of more than 30% to market, each led by a new strategic investor, Jupiter Gold & Silver Fund, Michael Gentile and Construplan are the top three shareholders. Management has also contracted to remove all remaining project royalties. The company positions Cruz de Plata within the intermediate sulphidation epithermal deposit class responsible for several major Mexican silver discoveries and recent billion-dollar M&A transactions, including Las Chispas, Los Gatos and Juanicipio. Peer-comparison data prepared by Stifel Canada shows Capitan trading at a discount to the average resource-stage peer on both market capitalisation and enterprise value. For investors, the key watch items through the remainder of 2026 are continued assay flow from the deeper, western portion of the Jesus María trend and from newly-permitted step-out targets, with a maiden resource estimate representing a later-stage catalyst rather than a near-term one. Learn more: https://cruxinvestor.com/companies/capitan-silver Sign up for Crux Investor: https://cruxinvestor.com
August 18 · 16 min
Latin Metals (TSXV:LMS) - Incoming $42M Option for Lacsha Copper-Moly Project in Peru
Interview with Keith Henderson, President & CEO of Latin Metals Our previous interview: https://www.cruxinvestor.com/posts/latin-metals-tsxvlms-the-prospect-generator-model-few-juniors-follow-10250 Recording date: 14th August 20206 Latin Metals Inc. (TSXV:LMS) has added a third active partner-funded project to its portfolio with an ongoing agreement with Minsur, a private Peruvian mining company already in a 75/25 joint venture with Newmont on adjacent ground to cover the Lacsha copper-molybdenum porphyry project in southern Peru. Under the deal outlined by CEO Keith Henderson, Minsur can earn an initial 75% interest in Lacsha by completing 60,000 metres of drilling over six years and paying Latin Metals approximately $2.5 million in cash, a commitment Henderson estimated at roughly C$40 million in Minsur-funded exploration spending. Once that threshold is met, Minsur holds a time-limited option to acquire the remaining 25% for C$28 million which would leave Latin Metals with a 2% net smelter return royalty. Minsur separately holds a three-year option to buy 1% of that royalty for a further $20 million. Combined, Henderson said, the structure could deliver a little over $42 million in cash coming into the company. Latin Metals generated Lacsha internally, spending approximately $900,000 (CAD) on staking, mapping, geochemistry and geophysics before bringing in a partner - notably more than the company's typical $200,000-$300,000 generative budget per project, which Henderson attributed to years of incremental exploration work culminating in a stronger-than-usual technical package. Lacsha's location directly south of Minsur's existing Newmont joint venture ground gives the new partner a clear strategic rationale to test the structural and geochemical extension onto Latin Metals' claims. The Lacsha deal brings Latin Metals' total under-contract partner investment to approximately $120 million, spanning Lacsha, Cerro Bayo and La Flora (Daura Gold), and Zaha (Moxico Resources), all funded externally against a corporate budget Henderson described as flat at $3 million per year. Management is targeting further deals across the remaining pipeline including Organullo, Crosby and an Argentine sediment-hosted copper package during 2026, which it expects could push cumulative under-contract investment toward $150-180 million. Near-term catalysts sit with the Argentine silver-gold assets rather than Lacsha itself: Daura Gold's Phase II drill programme at Cerro Bayo is scheduled for Q3 2026, alongside the first drill test of the high-grade La Flora vein system, where surface sampling has returned grades as high as 82 g/t gold and 1,239 g/t silver historically. Combined partner-funded drilling across the portfolio is expected to reach approximately 18,000 metres in 2026. On financing, Henderson said Latin Metals expects roughly C$1.8 million from warrant exercises in September 2026, with warrants priced at 15 cents against a share price near 25 cents, a gap management is relying on to avoid raising additional equity capital through 2026 and 2027. As with all early-stage option structures, the eventual scale of Lacsha's payoff depends on drill results Latin Metals will not itself control, since the company does not intend to operate the project once Minsur's drilling begins. View Latin Metals' company profile: https://www.cruxinvestor.com/companies/latin-metals Sign up for Crux Investor: https://cruxinvestor.com
August 18 · 32 min
Electra Battery Materials (NASDAQ:ELBM) - Pioneer Cobalt Refinery Enters Final Construction Stretch
Interview with Heather Smiles, VP External Affairs & Corporate Development of Electra Battery Materials Our previous interview: https://www.cruxinvestor.com/posts/electra-battery-materials-nasdaqelbm-north-americas-first-cobalt-refinery-targets-2027-start-8710 Recording date: 14th August 2026 Electra Battery Materials is constructing what will be North America's only battery-grade cobalt sulfate refinery, located in Temiskaming Shores, Ontario. The project addresses a structural gap in the continent's battery supply chain: outside of a single Finnish facility, essentially all cobalt sulfate refining capacity sits in China, leaving North American EV, electronics and defence manufacturers dependent on a supply chain they don't control. The company has secured $84 million in financing to fund construction through mechanical completion, targeted for Q2 2027, with commercial production expected later that year. That financing includes $48 million in direct government support across three jurisdictions - the U.S. Department of War, the Canadian federal government, and Ontario - reflecting what management characterises as a broader shift toward governments taking direct financial stakes in strategic midstream infrastructure rather than relying solely on private capital. Commercially, the refinery's initial 5,100-tonne annual capacity (expanding to 6,500 tonnes) is anchored by a tolling agreement with LG Energy Solution covering 60% of output. The agreement uses a collar structure, with a floor protecting Electra's margins if cobalt prices fall and a ceiling preventing LG from overpaying in a price spike - management estimates this alone could generate $30-32 million in annual EBITDA at full run-rate. The remaining 40% of capacity is not yet contracted, and management is still weighing how much market exposure to take on for that portion versus locking in further tolling arrangements. Reported expressions of interest for offtake run at roughly 2-3x the refinery's initial nameplate capacity, suggesting more demand than the facility can currently supply. Feedstock is secured through supply agreements with Glencore and Eurasian Resources Group, covering material sourced from the Democratic Republic of Congo, which produces roughly 80% of the world's cobalt. Beyond the core refinery, Electra is pursuing several growth vectors: an engineering study for a nickel sulfate refinery in the southeastern United States (addressing a similar midstream gap in a second critical mineral), black mass recycling capability, and cobalt-copper exploration assets at the Iron Creek project in Idaho's Cobalt Belt, which management is evaluating as potential future feedstock rather than near-term production. Demand-side fundamentals remain supportive: cobalt demand for lithium-ion batteries grew roughly 30% in 2025, driven primarily by EV adoption outside North America, alongside growing demand from consumer electronics and an emerging defence-sector use case. A new U.S. policy requiring domestically produced black mass to remain in-country for one year signals policymaker intent to support onshore refining capacity, though management characterises it as an early, limited step rather than a comprehensive solution. View Electra Battery Materials' company profile: https://www.cruxinvestor.com/companies/electra-battery-metals Sign up for Crux Investor: https://cruxinvestor.com
August 17 · 22 min
Namibia Critical Metals (TSXV:NMI) - Partnership and $23M Earn-In Secured for Lofdal HREE Project
Interview with Darrin Campbell, President & CEO of Namibia Critical Metals Inc. Our previous interview: https://www.cruxinvestor.com/posts/namibia-critical-metals-tsxvnmi-japan-backed-path-to-dfs-in-q2-2027-9891 Recording date: 13th August 2026 Namibia Critical Metals (TSXV:NMI) has reached a pivotal moment in the development of its Lofdal Heavy Rare Earth Project in Namibia. In July 2026, the Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho Corporation completed a C$23 million earn-in commitment, roughly 18 months ahead of the original March 2028 schedule, securing a combined 50% participating interest in the project. The two partners formed TJ Namibia Rare Earths Corporation (TJNREC) to hold that interest, and JOGMEC has separately committed up to C$47.668 million (approximately ¥5.5 billion) to capitalise the new entity, funding Lofdal through Definitive Feasibility Study completion and toward a Final Investment Decision. Critically, all project funding from this point forward is structured as non-interest-bearing, non-dilutive Pre-FID Capital Funding - a mechanism CEO Darrin Campbell described as a temporary free carry that removes near-term financing risk without forcing Namibia Critical Metals to make a dilution decision until FID itself. The company retains the option to participate at up to 45% ownership or dilute to a carried floor of 21%, with management signalling a preference to retain maximum exposure given the project's economics. The economics, laid out in a December 2025 PFS, show a 13-year mine life producing 2,000 tonnes of total rare earth oxide annually, including significant dysprosium, terbium and yttrium output. A base case using moderate pricing generates a $275 million after-tax NPV and 19% IRR on $348 million of capex; a divergent case reflecting the elevated non-Chinese pricing seen over the past 18 months delivers a $748 million after-tax NPV and 35% IRR. Campbell noted current market conditions increasingly resemble the divergent scenario. Technical work continues in parallel. A 13,000-metre, 83-hole drill programme launched in June 2026 is targeting a maiden resource at the Area 5 xenotime system, the project's first deep test hole at Area 4 to approximately 800 metres for underground mining studies, and infill drilling at Area 2B. SGS has been awarded pilot-scale flotation and hydrometallurgical testwork contracts aimed at producing separated - rather than mixed - light and heavy rare earth products, which Campbell said better matches offtaker demand. A DFS completion target of Q3 2027 is intended to lead into an FID shortly after. Despite this de-risking and the depth of sovereign-industrial backing, Campbell argues the market continues to price Lofdal as an early-stage exploration story, at roughly 0.15-0.2x price-to-NAV versus 0.4-0.8x for comparable PFS/DFS-stage peers. He attributes the gap to thin liquidity, minimal institutional coverage as the company has not needed to raise meaningful capital in six years due to JOGMEC funding, and market confusion over the earn-in's dilution mechanics. Final offtake pricing terms with the Japanese consortium remain under negotiation, representing a further catalyst to watch as the project approaches FID. View Namibia Critical Metals' company profile: https://www.cruxinvestor.com/companies/namibia-critical-metals-inc Sign up for Crux Investor: https://cruxinvestor.com
August 17 · 16 min
Canada Nickel (TSXV:CNC) - Federal Approval + C$21 Million Funding for Crawford Project
Interview with Mark Selby, CEO of Canada Nickel Our previous interview: https://www.cruxinvestor.com/posts/nickels-next-chapter-tight-supply-steady-demand-and-higher-price-floors-11311 Recording date: 13th August 2026 Canada Nickel Company Inc. (TSXV:CNC) has reached a milestone that few Canadian mining developers achieve: a positive federal decision statement for its 100%-owned Crawford Nickel-Cobalt Sulphide Project, the first project to complete Canada's Impact Assessment Act process from application through to decision since the legislation came into force in 2019. CEO Mark Selby frames the approval as a de-risking event on three fronts: it differentiates Crawford from peer projects still mid-permitting when courting strategic partners; it removes a major source of hesitation for larger institutional investors who had been waiting on permitting clarity; and it strengthens Canada Nickel's standing with government funding bodies already engaging with the company. That standing is reflected in Crawford's selection as one of five projects referred to the federal Major Projects Office, the earliest-stage project among that group, and as one of three projects named to Ontario's One Project, One Process fast-track framework, alongside a Thunder Bay lithium project and Kinross's Great Bear gold project. On financing, Selby laid out a capital stack in which government-linked sources do much of the heavy lifting. Of the approximately $1 billion in equity Canada Nickel needs to build Crawford, $600 million is covered by refundable investment tax credits, and a further $100 million comes from a Samsung commitment. The company is working with Scotiabank and Deutsche Bank on an additional $100-200 million through a further project stake sale or structured offtake financing. On the debt side, a letter of intent from Export Development Canada is progressing toward a term sheet, backed by four years of dialogue with global export credit agencies, and a roughly two-month-old mandate with Scandinavian bank SB1 Markets is intended to produce a bridge facility that draws on tax credits during construction rather than after. The company closed a $20 million financing overnight ahead of this interview, taken up entirely by a single family office, and separately upsized a non-brokered private placement on from C$15.0 million to up to C$21 million in gross proceeds, scheduled to close around August 28, 2026. Selby flagged further financing initiatives expected in October and November 2026. With funding in hand, Canada Nickel is moving into detailed engineering and long-lead procurement, targeting a construction decision by mid-2027 and breaking ground by the end of that year, a schedule that has slipped from the year-end 2026 target in Crux's earlier coverage. Seasonal construction constraints in the Abitibi region mean any further delay risks pushing activity into the following year's window. Beyond Crawford, Selby pointed to the Reid Nickel Sulphide Project, roughly 39 kilometres northwest of Timmins, where August 2026 drilling returned the highest-grade intervals reported to date: 1.01% nickel over 4.5 metres within a broader 576.6-metre interval averaging 0.29% nickel. Reid's current resource stands at 0.87 billion Indicated tonnes and 1.45 billion Inferred tonnes, part of what Selby describes as a wider Timmins Nickel District pipeline behind Crawford. View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickel Sign up for Crux Investor: https://cruxinvestor.com
August 17 · 28 min
Asante Gold (CSE:ASE) - 4.6 Moz Gold Resource Base Anchors Disciplined 2026 Production
Interview with Campbell Baird, CEO of Asante Gold Recording date: 13th August 2026 Asante Gold Corporation is working through an operational and leadership reset four months into Campbell Baird's tenure as Acting CEO, following the retirement of predecessor Dave Anthony. The company's investment case for 2026 hinges less on new catalysts than on execution against an already-disclosed plan: converting roughly $50 million of deferred or cancelled capital expenditure, combined with a narrower project focus, into the guided 275,000-300,000 ounce production range at an AISC of $3,200-$3,600 per ounce for the full year. The two operating assets are pulling in different directions operationally. Chirano has provided stability throughout 2026, delivering a consistent 10,000-11,000 ounces monthly even as Bibiani absorbed the impact of a January wall slip and an extended, costly stripping campaign in its Main Pit. Bibiani's ore has also proven more sulfidic than originally modelled, prompting a shift toward roughly 50% flotation processing and a sulfide recovery plant now being tied into the wider circuit - a process Baird estimated was roughly two months from completion. The key catalyst for H2 2026 performance is grade: Bibiani's head grade is expected to move from approximately 1.3-1.4 g/t over the past six months toward a targeted 1.7-1.8 g/t as mining progresses deeper into the Main Pit, directly underpinning the guided cost reduction weighted to Q4. On the resource side, Asante's 5 August NI 43-101 update showed combined Measured and Indicated Resources of 4.6 million ounces across both operations - effectively flat against December 2023 levels despite more than 430,000 ounces of production in the interim. Chirano's resource base grew materially (+443,000 ounces M&I since December 2023), supporting a seven-year mine life, while Bibiani's declined 17% on constrained exploration spend and open-pit depletion, even as its Main Pit is interpreted as geologically open to roughly 1,400 metres against only ~600 metres of current definition. The company frames the broader 80-kilometre Chirano-Bibiani Corridor as structurally comparable to far larger, more extensively drilled greenstone belts (Lefroy-Boulder, Abitibi), with a $23.4 million exploration budget allocated for 2026. On costs, management's own framing is notably conservative: Baird explicitly ruled out sub-$2,000/oz AISC as a credible near-term outcome, targeting below $3,000/oz only as a longer-term objective. This tempers what might otherwise be an overly optimistic reading of the company's cost trajectory, and is worth weighing against the wider sector-level cost inflation (diesel, labour, supply chain) that Baird cited as affecting gold producers broadly, not just Asante. The clearest risk flag for investors is guidance continuity: Asante's prior annual production target of 400,000-500,000 ounces remains formally withdrawn, with management stating directly it is not planning to reinstate it. The 275,000-300,000 ounce 2026 range should be treated as the only current, company-sanctioned figure. View Asante Gold's company profile: https://www.cruxinvestor.com/companies/asante-gold Sign up for Crux Investor: https://cruxinvestor.com
August 17 · 16 min
TriStar Gold (TSXV:TSG) - $603M NPV, 80% Peer Discount Gold Developer Awaits Court Ruling
Interview with Nick Appleyard, CEO, TriStar Gold Our previous interview: https://www.cruxinvestor.com/posts/tristar-gold-tsxvtsg-legal-resolution-could-unlock-100m-in-shareholder-value-8034 Recording date: 13th August 2026 TriStar Gold Inc. (TSXV: TSG) is a Brazil-focused gold developer whose sole asset, the Castelo de Sonhos project in Pará State, presents one of the more striking valuation disconnects among development-stage gold names in the Americas. The May 2025 pre-feasibility study update outlines 1.4 million ounces of probable reserves at 1.1 g/t gold, with total indicated and inferred resources of 2.5 million ounces inclusive of reserves. At the study's $2,200/oz gold base case, the project generates a post-tax internal rate of return of 40% and a post-tax net present value of $603 million against initial capital of approximately $296 million, rising to a 72% IRR and $1.35 billion NPV at $3,200/oz gold. Mining is shallow open pit with 98% recovery and no sulphides, and the deposit remains open along an approximately 19km strike of mineralised conglomerate reef. Despite those economics, TriStar's market capitalisation stood at just C$63.6 million as of end-July 2026, a valuation that puts the company at roughly $20 per ounce of measured and indicated resource against a peer median near $94/oz, and 0.02x price-to-net-asset-value against a 0.3x peer median, according to company-compiled comparables. Management attributes the gap almost entirely to a federal civil action, initiated by the Federal Public Prosecutor's Office (MPF) and Brazil's National Foundation of Indigenous Peoples (FUNAI), arguing that TriStar's state-level environmental permit should instead have gone through a federal process involving an Indigenous Component Study and formal consultation with Kayapó communities in the region. TriStar and the State of Pará dispute this, arguing the project never triggered the thresholds that would require federal-level permitting. Critically, the underlying Licença Prévia (LP) permit remains valid; courts have rejected every injunction request against it, and the case is currently in an evidentiary phase awaiting a judge's ruling. CEO Nick Appleyard has stated a target of reaching a negotiated resolution, under which TriStar would retain its permit while voluntarily completing indigenous studies ahead of construction, before the end of 2026, with the market potentially taking a further three to six months to fully reflect that outcome. In the interim, the company is planning a drill programme around the high-grade Esperança South zone, expected to mobilise around October 2026, intended to support an eventual feasibility study. Beyond a standalone build, TriStar maintains an active data room with what management describes as roughly half a dozen Brazil-based candidates plus international parties, positioning the asset as a plausible acquisition target once the legal overhang clears. The company holds approximately US$10 million in cash against 397.5 million shares issued. Learn more: https://www.cruxinvestor.com/companies/tristar-gold-inc Sign up for Crux Investor: https://cruxinvestor.com
August 13 · 39 min
Hot Chili (TSXV:HCH) - 'Undervalued?' Investment Series, with Christian Easterday
Interview with Christian Easterday, Managing Director and CEO, Hot Chili Limited Our previous interview: https://www.cruxinvestor.com/posts/hot-chili-tsxvhch-water-business-with-1b-npv-to-fund-copper-project-6917 Recording date: 10th August 2026 Hot Chili Limited (ASX/TSXV: HCH, OTCQX: HHLKF) is advancing the Costa Fuego Copper-Gold Project on Chile's Atacama coastline, positioning itself as one of only five independent (non-major-controlled) copper developers globally with a project capable of exceeding 100,000 tonnes of annual copper-equivalent production. Managing Director and CEO Christian Easterday, who has led the company since its 2010 ASX listing, argues the market has not yet caught up with the scale of the opportunity. The company's March 2025 Preliminary Feasibility Study (PFS) outlined a 20-year mine life (14 years at primary production rates), average annual production of roughly 116,000 tonnes of copper-equivalent, a post-tax NPV of US$1.2 billion, and a post-tax IRR of 19% at a long-term copper price of US$4.30/lb. Start-up capital was estimated at US$1.27 billion. The central near-term catalyst is La Verde, a copper-gold porphyry discovery acquired in November 2024 roughly 35km from Costa Fuego's planned processing hub. Extensive drilling (three rigs, with a fourth arriving) has defined a broad, high-grade mineralised footprint, and management expects a maiden resource estimate of approximately 500 million tonnes before the end of 2026. Folding La Verde into a restated Costa Fuego PFS is expected to lift post-tax NPV toward US$2 billion and post-tax IRR toward the mid-30s%, while shortening payback from roughly 4.5 years to 2.5 years and improving the project's position on the industry cost curve. On valuation, Hot Chili highlights two benchmarking metrics: an EV/lb-of-reserve multiple of roughly 3.8 cents against a peer average near 11 cents (implying a 2.9x re-rating opportunity), and a price-to-net-asset-value gap of roughly 2.3x versus recent comparable copper-sector transactions. Financing is addressed primarily through the company's Huasco Water asset — the only maritime licence with permitted seawater access in the Huasco Valley. Stage 1 (seawater supply to Costa Fuego, 500 L/s) is already funded within the existing PFS. A second maritime licence, which would unlock a larger multi-user desalination business (Stage 2: 1,300 L/s, ~US$977 million post-tax NPV) serving neighbouring major-miner projects, has been in Chile's approvals process for roughly five years and remains on track according to recent government contact, following an earlier delay tied to a change in administration. Management frames monetising this asset as a way to cover a substantial share of the project's equity requirement without heavy shareholder dilution. Additional untapped levers include uncommitted gold production (48,000-70,000 oz/year with La Verde) and roughly 40% of concentrate offtake left uncommitted outside the company's existing Glencore agreement. Glencore holds a 7.5% equity stake and an offtake agreement for up to 60% of concentrate for the first eight years of production, on benchmark terms. The company has also strengthened its board, adding Stuart Matthews (formerly EVP at Goldfields, with five major mine builds) as Independent Non-Executive Chair. Near-term catalysts include the maiden La Verde resource estimate (year-end target), a restated Costa Fuego PFS, EIA submission (targeted Q2 2027), progress on the second Huasco Water maritime licence, and an ongoing strategic partnering process. Final Investment Decision is targeted for 2029, with first production guided for 2031. Learn more: https://www.cruxinvestor.com/companies/hot-chili-limited Sign up for Crux Investor: https://cruxinvestor.com
August 13 · 30 min
Aureka (ASX:AKA) - Targets Early Cash Flow to Advance Its Larger Gold Project
Interview with James Gurry, Managing Director & Jozef Story, Exploration Manager of Aureka Gold Recording date: 11th August 2026 Aureka (ASX:AKA) is an ASX-listed gold explorer and near-term developer operating a cluster of projects across Victoria's Stawell Corridor and St Arnaud goldfield, all within a 45-minute to one-hour drive of one another. The company was reconstituted from a distressed tenement package that Managing Director James Gurry acquired for under $1 million in 2023, when gold prices were depressed, and relisted on the ASX at the end of 2024. Since the start of 2025, Aureka has drilled continuously and lifted its JORC resource base by 50%. The company's flagship asset is the 100%-owned Irvine Gold Project, which sits 16km from the Stawell Gold Mine, a roughly 5-million-ounce historical producer. Irvine currently hosts an inferred resource of 398,300 ounces at 2.59 g/t gold, following a 94,000-ounce, 36% increase to the Resolution lode announced on 18 June 2026. That increase was driven by a reinterpreted structural and geological model, led by Exploration Manager Jozef Story, that defined 11 new geological domains around the deposit. Beyond the current resource, Aureka carries Advanced and Conceptual Exploration Targets that, combined with the unchanged Adventure lode target, exceed 600,000 ounces. Recent drilling identified a high-grade structure the company calls the Tenacity Fault, which returned the project's best assay to date: 10m at 12.1 g/t gold from 413m, including 0.3m at 183 g/t gold. Rather than pursue Irvine's larger development in isolation, Aureka's near-term strategy centres on the brownfield Comstock project near St Arnaud, roughly 70km from Irvine, within a historic goldfield that produced approximately 400,000 ounces at 15 g/t. Comstock hosts a 56,500-ounce inferred resource at 1.21 g/t gold and 2.14 g/t silver, plus a 112,000 to 116,000-ounce exploration target. The company has signed a toll milling agreement with the nearby Wedderburn mill, described by management as project-agnostic and therefore usable for Irvine ore in future, and has submitted a production licence application for Comstock, targeting first ore movement within roughly 12 months. Management is guiding to first-year Comstock production of 3,000 to 7,000 ounces, an estimated A$30 million to A$50 million in revenue at current gold prices, and a targeted margin of around 50%. The stated strategy is to use Comstock's free cash flow to fund ongoing exploration at Irvine without relying primarily on dilutive capital raises, while pursuing Irvine toward a longer-term development decision that management estimates is roughly three years from a first mining licence. Aureka currently has no debt and two diamond rigs active, one on each project. Management points to valuation support from the tenement package's prior history: the same assets, under a previous owner, traded up to approximately $150 million in market capitalisation in 2020, at roughly half today's gold price, against Aureka's current market capitalisation of under $20 million. Key near-term catalysts include Comstock's production licence approval and further assay results from the Tenacity Fault and Walker zone drilling programmes. Learn more: https://www.cruxinvestor.com/companies/navarre-minerals Sign up for Crux Investor: https://cruxinvestor.com
August 13 · 25 min
Lithium Ionic (TSXV:LTH) - Non-Core Asset Sale Injects $30M to Fast-Track Bandeira
Interview with Blake Hylands, CEO of Lithium Ionic Corp. Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-low-cost-developer-targets-construction-start-h2-2026-8741 Recording date: 6th August 2026 Lithium Ionic Corp has agreed to sell its non-core Baixa Grande lithium deposit in Brazil to PLS Group for up to US$70 million, a move that accelerates funding for the company's flagship Bandeira Lithium Project toward a construction decision. The transaction delivers US$37.5 million in cash consideration, split between US$30 million payable at closing (expected within months) and US$7.5 million due at the buyer's final investment decision or an earlier agreed date. Additionally, Lithium Ionic retains a 2% royalty on Baixa Grande, estimated at US$20-30 million in value. The sale caps a three-year hold on an asset Lithium Ionic always viewed as secondary to Bandeira, generating roughly eight times the company's original acquisition cost. Baixa Grande sits adjacent to ground PLS acquired through its 2025 purchase of Latin Resources, with geology representing a natural extension of the same lithium system. The deposit holds approximately 20 million tonnes of identified resource, work that helped drive the eventual sale price. Proceeds from the sale provide immediate flexibility to order long-lead items, including the processing mill, and fund early operational costs at Bandeira ahead of construction financing closure. This sequencing allows the company to advance procurement without waiting for separate debt or equity raises. Engineering work is nearly complete, and the underground portal contractor shortlist has been narrowed following a tender process. Lithium Ionic has secured binding five-year offtake terms with Chinese converter Yahua, covering 170,000 tonnes of spodumene concentrate annually at a US$1,000 per tonne floor price with no ceiling. This structure provides lenders visibility that the project generates cash on every tonne sold, supporting debt serviceability discussions. With projected all-in sustaining costs near US$600 per tonne and spodumene pricing above US$2,000 per tonne, the project offers substantial margins. Brazil's open global trading position provides additional flexibility compared to projects tied to regional buyers. Management highlights a significant valuation disconnect, with Lithium Ionic trading below 0.1x P/NAV compared to producing peer Sigma Lithium's 1–1.1x multiple. CEO Blake Hylands frames this as a potential tenfold re-rating opportunity as the company progresses through permitting, financing, and construction milestones toward production targeted for late 2027 into 2028. View Lithium Ionic's company profile: https://www.cruxinvestor.com/companies/lithium-ionic-corp Sign up for Crux Investor: https://cruxinvestor.com
August 12 · 31 min
Beetaloo Energy (ASX:BTL) - Nears First Gas as AI Data Centre Demand Builds
Interview with Alex Underwood, Managing Director, Beetaloo Energy Our previous interview: https://www.cruxinvestor.com/posts/empire-energy-asxeeg-racing-to-unlock-vast-australian-shale-gas-resource-4901 Recording date: 7th August 2026 Beetaloo Energy Australia, formerly Empire Energy Group, is moving toward a crucial milestone in the development of the Northern Territory’s Beetaloo Basin, with first gas from its Carpentaria pilot now targeted for the fourth quarter of 2026. The updated schedule is later than the company’s previously indicated 2025 timeframe, reflecting construction and commissioning realities rather than a change in the project’s resource base or contracted sales position. Three wells have been connected to a pilot pad located approximately five kilometres from the Carpentaria gas plant, whose construction and flowline installation are largely complete. The project is supported by a binding 10-year gas sales agreement with the Northern Territory Government. The contract provides fixed-price revenue with a consumer price index-linked escalator, giving Beetaloo visibility over near-term cash flows. Initial supply is expected to reach 10 terajoules per day, potentially increasing by another 15 terajoules per day once pipeline-flow infrastructure is upgraded. The company reports approximately A$125 million in available liquidity, divided roughly between cash and undrawn facilities, including Macquarie Bank funding for the gas plant. Management says this provides sufficient funding through first gas without an immediate need for further equity. However, well economics remain dependent on substantial cost reductions. Recent wells cost more than A$50 million each, partly because of Australia’s remote logistics and high transport costs. Beetaloo expects year-round drilling and stimulation to eventually halve well costs, supporting targeted internal rates of return of 30% to 50%. A separate growth opportunity comes from a non-binding memorandum of understanding with Halliburton for Beetaloo Digital, a proposed AI data centre near Darwin. Halliburton would contribute power-generation expertise, while Beetaloo’s role would remain focused on supplying gas rather than owning or operating the facility. Longer term, demand could come from Northern Territory industry, east-coast gas shortages and LNG exports. Nevertheless, the investment case remains exposed to first-gas delays, high initial well costs, third-party pipeline investment and the uncommitted status of the data-centre proposal. Learn more: https://www.cruxinvestor.com/companies/empire-energy-group Sign up for Crux Investor: https://cruxinvestor.com
August 11 · 28 min
Ridgeline Minerals (TSXV:RDG) - NGM Sale Funds Next Wave of Nevada Exploration
Interview with Chad Peters, President & CEO of Ridgeline Minerals Corp. Our previous interview: https://www.cruxinvestor.com/posts/ridgeline-minerals-tsxvrdg-600m-free-carry-potential-on-partner-funded-crd-discovery-8609 Recording date: 7th August 2026 Ridgeline Minerals has completed the sale of four early-stage Nevada gold exploration projects to Nevada Gold Mines (NGM), generating US$23.15 million in cash and a return of more than 350% on its invested capital. The transaction, which closed on August 3, involved Ridgeline’s interests in the Swift and Black Ridge earn-in agreements, as well as its Bell Creek and Atlas projects. The sale gives Ridgeline approximately C$33 million in cash and C$3 million in marketable securities. Together, those assets exceed the company’s market capitalisation of about C$24.5 million, substantially reducing its near-term financing and dilution risk. Management says the strengthened treasury will support new project staking, exploration, potential acquisitions and, possibly, shareholder returns. Ridgeline retained its flagship Selena project, a 39-square-kilometre carbonate replacement deposit target being advanced through a US$20 million earn-in agreement with South32. South32 has committed US$4 million for drilling in 2026, fully funding the programme. The project gained importance after the 2025 discovery of high-grade massive sulphide mineralisation at the Chinchilla Sulphide zone. South32 has compared the early-stage discovery with its Taylor deposit in Arizona, although Selena does not yet have a formal mineral resource estimate. The company also continues to own Big Blue and Coyote outright. Big Blue is a copper-silver-tungsten exploration project with encouraging historical and recent drill and trench results. Coyote is an undrilled Carlin-type gold target located near NGM’s Black Ridge project and approximately four kilometres from the Fallon gold resource, making it a potential partnership or transaction candidate. Ridgeline additionally holds a 17.3% stake in Spartan Metals and a 1% royalty on metals from Spartan’s Eagle tungsten project. The company’s next challenge is converting its financial strength and exploration portfolio into further discoveries, particularly through Selena’s 2026 drilling and future work at its 100%-owned Nevada properties. View Ridgeline Minerals' company profile: https://www.cruxinvestor.com/companies/ridgeline-minerals Sign up for Crux Investor: https://cruxinvestor.com

Showing 1–20 of 35 episodes