Company Interviews

East Star Resources (LSE:EST) - Drilling Through 2027 on Kazakhstan Copper and Gold Assets

Interview with Alex Walker, Director & CEO of East Star Resources PLC Our previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-secures-2nd-copper-jv-agreement-with-rulikha-project-in-kazakhstan-11740 Recording date: 14th October 2026 East Star Resources (LSE:EST) is a London-listed copper and gold explorer in Kazakhstan. Its main appeal is the deal structure, not any single deposit. CEO Alex Walker has put partners in place who fund the most expensive and dilutive stages of mine development. East Star keeps a fixed share of each project in return. The most advanced asset is Verkhuba, a JORC inferred resource of 20.3 Mt at 1.16% copper, 1.54% zinc and 0.27% lead. Hong Kong Xinhai Mining Services Limited is funding the project to production. East Star would then own 30% of a planned 1 Mtpa operation, with no debt repayment, capital payback or waterfall. Xinhai has given an indicative capital cost of about $65 million for the plant. Under East Star’s structure, a cost overrun does not change its percentage. Two rigs are drilling to upgrade resource confidence, and the programme is expected to pass 5,000 metres before winter. The results will feed a mine plan and the mining licence application, which is already in preparation. Metallurgical test work is starting, replacing recovery data from around 1990. Rulikha is the second copper project. It is a VMS exploration target of up to 23 Mt at 2.4% copper equivalent, based on historical drilling. East Star has signed a binding Heads of Agreement with Kazakh partner Nova Ltd. The definitive JV agreement is still under negotiation. If the partner builds the mine without debt repayment, East Star keeps 25%. If the partner chooses a debt structure, East Star receives 12.25% of allocated revenue until the debt is repaid, then 35%. A five-hole, roughly 1,500-metre programme began on October 2026 to verify the historical intersections. A resource drill-out would follow if they are confirmed. The third leg is gold where Endeavour Mining is funding exploration across two Areas of Interest in northern Kazakhstan. It earns 51% by spending US$5 million during a two-year Stage 1, followed by a US$20 million phase. After a PFS, Endeavour would hold 80% and East Star 20%. The JV targets a discovery of 3 million ounces or more. It has applied for more than 930 square kilometres of licences focused on intrusion-related gold systems. Endeavour is also East Star’s largest shareholder. Walker estimates the shares trade at less than 10% of future NAV, assuming both copper projects reach production. He argues that Kazakhstan’s low labour, power and fuel costs, its infrastructure and its long mining history support strong project margins. He also points to drilling costs of a third to a half of those in Chile or Australia. Over the next year, catalysts include Verkhuba drilling results, the Rulikha verification results and execution of the definitive JV agreement, and Endeavour licence grants. Walker’s stated goal is for Verkhuba to be in construction by the end of 2027. View East Star Resources' company profile: https://www.cruxinvestor.com/companies/east-star-resources Sign up for Crux Investor: https://cruxinvestor.com/subscribe

New Found Gold (TSX:NFGC) - Q3 Hammerdown Production Results

Interview with Keith Boyle, Director & CEO of New Found Gold Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxnfgc-producing-now-pine-cove-the-critical-path-12056 Recording date: 13th October 2026 New Found Gold Corp. (TSX: NFGC | NYSE-A: NFGC) has reported preliminary third quarter 2026 results from its Hammerdown Gold Mine in Newfoundland and Labrador, the first quarterly figures since the mine declared commercial production on August 19, 2026. Hammerdown produced 4,863 ounces of gold and sold 6,035 ounces at an average realized price of US$4,310 per ounce. Mill feed grade averaged 2.76 g/t and recovery 85%. The results sit just below the quarterly equivalent of the company’s life-of-mine run rate of 20,000 to 25,000 ounces per year at an AISC of approximately US$2,500 per ounce, during the final stages of ramp-up. Mined material is reconciling to within 5% of the resource model, and recoveries have improved from the high 50s at start-up to the mid-80s set out in the economic study. A permanent crusher and sorter is scheduled for substantial completion by the end of 2026, with commissioning in the first quarter of 2027, and is expected to reduce crushing costs and deliver higher-grade feed to the mill. The Pine Cove Mill is being converted to a Gravity-CIL circuit in parallel with production, with completion targeted for the fourth quarter of 2027. Management expects the new circuit to improve Hammerdown recoveries by around five percent, and plans to apply to expand capacity from 700 to 1,400 tonnes per day following the Queensway environmental assessment release. The mill work forms the critical path for first Queensway feed, scheduled for the fourth quarter of 2027. New Found Gold held approximately C$167 million in cash at September 30, 2026, against C$70 million in debt, and management describes Queensway Phase 1 as fully funded. Queensway is planned to produce 70,000 to 100,000 ounces per year initially, rising to 175,000 to 200,000 ounces per year after expansion. An updated Queensway technical report is expected shortly. — View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Prospectiva Resources (TSXV:PSVA) - Brazil Copper Drilling Towards a 2027 Resource

Interview with Dan James, CEO of Prospective Resources Recording date: 13th October 2026 Prospectiva Resources (TSXV:PSVA) is a newly listed, Brazil-focused copper-gold explorer whose investment case centres on a single question: can a historically drilled copper discovery be reframed and expanded into a commercially relevant VMS deposit within roughly 18 months? The asset is the São Francisco Copper-Gold Project in the Borborema Province of northeastern Brazil. Yamana Gold discovered it in 2019 from an outcropping rock-chip sample of about 5% copper and followed up with thousands of rock and soil samples, 5,900 metres of diamond drilling and a 29 line-kilometre IP survey. The project passed to Pan American Silver in 2023 and was never actively marketed. Prospectiva acquired 100% in January 2026 on staged terms. The initial payment has been made, a US$350,000 payment is due early in 2027, and a US$3 million payment falls due only on reaching 1 million ounces gold equivalent. A 1% NSR royalty applies. Prospectiva’s contribution is interpretive. CEO Dan James says Yamana gathered high-quality data but never put a structural or mineral-system model in place. With input from technical advisers, the company now classifies São Francisco as a VMS system in which folding has concentrated mineralisation into a fold hinge. That gives drilling a clear vector. Because VMS deposits tend to cluster, it also raises the possibility of further deposits nearby. A fixed-loop EM survey shows a strong correlation between conductors and historical intercepts, and those conductors outline a target corridor of roughly 3 km. The current programme of about 2,500 metres is fully funded. It is designed to fill 200-metre gaps between historical holes, confirm the link between conductors and mineralisation, and step out along the trend. Six holes had been completed by mid-October, with assays expected imminently. A follow-up programme of about 5,000 metres is planned for early 2027, bringing total drilling to roughly 13,000 metres. Management believes this could support a maiden resource around mid-2027, targeting a 5 to 10 million tonne core at 1% to 2% copper with gold and silver credits. James benchmarks that against recent VMS acquisitions of deposits of around 15 million tonnes. Low drilling costs of about C$300 per metre help stretch the company’s capital. The risks are clear and largely time-bound. Prospectiva raised about C$3.6 million on listing and will need further funding early in 2027, so near-term results will shape the terms of that raise. No metallurgical testwork has been done, though James says assay data shows no deleterious elements of concern and preliminary results are expected early in 2027. Management does not intend to build a mine, which points to an eventual sale or partnership as the exit path. Two regional gold projects, Pico do Jabre and Desterro, receive 10% to 20% of exploration spending. Recent rock chips returned up to 9.72 g/T Au and 6.09 g/T Au respectively. These offer optionality but are secondary to São Francisco. Sign up for Crux Investor: https://cruxinvestor.com/subscribe

September Mining Equities Lag Commodities as Liquid Leaders Buy Quality

Recording date: 8th October 2026 September exposed a widening gap between commodity prices and resource equities. Most commodities rose over the month, yet every major resource-linked equity index fell. In this Compass episode, Samuel Pelaez and Derek Macpherson of Olive Resource Capital (TSXV:OC) argue that this dislocation stems from macro forces rather than deteriorating fundamentals, and that it is creating entry points in high-quality, liquid producers. The macro pressures are significant. Fed Chair Kevin Warsh signalled a renewed focus on inflation at Jackson Hole, and the September rate hike was followed by markets pricing in a high probability of several more. Long-term bond yields are rising in both the US and Europe, with France prominent. Elections are approaching in the US, Spain and France. Energy prices remain high, which Macpherson attributes mainly to limited Western refining capacity. Equity market gains are concentrated in semiconductors and AI-related technology, while investors seeking commodity exposure increasingly use futures, leaving mining equities behind even as copper trades near record levels. Operational results have not been the problem. Pelaez noted strong Q3 production updates from several producers, with little share price response. K92 Mining reported another strong quarter on the day of recording, and Macpherson said the company has now passed one million gold-equivalent ounces produced. Olive is responding with patience. The fund holds about 10% cash and is adding gradually, mainly to names it knows well. It expects better prices before US Thanksgiving, possibly helped by selective tax-loss selling, and aims to be almost fully deployed for the January rally it has captured in most of its five years. The fund's current priority is its liquid book. In copper, it holds Ivanhoe Mines, which it views as owning one of the world's best copper mines and one of its best PGM mines, and Ero Copper, whose Furnas project Pelaez believes the market is not valuing. In PGMs, it holds Valterra Platinum, the largest primary PGM producer. It uses Albemarle for lithium exposure and K92 Mining for gold. A recently built energy sleeve includes Freehold Royalties, Woodside Energy and GeoPark, covering royalties, LNG and upstream growth respectively. The core argument is about how to express a commodity view. Macpherson contends that investors do not need to buy small, illiquid explorers to gain PGM, lithium or precious metals exposure. Large producers offer revenue protection, liquidity and the ability to change course quickly. Smaller names tend to gain more later in a cycle, once leadership broadens, and Olive holds some for company-specific catalysts. Macpherson and Pelaez see producers becoming more active earlier in the capital structure. Kinross Gold and Alpayana closed a C$47.1 million financing in Aquitaine Metals, an Olive holding, leaving the French gold explorer with about C$92 million in cash. Kinross has also backed Sun Valley Minerals in Uruguay. These serve as validation that helps juniors in jurisdictions less familiar with mining. For investors, the key watch-items are the path of Fed policy and long-term yields, any narrowing of the gap between commodity prices and equities, and whether seasonal weakness provides the entry points Olive expects before year end. Learn more: https://cruxinvestor.com Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Mont Royal Resources (ASX:MRZ) - 'Undervalued?' Investment series, with Nicholas Holthouse

Group Eleven Resources (TSXV:ZNG) - Ballywire Strike Extends 17%

Interview with Bart Jaworski, CEO of Group Eleven Resources Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-ballywire-germanium-grades-jump-on-new-assays-11918 Recording date: 13th October 2026 Group Eleven Resources has added 270 metres to the 1,600-metre high-grade strike at its Ballywire discovery in Ireland, a 17% increase. The step-out hole, the first on a new drill fence, returned nearly 6.5 metres of 7.9% zinc-lead and 14 g/t silver. That included close to 3 metres of 11% zinc-lead and a 1-metre core grading 22% with nearly an ounce of silver. Copper-silver mineralisation also appeared beneath the zinc horizon. Ballywire sits about 20 kilometres from Glencore’s Pallas Green deposit. About 420 metres away, a second step-out into undrilled ground intersected 30 metres of nearly 4% zinc-lead. That interval included 7 metres of 10% zinc-lead with more than an ounce of silver. The drill rods became stuck at 421 metres, so the hole only touched the start of the underlying copper-silver zone. Elsewhere, hole 61 extended copper-silver mineralisation 120 metres down dip, with 7.7 metres of about an ounce of silver and 0.8% copper. Taken together, CEO Bart Jaworski says the results significantly de-risk the southwest trend the company first identified in March. The broader thesis rests on scale. So far, the discovery covers only one of four gravity anomalies along a 6-kilometre trend. Possible northern and southern parallel trends add further upside, as does copper consistently showing up beneath the zinc. Jaworski describes the deposit as a hybrid of classic Irish zinc and the copper-silver style of the past-producing Gortdrum mine. He argues this setup reduces metallurgical risk, because the metal zones are naturally separated and there are no oxides. Funding is in place. A C$12 million bought deal in April underwrites a fully funded 70,000-metre, four-rig programme over two years, with about 51,000 metres at Ballywire. Sixteen holes are currently in progress. Management expects to decide on timing for a maiden resource estimate within 12 to 18 months. Metallurgical work and germanium economics are additional catalysts still ahead. — Learn more: https://cruxinvestor.com Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Sovereign Metals (ASX:SVM) - US-Aligned Strategy Reshapes $750M Kasiya Funding Plan

Interview with Sapan Ghai, CCO of Sovereign Metals Ltd. Recording date: 8th October 2026 Sovereign Metals Limited is developing the Kasiya project in Malawi, which the company describes as the world’s largest rutile deposit. Kasiya also contains a large graphite co-product and a heavy rare earth concentrate identified during recent test work. Chief Commercial Officer Sapan Ghai outlined how the project’s commercial and funding strategy has changed over the past year. The most significant change is the role of the US government. Ghai said the US State Department and other agencies approached Sovereign roughly nine months ago. Their focus was on how Kasiya’s minerals could be processed in Malawi into products suitable for US aerospace, defence and industrial end uses. Ghai has since briefed policy makers, including the White House Council of Economic Advisers. He described the Washington engagement as covering offtakes, funding and knowledge sharing. His position is that if the US wants Kasiya’s minerals, it should help finance the build. The second change is Rio Tinto’s step back. Rio Tinto invested roughly A$60 million and built its stake to just under 20%, but has declined to take on operatorship. Ghai attributes this entirely to Rio Tinto’s new strategy, which concentrates on copper, aluminium, iron ore and lithium. He stressed that no technical red flags were raised. The DFS was completed with Rio Tinto’s input, and Ghai expects outcomes within plus or minus 5% to 10% of its estimates. Former Rio Tinto staff have joined Sovereign, and the company’s build team has constructed around a dozen mines in Africa. On offtakes, most rutile is expected to go to Japan for titanium metal production. That route connects Kasiya to an established supply chain serving US aerospace and defence primes. Ghai said a leading Japanese titanium producer has confirmed the rutile can be used for all end purposes. Around 70% of Kasiya’s graphite is refractory grade, used in electric arc furnaces. Sovereign holds a non-binding marketing arrangement with Traxys North America for US sales. Traxys participates in Project Vault, the US critical minerals stockpile initiative. Rare earth offtake discussions are at an early stage. The funding plan is the central investment question. Ghai’s working assumption is peak funding of about $750 million. Around $450 million would come from DFIs such as the IFC, DFC and AFC, and about $300 million from equity and offtake-linked finance. The company wants equity to be the final piece, after permitting, binding offtakes and a FEED study are complete. Ghai targets that position by the end of Q1 or in Q2 2027, with a financing solution tabled within six to nine months. The heavy rare earth stream adds optionality. Scoping-level work suggests a roughly $30 million add-on could generate around $80 million a year in profit over 23 years. Ghai estimates Kasiya could meet about 35% of US yttrium requirements. Learn more: https://www.cruxinvestor.com/companies/sovereign-metals Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Cobra Resources (LSE:COBR) - Two New Zones Widen Manna Hill Copper Footprint in South Australia

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLC Our previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-deeper-drilling-points-to-bigger-copper-system-11059 Recording date: 8th October 2026 Cobra Resources plc (LSE:COBR) is a South Australian explorer advancing two projects: the Manna Hill Copper Project in the Nackara Arc and the Wudinna rare earth project, which targets in situ recovery. This summary covers Manna Hill, where the company reported a material drilling update on October 2026. The update concerns a slim-line RC programme designed as a fast, low-cost test of lateral extent. After 23 holes and around 2,000m of drilling, Cobra has extended copper anomalism at the Blue Rose prospect a further 600m west, lifting the known corridor from 1.6km to beyond 2.2km of strike. At Blue Rose West, hole MHRC0029 intersected anomalous copper over 32m from 52m, with coarse chalcopyrite logged in chips. The programme also found copper in two skarn units not previously drilled. Shadow Rose, about 300m south of Blue Rose, returned up to 60m of continuous copper anomalism in each of two holes, with oxide copper from around 10m depth. Neptune Rose, about 500m north, intersected copper sulphides at two depths in hole MHRC0024. All three zones remain open, and up to 35 holes remain to be drilled. The important caveat is that no grades have been reported. The observations are visual and pXRF-based, and the company explicitly warns they are not a substitute for assays. First results from ALS are expected within four to six weeks. Investors should treat the update as evidence of geological footprint, not of economic grade. Reported intervals are also downhole lengths, and true widths are expected to be narrower. The grade benchmark comes from earlier work. Historic hole RABR822 returned 47m at 2.2% Cu and 0.76 g/t Au from 11m, and Cobra's January 2026 drilling returned 74m at 1.02% Cu and 0.25 g/t Au from 70m. CEO and Managing Director Rupert Verco said he hopes current results will be similar to those reported in March. Management has stated ambitious scale goals. Verco said the board believes the skarn system could deliver more than 1 million tonnes of contained copper and that a porphyry at depth could take the total above 5 million tonnes. No resource has been estimated, and these figures should be read as aspirations. Cobra's strategy is to build a shallow skarn inventory first, then fund deeper porphyry exploration from a higher valuation to reduce dilution. Diamond drilling earlier in 2026 logged hydrothermal breccia, anhydrite veining and potassic-associated copper, which the company interprets as evidence of a porphyry source. The current campaign also tests the Anabama Hill and Netley Hill porphyry targets. On the corporate side, Cobra has a £47.7 million market capitalisation at 4.2p as of 18 August 2026. It will hold 6.45 million Barton Gold shares at final settlement and is due A$9.5 million in further payments. Key watch-items are first assays, eastern Shadow Rose drilling more than 2km from current holes, results from Anabama Hill and Netley Hill, and follow-up diamond drilling at Blue Rose. Learn more: https://www.cruxinvestor.com/companies/cobra-resources Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Lithium Ionic (TSXV:LTH) - Sub-$200M Build, $2B NPV at Today's Lithium Prices

Interview with Blake Hylands, CEO of Lithium Ionic Corp. Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-non-core-asset-sale-injects-30m-to-fast-track-bandeira-11443 Recording date: 24th September 2026 Lithium Ionic Corp. (TSXV:LTH) is a Canadian lithium developer advancing the Bandeira hard-rock lithium project in Minas Gerais, Brazil. The project sits in an established lithium district, alongside Sigma Lithium's Grota do Cirilo operation and the CBL Cachoeira mine, which has produced lithium since 1991. CEO Blake Hylands outlined how the company plans to move Bandeira from engineering into construction. The company's financial position has improved materially. Lithium Ionic has closed the sale of its non-core Salinas asset, and Hylands said it now holds almost C$30 million in cash after closing costs. The company's presentation showed roughly C$12 million at the end of March 2026. The sale also delivered a 2% royalty and a further US$7.5 million deferred payment still to be received. This cash funds engineering and pre-construction work while permitting and financing are completed. Permitting is the key near-term catalyst. Hylands said the federal process is being finalised, which will return the project to the state committee for a vote expected to begin within about two months. The company is targeting permits in hand by the end of 2026. The permit has not yet been granted. The construction licence application was first submitted in November 2023. Bandeira's economics are built on a low capital requirement. The September 2025 feasibility study estimated initial capital of US$191 million, including contingency, supporting a post-tax NPV of US$1.45 billion and a 61% post-tax IRR. These figures used Fastmarkets forecast pricing, with a near-term assumption of US$1,392 per tonne of SC6. The project is designed to produce an average of 177,000 tonnes of spodumene concentrate per year over an 18.5-year mine life. Hylands said spot prices are currently between US$2,000 and US$2,500 per tonne. At those levels, he estimates the NPV is closer to US$2 billion with an IRR near 100%. The company's January 2026 sensitivity at a US$2,515 per tonne spot price showed a US$1.8 billion NPV and a 102% IRR. Offtake terms provide downside protection. Binding five-year agreements with Yahua Group and Grand Chen, signed in March 2026, are priced at market with no discount and a floor of US$1,000 per tonne. Hylands estimated all-in sustaining costs at about US$650 per tonne, meaning the company would be profitable on every tonne sold under the agreements. A US$20 million prepayment tied to the offtake will be released at the final investment decision. On financing, management expects 60% to 65% of the roughly US$191 million to US$200 million requirement to come from debt. Institutional shareholders have signalled interest in the equity portion, which Hylands expects to be modest and ideally raised at a higher share price after key catalysts. The timeline targets permits and substantial financing progress by the end of 2026, with long-lead items ordered and construction beginning thereafter. Production is targeted for the end of 2027 or early 2028. Key risks include permitting delays, the terms and timing of debt financing, construction cost inflation and spodumene price volatility. View Lithium Ionic's company profile: https://www.cruxinvestor.com/companies/lithium-ionic-corp Sign up for Crux Investor: https://cruxinvestor.com/subscribe

ATHA Energy (TSXV:SASK) - Funded Uranium Discovery Work Continues Through 2027

Interview with Troy Boisjoli, CEO of ATHA Energy Corp. Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-rib-north-breakthrough-confirms-continuity-q4-catalysts-underway-11857 Recording date: 7th October 2026 ATHA Energy Corp. (TSXV:SASK) is a Canadian uranium explorer whose flagship is the 100%-owned Angilak Uranium Project in Nunavut's Angikuni Basin. The company also holds a large exploration portfolio in the Athabasca Basin and Labrador's Central Mineral Belt, along with 10% carried interests in parts of the NexGen Energy and IsoEnergy exploration land. The 2026 programme at Angilak focused on the Mineralized RIB Corridor (MRC), discovered in 2025. Its goal was to convert a widely spaced discovery into defined continuity. Drilling on 150 to 300 m fences extended continuous mineralisation on the Eastern Limb from 1.45 km to 3.4 km, connecting the RIB North and RIB East discoveries. Twenty-one of 23 holes intersected uranium. The final seven holes, RIBN-DD-017 to RIBN-DD-023, were all mineralised. Drilling also identified a thicker, higher-grade sub-zone near discovery hole RIBN-DD-001. It measures roughly 300 m along strike and 300 m down-dip, with five holes returning 17.5 m to 37.5 m of total composite mineralisation. RIBN-DD-023 returned 19.5 m over 14 zones, including 2.0 m of high-grade mineralisation. RIBN-DD-019, about 850 m northeast, recorded a peak reading of 78,785 CPS. RIBN-DD-022A, about 1.2 km northeast, intersected 5.5 m at the current limit of drilling. CEO Troy Boisjoli says the company has moved from assumption to modelling. Mineralisation is controlled by a large graphitic fault zone with stacked veins in the hanging wall and footwall, similar in style to basement-hosted deposits such as Eagle Point and Arrow. He says every conductive target drilled has been mineralised, and that the 3.4 km is limited only by drilling, not geology. ATHA is developing an orogenic uranium-rich deposit model for Angilak, which it describes as the first of its kind globally. Management says mineralisation extends over about 17 km around the RIB structural trend and anticipates the trend runs along the entire edge of the Angikuni Basin. These are interpretations rather than defined resources. The Lac 50 Deposit Corridor separately carries a conceptual exploration target of 60.8 million to 98.2 million lbs U3O8 at 0.37% to 0.48%, which is not a mineral resource. All 2026 MRC figures are preliminary probe results. Assays are pending at SRC, and true thickness is not yet determined. ATHA lowered its reporting threshold to 300 CPS after earlier assays showed readings above that level typically exceed 0.01% U3O8. In 2025, probe peaks of about 50,000 CPS at RIB North returned grades of around 8% locally. ATHA raised $63 million in Q1 2026, which management says funds the company through the 2027 programme. As of October 2026, it had 353.1 million basic shares at C$1.01 and an enterprise value of C$349.5 million. Boisjoli says the company is not entertaining a strategic partner and will advance Angilak itself, combining delineation at RIB with continued discovery work. View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energy Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Coda Minerals (ASX:COD) - Q1 2027 PFS Underway with High Copper-Silver Recoveries

Interview with Chris Stevens, CEO of Coda Minerals Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-fully-funded-pfs-continuous-drilling-set-up-big-2026-8680 Recording date: 6th October 2026 Coda Minerals (ASX:COD) is developing the Elizabeth Creek copper-silver project in South Australia, about seven hours north of Adelaide and 40km west of BHP's Carrapateena mine. The project hosts a JORC resource of 65.5Mt at 1.6% CuEq, containing more than 700,000t of copper and 28 million ounces of silver across the Windabout and MG14 open pits and the Emmie Bluff underground deposit at about 400m depth. The company is just over halfway through a pre-feasibility study, targeting delivery in Q1 2027 on an 18-month schedule. The March 2026 scoping study update set a base case pre-tax NPV7 of A$2.25 billion and a pre-tax IRR of 56%, with a post-tax NPV7 of A$1.52 billion and IRR of 43%. Those figures assume US$10,500/t copper, US$60/oz silver and A$615 million in capital expenditure over a 15.5-year mine life. At a market capitalisation of about A$51 million, Coda trades at roughly 3% of post-tax NPV. CEO Chris Stevens says that discount is typical of the study phase. He expects it to narrow as three things arrive: a final flowsheet decision, a complete mine plan across all three deposits, and a defensible PFS valuation. Metallurgy has made the most progress. The whole-ore chloride leach base case is now returning about 94% to 95% copper and 96% silver recovery, compared with low 80% recoveries via flotation. Around 130 tests have been run since the August 2025 scoping work, using a much wider spread of samples. Difficult Windabout material that floats at mid-70% recovery leached at about 90%. Coda has also recovered about 40% of the cobalt in the leach, a stream excluded from all previous economics. Next steps are METSIM process modelling, which takes about a month, then locked cycle testing to confirm reagent recycling in an integrated circuit. The final trade-off between leach and flotation follows. Flotation remains a viable alternative. Mine planning starts with re-optimising the open pits at current prices, as they were last optimised at US$7,800/t copper. Their output will determine the underground mining rate at Emmie Bluff. Almost all of the previous mine plan sat in the Indicated category, supporting a maiden reserve without further drilling. The open pits also cushion the risk of a slow underground ramp-up. On funding, Stevens maintains a tracker of 143 potential partners. He points to KGL Resources' precious metals stream with Wheaton Precious Metals as a model and believes a 50% silver stream could fund a material part of capex. Approvals are advancing, with South Australia's Scoping Report gazetted and hydrogeological drilling under way. Learn more: https://www.cruxinvestor.com/companies/coda-minerals-ltd Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Valhalla Metals (TSXV:VMXX) - Major Backed Bid to Double Alaska Copper-Zinc Resource

Interview with Sorin Posescu, President & CEO of Valhalla Metals Recording date: 6th October 2026 Valhalla Metals Inc. (TSXV:VMXX, OTCQB:VMXXF) is a copper-focused explorer with two polymetallic VMS projects in Alaska's Ambler Mining District. The district hosts Arctic, the Ambler Metals deposit owned 50/50 by Trilogy Metals and South32, which carries probable reserves of 46.7 million tonnes at 3.7% CuEq. Valhalla's chairman, Rick Van Nieuwenhuyse, founded Trilogy. Several team members worked on Arctic before joining Valhalla. The flagship Sun Project hosts an NI 43-101 resource with an effective date of October 1, 2021. Indicated resources total 1.71 million tonnes at 1.48% copper, 4.32% zinc, 1.11% lead, 60 g/T silver and 0.21 g/T gold. Inferred resources total 9.02 million tonnes at 1.21% copper, 4.18% zinc, 1.46% lead, 81.7 g/T silver and 0.25 g/T gold. Both categories grade 4.2% CuEq at the company's price assumptions. Copper and zinc contribute similar shares of value. The resource has only been drilled to about 200 metres. Historical helicopter-supported rigs could not go deeper. A 2019 VTEM survey models a possible down-dip extension of more than 900 metres vertical extent. Two further conductors, Targets B and C, remain untested. Valhalla's 2023 programme returned 21.4 metres at 6.84% CuEq in hole Sun23-004, within a broader 52.4 metres at 3.30% CuEq. Management's stated goal is to double the Sun resource. In June 2026, Valhalla completed the acquisition of the Smucker Project from Teck for 44.8 million shares, or 35% of the company at closing. Teck received an up to 2.0% NSR royalty under certain conditions. It also received a priority purchase right and right of last offer on concentrate from Smucker, Sun and other properties, plus board and top-up rights. Smucker holds a 1981 Anaconda historical estimate of 11.8 million short tons at 6.6% CuEq. This is not current, and the historical core has yet to be located. Valhalla aims to deliver an NI 43-101 resource by the end of 2027. A concurrent C$15 million equity financing, upsized from a C$5 million target, included C$1.75 million from Teck and C$1.7 million from Marubeni. No warrants were issued. The company has 151.1 million shares outstanding. Management and the board hold about 36%, Teck 31% and Marubeni 13%, leaving a free float of roughly 20%. The market capitalisation was C$106 million at C$0.70 on August 7, 2026. The 2026 drill programme at Sun has finished, and assays are expected before year end. A driller shortage led Valhalla to buy its rigs and hire crews directly, which management believes will lower costs. The main external dependency is the Ambler Road. The federal approval was rescinded under the Biden administration and reinstated by the Trump administration in October 2025. AIDEA, the state-owned proponent, is conducting engineering studies, and funding discussions with the federal government are under way. Construction timing is outside Valhalla's control. View Valhalla Metals' company profile: https://www.cruxinvestor.com/companies/valhalla-metals Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Au Gold (TSXV:AUGC) - Maiden Victorian Gold-Antimony Drilling Set for Late 2026

Interview with Marc Blythe, Founder, President & CEO of Au Gold Corp. Recording date: 6th October 2026 Au Gold Corp (TSXV:AUGC) is a Vancouver-based junior explorer focused on the Havelock Gold-Antimony Project near Maryborough in Victoria, Australia. The company acquired the 11,663-hectare project in early 2026 after Founder and CEO Marc Blythe, a mining engineer and due diligence consultant, identified it while searching digitised historical records for overlooked Victorian prospects. The investment case is built on geology that has already created significant value elsewhere in the state. Fosterville, Costerfield and Sunday Creek are epizonal gold-antimony systems characterised by very high grades and mineralisation extending more than a kilometre below surface. Havelock's Shaw-McFarlane Trend hosts a line of historic mines worked in the 1880s and 1890s, none of which reached much beyond 150 metres depth. Blythe argues these mines stopped because of pumping limitations and metallurgical problems, not because the veins ended. Au Gold commissioned a research geologist to reconstruct the mines from public company reports and newspapers of the period. The resulting long sections show where miners recorded the widest veins and the most visible gold. There are no historic assays, so grade is unknown. Blythe estimates that miners of the era needed around half an ounce per ton to make a profit, which suggests that veins they chose to follow were likely high grade. Four priority targets have emerged: McFarlane's, the original gold-antimony target; Shaw's No. 1; Shaw's Main, the deepest workings on the trend; and Rob Roy, which reported 293 ounces at an average of 52 g/t gold. Grab samples from the Shaw's Main waste dump returned up to 54.20 g/t gold. The planned programme has grown from 2,000 to 5,000 metres of diamond drilling as the target list expanded. Funding comes from a non-brokered placement announced at $2 million on September 29, 2026. Blythe said demand allowed the company to increase it to $3.5 million, which remains subject to TSX Venture Exchange approval. Drilling is expected to start around the end of October 2026. Day-shift-only operations will slow progress, and first results may arrive early in 2027. Narrow veins are the central economic question. Blythe expects widths of a metre or less but argues that high grades can carry mining dilution. His hypothetical example of a one-metre, 15 g/t vein diluted to three metres would still grade about 5 g/t, above the 2-3 g/t he cited as typical for Australian underground vein operations. The risks are considerable. The company has no resource, no modern drill data and relies on century-old visual descriptions. Dump samples are selective. Groundwater, landowner access and commodity price sensitivity could all affect outcomes. Further dilution is likely if drilling succeeds and follow-up is required. Against that, the company trades at a market capitalisation of around C$14 million, insiders own about 18% of shares, and Blythe himself holds more than 7 million shares. For investors comfortable with early-stage exploration risk, Havelock offers a low-cost, multi-target test of whether Victoria's next epizonal system is hiding beneath its oldest workings. Learn more: https://www.cruxinvestor.com/companies/au-gold-corp Sign up for Crux Investor: https://cruxinvestor.com/subscribe

F3 Uranium (TSXV:FUU) - Lines Up Drilling, Exploration Catalysts Under New Leadership

Interview with Ross McElroy, Director & CEO of F3 Uranium Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-the-discovery-that-rewrote-uranium-exploration-rules-10839 Recording date: 4th October 2026 F3 Uranium Corp. (TSXV:FUU) has reorganised its leadership around a team that has worked together for two decades. Ross McElroy, a geologist with almost 40 years in uranium and a co-founder of Fission Uranium, is now Chief Executive Officer. Dev Randhawa becomes Executive Chairman and steps back from day-to-day management to focus on networking and promoting the company. Raymond Ashley, F3's original exploration manager and later President, now concentrates almost entirely on technical work following the departure of VP Exploration Sam Hartmann in early September. McElroy describes the change as a reallocation of complementary skills rather than a fix for any specific problem. The company's asset base sits in the PLN project in the western Athabasca Basin, a land package McElroy puts at about 42,000 hectares. The JR Zone hosts an Indicated resource of 11.8 million lb U3O8 at 4.41%, including a high-grade domain of 10.8 million lb at 12.23%. McElroy is frank that this pod has probably been delineated as far as it will go. On its own, he says, it is a little short of what is needed to justify advanced studies. Athabasca deposits often occur as multiple pods, however, and he would not be surprised to find more along the A1 conductor trend. The more important development may be happening next door. NexGen Energy's Arrow and Paladin Energy's Triple R are advancing towards production, and McElroy expects at least two mills, new roads and possibly provincial grid power to reach the area. That infrastructure lowers the critical mass a deposit needs to be economic. He sees JR as a potential satellite feed for a producer such as Paladin, or as an attraction for a company looking to consolidate the district. Exploration focus for the next 12 to 18 months will be the Tetra Zone, discovered in April 2025 about 13 km south of JR. The discovery hole returned 22.5 m at 0.26% U3O8, including 1.0 m at 2.50%, and follow-up hole PLN25-219A returned 3.0 m at 1.19%. McElroy acknowledges that true high-grade uranium has yet to be found. Drilling has shown that Tetra sits where the north-south trend hosting JR meets an east-west trend parallel to the Triple R and Arrow corridor, both of which are known to host high-grade mineralisation. Drilling continues with a single rig until about the end of November. The fall programme, originally planned at 4,000 to 4,500 m, is now expected to reach 5,000 to 7,000 m. The winter programme will be planned in December and announced that month, with drilling from January or February. F3 reported $21.3 million in cash as at 25 August 2026. On the corporate side, a planned 10:1 consolidation would reduce roughly 750 million shares to about 75 million. McElroy hopes this will help broaden the institutional shareholder base. He also sees attracting strategic interest as a central part of his role, pointing to the land position, the JR resource and the Tetra discovery. Key risks include Tetra failing to deliver a high-grade core, JR's dependence on third-party infrastructure, potential dilution and weak sentiment towards uranium equities. View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corp Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Gold Producers Hunt for Assets as Takeover Pipeline Shrinks

Recording date: 3rd October 2026 Olive Resource Capital distils two weeks on the autumn conference circuit into a clear message. The gold sector has moved past exuberance into a more disciplined phase. Producers have the cash to buy, but genuine bargains are harder to find. Samuel Pelaez, Olive's President, CEO and CIO, said attendance at the Precious Metals Summit in Beaver Creek matched or exceeded last year's, with meeting rooms spilling into tents. The mood was optimistic but more measured than in 2025, when Hemlo's roughly $1 billion raise exemplified the market's appetite. Executive Chairman Derek Macpherson, who held close to 50 meetings on behalf of West Point Gold, said the most telling signal came from corporate development teams. They appeared to be actively hunting for assets rather than gathering information, in one case sending a CEO to a first meeting. Because producers are rarely first movers, Olive reads their activity as confirmation of a maturing cycle. The cycle is now shaped by capital allocation. At Mining Forum Americas, Macpherson saw no weak balance sheets among the majors and mid-tiers presenting, reflecting about 18 months of exceptional profitability. Almost every presentation opened or closed on capital allocation. Macpherson's explanation is structural. Gold ETFs such as GLD, GDX and GDXJ now give generalists liquid exposure without single-stock risk, compressing producer multiples. Each major must therefore prove it allocates capital better than a passive product. Agnico Eagle was the standout example. M&A provided the backdrop. Artemis Gold's proposed all-share acquisition of Vista Gold, valued at $427 million for roughly 10.5 million ounces at Mt Todd, works out at about $40 per ounce. Macpherson contrasted that with roughly $400 per ounce in G Mining Ventures' deal for G2 Goldfields. Pelaez said the deal mainly shows Artemis intends to be a buyer, further thinning the list of quality targets. The deal is expected to close in January 2027. The headline event was Gold Fields' approach for Northern Star Resources, which Northern Star's board rejected. The offer was worth about A$27 per share when made but had slipped towards A$25 as Gold Fields shares fell, against a Northern Star price of A$22 to A$23. Olive doubts Gold Fields can raise its offer meaningfully without damaging its own shareholders. The list of alternative bidders is short. Newmont could afford it, Barrick is preoccupied with its breakup, and Agnico Eagle is the most credible candidate given its Australian presence and premium multiple. Olive is acting on that view. It is buying Northern Star on three grounds: a post-capex turnaround under incoming CEO Suresh Vadnagra, a price floor implied by Gold Fields, and a lower-probability chance of a rival bid. The fund previously exited on Australian diesel supply concerns, but conference conversations eased those worries. Olive also signalled appetite to add to two existing holdings. Bravo Mining's Luanga PFS shows a post-tax NPV of about $1.45 billion against an estimated enterprise value near $300 million and close to $100 million in cash. K92 Mining continues to beat conservative guidance and, in Olive's view, offers funded growth that is not yet fully priced in. Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Mineros S.A. (TSX:MSA) - $230M Treasury Funds Growth to 300,000 oz Annual Gold Production

Interview with Daniel Henao, CEO of Mineros S.A. Our previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-undervalued-investment-series-with-daniel-henao-10231 Recording date: 29th September 2026 Mineros S.A. (TSX:MSA) is a gold producer with more than 50 years of operating history in Latin America. It is listed in Colombia, on the TSX and on the OTCQX. For most of its life it was largely unknown to North American and European investors. That began to change after its 2021 TSX listing and, more decisively, after Sun Valley Investments became controlling shareholder in 2025 and installed new management. CEO Daniel Henao says the shares have since risen from about 60 cents to about $10, a roughly 15-fold move that is unusual for a producer rather than an explorer. The operating base has two assets. Hemco in Nicaragua combines underground mining with partnerships with local miners, and it is where the new team has found the largest gains. Higher gold and silver recoveries, a $25 million processing expansion expected to add about 30,000 ounces, and better grade control have driven a guidance increase to 220,000-240,000 gold equivalent ounces for 2026. First-half AISC of $2,348 per ounce sits below the guided range of $2,370-$2,470. Management wants Hemco to approach 200,000 ounces a year before Porvenir. The Nechí alluvial operation in Colombia has produced gold for more than a century. It uses gravity recovery with no chemicals and runs on hydroelectric power. It produced about 90,000 ounces last year and holds roughly 2.2 million ounces in reserves and resources. Henao sees scope for 30-40% more production, subject to government approvals. Growth is funded internally. Mineros holds about $230 million in liquid assets, including roughly 40,000 ounces of gold bullion, and carries almost no debt. That covers the $206.8 million initial capital for Porvenir in Nicaragua. At $3,150 gold, the PFS shows a 37.9% after-tax IRR, a $460 million NPV and about 70,000 ounces a year. Major permits are in hand, two minor permits are expected by year-end, and a construction decision is targeted for the first quarter of 2027. The plant is designed at 2,000 tonnes per day with scope to double. Mineros is drilling about 85 kilometres in the district this year at around $100 per metre, roughly a quarter of what peers pay, using its own rigs. Two larger options sit beyond Porvenir. Tolima in Colombia carries a historical estimate of about 28 million ounces from AngloGold Ashanti, which Mineros has not verified as a current resource. Development depends on community engagement, supported by Colombia's works-for-taxes mechanism. La Pepa in Chile's Maricunga belt holds about 2.5 million ounces. A PEA targeting 100,000-150,000 ounces a year is due early next year. On Henao's figures, annualised EBITDA of about $500 million against an enterprise value near $2 billion implies about four times EBITDA. The company presentation cites 2.5 times. Neither includes value for Tolima or La Pepa. Key risks are gold-indexed partner costs, peso strength, jurisdictional exposure and the open-ended Tolima timeline. Catalysts to watch are the final Porvenir permits, the construction decision, the La Pepa PEA and progress towards 300,000 ounces a year. Learn more: https://www.cruxinvestor.com/companies/mineros-sa Sign up for Crux Investor: https://cruxinvestor.com/subscribe

i-80 Gold (TSX:IAU) - Granite Creek Feasibility Done, Lone Tree Refurbishment on Track for 2027

Interview with Paul Chawrun, COO of i-80 Gold Corp. Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-capital-raised-construction-underway-to-gold-production-by-2027-9498 Recording date: 29th September 2026 i-80 Gold Corp. (TSX:IAU) is a Nevada-focused gold developer and producer that aims to become a mid-tier producer through a hub-and-spoke model. Three underground mines and, later, a large open pit oxide project are planned to support a central processing facility at Lone Tree. Chief Operating Officer Paul Chawrun said the company has spent the past year turning a plan the market saw as complex into a series of completed milestones. The financing phase is complete. i-80 raised more than $1 billion through equity, a royalty, convertible notes and a gold prepay facility, and held $464.6 million in cash at 30 June 2026. The company has expanded its technical teams and begun operational readiness work for Lone Tree. Granite Creek Underground is the first asset with declared reserves. The September 2026 feasibility study set an initial reserve of 557,000 oz at 7.87 g/t, supporting about 8.5 years of mining and average output of 75,100 oz per year from 2028 to 2032 at AISC of $1,915/oz. Grade is lower than in the 2025 PEA because the highest-grade zones lie further out in the deposit. Chawrun pointed to two sources of upside not included in the study's costs. Screening removes about 20% of waste and lifts head grade by roughly 20%. Improving ground conditions from dewatering should also allow throughput to rise towards 1,000 tonnes per day. Inferred resources have historically converted at a ratio of one-to-one or better, and the deposit remains open. Lone Tree is the economic hinge of the strategy. Sulphide ore currently goes to a third-party processor at a payability factor of 55% to 60%. Bringing it in-house should lift average recovery to around 87%. The refurbishment, estimated at roughly $430 million, is on schedule. Chawrun noted labour cost pressure that remains within contingency. The filtration plant is targeted for October 2027, first gold pour for Q4 2027 and autoclave processing of sulphides from 2028. Archimedes at Ruby Hill is due to deliver first gold in Q4 2026. Its oxide ore leaches well at both low grades of around 2 g/t and high grades of 7 to 9 g/t. That gives i-80 the choice of continued heap leaching or processing high-grade oxide at Lone Tree while building a sulphide stockpile. Mineral Point is the growth engine. The PEA outlined around 280,000 gold-equivalent oz per year at AISC that Chawrun now places at $1,200 to $1,400/oz. The project includes a large silver resource that adds 15% to 20% to margin. A drilling campaign of about 155,000 metres is expected to feed a pre-feasibility study around mid-2027, with management targeting a reserve of about 5 million oz. Permitting is planned to begin late in 2026, with production around 2031. The roughly $1 billion capital cost is expected to be funded without new equity. For investors, near-term watch-items are Archimedes first gold, Lone Tree construction progress and Granite Creek grade reconciliation. The Mineral Point pre-feasibility study is the larger catalyst. Key risks include dewatering, construction costs, permitting timelines and the gold price assumptions underpinning the non-dilutive funding plan. View i-80 Gold's company profile: https://www.cruxinvestor.com/companies/i-80-gold Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Silvercorp (TSX:SVM) - Building Two Mines at Once Targeting 2027 Start-Up

Interview with Lon Shaver, President of Silvercorp Metals Inc. Our previous interview: https://www.cruxinvestor.com/posts/silvercorp-metals-tsxsvm-undervalued-investment-series-with-lon-shaver-10671 Recording date: 29th September 2026 Silvercorp Metals Inc. (TSX:SVM, NYSE American:SVM) has spent years as a profitable silver producer in China whose valuation reflected the market's discomfort with single-jurisdiction exposure. That is changing. The company is now building two mines outside China, and President Lon Shaver believes the resulting multi-jurisdictional profile can change how investors view the business. A fatal accident at a coal mine elsewhere in China prompted a national safety review after an investigation found criminal negligence by mine management and complicity by some local officials. Silvercorp proactively shut its mines to conduct an internal review. Ying restarted and ran at about 60% of targeted throughput in August, rising to close to 90-100% by the end of September. Shaver called it a one-time event and declined to update guidance. Strong zinc prices and improved zinc treatment and refining charges should help offset lost output. These conditions reflect lost lead-zinc production in China that has left smelters short of concentrate. All production is sold domestically in RMB, which has strengthened against the US dollar. The first growth asset is El Domo, a copper-gold project in Ecuador. Construction is in its final push toward July 2027 commissioning. Two unusually wet rainy seasons have consumed some schedule slack, but contractors capable of deploying large crews have kept the target alive. The mill equipment is in transit. Shaver estimates El Domo will add about $200 million in annual revenue, a little under half from copper, compared with a Chinese run-rate he put at about $550 million. The capital cost is $284 million. Wheaton Precious Metals is providing a $175 million stream, about half of which has been drawn. Shaver cited a two-to-three-year payback at $3,350/oz gold and $5/lb copper. The second growth asset is in Kyrgyzstan. Silvercorp paid an effective $150 million for a 70% controlling interest in a resource of around 6 million ounces of gold. The asset was previously advanced by London-based Chaarat Gold, which spent heavily before its lenders foreclosed. Shaver views the asset as poorly marketed and misunderstood. After closing in January and regaining site access in May, Silvercorp has prepared heap leach pad and crushing plant areas, completed a camp and started pit stripping. First ore on the pads is targeted for later in 2027. Phase 1, budgeted by Shaver at about $160 million, has a roughly four-year life that he believes could be extended by two years or doubled. Its cash flow is intended to help fund Phase 2, previously scoped at 200,000-230,000 ounces a year for 18 years. Silvercorp's strategy is to pair lower entry prices in less contested jurisdictions with staged development that limits capital at risk. The company is also building a redeployable construction team and remains open to acquiring production. Key risks are execution across two simultaneous builds, weather in Ecuador, perceived jurisdictional risk in Kyrgyzstan and further regulatory change in China. Investors should watch Ying's return to full output, any revised guidance, the remaining Wheaton tranches and first gold in Kyrgyzstan. View Silvercorp's company profile: https://www.cruxinvestor.com/companies/silvercorp-metals Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Rio2 (TSX:RIO) - Fenix Gold Ramp-Up Persists as Condestable Expansion Takes Shape

Interview with Andrew Cox, President & CEO of Rio2 Ltd. Our previous interview: https://www.cruxinvestor.com/posts/growth-stories-winning-teams-that-know-how-to-find-gold-get-it-out-of-the-ground-9290 Recording date: 28th September 2026 Rio2 Limited (TSX:RIO) has made the leap from developer to dual-asset producer in 2026. It brought its Fenix Gold Mine in Chile's Atacama region into production and acquired the Condestable copper-gold underground mine in Peru in February. The transition has not been smooth. President and CEO Andrew Cox detailed how two exceptional winter storms disrupted Fenix during its ramp-up year. Fenix is a high-altitude heap leach operation designed to stack 20,000 tpd and produce around 100,000 ounces of gold a year. Production rose from about 4,500 ounces in Q1 to about 9,000 ounces in Q2, and the mine averaged its 20,000 tpd target in early July. A mid-July storm then dropped around one metre of snow over five days, followed by a second storm on August that delivered around two metres. Cox described the season as something like two 20-year events in three weeks. Each storm halted stacking, and the leach pad was buried during the second event. As a result, Rio2 now expects around 40,000 ounces for 2026, down from the 60,000 ounces the company regarded as its success case. Formal guidance remains withheld, and the company warns that unseasonal snow may persist through December. Commercial production nonetheless remains on track for Q4. The operational signals beneath the headline shortfall are more encouraging. Freezing on the leach pad, which affected several cells in May, has been resolved with double-layer covers. Fenix recently stacked a record 30,000 tpd over two days, and Cox expects sustained 20,000 tpd operation from October, with 25,000 tpd by year-end described as an attractive goal. Mining has expanded from Fenix South into Fenix Central, with access to Fenix North under way. Ore is also arriving wetter than modelled, at around 4% moisture rather than 1%. That cuts added water needs by about 30% and could allow up to 30% more tonnes on the same water budget, a potential lever for the 2027 plan. Condestable provides a steadier base. The mature IOCG mine produces about 25,000 tonnes of copper equivalent a year, around 80% of it from copper. Its EIA modification to lift throughput from 8,400 tpd to 10,000 tpd was approved last month. Rio2 is finalising engineering for 12,000 tpd plant capacity at an estimated cost of around $50 million, with construction planned from the second half of 2027 and ramp-up in the second half of 2028. A 16,000-metre surface drilling programme around two historic open pits is under way, with 17,000 metres more planned for 2027 and a maiden surface resource targeted for late 2027. Further optionality comes from the Fenix expansion BFS, which awaits the selection of a water provider expected within about a month, and a Yukon tungsten project with a 2,000-metre drilling permit for 2027. Investors should watch for the commercial production declaration, the water provider decision and the BFS. The key risks are weather through December and execution on the expansion programme. View Rio2's company profile: https://www.cruxinvestor.com/companies/rio2-limited Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Q-Gold Resources (TSXV:QGR) - $1.7B NPV Oregon Gold Project Development with Heap Leach Start

Interview with Peter Wilson Tagliamonte, CEO of QGold Resources Recording date: 29th September 2026 Q-Gold Resources Ltd. (TSXV:QGR, OTCQB:QGLDF) is a junior gold developer whose principal asset is the Quartz Mountain Gold Project in eastern Oregon. The company acquired the project from Alamos Gold, which held it for more than a decade without advancing it to a mining study. Alamos now holds 10% of QGold. According to CEO Peter Tagliamonte, the deal includes annual anniversary payments of around C$4 million. The resource stands at 2.01 million ounces Indicated and 494,000 ounces Inferred. In April 2026, QGold published the project's first mining study, a PEA prepared by Kappes, Cassiday & Associates. At a 24-month trailing average gold price of US$3,265 per ounce, the PEA estimates an after-tax NPV(5%) of US$1.71 billion and an after-tax IRR of 55.2%. Initial capex is US$290 million and payback is 1.8 years. Production averages 135,400 ounces a year over a 14-year mine life, at cash costs of US$1,010 per ounce and AISC of US$1,216 per ounce. The project's strongest physical feature is its geometry. The deposit sits under low rolling hills, giving a life-of-mine strip ratio of 0.65:1. The CEO describes the strip ratio in the early years as near zero. That compares with ratios of three to five, or higher, at many open-pit gold mines. Development will be staged. An oxide cap, which the CEO says contains about 45% of the ounces, will be mined first through a heap leach operation lasting four to five years. Cash flow from that phase is intended to fund the grinding and flotation circuit needed for the deeper sulphide material. That sulphide phase would run for roughly nine more years. Management intends to skip a feasibility study for the oxide phase. It plans to move directly into basic and detailed engineering, relying on decades of metallurgical test work. Off-the-shelf equipment, including track-mounted Sandvik crushers and standard ADR plant designs, is meant to compress the timeline. Tagliamonte sees a path to oxide production within two to three years. The sulphide phase will go through a full feasibility study. Tagliamonte's record is central to the investment case. He led companies that built Jacobina in Brazil, advanced Sulliden's Peruvian project, and built three mines in Nicaragua that helped found B2Gold. His technical team has worked with him since the 1990s. On permitting, the company reports good engagement with Oregon's DOGAMI and the US Forest Service. It has hired a retired 30-year Forest Service veteran as environmental and permitting manager. Tagliamonte expects the project to join the federal FAST-41 programme soon, but this has not been confirmed. The Forest Service approved the Angel's Camp exploration programme in April 2026, and work began this summer. QGold also holds the Mine Centre project in Ontario. Grab samples there returned up to 600 g/t gold, and channel assays are pending. Key watch-items are the financing plan for the US$290 million build, progress on detailed engineering, any FAST-41 designation and Angel's Camp results. Skipping feasibility for phase one could save time. It also concentrates execution risk on the engineering team. Learn more: https://www.cruxinvestor.com/companies/q-gold-resources-ltd Sign up for Crux Investor: https://cruxinvestor.com/subscribe