Interview with Stephen Soock, VP of Investor Relations and Development, Heliostar Metals
Our previous interview: https://www.cruxinvestor.com/posts/heliostar-metals-tsxvhstr-big-high-grade-gold-potential-at-anapola-project-3935
Recording date: 29th December 2025
Heliostar Metals is pursuing an ambitious strategy to transform from a 30-40,000 ounce gold producer in 2025 to a 300,000 ounce operation by decade's end, with a critical differentiator: the entire expansion will be internally financed without shareholder dilution. In a detailed discussion, Stephen Soock, VP of Investor Relations and Development, outlined how the company plans to leverage cash flow from recently restarted Mexican operations to fund systematic development of high-margin projects.
The foundation of this strategy rests on the successful restart of operations acquired from Argonaut Gold in November 2024. La Colorada's return to production early in 2025 established initial cash flow, followed by San Augustine's restart in late December 2025. San Augustine, with 68,000 ounces in reserve and projected production of 45,000 ounces over 14 months, is expected to generate approximately $65 million in 2026 at current gold prices. Soock characterised the operation as "a little bit like an ATM" for funding broader growth initiatives.
The flagship Ana Paula project represents the centrepiece of Heliostar's transformation. The underground mine's preliminary economic assessment shows compelling economics: $300 million in initial capital for 100,000 ounces annual production at just over $1,000 all-in sustaining costs, placing it in the bottom 15% of the global cost curve. This exceptional positioning derives from a rare combination of 5.5 grams per ton high-grade ore with bulk tonnage characteristics. The company targets a Q1 2027 feasibility study and H2 2028 production start.
Looking further ahead, Cerro del Gallo provides additional growth potential with a 15-year mine life producing 85,000-87,000 ounces annually. Despite recent share price appreciation to nearly $800 million valuation, management maintains capital discipline, with Soock stating unequivocally that near-term equity financing remains unnecessary. Trading at 0.28x net asset value, the company sees continued re-rating potential as operational execution de-risks the development pipeline.
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Interview with Alex Black, Executive Chairman of Rio2 Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/rio2-tsxrio-approaching-january-2026-production-targeting-20000tpd-ramp-up-7959
Recording date: 23rd December 2025
Rio2 Limited (TSX:RIO) represents a compelling investment opportunity at the critical inflection point between development and production, with first gold pour from its Fenix heap leach project in Chile scheduled for January 2026 whilst the recently acquired Condestable underground copper mine in Peru contributes immediate substantial cash generation. The dual-asset strategy directly addresses the binary risk inherent in single-asset junior companies whilst providing diversified exposure to both precious and base metals during favourable pricing environments characterised by gold exceeding $4,500 per ounce and copper benefiting from structural supply constraints.
Management delivered the Fenix project on time and on budget at $150-160 million total capital expenditure, representing modest capital intensity for a gold operation of this scale. The operation targets 60-70,000 ounces during the 2026 ramp-up year before reaching steady-state production of 100,000 ounces annually by 2027 at nameplate throughput capacity of 20,000 tonnes per day. Critically, the starter project represents only 1.7 million ounces of the property's 5 million ounce resource base, which was defined using $1,800 per ounce gold price pit shells, creating significant reserve expansion potential in the current $2,600+ pricing environment. Systematic exploration drilling commencing in 2026 targets resource growth potentially reaching 5-7 million ounces by the late 2027 feasibility study for phase two expansion.
The December acquisition of Condestable fundamentally altered Rio2's financial trajectory and risk profile. The transaction added 10 years of proven and probable reserves, unusual longevity for any producing operation that eliminates near-term reserve replacement pressures. The mine produces 27,000 tonnes of copper equivalent annually (60 million pounds copper) at current throughput rates of 8,400 tonnes per day, generating clean concentrate grading 80% copper and 20% precious metals. At current metal prices, Condestable generates over $100 million in annual free cash flow after taxes with sustaining capital requirements below $10 million per year, creating an 8% annual cash yield on Rio2's $1.2 billion market capitalisation before considering Fenix's contribution.
The combined operations project to generate $150-175 million annual free cash flow once Fenix reaches steady-state production, providing capital to fund organic expansion at both properties without equity dilution. Condestable offers clear expansion pathway from 8,400 to 12,000 tonnes per day throughput (40% increase) with study underway, whilst the underexplored 45,000-hectare land package surrounding the mine provides blue-sky resource growth potential that previous private equity owners neglected in favour of cash flow extraction.
Management's 25-year Peru operating history and successful prior mine development through Minera IRL validates capability to navigate Latin American permitting, community relations, and operational challenges. The successful $205 million financing with $800 million total demand (4x oversubscription) demonstrates institutional confidence in the execution track record and strategic vision. Rio2 currently trades at approximately 2x EBITDA on Condestable alone, before attributing value to Fenix production or substantial organic expansion potential at either asset. Comparable producers in the 100,000+ ounce gold and 50+ million pound copper production range typically trade at 4-6x EBITDA multiples, suggesting significant valuation convergence opportunity as quarterly production reports validate operational performance through 2026-2027.
Management explicitly positions Rio2 as an active consolidator building toward eventual corporate transaction within 3-5 years rather than perpetual operator, with Executive Chairman Alex Black noting "we're not building a company for the next 20 years" but rather "taking advantage of the situation, the time, the metal prices and building something up that is very very valuable." G Mining's $8.5 billion valuation whilst operating two assets provides reference point for Rio2's potential valuation trajectory, representing 7x current market capitalisation as the production platform matures and demonstrates consistent operational execution across both jurisdictions.
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Interview with Christopher Taylor, Chairman, and Claudia Tornquist, President & CEO of Kodiak Copper Corp.
Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-q4-2025-resource-estimate-will-mark-critical-inflection-point-7948
Recording date: 10th December 2025
Kodiak Copper has announced its maiden resource estimate for the MPD project in British Columbia, marking a significant milestone after six years of exploration. The resource comprises 440 million tons at 0.39% copper equivalent (indicated) and 0.32% (inferred), containing 2.4 billion pounds of copper and 1.7 million ounces of gold across seven discrete deposits.
The company achieved remarkable exploration efficiency, discovering nearly 2 million ounces of gold with only 90,000 meters of drilling—a superior discovery rate compared to peer projects. Chairman Chris Taylor noted this efficiency exceeded even his previous work at Great Bear Resources, which sold for C$1.8 billion.
Metallurgical results are encouraging, showing 80% copper recovery and 60% gold recovery with no deleterious elements. The company is conducting optimization work to potentially improve gold recovery rates, which could significantly enhance project economics given current gold prices substantially above the $4,000 per ounce assumption used in resource calculations.
All seven deposits remain open for expansion, with drilling already indicating significant growth opportunities. The company has identified approximately 20 additional exploration targets across the property, including areas with surface samples showing 4-5% copper grades—higher than any current resource deposit yet never drill-tested.
Management is prioritizing resource expansion over immediate economic studies, believing this approach maximizes shareholder value by demonstrating the district's full scale potential. President Claudia Tornquist emphasized that "size is what will make this project attractive." The company maintains $7-8 million cash to fund a 2026-2027 drilling program, with a resource update expected in approximately one year.
The project benefits from favorable market dynamics, with copper and gold at or near all-time highs and limited pipeline of development projects to address structural supply deficits. Located in British Columbia's established mining jurisdiction, MPD is positioned as a potential future copper-gold producer in a supply-constrained market.
View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corp
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Interview with Jeremy Gillis, Director Capital Markets of Sendero Resources
Our previous interview: https://www.cruxinvestor.com/posts/sendero-resources-tsxvsend-drilling-high-grade-targets-in-argentinas-vicua-copper-district-5346
Recording date: 10th December 2025
Sendero Resources has emerged as a compelling exploration story following a comprehensive restructuring that brought together mining industry veterans to advance a district-scale land position in Argentina's proven Vicuña copper-gold belt. Trading at approximately $30 million market capitalization with just 24 million shares outstanding, the company controls 211 square kilometers along the same structural corridor as billion-dollar discoveries including Filo del Sol, Josemaría, and Los Helados.
The transformation began in 2024 when new leadership overhauled the struggling junior explorer, recruiting CEO Alex Gostevskikh (ex-Kinross, Centerra) and Steven McMullan, a PDAC prize-winning geologist whose discovery work contributed to Kamoa—now the world's fourth-largest producing copper mine. This production-focused technical team brings a critical economic lens to evaluating mineralization from the earliest exploration stages.
What distinguishes Sendero's approach is comprehensive data reprocessing. The team analyzed 40 years of historical exploration data from the property—including 16,000 meters of drilling that showed mineralization throughout with no blank holes—plus 300,000 meters of drilling data from neighboring Filo del Sol. This work identified specific pathfinder elements and structural controls consistent between major district discoveries and Sendero's ground, including anomalous silver signatures that mirror Filo del Sol's high-grade zones.
The company has attracted blue-chip mining investors including Peter Marrone (Yamana Gold, Allied Gold) and Argentine billionaire Eduardo Elsztain, who participated in progressively higher-valuation financings. The most recent $4 million raise closed at $0.95 per share with no warrants—a significant premium to earlier rounds. With management and strategic investors controlling 60-70% of shares, minimal public float exists.
Sendero plans a focused 3,600-meter drill program for Q1 2026, targeting a newly identified area along a fault corridor that management believes hosts discovery-scale mineralization. Rather than testing multiple historical targets, the six-hole program concentrates on what the team considers the highest-probability opportunity for a significant find in this world-class gold-copper district.
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Recording date: 10th December 2025
Olive Resource Capital's November 2025 portfolio performance—reaching year-to-date highs despite October's commodity market volatility—demonstrates the strategic value of disciplined gold position management within diversified resource portfolios. Whilst the firm identifies compelling contrarian opportunities in oil equities trading at generational lows, their analysis paradoxically reinforces gold's foundational importance through quantitative validation and macro context.
The most striking evidence emerges from commodity ratio analysis. The oil-to-gold ratio currently sits at 20% of its 25-year historical average, representing an extraordinary dislocation that simultaneously confirms oil's severe undervaluation and validates gold's exceptional relative strength. This 500% premium to historical norms reflects fundamental repricing within commodity markets, with gold demonstrating superior pricing power amidst coordinated global liquidity expansion.
Executive Chairman Derek McPherson and President & CEO Samuel Pelaez articulated the macro framework supporting hard asset valuations: persistent deficit spending across the United States, China, Canada, and European nations creates monetary conditions under which gold has historically thrived. "There is tons of liquidity coming and so your hard assets which oil is one of are going to be economic at least economic stability if not economic growth," McPherson explained, referencing macroeconomist Lyn Alden's observation that debt-financed economic support creates inexorable momentum favouring tangible assets over financial claims.
China's commodity accumulation behaviour provides instructive parallels. The nation's documented gold reserve building during 2022-2024 contributed significantly to gold's rally from $1,800 to over $4,000 per ounce. Now applying similar logic to crude oil—stockpiling 700,000 barrels daily beyond refining needs—China demonstrates sovereign recognition of strategic hard asset acquisition during relative weakness. This pattern validates gold's completed appreciation cycle whilst identifying emerging opportunities in complementary commodities.
Olive Resource Capital's tactical approach exemplifies professional position management. The team trimmed gold exposure during September 2025's strength, capturing profits whilst maintaining strategic core holdings, then added positions during October-November weakness at improved valuations. "We've actually been adding positions and effectively reducing our cash balance," McPherson confirmed, describing deployment across selective gold equities alongside exploratory oil positions.
This disciplined rebalancing contrasts sharply with wholesale rotation between commodity sectors. Gold maintains permanent strategic importance through unique characteristics: portfolio insurance properties, liquidity during market stress, and systematic sensitivity to monetary conditions. Whilst cyclical opportunities in energy or base metals may offer superior near-term returns, gold provides stability and appreciation independent of specific economic outcomes.
The investment framework applies across commodity cycles. Pelaez referenced Agnico Eagle's 20-30x return from 2015-2025, demonstrating rewards from acquiring premier assets during sector pessimism. "You can buy top of class best management best run companies and you still stand an opportunity to make multiples on your money," he observed regarding current oil valuations—a principle equally applicable to quality gold producers offering continued leverage to further monetary metal appreciation.
For sophisticated investors, gold's role transcends cyclical trading. The monetary environment—coordinated deficit spending, currency debasement, sovereign reserve diversification—creates conditions for sustained appreciation whilst maintaining portfolio foundation that enables tactical exploration of complementary opportunities. The lesson from Olive Resource Capital proves clear: gold serves as strategic anchor whilst other commodity sectors rotate through relative value cycles.
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Interview with Gordon Neal, President, Domestic Metals
Recording date: 9th December 2025
Domestic Metals has acquired a promising Montana copper porphyry project from Rio Tinto through an earn-in agreement that highlights the property's significant potential. The company can earn 60% ownership by spending $3.15 million USD on exploration work, with Rio Tinto retaining 40% plus an unusual 20% clawback provision—a protective measure that underscores the major miner's conviction in the project's long-term value.
The Smart Creek-Sunrise property occupies compelling geological ground, located 50 kilometers northwest of the historic Butte mine, which has produced 22 billion pounds of copper over a century. The project sits within the same Helena formation geology, with company geologists noting that rocks match Butte's characteristics in age and composition. Rio Tinto drilled 26 of 40 total holes on the property, with results improving progressively from southeast to northwest. The best intercept to date shows 109 meters at 0.75% copper, including 80 meters at 0.97% copper, suggesting drilling was advancing toward rather than away from the porphyry center.
President Gordon Neal brings proven credentials, having built MAG Silver from $50 million to $2.5 billion market capitalization and New Pacific Metals from $100 million to $1.5 billion. His track record in capital markets and project development provides credibility to the company's exploration strategy.
The company recently raised $4 million to fund comprehensive IP and magnetotelluric geophysical surveys in January-February 2026, followed by 3,000+ meters of drilling starting February-March. Assay results are expected April-May 2026. A critical advantage is Montana's streamlined permitting environment, with drill permits obtained in four months versus 5-7 years in Arizona. The Forest Service recently extended 36 expired drill permits using existing paperwork—unprecedented flexibility that enables rapid, capital-efficient advancement of what could become a significant domestic copper discovery.
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Interview with David Wolfin, President and CEO, Avino Silver & Gold
Our previous interview: https://www.cruxinvestor.com/posts/avino-silver-gold-tsxasm-junior-to-intermediate-producer-transformation-underway-8062
Recording date: 9th December 2025
Avino Silver & Gold Mines Limited is executing an ambitious expansion plan to transform from a single-asset producer into a diversified mid-tier mining company. The Mexico-based operation, which traces its roots to 1968, currently generates between 2.5 and 2.8 million ounces of silver equivalent annually and aims to triple its producing asset base within five years through organic development of properties it already owns.
The company's third quarter 2025 results underscore the financial strength supporting this growth trajectory. Avino achieved record revenues of $21 million USD with $9.9 million in gross profit and approximately $5 million in free cash flow. All-in sustaining costs remain in the low $20s per ounce, creating substantial margins as silver approaches $60 per ounce. Revenue composition is diversified across 49% silver, 19% gold, and 31% copper, providing natural commodity price hedging.
La Preciosa represents the most immediate production catalyst. Located 19 kilometers from the existing Avino mill, the project commenced ore extraction one month ahead of schedule, shipping over 6,700 tons during the recent quarter. Early drilling results have significantly exceeded previous feasibility estimates, with intercepts reaching 787 grams per ton of silver compared to the 200 g/t resource grade established by prior operator Coeur Mining. President and CEO David Wolfin noted these high-grade hits suggest actual mining grades will substantially exceed earlier projections.
The company's third potential producing asset involves reprocessing historical oxide tailings adjacent to current operations. With 6.7 million tons in proven and probable reserves and capital requirements under $50 million, the project offers particularly attractive economics with projected all-in sustaining costs around $10 per ounce. At current metal prices, Wolfin estimates the project's net present value at approximately $250 million.
Supporting this expansion, Avino has more than doubled its exploration budget for 2026, planning 20,000 to 30,000 meters of drilling across both properties. Institutional ownership has risen from under 10% to 32% over two years through organic open-market purchases, validating the growth thesis. Management expects to release updated resource and reserve estimates for both La Preciosa and Avino in the first quarter of 2026.
Learn more: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltd
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Interview with Marcio Fonseca, President & CEO, and Daniel Schieber, VP Corporate Development & Corporate Relations of GR Silver Mining.
Our previous interview: https://www.cruxinvestor.com/posts/gr-silver-mining-tsxvgrsl-pitch-perfect-october-2025-8302
Recording date: 10th December 2025
GR Silver Mining has positioned itself at the forefront of Mexico's silver exploration sector following a transformational 2025 that saw the company secure $17.5 million in financing, bringing total cash to approximately $28 million CAD—the strongest balance sheet in company history. This capital infusion, primarily from institutional investors and experienced Canadian capital markets participants, provides 12-18 months of fully-funded operations to execute an aggressive 2026 exploration program without near-term dilution concerns.
The company's San Marcial silver discovery hosts 134 million ounces of silver equivalent resources discovered at industry-leading costs of just 17 cents per ounce, generating approximately five ounces of resources for every dollar invested in drilling. With only 20% of the primary geophysical anomaly tested to date, management plans to more than double historical drilling meterage in 2026, targeting over 36,000 meters with multiple rigs operating simultaneously under a five-year permit covering 46 drill sites. This aggressive approach aims to expand the resource footprint by 600-800 meters along strike while testing parallel zones that could significantly increase the overall resource base.
GR Silver's dual-track strategy combines resource growth at San Marcial with pilot plant development at the fully-permitted historic Plomosas mine, creating near-term production optionality while de-risking San Marcial's permitting pathway. The company has identified 21 mining areas at Plomosas requiring no development capital, with existing infrastructure including power, water permits, and tailings facilities that would otherwise represent major capital expenditures and multi-year permitting delays.
Toronto analysts indicate in-situ valuations for comparable companies typically range $3-4 per ounce of silver resources, yet GR Silver trades at approximately $1 per in-situ ounce. Located just 40 kilometers from Vizsla Silver's $2.5 billion market cap Panuco project, GR Silver's current valuation is roughly 20 times smaller despite resources one-third the size, suggesting substantial re-rating potential as the company advances toward its first Preliminary Economic Assessment scheduled for 2026 while maintaining top 10 TSX Venture trading status with 6.5-7 million shares daily volume.
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Interview with Dennis Lindgren, CEO of Black Bear Minerals
Recording date: 10th December 2025
Black Bear Minerals (ASX:BKB) has completed a strategic transformation from lithium explorer to focused North American precious metals developer, acquiring the Shafter Silver Project in Texas for A$30 million whilst advancing the Independence Gold Project in Nevada. This repositioning positions the company at the intersection of exceptional resource grades, existing production infrastructure, and America's growing recognition of critical mineral supply vulnerabilities.
The flagship Shafter Project hosts 17.6 million ounces at 289 grams per tonne silver in foreign resource estimates, ranking amongst the ASX's highest-grade silver resources. CEO Dennis Lindgren, formerly with South32 and Alcoa, emphasises the infrastructure advantage: "It's one of the highest grade silver projects on the ASX. It comes with about 150 million in estimated infrastructure and that includes existing underground workings, existing core sheds as well as historical data." This existing infrastructure—including underground workings, mill circuits, and processing facilities operational until 2013—potentially compresses development timelines by years compared to greenfield competitors.
Near-term catalysts centre on JORC-compliant resource conversion targeted for the second half of 2026, supported by A$17 million working capital allocated for drilling programmes. Recent rock chip sampling has returned exceptional grades exceeding 3,000 g/t from near-surface areas outside the current resource footprint, whilst historical stockpile evaluation reveals grades averaging over 300 g/t, suggesting previous operators may have applied inappropriate cutoff grades or overlooked valuable mineralization.
Beyond silver-focused historical operations, Black Bear's technical review has identified multicommodity potential including zinc, lead, vanadium, and gold across multiple locations. Lindgren noted: "We're picking up really good levels of zinc and lead that we would consider as targets to go forward with." This creates potential by-product credits that could materially improve project economics whilst expanding exploration vectors beyond current silver-equivalent resource calculations.
Silver's designation as a US critical mineral fundamentally alters the strategic context surrounding domestic production projects. America produces approximately 30 million ounces annually whilst consuming over 210 million ounces—importing roughly 85% of requirements despite the metal's critical status for national security and economic competitiveness. Lindgren articulated the supply-demand imbalance: "Having another US domestic asset that can actually supply into those markets we think is something that's very attractive particularly with it being critical now."
Jurisdictional advantages strengthen Black Bear's development pathway. Texas ranks within the top five global mining jurisdictions with 20% tax rates, partial permitting already in place, and strong community support in Presidio County. Proximity to major Mexican silver operations ensures access to experienced workforce and established supply chains.
Portfolio diversification comes through Independence Gold Project in Nevada, hosting 419,000 ounces of near-surface heap-leachable gold at 0.4 g/t and 980,000 ounces of high-grade skarn mineralisation at 6.67 g/t. The company recently completed 5,000 metres of drilling exceeding planned programmes, with assay results expected in early 2026.
Management's measured approach prioritises resource definition and JORC compliance over premature production planning, appropriate given recent acquisition timing. However, the infrastructure leverage and critical mineral designation create optionality for accelerated development should commodity fundamentals, government support, or strategic partnerships materialise. Investors should monitor JORC conversion progress, drilling results from both projects, and infrastructure assessment studies as key milestones determining whether Black Bear can validate its high-grade silver thesis and capitalise on structural supply deficits facing American consumers.
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Interview with Alan Carter, President & CEO of Cabral Gold Inc.
Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-pitch-perfect-november-2025-8486
Recording date: 10th December 2025
Cabral Gold Inc. (TSXV:CBR) has secured $45 million US in gold loan financing to construct its first mine at the Cuiú Cuiú project in northern Brazil, with commercial production targeted for Q4 2026. The financing structure avoids equity dilution during the critical construction phase, preserving shareholder value whilst enabling the company's transition from explorer to cash-generating producer.
Construction activities have accelerated substantially with 143 personnel on site, 50 pieces of heavy equipment operational, and major foundation concrete pours scheduled by year-end. President and CEO Alan Carter confirmed: "We recently raised $45 million US through a gold loan. Projects in construction. We should be producing gold in the fourth quarter of 2026," noting "there was no equity raise as part of that, which I think surprised a lot of people."
The project benefits from unusually deep oxide weathering averaging 60 metres – a geological characteristic Carter describes as "quite unusual from most gold deposits around the world." This creates substantial free-digging material processable through simple metallurgical circuits without conventional crushing and grinding infrastructure, enabling low-capital initial operations.
Cabral's strategic differentiation centres on its two-stage development approach designed to eliminate serial equity dilution. The initial 1,500 tonnes per day oxide operation generates internal cash flow to fund aggressive exploration of much larger hard rock resources beneath the weathered zone, transforming the company from market-dependent explorer into self-funding entity. Carter articulated the rationale: "We think that the best way to fund all that work that needs to be done is not by continually diluting the capital structure and doing private placement after private placement and ending up with a massive number of shares issued and outstanding."
Unlike typical developers focused solely on construction execution, Cabral maintains three drill rigs and 80 exploration personnel operating concurrently with mine building. Recent drone magnetic surveys confirmed clear structural continuity over 2 kilometres between the Central deposit and PDM discovery, with reconnaissance drilling validating gold intersections along the newly identified trend. Carter characterised this as "tremendously exciting," substantially expanding prospective ground between known deposits.
Management describes Cuiú Cuiú as a district-scale gold system with four new discoveries since the 2022 resource estimate and 50 additional peripheral targets with identified gold. Carter positioned the oxide operation within this broader context: "The bigger prize at Cuiú Cuiú is the definition of this very, very large gold district that clearly contains multiple deposits."
The permitting pathway utilises Brazilian trial mining licences for initial operations with full mining licence approval for 3,000 tonnes per day expansion anticipated January 2026. Recent public consultations demonstrated no community opposition, de-risking regulatory progression. The full permit isn't operationally required until mid-2027, providing comfortable scheduling buffer.
Project execution benefits from experienced Brazilian mining personnel including Luis Salaro, who has built multiple coal mines in Brazil, alongside Ausenco engineering support and what Carter describes as "a very impressive group of consultants."
Cabral's investment proposition combines near-term production catalyst, non-dilutive financing preserving equity value, and district-scale exploration potential funded through internal cash generation. The parallel execution of construction and exploration positions the company to enter production with an expanded resource base rather than simply a built mine processing fixed inventory, creating multiple value drivers as Cabral transitions from explorer to cash-generating producer with growth optionality in a strong gold price environment.
View Cabral Gold's company profile:https://www.cruxinvestor.com/companies/cabral-gold
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Interview with Alex Walker, CEO, East Star Resources
Our previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-driving-towards-near-term-copper-production-in-kazakhstan-4519
Recording date: 9th December 2025
East Star Resources (LSE: EST) has established a distinctive development model for junior mining companies, securing strategic partnerships that fund exploration and production while maintaining significant equity positions across multiple copper and gold projects in Kazakhstan.
The company's approach centers on two major partnerships that fundamentally alter its capital structure. Endeavour Mining, a FTSE 100 company, has committed $5 million over two years with potential for an additional $20 million, while simultaneously taking an equity position to become East Star's largest shareholder. The joint venture targets tier-one gold discoveries of 3+ million ounces, with Endeavour carrying East Star through to prefeasibility studies on successful projects where the company retains 20% ownership.
Separately, Hong Kong Shanghai Mining Services - an EPCM contractor that has built over 500 processing plants globally - will fully fund development of the Verkhuba copper deposit to production. East Star retains 30% ownership of the 20 million ton resource grading 1.2% copper without contributing additional capital, with production targeted for 2027-2028.
CEO Alex Walker explained the strategy addresses fundamental challenges facing junior explorers: "You can spend a few million dollars per target and not have enough to show for it." The partnership structure allows East Star to advance multiple projects simultaneously while achieving cash flow neutrality in 2026 through management fees and partner funding.
The company maintains 100% ownership of three porphyry projects and the Rulikha VMS deposit, which hosts a 500,000+ ton copper equivalent exploration target based on digitized Soviet drilling data. This retained optionality provides leverage to future copper price movements and additional partnership opportunities.
Kazakhstan's reformed mining code, modeled on Western Australia's first-come-first-serve system, combined with extensive infrastructure including smelters, railways, and concentrators, provides what Walker describes as "the cheapest place in the world to dig a hole." Recent entry by Ivanhoe, Rio Tinto, and First Quantum validates the jurisdiction's emerging status as a strategic copper-gold province.
Learn more: https://www.cruxinvestor.com/companies/east-star-resources
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Interview with Blake Hylands, CEO, Lithium Ionic
Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-low-cost-brazil-mine-ready-for-2027-production-as-market-rebalances-8304
Recording date: 9th December 2025
Lithium Ionic is positioning itself to capitalize on a dramatic market recovery as lithium prices have tripled since mid-2025, driven by energy storage demand exceeding initial projections. CEO Blake Hylands reports the company's stock has doubled during this period but remains "massively undervalued" relative to improving fundamentals and the company's proximity to construction.
The company is advancing its Brazilian lithium project with a manageable $191 million capital requirement and industry-leading economics. At $600 all-in sustaining costs, the project maintains profitability even when spot prices dipped to $800-900, providing crucial downside protection that higher-cost competitors lack. Current spot prices around $1,200 offer healthy margins, with the project's feasibility study using conservative assumptions below today's pricing.
Hylands emphasised that 2026 represents a transformational year, with construction targeted to begin by mid-year. The company has assembled the experienced "Sigma team" that successfully built the Sigma Lithium project, providing execution credibility and enabling an 18-24 month timeline to production once construction commences. This speed advantage is significant, as competing projects remain 5-10 years from production.
Progress on project financing has accelerated substantially, with the company "being inundated with offtake and prepay opportunities" as market participants rush to secure future supply. Multiple lenders have expressed interest in financing the entire project, with discussions spanning China, North America, and other jurisdictions. The financing structure will incorporate near-term debt followed by lower-cost options including export credit agencies and government-backed facilities.
The permitting process is advancing through new regional procedures, with strong federal and state government support. Both financing and permits are expected to conclude early in 2026, clearing the path for construction. Hylands set clear accountability metrics, stating "anything less than that, I'd be disappointed" regarding the company's ability to announce financing completion, permit approval, and construction commencement by year-end 2026.
Learn more: https://www.cruxinvestor.com/companies/lithium-ionic-corp
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Interview with Simon Studer, interim CEO, Kingman Minerals
Recording date: 9th December 2025
Kingman Minerals Ltd. is advancing plans to revive a 140-year-old gold and silver mine in Arizona's Mohave County, with exploration work set to commence in early 2026. Under the leadership of interim CEO Simon Studer, the company recently completed an oversubscribed $1.5 million financing round that brings total treasury to $2.1 million—sufficient to fund the year's entire exploration program.
The Rosebud Mine, discovered in the 1880s and active during the 1920s and 1930s, has yielded remarkably high-grade results in recent sampling. Underground channel samples collected in 2020 revealed values up to 688 grams per ton gold from material left behind by earlier operators. Historical drilling has shown grades ranging from 9-13 grams per ton over 2-meter intervals, though no modern compliant resource estimate currently exists.
What makes this opportunity particularly intriguing is that previous operators exclusively focused on the shallow oxide zone above 100 meters depth, never systematically exploring the deeper sulfide mineralization that could represent the bulk of the deposit. The property shows evidence of at least eight distinct sub-parallel vein structures, most of which remain inadequately tested.
The 2026 exploration program begins with drone-based magnetometry in mid-December 2025, covering the entire 590-hectare Mohave project area. This geophysical work will provide 3D structural modeling to optimize drill targeting. Drilling is scheduled to begin in Q1 2026, initially testing strike extensions of the two most productive historic veins before expanding to parallel structures.
With approximately 42 million shares outstanding and a market capitalization around $4 million, management believes the company is significantly undervalued relative to its high-grade potential and production history. The combination of proven mineralization, systematic modern exploration approach, and 60% insider ownership creates what Studer characterizes as a compelling risk-reward proposition in the junior gold exploration space, particularly given Arizona's favorable mining jurisdiction and existing underground infrastructure.
Learn more: https://www.cruxinvestor.com/companies/kingman-minerals
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Interview with Allan Ritchie, Executive Chairman & CEO and David Ward, Managing Director of Adavale Resources
Recording date: 9th December 2025
Adavale Resources Limited (ASX: ADD) has emerged as a compelling Australian gold story, having transformed a A$900,000 acquisition into a 115,000-ounce JORC resource at the London-Victoria project in just nine months. The former BHP gold mine in New South Wales' prolific Lachlan Fold Belt is now the focus of an aggressive exploration and development program led by a management team with significant skin in the game.
Executive Chairman Allan Ritchie and newly appointed Managing Director David Ward have structured the company to maximize shareholder alignment. All four directors collectively own over 5% of Adavale and take their remuneration exclusively in shares rather than cash, ensuring minimal corporate overhead. This approach is backed by cornerstone investor Gleneden, who holds 20% of the company and brings decades of resources sector expertise.
The technical progress at London-Victoria has been impressive. Phase 1 drilling delivered standout results including 48 meters at 0.82 grams per ton gold, with high-grade zones of 25 meters at 1.2 g/t located 100 meters below the existing pit. Significantly, this intercept occurred outside the current resource envelope, indicating substantial expansion potential. Ward's historical knowledge of the site—having worked for the previous operator—combined with the recent discovery of hundreds of historic BHP grade control maps, is accelerating targeting accuracy.
The company employs a dual-strategy approach: advancing London-Victoria toward near-term production through tolling agreements with nearby Alkane Resources' Tomingley facility (50km away), while systematically exploring five greenfields licenses for epithermal and porphyry discoveries. Surface samples at the Ashes prospect have returned up to 10 grams per ton gold, demonstrating early-stage promise.
With Phase 2 drilling currently underway at a cost-effective A$350,000 for 13-14 holes, Adavale is executing a capital-efficient program that maintains multiple pathways to value creation in a favorable gold price environment exceeding A$4,000 per ounce.
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Interview with Peter Secker, CEO of Canyon Resources
Our previous interview: https://www.cruxinvestor.com/posts/canyon-resources-asxcay-fast-tracking-worlds-largest-high-grade-bauxite-development-7892
Recording date: 5th December 2025
Canyon Resources (ASX:CAY) is advancing rapidly toward mid-2026 production at its Minim Martap bauxite project in Cameroon, executing one of the mining industry's most compressed development timelines. The company has progressed from mining license approval in late 2024 to full development mode, with all major equipment ordered and financing secured.
The project's economics are compelling: a pre-tax net present value exceeding $800 million, 29% internal rate of return, and modest capital costs of just $97 million to first production. Operating costs of $35 per ton position Minim Martap competitively in the global market, particularly given the premium-grade ore quality of 51% alumina with less than 2% silica. This quality commands a $10 premium over Guinea's standard pricing, translating to margins of $25-30 per ton at current market prices of approximately $81-82 per ton.
CEO Peter Secker emphasized the project's market timing: "Chinese demand for bauxite is strong. Guinea obviously have a few problems with some decisions they've made recently. So everybody is looking for an alternate source of bauxite and Minim Martap coming on stream mid next year. Perfect timing."
The development's critical path centers on rail infrastructure. Locomotives ordered from China will arrive in February 2026, with commissioning in March to enable ore hauling by April. The mining contractor, experienced in African bauxite operations, mobilizes in January. Initial production of 2 million tons annually will scale dramatically to 10 million tons by 2031 as World Bank-funded rail upgrades totaling $820 million are completed, potentially generating $200 million in annual free cash flow.
Canyon has also raised equity to increase its Camrail stake from 9% to over 30%, seeking operational control over the critical 800-kilometer rail corridor to the Port of Douala. As Cameroon's first major mining project, Minim Martap benefits from strong government support and first-mover advantages in an emerging jurisdiction with significant mineral potential across multiple commodities.
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Interview with Trent Mell, CEO of Electra Battery Materials Corp.
Our previous interview: https://www.cruxinvestor.com/posts/electra-battery-metals-tsxvelbm-pioneering-north-americas-critical-mineral-independence-7527
Recording date: 5th December 2025
Electra Battery Materials is progressing with construction of North America's first battery-grade cobalt refinery, marking a significant step toward reducing Western dependence on Chinese critical mineral processing. The Canadian facility, located just north of Toronto, targets production of 6,500 tons annually starting in 2027.
CEO Trent Mell described the company's transformation as "Electra 2.0" following a comprehensive financial restructuring. The company raised $82.5 million in new capital from three levels of government, including the U.S. Department of Defense, alongside private investors. Simultaneously, lenders converted 60% of $67 million in debt to equity, demonstrating confidence in the project's viability. This recapitalization addresses the financial constraints that had paralyzed development over the previous two years.
The brownfield refinery redevelopment carries an estimated capital expenditure of $69 million and is valued at over $250 million upon completion. At full capacity, the facility targets $30 million in annual EBITDA, with first-year production expected to generate $15-18 million during the 12-month ramp-up period.
Commercial stability comes from a five-year tolling agreement with LG, the largest non-Chinese cobalt buyer globally. This contract covers 60-80% of production at fixed processing margins, insulating Electra from cobalt price volatility. Mell emphasized a conservative approach: "Don't get greedy. Lock in a margin. Let's just not mess it up."
Demand fundamentals remain robust despite slower electric vehicle adoption rates. Mell noted that industrial and defense applications, including military drones and night vision goggles, would consume the facility's entire output even without EV demand. Indicative interest already stands at twice production capacity.
The 2026 construction timeline includes contractor selection in December 2025, with detailed budgets released in January 2026. Cold commissioning begins late 2026, positioning the facility for commercial production throughout 2027. China currently controls approximately 70% of global cobalt refining capacity, making Electra's domestic processing capability strategically significant for North American supply chain security.
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Interview with Chris Doornbos, President & CEO of E3 Lithium Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/e3-lithium-tsxvetl-pioneering-lithium-development-in-the-heart-of-canadas-energy-industry-5064
Recording date: 5th December 2025
E3 Lithium has achieved significant technical and regulatory milestones as it advances its Alberta-based direct lithium extraction project toward commercial production by 2028/29. The company successfully commissioned its demonstration facility in September 2025, producing battery-grade lithium carbonate within just three weeks—a timeline CEO Chris Doornbos described as "generally not heard of" for such complex processing equipment. This achievement validates E3's proprietary 30-column DLE system while delivering recovery rates exceeding 95% at the extraction stage.
The technical progress comes amid a recovering lithium market, with prices climbing approximately 40% from June 2025 lows. Doornbos attributes this recovery to tight supply-demand fundamentals rather than speculation, noting that demand continues growing from Chinese EV markets, battery storage facilities, and increasingly from US data center infrastructure. With 75% of global lithium production concentrated in China, Western governments are prioritizing domestic supply chain development, creating favorable policy conditions for North American developers.
E3 has strategically recalibrated its commercialization approach, targeting 12,000 tons annual carbonate production for Phase 1 rather than the previously planned 32,000 tons of hydroxide. This revision reduces initial capital requirements while maintaining competitive economics at approximately $73,000 per installed ton—comparable to Rio Tinto's portfolio average. The company's Leduc aquifer operates at 16 times atmospheric pressure, essentially self-delivering brine and dramatically reducing operational pumping costs.
On the regulatory front, E3 received Alberta's first lithium facility license under the province's brine-hosted mineral scheme and has submitted its Environmental Protection and Enhancement Act application, with commercial facility permits advancing through 2026. CEO Doornbos has transitioned to Executive Chairman to focus specifically on securing offtake agreements and project financing, reflecting management's confidence in the technical team's execution capabilities as the project moves toward construction and commercial operations amid North America's projected 300,000-ton lithium deficit through 2030.
Viee E3 Lithium's company profile: https://www.cruxinvestor.com/companies/e3-lithium
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Interview with Dan Wilton, CEO of First Mining Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-approaching-key-permitting-milestone-6790
Recording date: 4th December 2025
First Mining Gold is approaching a pivotal moment in its development of two major Canadian gold projects, with CEO Dan Wilton outlining a clear pathway toward industry partnership and construction decisions over the next several years.
The company's flagship Springpole project in Ontario, containing approximately 5 million ounces, awaits environmental assessment approval targeted for late Q1 or early Q2 2026. This milestone represents the culmination of an eight-year permitting process and addresses longstanding investor concerns about developing a deposit located in a lake bay. The recently updated prefeasibility study demonstrates robust economics with $2.1 billion after-tax NPV at $3,100 gold, rising to $3.8 billion at current spot prices of $4,200.
Wilton emphasizes the project's exceptional gold price sensitivity, noting that "every hundred bucks the gold price goes up, that's $250 million of after tax NPV." Following environmental approval, the company plans to pursue an industry partnership modeled on Australia's Gold Road Resources, which retained 50% ownership while a partner built the mine, ultimately leading to a $2.5 billion acquisition.
The company's second major asset, Duparquet in Quebec, contains 3.5 million ounces of measured and indicated resources and represents one of Canada's highest-grade open pit projects. Unlike Springpole, First Mining intends to advance Duparquet independently toward a potential 2030-31 construction decision, with the company currently expanding resources through ongoing drilling.
First Mining has systematically monetized non-core assets, including recent partnerships on the Cameron project and retained interests in the high-grade Pickle Crow project. Trading at approximately $30 per ounce of resources compared to Canadian peer averages of $150-200 per ounce, Wilton frames the environmental assessment approval as "the biggest catalyst that we will see in this company probably from the time that it was formed."
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Interview with Jeff Swinoga, CEO of Exploits Discovery Corp.
Our previous interview: https://www.cruxinvestor.com/posts/exploits-discovery-csenfld-new-found-gold-deal-unlocks-10m-treasury-value-7947
Recording date: 5th December 2025
Exploits Discovery Corp (CSE:NFLD) is a resource-stage gold exploration company focused on advancing properties with established historic resources in premier Canadian mining jurisdictions including Quebec and Ontario. Today it has completed a transformational deal with New Found Gold, receiving 2.8 million shares now valued at over $11 million plus a 1% royalty on properties along the Appleton fault. CEO Jeff Swinoga discusses how the company has strategically repositioned from grassroots exploration to resource-stage development.
Key Highlights:
- New Found Gold Transaction: 2.8M shares valued at $11M+ (up from $7M at announcement) with 1% NSR royalty on Bullseye and other properties adjacent to Keats discovery.
- Enhanced Treasury: Approximately $3.6M in working capital against $11M market cap - analyst Brian Lundin notes company is "trading at cash value" with investors getting "the gold for free"
- Resource Portfolio: Acquired three Quebec properties and one district-scale Ontario asset containing ~700,000 ounces of historic gold resources.
- January 2026 Drilling: Fenton property programme targeting high-grade gold along magnetic corridors intersecting diabase dykes, following extensive geophysical work
- Strategic Backing: Eric Sprott holds ~14% ownership stake
Swinoga explains: "We wanted our shareholders to benefit from a rising gold price by having resources in the ground."
The company is at an inflection point, transitioning from transaction completion to operational execution with immediate drilling catalysts and systematic technical work designed to improve targeting beyond previous operators' efforts.
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Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.
Our previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-high-grade-copper-expansion-project-in-canada-7823
Recording date: 4th December 2025
Abitibi Metals Corp. (CSE:AMQ) is rapidly emerging as a compelling copper-gold story in Quebec's prolific mining belt, with CEO Jon Deluce outlining a disciplined growth strategy centered on the company's flagship B26 deposit. After drilling over 25,000 meters in 2025, the company is targeting a substantial resource update to 25-30 million tons in 2026, up from the current 2+ million ounce gold equivalent resource.
The drilling program has delivered exceptional results, including intercepts of 18% copper equivalent over 6.3 meters with 6 grams per ton gold, and 4.5% copper equivalent over 21 meters. These world-class grades demonstrate the deposit's polymetallic nature and draw comparisons to the historic Selbaie mine located just 7 kilometers away, which produced 53 million tons over two decades.
Strategic capital management has been central to Abitibi's approach. The company recently completed a bought deal financing through BMO at 35 cents per share—a 65% premium to the September market price—with no warrants attached. This structure attracted institutional investors and built the treasury to $23-24 million, funding 45,000 meters of drilling through 2027 while maintaining a clean capital structure.
With a market capitalization of $65 million and an enterprise value of just $40 million, Deluce believes the company remains undervalued relative to its resource potential. The 2026 exploration strategy balances systematic resource expansion through 150-meter infill drilling with aggressive 600-meter step-outs designed to test whether B26 could reach tier-one scale comparable to Selbaie's 60-million-ton endowment.
Management has assembled an experienced advisory board including Victor Cantore, Craig Parry, and Shane Williams, positioning the company for Quebec's active M&A environment. Rather than accepting dilutive 20% strategic investments, Abitibi is selectively pursuing a 5% partnership with a Quebec producer that would provide validation without eliminating competitive tension or capping shareholder upside as the copper market potentially enters a sustained bull phase.
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