Company Interviews

Interview with Simon Studer, interim CEO, Kingman MineralsRecording date: 9th December 2025Kingman 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-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Allan Ritchie, Executive Chairman & CEO and David Ward, Managing Director of Adavale ResourcesRecording date: 9th December 2025Adavale 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.Learn more: https://www.cruxinvestor.com/companies/adavale-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Secker, CEO of Canyon ResourcesOur previous interview: https://www.cruxinvestor.com/posts/canyon-resources-asxcay-fast-tracking-worlds-largest-high-grade-bauxite-development-7892Recording date: 5th December 2025Canyon 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.View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resourcesSign up for Crux Investor: https://cruxinvestor.com

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-7527Recording date: 5th December 2025Electra 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.View Electra Battery Metals' company profile: https://www.cruxinvestor.com/companies/electra-battery-metalsSign up for Crux Investor: https://cruxinvestor.com

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-5064Recording date: 5th December 2025E3 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-lithiumSign up for Crux Investor: https://cruxinvestor.com

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-6790Recording date: 4th December 2025First 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."View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

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-7947Recording date: 5th December 2025Exploits 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 stakeSwinoga 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.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

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-7823Recording date: 4th December 2025Abitibi 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.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-new-quebec-producer-positioned-for-growth-cash-flow-buybacks-8051Recording date: 3rd December 2025Abcourt Mines (TSXV:ABI) has successfully transitioned from exploration to production at its Sleeping Giant mine in Quebec, representing an increasingly rare case study in debt-financed mine development that avoids the severe shareholder dilution typical of traditional equity-financed builds. The company secured $12 million in financing from Nebari—including C$8 million initial tranche, $2 million follow-on, and $2 million used to buy down the Triple Flag NSR royalty from 2% to 1.5%—and commenced gold production.October 2025 production reached 475 ounces whilst operating at conservative staffing levels and building mill circuit inventory. Management projects cash flow positivity by Q2 2026 at approximately 700 ounces monthly production, with current monthly burn rate below $1 million. The Nebari credit facility includes a two-year interest-only period until July 2027, providing critical runway to demonstrate operational consistency and build cash reserves before principal repayments commence.The operational leverage inherent in Abcourt's asset base is substantial. The company operates an 800-tonne-per-day mill (permitted for 950 tonnes per day) currently running at less than 45% capacity. Management targets 350 tonnes per day by autumn 2025, with the mill processing all current mine production in approximately eight hours on day shift only. Plans include expanding to two shifts in early 2026 and eventually four shifts as production scales, providing a clear pathway to meaningful production growth without major capital investment.The constraint on production growth is labour availability rather than geological or metallurgical factors. CEO Pascal Hamelin explicitly stated: "It's not the feed, it's the people, that's the problem you're trying to solve for." The company has invested in infrastructure to address recruitment challenges, including a sleep camp commissioned in September 2024 with Phase Two expansion pending permit approval.The current mine plan supports seven years producing 25,000–33,000 ounces annually, with variation driven by grade. Management's strategic priority centres on extending mine life to 10+ years through three underground drill rigs at Sleeping Giant, then increasing mining fronts to utilise full mill capacity. This narrow-vein, high-grade mining approach—room-and-pillar methods targeting veins 30 centimetres to one metre wide—inherently limits tonnes but maximises grade, with underground samples showing visible gold exceeding 300 g/t.The Flordin discovery adds significant exploration upside. Systematic work exposed 300 metres of strike length grading 5 g/t gold over 15–20 metres width at surface, located 138 kilometres from existing mill infrastructure within a potential two-kilometre mineralised corridor. Abcourt has planned 20,000 metres of drilling for 2026—winter programmes targeting the eastern extension towards Agnico Eagle's adjacent property boundary, spring/summer/autumn programmes targeting northwestern extensions—entirely funded from operating cash flow.Management and directors hold approximately 30% ownership, having consistently supported development through equity investments. Shareholders have expressed preference for share buybacks over dividends once balance sheet permits, with capital allocation decisions driven by financial strength rather than arbitrary timelines.Sustained gold prices above US$4,000 per ounce have fundamentally improved narrow-vein deposit economics. Every US$100 increase translates to approximately US$2.5–3.3 million in additional annual revenue at current production guidance. The investment case depends on execution during the 18-month ramp-up period, successful miner recruitment, and drilling success at both assets to extend mine life and confirm district-scale potential at Flordin.View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Smart, CEO of ValOre Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pitch-perfect-november-2025-8623Recording date: 3rd December 2025ValOre Metals is executing an ambitious transformation from single-asset platinum-palladium explorer into an integrated precious metals producer operating across Brazil. Under CEO Nick Smart—an Anglo American veteran with 21 years of experience building and commissioning operations globally—the company is pursuing a dual-track strategy: advancing the flagship Pedra Branca PGM project towards production whilst acquiring near-term cash-flowing assets to accelerate transformation into a diversified producer.The platinum-palladium market has shifted dramatically from anticipated decline to structural deficit. Contrary to earlier predictions that electric vehicles would eliminate PGM demand, hybrid vehicles—now representing a larger automotive segment than pure EVs—actually require higher loadings of platinum and palladium in autocatalysts due to smaller engines operating at lower temperatures. This has created steady demand whilst years of low prices discouraged new supply investment.South Africa holds 90% of global PGM resources, but ageing deep-level operations face mounting operational challenges and costs. With relatively few development-stage projects globally and extended timelines for new supply even once financed, the supply deficit appears structural. Global platinum production approximates 6 million ounces annually—a fraction of gold's 120 million ounces—meaning modest demand shifts drive significant price impacts. Industrial catalyst applications and jewellery substitution for record-priced gold provide additional demand support.ValOre's Pedra Branca project in Ceará State, Brazil, offers compelling economics compared to traditional PGM operations. Most significantly, mineralisation extends to surface, enabling open-pit mining rather than the expensive 600-800 metre deep underground operations characterising South African production. This provides substantial cost advantages—open-pit mining is cheaper and faster to develop than underground operations requiring massive shaft infrastructure investment.The Pedra Branca project holds a 2.2 million ounce inferred resource at 1.08 grams per tonne, with higher-grade ore near surface providing advantages for early production economics. The asset spans 50,000 hectares with mineralisation extending over 80 kilometres, suggesting expansion potential. Infrastructure advantages—stable jurisdiction, excellent access, supportive government policies—compound the geological benefits.Accelerated Development PathwayValOre is leveraging Brazil's trial mining licensing programme, which allows demonstration-scale operations at approximately one-tenth of planned full capacity. For Pedra Branca, targeting eventual production of 150,000 ounces annually, the trial mining phase would operate at approximately 15,000 ounces per annum. Following a preliminary economic assessment by end-2026 and an 18-month construction period, the company expects H2 2028 production. This phased approach reduces capital intensity, enables operational refinement, and generates cash flow supporting subsequent expansion.ValOre is actively pursuing Brazilian precious metal projects (particularly gold assets) that have completed trial mining but require capital for full production. The company targets acquisitions in early 2026 that would provide production that same year, ramping through 2027-2028 as Pedra Branca advances. As a Discovery Group-backed entity with North American capital access, ValOre can provide financing that Brazilian-domiciled companies struggle to secure.Acquiring projects with existing operational teams, completed engineering work, and functioning demonstration plants accelerates production whilst building internal capability. This dual-track approach—near-term production via M&A alongside Pedra Branca development—aims to transform ValOre from explorer to diversified producer within compressed timeframes across multiple Brazilian operations, establishing production profile whilst maintaining leverage to potential PGM price recovery.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com