Company Interviews

Interview with Louis-Pierre Gignac, President and CEO of G Mining Ventures Corp.Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-champion-iron-tsxcia-playbook-for-success-7198Recording date: 7th October 2025G Mining Ventures Corp. presents investors with one of the most compelling growth profiles in the mid-tier gold sector, combining immediate cash flow generation with a clear pathway to nearly triple production by 2028—all without shareholder dilution. The company is executing a disciplined strategy that leverages operational cash flows and non-dilutive debt financing to fund aggressive expansion during a period of historically elevated gold prices.The foundation of G Mining's investment case rests on its Tocantinzinho mine in Brazil, which generates substantial cash flow with all-in sustaining costs of $1,170 per ounce. At current gold prices above $2,600 per ounce, this creates operating margins translating to more than $250 million in annual operating cash flow before royalties and corporate costs. The mine's structural advantages—including access to cheap hydroelectric power, low strip ratios, and modern infrastructure—provide cost competitiveness and protection against inflation that many peers lack. This cash generation is funding G Mining's transformation into a multi-asset producer. The company recently announced a $350 million corporate credit facility with a $150 million accordion feature that, combined with Tocantinzinho's cash flows, fully finances development of the Oko West project in Guyana without equity raises. The 350,000 ounce per year project will bring total company production to 500,000 ounces by 2028—representing 186% growth from current levels.Oko West's development is progressing ahead of schedule, with 35% engineering completion and nearly $100 million invested by August 2025. All major equipment procurement has been completed, de-risking delivery timelines that have challenged many mining projects. The company received its full permit in September 2025 and targets first gold production in October 2027, with 700 workers currently on site ramping to 1,500+ by Q1 2026.Despite this progress, G Mining trades at a P/NAV of 0.86x—below its peer group—creating what management views as significant re-rating potential. At $3,400 gold prices, Gignac noted that Oko West alone carries a $4 billion net asset value, compared to the company's current total market capitalization of $5-6 billion. "We do expect to have that rerate process taking place in our valuation as we continue developing and advancing the project," he explained. "We go and get that valuation just by successfully executing on the project."Beyond the near-term growth to 500,000 ounces, G Mining's Gurupi project in Brazil offers additional upside. With an existing 2.6 million ounce resource that management believes can expand to 4-5 million ounces, Gurupi could support a third 200,000+ ounce per year operation. The first drilling since 2019 begins in November 2025 following the recent lifting of a historical injunction, providing near-term exploration catalysts independent of Oko West's construction timeline.For investors seeking exposure to gold with exceptional operational leverage, proven management execution, and multiple near-term catalysts, G Mining warrants serious consideration. The combination of non-dilutive growth financing, below-peer valuation, and a clear pathway to production expansion creates a compelling risk-reward profile in the current precious metals environment.View G Mining Venture's company profile: https://www.cruxinvestor.com/companies/g-mining-venturesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Terry Christopher, President & CEO, Zonte MetalsRecording date: 7th October 2025Zonte Metals has spent seven years methodically building one of the most comprehensive datasets in Newfoundland's underexplored eastern copper terrain, and the junior explorer is now poised to test nine drill-ready targets at its Cross Hills Copper Project. Led by President and CEO Dr. Terry Christopher, a geochemist with over 30 years of industry experience and a track record of discoveries in Mexico, the company has transformed a grassroots exploration concept into an advanced iron-oxide-copper-gold (IOCG) play spanning 14,000 hectares.The company's patient, data-driven approach reflects the complexity of IOCG systems, which require understanding redox boundaries, structural controls, and geophysical signatures to effectively target mineralization. Rather than rushing into aggressive drilling, Zonte spent its first five years integrating ground gravity surveys, magnetics, alteration mapping, structural analysis, and multiple soil geochemistry techniques. This comprehensive surface work paid off in 2023-2024 when the company achieved proof-of-concept at its K6 target—the smallest of its nine prospects—successfully intersecting copper mineralization and validating the exploration methodology."K6 was proof that we're in a fertile copper system," Christopher explained. "If we hadn't hit on K6 then that would have changed the property."The gravity anomalies across Zonte's property show dimensions comparable to major global IOCG deposits like Prominent Hill in Australia (300 million tons at 0.9% copper) and La Calenderia in Chile (700 million tons at 0.5% copper). With copper prices returning above $5 per pound and electrification driving unprecedented demand, large-scale copper discoveries in stable jurisdictions are attracting premium attention from both institutional investors and major mining companies.Newfoundland's sixth-place global ranking for mining attractiveness, combined with the project's tidewater access, hydroelectric power, and paved road infrastructure, significantly reduces development risk. As Zonte enters its drilling phase, the company is pursuing non-dilutive financing options to test multiple targets while minimizing shareholder dilution—a strategic approach that could deliver multiple value inflection points as results emerge from nine distinct prospects.Learn more: https://www.cruxinvestor.com/companies/zonte-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President & CEO of Energy FuelsOur previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-us-critical-minerals-production-hub-7503Recording date: 8th October 2025Energy Fuels represents a uniquely positioned opportunity in the critical minerals sector, combining operational uranium production generating positive cash flow with strategic development of rare earth and heavy mineral sands assets addressing acute Western supply chain vulnerabilities. The company recently validated this strategy through a $700 million convertible bond offering completed in one week with Goldman Sachs as sole bookrunner, oversubscribed six to seven times at a remarkably low 0.75% interest rate.The investment thesis centers on several compelling factors. First, Energy Fuels operates the only conventional uranium mill in the United States with existing permits and infrastructure capable of processing radioactive monazite ore. This creates a significant competitive moat that would require competitors years and hundreds of millions of dollars to replicate. The White Mesa Mill in Utah provides operational flexibility to process either uranium (240,000 pounds per month capacity) or rare earths depending on market conditions, allowing management to optimize revenue generation dynamically.Second, the uranium business is currently cash flow positive and ramping toward two million pounds of annual production from 100% owned mines. Management projects this uranium revenue will generate sufficient cash to fund all corporate expenses plus rare earth and heavy mineral sands development without requiring ongoing equity dilution. This self-funding model distinguishes Energy Fuels from development-stage competitors who must continuously access capital markets. The White Mesa Mill restarted processing Pinyon Plain ore in early August 2025 and will run "well into next year," providing visible near-term cash generation.Third, Energy Fuels' strategic focus on monazite processing provides access to heavy rare earths—specifically dysprosium, terbium, and samarium—that MP Materials' bastnäsite deposits lack. These heavy rare earths are essential for high-performance permanent magnets used in electric vehicles, wind turbines, and defense applications. Critically, heavy rare earth prices currently command premiums three to four times higher than Chinese alternatives, while neodymium-praseodymium prices have surged from $55 to $85-90 per kilogram, reflecting strong demand for non-Chinese supply.Fourth, the company has tangible near-term development opportunities rather than aspirational long-term projects. The Donald rare earths project in Australia is fully permitted, shovel-ready, with capital costs estimated at $300 million and exceptionally high grades of heavy rare earths. Phase 1 would produce approximately 7,000 tons per year of monazite. The Phase 2 expansion at White Mesa would create processing capacity comparable to Lynas. Multiple feasibility studies on Toliara (Madagascar), Donald, and White Mesa Phase 2 are expected by year-end, providing updated development economics.Fifth, partnerships demonstrate downstream integration progress. POSCO collaboration has advanced to producing sintered magnet blocks being incorporated into electric vehicles in 2025. The company has engaged former General Motors personnel to assist with metal, alloy, and magnet development, showing serious commitment to building integrated non-China supply chain capabilities.The macro context amplifies the opportunity. China controls approximately 70% of global rare earth production and nearly 90% of processing capacity, while the United States imports more than 90% of its uranium. Western governments view these dependencies as national security risks, particularly as clean energy transition, transportation electrification, and defense modernization drive unprecedented critical minerals demand.Energy Fuels offers investors operational cash generation today funding strategic positioning in materials where Western supply chain security commands significant price premiums, backed by existing infrastructure, proven execution capability, and exceptional recent market validation through favorable institutional financing.View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

with Derek Macpherson, Executive Chairman & Sam Pelaez, President & CEO of Olive Resource CapitalRecording date: 7th September 2025Olive Resource Capital delivered exceptional returns in September 2025, posting gains of 38-39% for the month and bringing year-to-date performance to 121%. The results significantly outpaced major commodity benchmarks, with both the GDX gold ETF and COPEX copper ETF gaining 20% during the same period.Executive Chairman Derek Macpherson and President Sam Pelaez attribute the outperformance to strategic positioning ahead of what they characterize as an emerging commodity bull market. Despite allocating only half of assets to precious metals, the fund achieved returns comparable to dedicated gold investment products while maintaining broader commodity exposure.A critical market dynamic highlighted during their discussion involves the relationship between equity and commodity performance. Gold equities outperformed the underlying commodity by approximately 4x in both August and September, with stocks gaining 20% monthly while gold itself advanced 5-7%. This pattern typically signals fresh capital entering the sector from generalist investors outside traditional commodity circles.The capital raising environment supports this assessment. Over $1 billion flowed into the sector in a single week, primarily toward pre-production projects. Financings exceeding $100 million generally indicate institutional participation, reflecting the capital-intensive nature of mining development.Management believes the bull market remains in early stages—approximately the "third inning" using a baseball analogy. Key drivers include central bank buying and US dollar weakness, with gold approaching $4,000 per ounce. Notably, the market has not yet exhibited the speculative excess characteristic of late-cycle behavior.The investment strategy focuses on continuous position reassessment rather than mechanical profit-taking. Management argues that companies posting strong results may actually be cheaper on a relative basis after gains, given improved fundamentals and higher commodity prices. They cite K92 Mining as an example: purchased at $6 with an initial $15 target, the stock now trades at $18 but may still be undervalued given doubled gold prices and significantly higher sector valuations.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Ron Heeks, MD of Larvotto ResourcesOur previous interview: https://www.cruxinvestor.com/posts/larvotto-resources-asxlrv-advancing-high-grade-gold-antimony-project-in-nsw-australia-5758Recording date: 8th October 2025Larvotto Resources is advancing Australia's largest antimony-gold operation at Hillgrove, New South Wales, with production targeted for mid-2026 following an accelerated 8-month construction program. Managing Director Ron Heeks has structured a $150 million development leveraging inherited infrastructure acquired from administration, compressing what would typically require $300 million and multiple years into a capital-efficient restart. The project secured $100 million USD in bond financing and $60 million AUD equity, reflecting strong investor confidence in the operation's cash generation potential amid surging antimony prices.The Hillgrove development benefits from exceptional existing assets including 15 kilometers of underground development, a permitted processing plant, mains grid power, and proximity to Armidale, Australia's third most livable town. This infrastructure foundation enables a fully residential workforce, eliminating fly-in-fly-out costs while supporting local community integration. The 500,000-ton-per-annum processing facility will produce approximately 5,000 tons of antimony metal and 40,000 ounces of gold annually, translating to 140,000 gold-equivalent ounces with all-in sustaining costs of negative $2,000 per ounce at current metal prices.Antimony has emerged as the most critical strategic mineral following China's September 2024 export ban, with prices surging from $20,000 to over $60,000 per ton. The metal's defense applications in armor-piercing ammunition and night vision equipment, combined with solar panel manufacturing requirements, have created structural supply deficits that position Larvotto among fewer than five Western projects approaching near-term production. A strategic offtake agreement with Wogen Resources provides mine-gate pricing based on Rotterdam indices, transferring logistics complexity while maintaining full commodity price exposure. The conservative feasibility study economics modeled antimony at prices $20,000 below current levels, creating substantial margin upside that flows directly to cash generation given the byproduct credit accounting structure.Learn more: https://www.cruxinvestor.com/companies/larvotto-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Richard Osmond, CEO of Element 29 ResourcesOur previous interview: https://www.cruxinvestor.com/posts/element-29-resources-tsxvecu-developing-the-next-major-copper-mine-in-peru-6293Recording date: 5th October 2025Element 29 Resources is advancing its Elida porphyry copper-molybdenum-silver project in Peru with about 14,000 meters of drilling completed and a maiden resource estimate published in 2022. The company aims to grow the initial 300 million tons resource to over 500 million tons through ongoing exploration. Recent magnetotelluric (MT) geophysical surveys have identified a hydrothermal alteration footprint exceeding six kilometers in strike length, which includes low resistivity anomalies at depth. These anomalies suggest the presence of a high-grade copper core that remains untested at around 1.5 kilometers below the surface.Element 29 has secured approximately $10 million in treasury, raised through $6.1 million in financing and $4 million from warrant exercises, to fund a 7,000-meter drill program. Drilling costs average $450-500 USD per meter. The project benefits from a five-year community access agreement and is expanding drill permits from 20 to 40 platforms ahead of Peru’s 2026 election cycle. Peru’s government has shown increased support for mining development after losing its position as the world’s second-largest copper producer to the Democratic Republic of Congo.The Elida project displays favorable characteristics including a 4:1 strip ratio, an absence of a water table which reduces environmental liability, expectations of clean concentrate with no arsenic, and potential for transitioning from an open pit to underground mining. This transition could extend the mine life beyond the initial 15-year production timeline at 100,000 tons per day. The geological setting is defined by multiple mineralization phases within a porphyry intrusive complex, with late-stage sulfidation overprints upgrading the system and increasing grades at depth.The company’s CEO, Richard Osmond, emphasizes the rarity of such discoveries today and the project’s potential as a tier-one asset. The strategy focuses on resource expansion through systematic drilling and geophysical targeting, supported by Peru’s improving regulatory environment and strong investment protections. Element 29 is positioning itself to deliver a de-risked copper asset that could satisfy major mining companies’ requirements for large-scale, economically viable resources in world-class jurisdictions.Learn more: https://www.cruxinvestor.com/companies/element-29-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.Our previous interview: https://www.cruxinvestor.com/posts/pacific-ridge-exploration-tsxvpex-fiore-group-backing-fuels-250m-ton-copper-resource-push-7283Recording date: 3rd October 2025Pacific Ridge Exploration Limited (TSXV: PEX) is positioning itself to become British Columbia's leading copper exploration company at what management believes represents a significant valuation discount to peers. Trading at a $14 million market capitalization, the company recently reported its maiden resource estimate for the Kliyul project showing 334 million tons at 0.33% copper equivalent, containing 2.42 billion pounds copper equivalent. This includes 1.2 billion pounds of copper, 2.74 million ounces of gold, and 10 million ounces of silver.The company's trajectory shifted dramatically following a $3 million financing led by the Fiore Group in June 2025, which increased the market cap from $3 million to its current $14 million valuation. President and CEO Blaine Monaghan emphasized that this partnership provides critical validation from one of the strongest mining houses around, backed by billionaire capital and a strong technical team. The financing enabled Pacific Ridge to complete its resource estimate and execute drilling programs at both Kliyul and the RDP project.The Kliyul deposit offers several distinguishing characteristics. The mineralization is hosted in a single contiguous zone that remains open in multiple directions, representing just one target along a 6-kilometer mineralized trend with five additional poorly-tested targets. Monaghan articulated a strategy favoring new discoveries over incremental resource expansion, believing capital is better deployed testing untested targets that could dramatically increase overall project value.The RDP project, located 40 kilometers west of Kliyul, returned a standout intercept of 107 meters grading 1.4% copper equivalent in 2022 when under option to Antofagasta. With the project now back under company control, Pacific Ridge completed five drill holes totaling 2,100 meters in 2025, with copper sulfides intersected in all holes. Results remain pending and represent a significant near-term catalyst that management believes could drive substantial revaluation in the current favorable market environment for copper exploration.View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-explorationSign up for Crux Investor: https://cruxinvestor.com

Recording date: 2nd October 2025Welcome back to Compass, Olive Resource Capital’s weekly markets and portfolio insights show, hosted by Derek MacPherson (Executive Chairman) and Sam Pelaez (President, CEO & CIO). Each week, we cut through the noise in mining and metals, highlighting the most important macro developments and drilling down into the companies shaping our portfolio.In this episode, we unpack a week of pivotal news for both major gold producers and junior explorers. At the very top of the market, Newmont and Barrick—two of the world’s largest gold companies—announced leadership changes on the same day. Newmont’s move was a planned succession from COO to CEO, signaling stability and continuity as the company enters a new phase of growth. Barrick, however, surprised the market with an interim appointment following the sudden departure of Mark Bristow. This contrast highlights the broader cycle shift from defensive, balance-sheet-focused leadership to growth-oriented CEOs ready to capitalise on a bull gold market.The coincidence of both announcements has reignited speculation about deeper industrial alignment. With Nevada Gold Mines and Pueblo Viejo already jointly operated, strategic synergies are clear. A combined or further integrated entity could also benefit from passive investment flows, with Newmont’s S&P 500 inclusion forcing index-tracking funds to increase their exposure. While no deal has been announced, the industrial and financial rationale for closer alignment between Newmont and Barrick is stronger than ever.Beyond the majors, the week delivered extraordinary news from Olive’s portfolio companies. Sterling Metals announced a discovery hole at its Soo Copper project in Ontario - 262 metres at 1% copper equivalent—re-rating the stock by more than 200% in a single day. Years of geological groundwork positioned the company for this success, underscoring the importance of disciplined preparation.Prospector Metals delivered another standout intercept: 44 metres at 13 g/t gold with 1.8% copper at its Mike Lake project. Shares surged nearly 280% and have held those gains. As part of the Discovery Group, Prospector demonstrated how systematic geological work and strong stewardship can unlock transformative discoveries.By contrast, Midnight Sun Mining illustrates the risk of overextended valuations. The company reported nearly 40 metres at .5% copper from its Dumbwa target in Zambia, yet shares fell around 20% as the market had already priced in perfection. The case highlights why entry point and expectations matter as much as geological success.The financing environment also shows renewed strength, with over C$100 million raised across juniors in the past week. With seasonal drill programs now underway, investors should expect a steady cadence of results through year-end. Majors may also lean further into M&A, project acceleration, and capital returns as gold prices remain near record highs.

Interview with CEO Darren BowdenOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-self-funded-nicaragua-gold-mine-targets-140k-oz-start-in-q4-2026-7323Recording date: 30th September 2025Metals Exploration presents a rare combination of near-term production growth and genuine exploration upside that makes it stand out in today's gold sector. With the Nicaragua project tracking ahead of schedule toward November 2026 first gold and the Philippines operation generating $110-120 million in annual cash flow, the company is executing a self-funded growth strategy that eliminates dilution risk while maintaining aggressive exploration programs.The Nicaragua build represents a transformational step-change for the company. All major equipment has been purchased, earthworks are complete, and the $160 million budget remains intact. More importantly, Nicaragua will produce 50% more ounces than the Philippines operation at roughly the same cost structure, bringing all-in sustaining costs down to $900-1000 per ounce. In an environment where many producers cite $1,400 as the new normal, this sub-$1,000 cost structure translates to 60%+ operating margins at current gold prices a genuine competitive advantage.What separates Metals Exploration from typical development stories is management's proven track record. Over six years, the Philippines operation has maintained just 2% annual cost growth versus industry averages of 10-15%. This isn't theoretical cost control it's demonstrated operational excellence that provides confidence in Nicaragua's projected economics.Beyond production growth, the exploration portfolio offers asymmetric upside. Dupax drilling begins immediately, targeting VMS mineralization that could feed existing permitted infrastructure. But the real company-maker potential lies at Abra, where copper-molybdenum and copper-gold porphyry targets sit in the Cordillera belt home to the Philippines' largest copper-gold deposits including the 40-million-ounce Far Southeast system. CEO Darren Bowden characterizes Nicaragua and Dupax as "forerunners to give us the cash" to develop Abra, the company's "white whale."For investors seeking operational excellence combined with tier-one discovery potential, Metals Exploration offers a compelling risk-reward profile. The strategy is elegant: proven cash flow funds patient exploration capital toward potentially transformational discoveries, all without equity dilution. That's increasingly rare in today's gold sector.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with George Bennett, CEO of Rainbow Rare EarthsRecording date: 26th September 2025Rainbow Rare Earths (LSE:RBW) is pioneering a revolutionary approach to rare earth element extraction that addresses both economic efficiency and Western supply chain independence. Led by CEO George Bennett, a seasoned executive with 16 years of investment banking experience and a proven track record of scaling mining operations, the company extracts valuable rare earth materials from phosphogypsum waste rather than traditional hard rock mining.The company's proprietary technology eliminates conventional mining costs including drilling, blasting, and crushing operations, resulting in projected EBITDA margins exceeding 75% and internal rates of return between 45-50%. "We've got no mining costs, we are extracting the RE out of phosphogypsum which is a waste residue," Bennett explains, highlighting the fundamental cost advantage over traditional rare earth projects.Rainbow operates two strategic assets: the flagship Phalaborwa project in South Africa, where the company holds 85% ownership with 35 million tons of high-grade material, and the Uberaba project in Brazil through a 50/50 joint venture with Mosaic, a $15 billion fertilizer company. Both projects leverage existing brownfield infrastructure and provide environmental benefits through waste remediation.The company has secured significant validation through a $50 million equity commitment from the US Development Finance Corporation, positioning the US government as a future project shareholder. This strategic backing, combined with recent floor pricing of $110/kg for neodymium and praseodymium established by MP Materials' Department of Defense contract, provides crucial market stability for Rainbow's revenue streams.With total capital requirements of $300 million and production targeted for 2027-2028, Rainbow is positioned to capitalize on surging demand from electric vehicles, defense applications, and the emerging robotics sector. The company addresses critical Western supply chain vulnerabilities while China controls 95% of global rare earth processing capacity, making Rainbow a compelling investment in the transition toward strategic mineral independence.View Rainbow Rare Earths' company profile: https://www.cruxinvestor.com/companies/rainbow-rare-earthsSign up for Crux Investor: https://cruxinvestor.com