Company Interviews

Interview with Joseph Ovsenek, President & CEO of P2 Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-inc-tsxvpgld-35moz-project-advances-on-metallurgical-breakthrough-7826Recording date: 11th September 2025P2 Gold presents one of the most compelling value propositions in the current gold mining sector, offering investors exposure to a high-quality Nevada development project with exceptional economics and experienced management execution capabilities. The company's Gabbs project demonstrates robust financial metrics that appear significantly disconnected from its current market valuation, creating a substantial opportunity for value recognition and appreciation.The project's preliminary assessment reveals impressive economics with a 62% internal rate of return and $700 million net present value at a 10% discount rate when current metal prices are applied. These figures stand in stark contrast to P2 Gold's market capitalization of just $25 million, suggesting a potential 28-fold upside if the market recognizes the project's intrinsic value. The 3.5 million ounce gold equivalent resource base provides substantial scale, while the Nevada location offers regulatory advantages and established mining infrastructure that reduce development risks.Recent metallurgical breakthroughs represent a significant catalyst for enhanced project economics and accelerated development timelines. Phase 3 metallurgical results demonstrated remarkable improvements, with gold recovery rates increasing from 78% to 85% and copper recovery jumping from 54% to 67%. Perhaps more importantly, extraction kinetics improved dramatically, with 98% of gold now recoverable in 58 days compared to the previous 145-day timeline. This improvement could reduce capital expenditure requirements and project footprint size when advancing to feasibility study.Management credibility provides crucial execution confidence for investors evaluating development-stage mining opportunities. CEO Joseph Ovsenek and Chief Exploration Officer Ken McNaughton previously collaborated at Pretium Resources, successfully advancing the Bruce Jack project from discovery to production in under eight years. Their proven track record demonstrates capability in navigating complex development processes including resource expansion, permitting, financing, and construction management. The team's philosophy of setting aggressive targets and maintaining development momentum has translated into P2 Gold's ambitious 2028 production timeline.The company's strategic approach to development acceleration includes skipping pre-feasibility study and advancing directly to feasibility based on extensive historical data and the project's straightforward heap leach processing characteristics. This decision could compress typical development timelines while leveraging Nevada's established regulatory framework and heap leach infrastructure. The addition of SART plant technology for gold and copper oxide recovery represents the primary technical innovation required, with numerous similar facilities already operating successfully.Near-term catalysts provide multiple opportunities for market recognition and potential re-rating over the next 12 months. Expansion and infill drilling beginning in mid-to-late October should generate results over six months, potentially expanding the resource base and providing additional geological confidence. Key regulatory milestones including water permitting and mining plan of operation filing within four to five months will demonstrate tangible progress toward production.P2 Gold's current financing round targeting C$6 million with potential expansion based on strong investor interest demonstrates improving market sentiment and capital access. The relatively modest funding requirements reflect the project's efficient development pathway and extensive historical database, allowing the company to maintain aggressive advancement while preserving shareholder dilution.At current gold prices exceeding $3,600 per ounce, P2 Gold offers compelling leverage to continued metal price appreciation while providing downside protection through robust project economics and experienced management execution capabilities.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Dave Cole, CEO, EMX Royalty & Fred Bell, CEO, Elemental Altus RoyaltyRecording date: 10th September 2025EMX Royalty Corporation and Elemental Altus Royalty Corporation have announced a transformational merger that will create a mid-tier royalty company with substantial scale and institutional backing. The combined entity will operate 16 producing assets alongside over 180 additional royalty exposures across diversified global jurisdictions, positioning it as a significant player in the royalty sector.The transaction's cornerstone feature is Tether's strategic investment, with the digital asset company becoming a 33% shareholder while contributing $100 million at closing. This backing addresses a critical challenge for junior royalty companies by substantially reducing cost of capital while providing access to larger acquisition opportunities. Tether's involvement reflects their broader commodity allocation strategy, viewing royalties as complementary to their $10 billion physical gold holdings.Portfolio performance has been strong across both companies, with significant discovery success at flagship assets including Timok in Serbia, Diablillos, and Caserones in Chile. The combined portfolios benefit from approximately $100 million in annual drilling expenditures by operators, creating embedded discovery optionality without capital requirements from the royalty holders. Revenue composition will be 67% gold and silver versus 33% base metals, generating an expected $70-80 million in annual revenue.Management structure preserves expertise from both organizations, with EMX CEO Dave Cole leading the combined entity and Elemental Altus CEO Fred Bell serving as President and Chief Operating Officer. The team recruited Stefan Wenger as CFO, leveraging his experience growing Royal Gold from hundreds of millions to billions in market value.The merger is expected to close by mid-November, followed by a US listing targeting institutional investors who previously considered the companies too small for investment. This enhanced scale and liquidity should provide access to larger transactions while maintaining their technical expertise and disciplined approach to capital allocation across the full spectrum of royalty opportunities.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Justin van der Toorn , CEO of Greenheart GoldOur previous interview: https://www.cruxinvestor.com/posts/greenheart-gold-tsxvghrt-advancing-multi-project-portfolio-7557Recording date: 10th September 2025Greenheart Gold is an emerging junior gold explorer with a robust management pedigree, led by CEO Justin van der Toorn whose success at Reunion Gold lends credibility to the company’s strategic approach. The company operates five greenfield gold projects in the highly prospective Guyana Shield region—two in Guyana and three in Suriname—deliberately focusing on unexplored targets. Rigorous evaluation and financial discipline underpin their model, with each project subjected to a systematic 9-12 month process to reach a drill decision, and non-viable assets quickly dropped.Currently, Greenheart has active drilling at the Tamakay project in Guyana and the Majorodam project in Suriname. Early drilling at Majorodam delivered intersections including 30 meters at 2 grams per tonne gold, supported by strong infrastructure benefits such as proximity to paved roads and established mills, which help lower operating costs and development thresholds. At Tamakay, the program targets high-grade quartz veins previously mined by local artisanal miners, further highlighting the region’s potential.Justin van der Toorn emphasizes the importance of an honest, data-driven approach, stating, “At the end of the day, it’s exploration. You have to play a little bit of a numbers game here and make sure that you’ve got more than one egg in a basket,” reflecting the company’s commitment to portfolio diversification and rigorous technical standards.Well-capitalized and backed by a supportive institutional shareholder base, Greenheart Gold is positioned to advance its pipeline without the immediate need for further fundraising. With a disciplined capital allocation strategy and a clear focus on advancing only the most promising opportunities, Greenheart is set to deliver value through near-term drilling results and multiple discovery pathways within a world-class geological province. These factors, combined with favorable macroeconomic conditions for gold and the underexplored nature of the Guyana Shield, create a compelling case for investors.Learn more: https://www.cruxinvestor.com/companies/greenheart-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jamie Levy, CEO, Generation MiningOur previous interview: https://www.cruxinvestor.com/posts/generation-mining-tsxgenm-advancing-its-robust-copper-palladium-project-in-ontario-5071Recording date: 10th September 2025Generation Mining Limited has positioned itself as a leading shovel-ready critical metals developer with its Marathon Project in Northern Ontario, targeting annual production of 160,000 ounces of platinum and 42 million pounds of copper alongside additional precious metals byproducts.The Marathon Project represents one of the few permitted critical metals developments in a tier-one jurisdiction, having secured all final regulatory approvals in 2024. This regulatory clearance eliminates a major development risk that continues to challenge competing projects across the mining sector. The simple open-pit operation features a favorable 3:1 strip ratio and could produce upwards of 250,000-300,000 ounces of platinum equivalent annually.Generation Mining has assembled a comprehensive financing strategy totaling over $1 billion in project capital requirements. The company secured mandate letters from senior lenders including Société Générale, ING, and Export Development Canada for up to $400 million USD, complemented by a $200 million streaming agreement with Wheaton Precious Metals. Management targets a fully financed package by early 2026.The automotive industry's pivot toward hybrid technologies rather than pure electric vehicle mandates creates sustained demand fundamentals for platinum group metals used in catalytic converters. This shift occurs amid heightened geopolitical supply chain concerns regarding traditional suppliers in Russia, South Africa, and China, driving government support for domestic North American production capabilities.With a current market capitalization of approximately $100 million against a project net present value of $1 billion, Generation Mining trades at roughly 10% of NPV compared to 50-80% typical for permitted developers. This substantial valuation disconnect indicates significant rerating potential as the company progresses toward its financial investment decision within the next 12 months.Learn more: https://www.cruxinvestor.com/companies/generation-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, CEO & John Meyer, VP of Engineering, Revival GoldOur previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-secures-c29m-strategic-financing-for-us-gold-projects-7558Recording date: 10th September 2025Revival Gold Inc. has emerged as a compelling gold development story through strategic asset assembly and institutional validation, positioning itself with one of the largest portfolios of development projects in the western United States. Led by CEO Hugh Agro and VP of Engineering John Meyer, the company controls 6 million ounces of resources across two primary assets: the flagship Mercur project in Utah and the larger Beartrack-Arnett project in Idaho.The company's strategic foundation centers on brownfield acquisitions in tier-one jurisdictions with existing infrastructure and proven past production. "What we did know as mining engineers and developers and operators of gold projects is that there's really a scarcity of these good projects in good locations," Agro explains. This 7-8 year asset assembly period coincided with depressed junior mining valuations, creating competitive advantages that would be impossible to replicate in today's market.Revival Gold has secured sophisticated institutional backing from EMR Capital and Dundee Corporation, raising $30 million in cash while gaining validation from experienced mine builders. "These are minefinders and builders before they became financiers," Agro notes, emphasizing the extensive due diligence process that validated the company's assets and strategy.The Mercur project represents the near-term value catalyst, positioned on private land in Utah with streamlined state permitting and existing infrastructure. Management targets construction start within 2.5 years, utilizing simple crush heap leach processing that reduces capital requirements and technical complexity. Both projects benefit from this approach, avoiding the complications of conventional milling operations.Current drilling campaigns focus on resource expansion and metallurgical de-risking, with three rigs operating at Mercur. The company maintains significant exploration upside through Mercur's unexplored western anticline and Beartrack-Arnett's underground potential beneath planned open pit operations.Trading at 0.2 times net asset value despite $500 million in engineered NAV, Revival Gold offers institutional-backed exposure to domestic gold production growth in an increasingly supply-constrained market. The combination of near-term production timeline, proven assets, and sophisticated backing creates what management describes as "a rare rare find in the space."Learn more: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Rory Quinn, President & CEO of Yukon MetalsOur previous interview: https://www.cruxinvestor.com/posts/yukon-metals-cseymc-launching-major-drill-program-in-2025-7124Recording date: 10th September 2025Yukon Metals Corporation (CSE:YMC) represents a compelling early-stage copper and gold exploration opportunity positioned to capitalize on favorable market conditions and strong preliminary drilling results across three strategic properties in Canada's Yukon Territory.The company's flagship Birch project has delivered encouraging validation of its geological model, with scarn mineralization encountered in every drill hole across a substantial 750-meter strike length. The consistency of this mineralization is particularly significant for early-stage exploration, indicating a robust and extensive system with substantial discovery potential. Recent drilling has intersected up to 46 meters of continuous scarn mineralization between 250-300 meters depth, suggesting significant vertical continuity. Preliminary visual assessment by Dr. Quinton Hennigh, a highly respected geologist, indicates potential copper grades of 1.5-2% with accompanying gold content, though final assay results are pending.Complementing the copper focus at Birch, the Star River property presents exceptional high-grade silver and gold potential. Surface sampling has yielded remarkable results including up to 11,000 g/t silver and 101 g/t gold, with visible galena mineralization containing 1,800 g/t silver and 20% lead. Current drilling targets shallow mineralization at approximately 150 meters depth, supported by an 800-meter gravity anomaly that correlates with known high-grade surface showings.A critical value driver for Yukon Metals lies in its systematic approach to operational scaling through permit advancement. The company currently operates under Class 1 permits that limit operations to 10 people and restrict drilling scope. However, management is actively pursuing Class 3 permits that would dramatically expand capabilities to 50 people on site with virtually unlimited drilling capacity for a 10-year period. CEO Rory Quinn emphasized this represents a significant value inflection point, stating the permits will create a huge amount of value and enable much larger exploration programs.The company maintains a strong financial foundation with $11 million raised in April, supporting approximately 9,000 meters of drilling across the three properties. Management operates a lean structure with only a three-person Vancouver office, ensuring capital allocation is directed primarily toward exploration activities. This disciplined approach maximizes shareholder value while maintaining operational flexibility.Market conditions appear increasingly favorable for copper exploration, driven by electrification trends and supply constraints. Quinn noted strong institutional interest and the presence of generalist funds and US capital, describing current conditions as "the best vibe I've felt here in a long time" in what "really does feel like a bull market." The company's stock price has reflected this positive sentiment, advancing from $0.60 to the $0.80-$0.90 range following positive drilling results.The management team brings valuable experience and strategic relationships within the mining finance community. Key personnel include Keith Neumeyer, who helped structure the company and brings committed investor networks, and Patrick Burke, former head of capital markets at Canaccord Genuity. Quinn's background with Wheaton Precious Metals provides institutional market familiarity that should prove valuable as projects advance.With pending assay results, permit advancement progress, and favorable market conditions for strategic commodities, Yukon Metals appears well-positioned to deliver value through systematic project advancement and discovery potential across its diversified property portfolio.View Yukon Metals' company profile: https://www.cruxinvestor.com/companies/yukon-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Cox, President & CEO of Rio2 Ltd.Our previous interview: https://www.cruxinvestor.com/posts/from-mega-mines-to-lean-machines-rio2-ltd-vista-golds-blueprint-for-fast-track-gold-production-7298Recording date: 10th September 2025Rio2 Limited presents a compelling investment opportunity as one of the few genuine new gold producers emerging in a market increasingly characterized by consolidation rather than organic growth. The company's Fenix Gold project in Chile is approaching first production in January 2026, positioned to capitalize on record-high gold prices exceeding $3,600 per ounce—more than double the $1,800 assumptions used in the original feasibility study.The project demonstrates exceptional execution discipline under CEO Andrew Cox's leadership, maintaining its production timeline while operating slightly under budget. Construction has progressed systematically with completed earthworks across 12 hectares of leach pads and process solution ponds, while mineral movement to the pad has already commenced. The company's $50 million funding arrangement with Wheaton Precious Metals eliminates typical development-stage financing uncertainties, providing clear visibility to cash flow generation.The management team's 11-year partnership and proven track record of building two previous operations with the same contractor relationships significantly reduces execution risk. This experience is evident in their methodical construction sequencing, targeting solution circulation by November and gold room completion by late December 2025.Fenix Gold targets 20,000 tons per day processing capacity, achievable by August-September 2026 through heap leach technology. The 90-day leach cycle provides relatively rapid cash flow generation, with approximately 50% of gold recovery occurring within the first 30-40 days of production. This operational profile, combined with current gold pricing, creates substantial cash generation potential from the project's 5 million ounce resource base.The most significant value driver lies in the project's expansion potential. Rio2 is advancing partnerships with two desalination providers in Copiapó to secure water supply for expanded operations. The proposed 160-kilometer pipeline infrastructure, requiring approximately $350 million in capital, would enable production of 300,000 ounces annually for 10 years—creating an estimated $3 billion in additional value.This expansion case transforms Rio2 from a mid-tier producer into a significant gold operation, supported by substantial inferred resources requiring conversion and exploration upside in boundary areas and depth extensions.Rio2's emergence occurs during unprecedented industry consolidation, where major producers like Newmont, Barrick, and Kinross pursue growth through acquisitions rather than organic development. This environment creates strategic optionality for Rio2, whether through independent expansion or potential acquisition by larger producers seeking established operations with growth potential.The company's single-asset concentration, while presenting risk, also provides focused execution and clear value catalysts. Management actively evaluates acquisition opportunities to diversify the asset base while maintaining commitment to the Fenix expansion.Rio2 offers investors a unique combination of near-term production certainty and transformational expansion potential. The company's disciplined execution, experienced management, and strategic timing during favorable gold market conditions create multiple pathways for value creation. With production approaching and expansion studies advancing, Rio2 represents both income generation and significant growth optionality in a proven geological setting during an optimal market environment for gold producers.View Rio2 company profile: https://www.cruxinvestor.com/companies/rio2-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Tyler Hill, Vice President of Geology, i-80 GoldOur previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-14m-oz-resource-base-targets-mid-tier-producer-status-7786Recording date: 9th September 2025i-80 Gold is systematically advancing five Northern Nevada gold projects toward production through extensive drilling campaigns and feasibility studies, with completion targets set for Q1 2026 and Q1 2027. The company operates three high-grade underground mines (Granite Creek, Cove, Ruby Hills) and two oxide open pit projects under a strategic hub-and-spoke processing model.The company has demonstrated significant commitment to resource definition through comprehensive drilling programs. At Cove, the flagship project, i-80 Gold completed 45,000 meters of drilling over two years, with feasibility study completion planned for Q1 2026. At Granite Creek, 14,000 meters of infill drilling on 50-meter spacing is planned for 2025, focused on converting inferred resources to measured and indicated categories. The Ruby Hills Archimedes Underground component will begin drilling later in 2025, continuing through 2026, with feasibility study completion targeted for Q1 2027.A key differentiator in i-80 Gold's strategy is the centralized processing hub utilizing existing infrastructure at Lone Tree. The facility features an autoclave processing system that handles refractory ores from the three underground mines, while heap leach pads remain at individual sites. This configuration reduces capital requirements for individual projects while creating operational synergies and cost efficiencies across the portfolio.Led by Vice President of Geology Tyler Hill, who brings over nine years of experience on the Cove project, the 15-person geology team leverages deep local expertise and established contractor relationships. The company utilizes contractor drilling services while maintaining in-house geological expertise at each site, providing operational flexibility and access to specialized capabilities.Beyond current development activities, i-80 Gold maintains significant brownfields exploration opportunities. Historical drilling across the sites was predominantly shallow, conducted during the 1980s, 1990s, and early 2000s when gold prices were substantially lower. Current gold price levels justify deeper exploration programs, potentially expanding resource bases across all projects. The company has developed robust geological models that have identified numerous brownfields targets for step-out exploration.i-80 Gold represents a focused precious metals development company with concentrated assets in Northern Nevada's prolific mining district. The geographic concentration provides access to established mining infrastructure, regulatory familiarity, and skilled labor pools while creating operational synergies through proximity. The sequential feasibility study releases, combined with potential resource expansions and exploration discoveries, create multiple value inflection points for investors seeking exposure to Nevada gold development.Learn more: https://www.cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Swinoga, President & CEO, Exploits Discovery Our previous interview: https://www.cruxinvestor.com/posts/inside-exploits-discoverys-csenfld-new-growth-strategy-4m-cash-680k-oz-gold-3-provinces-7217Recording date: 9th September 2025Exploits Discovery Corp. has completed a remarkable strategic repositioning that transforms the company from a resource-light Newfoundland explorer into a diversified Canadian gold company with substantial assets and compelling valuation metrics. The transformation positions the junior miner to capitalize on the current favorable gold price environment, with gold reaching $3,600 per ounce.The cornerstone of this transformation was the strategic sale of Newfoundland assets to New Found Gold for $7 million in upfront shares plus an additional $1.8 million upon delivery of remaining properties, along with a 1% net smelter return royalty. This transaction created immediate shareholder value while allowing management to focus on higher-potential assets.Most significantly, Exploits Discovery went from zero resources to controlling 680,000 ounces of gold across four high-quality properties in just four months. The flagship Hawkins property in Ontario hosts 300,000 ounces in the McKinnon zone within a 60-kilometer property package near Timmins. The property benefits from established infrastructure and was discovered by Don McKinnon, co-founder of the successful Hemlo gold mine.Complementing the Ontario resource base are three Quebec properties under option from Cartier Resources, offering exceptional high-grade exploration upside. The Fenton property has delivered impressive results including 356 grams per tonne gold over 6 meters, while the Wilson property features similar high-grade chimney-style mineralization.From a valuation perspective, the company presents a compelling opportunity with approximately $10-11 million in treasury value against a current market capitalization of just $9 million, creating an immediate discount to net asset value. Combined with $3.6 million in cash and backing from Eric Sprott's 14% shareholding, the company has substantial financial flexibility to pursue aggressive exploration without near-term dilution pressure.The systematic exploration approach across both jurisdictions, supported by an experienced technical team including property-specific experts, positions Exploits Discovery for multiple value creation catalysts in the favorable gold market environment.Learn more: https://www.cruxinvestor.com/companies/exploits-discoverySign up for Crux Investor: https://cruxinvestor.com

Interview with Claudia Tornquist, CEO & Chris Taylor, Chairman of Kodiak CopperOur previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-maiden-resource-reveals-300m-tonnes-at-bc-copper-project-7337Recording date: 9th September 2025Kodiak Copper Corp is positioned for a significant catalyst with its maiden resource estimate due in Q4 2025, marking a crucial inflection point for the copper-gold porphyry explorer. Led by President and CEO Claudia Tornquist with Chairman Chris Taylor, the company has systematically consolidated a mining district in southern British Columbia through six years of disciplined exploration, completing 90,000 meters of drilling across seven mineralized zones.The initial resource phase, released in June 2025, delivered approximately 300 million tons at grades of 0.42% copper equivalent for indicated resources and 0.33% for inferred resources across four zones. The completion of the full maiden resource incorporating the remaining three zones will provide comprehensive visibility into the project's scale potential. Recent drilling has identified particularly attractive high-grade intersections near surface, including 27 meters at 1.62% copper, which could serve as starter pits for future mining operations.Management acknowledges the strategic reality of large-scale porphyry development, with Tornquist noting that "I don't think there's a single porphyry project that was developed by the junior who did the initial exploration. Very likely at some stage a major will take interest." This positions Kodiak as an acquisition target rather than an operator, typical for projects requiring substantial capital investment.The company trades at a significant valuation discount to comparable peers, with management identifying similar companies at $300-400 million market capitalizations representing five to six times Kodiak's current valuation. The dual copper-gold exposure provides additional value, particularly with gold representing 25% of project value and trading well above the $2,600 per ounce used in resource calculations.Beyond the flagship MPD project, Kodiak owns the undeveloped Mohave copper-molybdenum project in Arizona, providing portfolio optionality. With adequate financing from a recent Canaccord round and clear development milestones ahead, Kodiak offers leveraged exposure to the copper supply shortage while maintaining strong M&A potential.Learn more: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com