Company Interviews

Interview with Tara Christie, President and CEO of Banyan GoldOur previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-7moz-gold-project-getting-bigger-with-higher-grades-6661Recording date: 9th September 2025Banyan Gold Corp has successfully repositioned its AurMac project from a bulk tonnage operation into a high-grade gold deposit that's attracting serious institutional attention and potential acquisition interest. The Canadian gold explorer recently updated its mineral resource to 2.2 million ounces indicated and 5.4 million inferred, but the critical development lies in grade enhancement—4.55 million ounces at close to one gram per tonne represents a fundamental shift in the project's economic profile.President and CEO Tara Christie emphasized the transformation's significance: "Five million ounces plus one gram. And that's really what's driving our story right now is that high-grade core we're targeting with our drill program this year." This grade improvement reflects sophisticated geological modeling and a more lithologically constrained approach that has increased confidence in mineralization continuity.Recent drilling has uncovered exceptional high-grade zones, including intercepts of 539 grams per tonne at just 65 meters depth, demonstrating bonanza-grade potential within the broader deposit. The company has completed 28,000 meters across 130 drill holes this year, with only 20 results released, suggesting significant news flow ahead.The project benefits from exceptional infrastructure positioning, with existing road access and power lines on-site, significantly reducing development risk. This advantage has helped drive a complete transformation of Banyan's shareholder base, with over 112 million shares traded since June as institutional investors replace retail shareholders.Christie expects eventual acquisition given current market dynamics: "I think this will be mine one day…I expect somebody else will build it. That's the most likely scenario when you play the odds of this market with all the M&A and these gold prices." With current valuation below $30 per ounce compared to management's $100 target, Banyan appears positioned for significant rerating as institutional recognition grows.Learn more: https://www.cruxinvestor.com/companies/banyan-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Greg Bittar, Managing Director of Lotus ResourcesOur previous interview:Recording date: 10th September 2025Lotus Resources presents a compelling uranium investment opportunity as one of the few companies to successfully restart production in a supply-constrained market. The company has demonstrated operational excellence by bringing the Kayelekera mine in Malawi back online after a decade-long closure, targeting steady-state production of 2.4 million pounds annually by 2026.The investment thesis centers on strategic market positioning during a critical industry inflection point. As Managing Director Greg Bittar emphasized, "This is no longer a demand story. This is a supply story." Utilities globally face acute supply shortages while rebuilding inventories and securing long-term contracts, creating favorable conditions for new producers with operational capability.Lotus Resources has structured its production profile to maximize upside exposure while maintaining revenue stability. With 65% of production uncontracted, the company provides substantial leverage to uranium price appreciation, while 35% contracted volumes through 2029 ensure cash flow certainty. This balanced approach allows management to implement a patient inventory strategy, building working capital to capture anticipated price increases rather than immediately monetizing output at current market levels.The company's operational advantages distinguish it from competitors facing technical challenges. Hard rock mining operations at Kayelekera utilize proven metallurgy and established processing parameters, reducing technical risk compared to in-situ recovery methods experiencing industry-wide difficulties. The operation previously produced successfully until 2014, providing management with operational knowledge and historical performance data to optimize the restart process.Financial discipline characterizes the company's approach to capital allocation. The $50 million restart investment minimized dilution while maintaining operational flexibility through $40 million in deferred capital expenditures. These strategic deferrals, including power grid connection and acid plant reconstruction, create a clear pathway to $5-6 per pound cost reduction once commissioned, enhancing operational competitiveness and margin expansion.The development pipeline adds significant value through the Letlhakane project in Botswana, representing 115 million pounds of uranium resources grading 360-365 ppm. This larger-scale, longer-life asset can be funded through Kayelekera cash flows, providing growth optionality without additional dilution. The strategic timing aligns with anticipated supply shortfalls in the late 2020s and early 2030s, positioning the asset for optimal market entry.Geographic positioning in stable African jurisdictions provides operational and political advantages. Strong government support, demonstrated through presidential participation in reopening ceremonies, combined with 95% local employment and community engagement initiatives, creates sustainable operational frameworks. Established supply chains and regulatory environments in both Malawi and Botswana reduce execution risk compared to less developed mining jurisdictions.The macro environment strongly supports uranium producers with operational capability and strategic positioning. Chinese demand acceleration, Western utilities' need to replace Russian supply sources, and limited new mine development have created unprecedented supply constraints. Lotus Resources exemplifies the opportunity to capitalize on this transformation through immediate production capability, substantial price exposure, and development optionality.Risk considerations include inherent commodity price volatility, operational challenges associated with mining operations, and geopolitical factors affecting African mining jurisdictions. However, the company's proven operational capability, strategic market positioning, and financial flexibility create a compelling framework for uranium sector exposure during this critical market transformation.View Lotus Resources' company profile: https://www.cruxinvestor.com/companies/lotus-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Allen Sabet, CEO of Mogotes Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxv-mog-explorer-targets-copper-gold-next-to-bhps-45b-acquisition-6947Recording date: 10th September 2025Mogotes Metals represents a compelling copper exploration opportunity positioned at the epicenter of Argentina's Vicuña district, home to the most significant copper discoveries of the past three decades. The company's strategic land package sits directly adjacent to Filo del Sol, representing the largest copper discovery in 30 years, within a district that has generated approximately billions worth of combined discovery value through neighboring properties controlled by industry giants BHP and Lundin Mining.The investment thesis centers on the geological principle that significant mineralization occurs in clusters, making Mogotes' position particularly attractive for investors seeking exposure to world-class copper potential. As CEO Allen Sabet noted, "The acorn doesn't fall from the oak tree is the saying that a lot of people say. And so we're looking for copper and gold in the place where two $4.5 billion discoveries have been made." This district concept provides validation for the company's exploration model while reducing typical exploration risks.Mogotes has distinguished itself through systematic preparation, investing C$20 million over three years in comprehensive technical work rather than rushing to speculative drilling. The company has completed extensive surface sampling programs across mountainous terrain, constructed 60 kilometers of access tracks, and employed cutting-edge 3D geophysical technologies to identify multiple high-priority targets. This methodical approach, combined with engagement of geologists who worked on adjacent successful projects, accelerates the learning curve and maximizes discovery probability.The company's financial position provides attractive leverage for investors, with $26 million in treasury against a $107 million market capitalization. This 4:1 leverage ratio ensures sufficient funding for the planned drilling campaign while avoiding near-term dilution concerns that typically plague junior exploration companies. The strong balance sheet reflects careful capital management during recent challenging market conditions for exploration equities.The upcoming drilling campaign, scheduled to commence in October 2025, will target both high-sulfidation epithermal systems prospective for gold and silver, as well as porphyry copper systems that could host large-scale copper-gold-molybdenum deposits. Target depths range from 300-700 meters, with many representing the first drilling in their history. The company benefits from favorable drilling conditions, including lower elevation access and absence of difficult-to-drill silica cap rocks that plagued neighboring operations.Industry validation comes through active engagement from major mining companies, with Sabet confirming that "mining companies that you would have heard of have spoken to us or are speaking to us at some point." This interest validates the technical merit of the project and suggests potential for strategic partnerships or acquisitions as the project advances.The macro environment supports copper exploration through unprecedented supply-demand imbalances driven by renewable energy infrastructure and electric vehicle adoption. Institutional interest is returning to the sector, with generalist funds allocating capital to copper and gold themes amid currency debasement concerns and supply constraints.Mogotes Metals offers investors a rare combination of strategic location, systematic technical preparation, strong financial positioning, and favorable market timing. The convergence of these factors, combined with limited market awareness due to the company's recent public listing, creates potential for significant revaluation as drilling results emerge and the story gains broader institutional recognition.View Mogotes Metals' company profile: https://www.cruxinvestor.com/companies/mogotes-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Emerson, President & CEO, and Kieran Downes, Director of Kingsmen ResourcesRecording date: 5th September 2025Kingsmen Resources presents a compelling investment opportunity in Mexico's precious metals sector through its systematic consolidation of historic mining districts and disciplined approach to exploration financing. The company has assembled two significant projects in Chihuahua's renowned Parral district, targeting areas with established production history and modern expansion potential.The flagship Las Coloradas project centers on a mine that operated from 1944 to 1952, producing high-grade silver-lead-zinc mineralization averaging 600-800 grams per tonne. Through methodical claim assembly, Kingsmen has consolidated what was previously 15 separate claim blocks into a cohesive nine-square-mile package. Modern exploration has extended the original 300-meter strike length to 1.4 and 1.7 kilometers respectively, suggesting significant expansion potential beyond historic workings.Current operations focus on a 3,000-meter drilling program targeting 11-12 holes with depths ranging from 250 to 500 meters. The program tests continuation of mineralization along strike and below the historic water table, with results expected by September 2025. Technical work has identified strong pathfinder elements including arsenic, antimony, beryllium, and bismuth, while induced polarization surveys reveal extensive sulfide development across multiple rock types.The Almoloya project represents the company's second major consolidation success. Almoloya has attracted previous attention from major mining companies including Hecla, Anglo American, and Kennecott, though these operators worked individual claim blocks rather than the consolidated package now controlled by Kingsmen. This previous work generated approximately $3 million worth of historical data that Kingsmen acquired without associated exploration costs.Management maintains exceptional capital discipline with only 25 million shares outstanding, having completed all acquisitions through cash payments rather than equity dilution. The Las Coloradas acquisition totals $2.1 million over seven years with no net smelter return, while Almoloya requires $8 million over eight years with a 2% NSR. Both payment schedules feature minimal upfront costs, allowing systematic exploration without financial strain.Strategic positioning creates multiple value realization pathways. GoGold operates processing facilities just 40 kilometers from Las Coloradas, currently trucking tailings 10 miles to their heap leach facility. This proximity suggests potential synergies for toll processing or outright acquisition if Kingsmen demonstrates sufficient scale and grade. The company also holds a purchasable royalty on GoGold's Los Ricos North project for $1 million, providing additional leverage to regional consolidation trends.Under President Scott Emerson's leadership, the company benefits from extensive mining experience including the Jolu mine discovery in northern Saskatchewan and 18 years developing projects in Argentina with Mitsubishi funding. Technical expertise comes from Director Kieran Downes, formerly with Cameco's uranium and gold divisions, while local representation through third-generation mining family member Carlos Garza provides social license and operational knowledge.Management targets resource potential exceeding 200 million ounces across both projects, based on geological similarities to regional deposits that have operated for centuries. The systematic approach to previously unexplored-by-juniors territory, combined with strong technical data and favorable operational conditions, positions Kingsmen for potential significant value creation through successful exploration results while preserving equity value through disciplined capital allocation.View Kingsmen Resources' company profle: https://www.cruxinvestor.com/companies/kingsmen-resources-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Huet, CEO & Oliver Turner, Corporate Development, Americas Gold & SilverOur previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-push-to-restore-historic-galena-mine-7106Recording date: 8th September 2025Americas Gold & Silver Corporation is experiencing a dramatic operational renaissance under CEO Paul Huet's leadership, successfully implementing longhole mining techniques at its century-old Galena mine in Idaho for the first time in two decades. This achievement represents the cornerstone of a comprehensive transformation strategy that has already delivered significant productivity improvements and positioned the company for substantial growth.The company has secured $100 million in debt financing to fund critical infrastructure upgrades, primarily focused on expanding shaft capacity from the current 700 tons per day to over 1,800 tons per day. This more than doubling of capacity addresses a fundamental bottleneck that has constrained operations for 20 years. The two-phase upgrade program is reportedly ahead of schedule, with completion expected by year-end, enabling access to higher-grade ore zones and more efficient waste management.A major value driver involves monetizing previously penalized metals through new offtake agreements beginning January 2026. Americas Gold & Silver operates the only producing antimony mine in the United States, positioning it uniquely following China's export restrictions in late 2024. Historical data reveals the magnitude of this opportunity: over 20 years, Galena produced nearly 20 million pounds of antimony that generated penalties rather than payments, representing approximately $500 million in foregone value at current prices.Galena mine operates with exceptionally high silver grades, mining over 400 grams per ton in a global market where fewer than five operations achieve similar grades. Recent exploration results have identified zones with grades significantly higher than current mining areas, including intercepts of 24,913 grams per ton, demonstrating substantial upside potential through selective mining techniques.The company has undergone significant restructuring, with institutional ownership increasing from 7% to 63% since management's takeover. A 2.5-to-1 share consolidation improved market accessibility, while inclusion in major silver ETFs created additional institutional demand. Management targets crossing 2 million silver ounces annually from current levels of 1.3-1.4 million, with long-term potential to restore Galena's former 5+ million ounce capacity. The strategic focus on operational excellence over speculative expansion creates multiple value drivers converging toward significant cash flow generation at current commodity prices.Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-triple-growth-in-resources-accelerates-the-next-phases-for-luanga-project-6814Recording date: 9th September 2025Bravo Mining Company presents a compelling investment opportunity in the platinum group metals sector, combining tier-one asset quality with favorable market timing as global PGM fundamentals shift in favor of new producers. The company's flagship Luanga deposit in Brazil's Carajas region has emerged as one of the world's premier undeveloped PGM assets following dramatic resource expansion and robust preliminary economic assessment results.The investment thesis centers on exceptional asset quality, with Luanga's resource base expanding from 120 million tons grading 1.2 g/t to 236 million tons at 2.03 g/t over just two years. This positions the deposit among global tier-one PGM assets, capable of supporting 17 years of production at 500,000 ounces annually. The 8.1-kilometer strike length remains largely unexplored at depth, with over 40 drill holes indicating mineralization continuation beyond 400 meters, suggesting significant additional resource potential.Economic returns appear compelling across both development scenarios outlined in the preliminary assessment. The standard concentrate operation requires $495 million capital expenditure for $1.2 billion net present value, while the integrated approach adds $180 million investment to generate $1.8 billion NPV through direct metal production and sulfur byproduct sales. Production costs of approximately $700 per ounce against current $1,300 pricing provide substantial operational margins and flexibility.Brazil's mining-friendly jurisdiction delivers significant competitive advantages, particularly in the established Carajas region where Vale's infrastructure development provides immediate access to power, water, transportation, and skilled labor. This eliminates hundreds of millions in typical infrastructure capital expenditure while enabling an exceptional eight-month permitting timeline that contrasts favorably with increasing global regulatory challenges.Market timing appears optimal as PGM fundamentals improve following revised electric vehicle adoption forecasts. Chinese automakers, representing the world's largest car market, now project 50% conventional vehicles, 30% hybrids, and only 20% pure electric vehicles—a significant downward revision from earlier EV penetration expectations. This sustained conventional automotive demand occurs against constrained supply, with no major new PGM mines advancing through global development pipelines while South African producers face ongoing operational and regulatory challenges.Additional value creation opportunities exist through the company's IOCG exploration program, which has identified high-grade copper-gold potential including 6% copper and 1 gram per ton gold intersections at the T5 target. This creates potential spin-off possibilities while maintaining focus on core PGM development.Management's proven track record adds execution confidence, having previously built and sold a mine in the Carajas region for approximately $500 million. The team's regional experience, combined with disciplined capital allocation and strong balance sheet position, supports advancement through prefeasibility study completion by Q2 2026.The confluence of superior asset quality, compelling economics, infrastructure advantages, favorable jurisdiction, improving market fundamentals, and proven management creates a differentiated investment opportunity for investors seeking exposure to PGM market recovery while benefiting from Brazil's stable mining environment and established infrastructure base.View Bravo Mining's company profile: https://www.cruxinvestor.com/companies/bravo-mining Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chad Peters, President and CEO, Ridgeline MineralsOur previous interview: https://www.cruxinvestor.com/posts/ridgeline-minerals-tsxvrdg-major-backed-explorer-kicks-off-11m-drilling-7014Recording date: 9th September 2025Ridgeline Minerals Corporation has established itself as a compelling case study in modern mineral exploration through its innovative hybrid business model that addresses critical funding challenges facing junior mining companies. The Nevada-focused explorer combines traditional project ownership with strategic partnerships, creating significant leverage opportunities while minimizing dilution risks for shareholders.Under the leadership of President and CEO Chad Peters, Ridgeline operates what he describes as a "hybrid explorer" model, maintaining operational control over exploration activities while securing partner funding across multiple high-potential projects. This approach has enabled the company to deploy an unprecedented $11 million exploration budget in 2025, with only $1.5 million requiring direct company funding.The cornerstone of Ridgeline's strategy lies in its strategic partnerships with major mining companies. Nevada Gold Mines has committed $40 million across two earn-in agreements at the Swift and Blackridge projects, allowing them to earn up to 75% interest while Ridgeline retains 25% fully carried interests through to commercial production. Additionally, South32 Limited has committed $20 million at the Selena project for an 80% earn-in, with Ridgeline maintaining 20% carried interest and operational control that generates management fees.Recent exploration success validates this model's effectiveness. At Selena, drilling has intersected up to 1,200 grams silver equivalent over 6 meters in a carbonate replacement deposit setting, demonstrating significant discovery potential. The Swift project has produced encouraging results with intersections of 10 grams gold over 1.5 meters, confirming the presence of economic-grade mineralization on trend with established mining operations.The staggered timing of partnership agreements creates continuous value catalysts, with Swift entering its fourth year, Blackridge in year three, and Selena beginning year one of their respective earn-in phases. This structure provides multiple opportunities for discovery success while maintaining operational momentum across the portfolio. Peters emphasizes the strategic advantage: "We like the idea of spending other people's money to test some really deep targets on trend of known deposits."Learn more: https://www.cruxinvestor.com/companies/ridgeline-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-resource-boost-sets-stage-for-near-term-production-new-pea-imminent-7186Recording date: 9th September 2025Amex Exploration represents a rare opportunity in the gold mining sector, combining exceptional resource quality with strategic execution to create a compelling near-term production story. Under CEO Victor Cantore's leadership, the company has successfully transitioned from pure exploration to a development-stage opportunity with clear pathways to cash flow generation and minimal traditional mining risks.The investment case centers on the world-class Champagne Zone, containing 831,000 ounces of measured and indicated resources grading 16.2 grams per ton. This extraordinary grade represents more than eight times the quality of typical modern gold operations, translating directly into superior project economics with a pre-tax payback period of just 2.5 months. The resource quality eliminates the need for additional definition drilling, allowing management to proceed directly to feasibility study and development.Strategic location advantages differentiate Amex from typical mining developments. Situated 5-6 km from Normétal, Quebec, the project benefits from established hydroelectric power infrastructure, local workforce availability, and proximity to existing mining operations. This eliminates expensive fly-in, fly-out operations and construction of worker accommodation facilities, with local employees able to return home daily. The infrastructure advantages significantly reduce both capital requirements and operational complexity.Management's phased development strategy demonstrates capital discipline while maximizing early cash flow generation. The initial toll milling approach requires only $146 million in upfront capital, avoiding the complexities of mill construction and tailings management facilities. This phase is designed to operate for four years, with generated cash flows self-funding construction of an on-site processing facility by 2031-2032. The toll milling approach also simplifies permitting processes, with feasibility study completion expected within six months rather than typical longer timelines.Market validation comes through significant institutional backing from established mining industry participants. Eldorado Gold has nearly doubled its position from 9% to 17% ownership, while respected resource investor Eric Sprott maintains approximately 10.5%. This institutional support provides both financial resources and strategic validation of the project's technical and economic merits.Beyond immediate production potential, Amex maintains substantial exploration upside. The company has expanded its land package from 45.6 to 197 square kilometers, with current reserves supporting a 17.5-year mine life and strong production scheduled for the decade. All mineralized zones remain open along strike and at depth, providing opportunities for resource expansion and mine life extension.The investment opportunity aligns favorably with current gold market dynamics. With production targeted for 2028, Amex is positioned to enter production during continued strong precious metals pricing driven by monetary policy uncertainty, geopolitical tensions, and central bank purchasing. The combination of rapid payback economics and high-grade ore provides significant downside protection against commodity price volatility.Amex Exploration offers investors exposure to exceptional resource quality, strategic infrastructure advantages, and disciplined development execution. The company's ability to demonstrate industry-leading economics while maintaining exploration upside creates a unique investment profile addressing both near-term production cash flows and long-term growth potential in a supply-constrained gold market.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power Metallic MinesOur previous interview: https://www.cruxinvestor.com/posts/power-metallics-tsxvpnpn-breakthrough-drill-hits-may-reinforce-nisks-world-class-trajectory-7232Recording date: 9th September 2025Power Metallic Mines presents a compelling investment opportunity in the critical minerals sector, having delivered exceptional performance while developing one of the world's highest-grade polymetallic discoveries. The company achieved recognition as Canada's top-performing mining stock over the past year, with shares tripling in value during a challenging market environment that saw broader mining sector sentiment remain subdued.The company's flagship NISK project in Quebec represents a world-class discovery containing nickel, copper, platinum group elements, gold, and silver. This polymetallic asset belongs to the elite category of orthomagmatic deposits, with only 20 such discoveries identified globally throughout history. These deposits are characterized by exceptional profitability and long mine lives, with examples like Norilsk representing some of the world's most valuable mining operations.Power Metallic recently completed a strategic 350% expansion of its land package through acquisition of claims from Li-FT during market volatility. This expansion now encompasses seven of eight primary targets identified through systematic exploration, positioning the company in a geological setting that management believes could support multiple world-class deposits comparable to Sudbury's historic 33-mine district.The company distinguishes itself through implementation of cutting-edge exploration technologies, achieving a remarkable 100% success rate with borehole electromagnetic surveys in identifying sulfide bodies within 150-meter radius of drill holes. This technological advantage provides significant cost savings and drilling efficiency, allowing the company to identify additional targets after completing initial drill programs.Power Metallic currently operates one of the most aggressive drilling campaigns in the junior mining sector, with four rigs active and plans to expand to six rigs. The company has completed over 20,000 meters of drilling with expectations to reach 24,000 meters by September 15th. This scale reflects management confidence in geological targets and the quality of discoveries achieved through advanced exploration techniques.Current analyst estimates suggest the resource base contains 300,000-500,000 tons of contained metals, while management expresses confidence in reaching one million tons with potential for further expansion. CEO Terry Lynch stated: "Do we think we're going to get to a million? 100%. Do we think we're going to grow beyond that? Certainly looks likely." This confidence stems from understanding of orthomagmatic deposit characteristics and metal ratios within current discoveries.The company is implementing a sophisticated capital markets strategy, planning to list on New York exchanges in October to access broader institutional investor bases and improved liquidity. Additionally, Power Metallic is pursuing international diversification through Power Metallic Arabia subsidiary, partnering with Saudi family offices managing $50-110 billion in assets on exploration projects benefiting from government grant programs covering 50% of initial costs.The investment thesis centers on exceptional resource quality with grades supporting rapid payback periods, proven management execution, strategic market timing with current undervaluation, and technology-driven exploration providing cost-effective resource expansion. The polymetallic nature provides natural diversification across nickel, copper, precious metals, and platinum group elements, positioning the company to benefit from electrification trends and critical minerals demand.Power Metallic represents exposure to essential battery metals during global supply shortages, supported by government initiatives recognizing critical minerals as essential to national security and economic competitiveness.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallicSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Hodgson, CEO of Serabi Gold PLCOur previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-meet-the-team-marcus-brewster-7879Recording date: 9th September 2025Serabi Gold presents a compelling investment opportunity in the specialized Brazilian underground gold mining sector, combining exceptional recent performance with ambitious yet achievable growth targets. The London-listed company has delivered remarkable returns to shareholders, with its share price surging from approximately £0.60 to £2.40 over the past year, representing nearly 300% appreciation as management successfully executes operational improvements in a favorable gold market environment.The company operates as Brazil's premier underground gold mining specialist, holding a dominant position in a market with only 31 underground mines nationwide. This unique positioning provides significant competitive advantages in a country historically dominated by large-scale open-pit operations, creating natural barriers to entry and limited competition for high-grade underground deposits.Serabi's current operations center on maximizing output from existing facilities through intelligent technological implementation. The company employs ore sorting technology to enhance feed grades entering its processing plant, which operates at 600-650 tons per day capacity. This optimization strategy enables production of approximately 60,000 ounces annually from existing infrastructure without requiring major capital investment.The growth strategy focuses on expanding annual production to exceed 100,000 ounces by end-2028, representing a 67% increase from current levels. This ambitious target relies on aggressive resource development across two primary deposits, supported by the most extensive drilling program in the company's recent history. Management plans 30,000-40,000 meters of drilling annually, targeting resource growth from the current 1 million ounces to at least 1.5 million ounces by 2026.Recent drilling results validate management's optimistic outlook, with positive exploration results at the Coringa deposit driving a 7% single-day share price increase. The deposit presents significant untapped potential with extensive strike length and gap-filling opportunities that management describes as largely undrilled despite years of operation.Financial transformation represents a key investment attraction. Serabi has transitioned from capital constraints to strong cash flow generation, enabling self-funded growth without dilutive equity raises. The favorable gold price environment, combined with beneficial Brazilian real exchange rate movements, creates powerful economic tailwinds that enhance cash flow generation from Brazilian operations when translated to reporting currency.Management maintains disciplined capital allocation, balancing growth investment with potential shareholder returns. The company has committed to evaluating capital returns following 2025 financial results, expected in Q1 2026, providing investors with a clear timeline for potential distributions.The shareholder base has evolved significantly, with successful diversification from primarily retail investors to include smaller London institutions through a secondary offering in April at £1.35 per share. These institutional investors have benefited from subsequent appreciation, improving market credibility and liquidity. Daily trading volumes have increased from 500-1,000 shares to 1 million shares, facilitating better price discovery and institutional access.Investment risks include Brazilian political and regulatory environment changes, currency exposure, and exploration risk inherent in resource development. However, the company's long operational history provides valuable local expertise, while dual currency exposure can provide natural hedging benefits.Serabi Gold offers investors exposure to specialized gold production with significant growth optionality, operational excellence, and management committed to disciplined capital allocation in a favorable market environment.View Serabi Gold's company profile: https://www.cruxinvestor.com/companies/serabi-goldSign up for Crux Investor: https://cruxinvestor.com