Company Interviews

Interview with Peter Secker, CEO of Canyon ResourcesRecording date: 5th September 2025Canyon Resources (ASX:CAY) is positioning itself as a major force in the global bauxite market through the rapid development of the Minim Martap project in Cameroon. The company owns what CEO Peter Secker describes as "the largest highest grade undeveloped bauxite deposit in the world," containing 1.1 billion tons of reserves grading 51% alumina with less than 2% silica.The deposit's exceptional quality commands significant pricing premiums over industry standards. Guinea bauxite typically grades 40-45% alumina with 3-4% silica, giving Canyon a substantial metallurgical advantage. "Compared to the Guinea bauxite price which is currently around $75 per ton, we would be getting if we were selling today $85 or more dollars per ton," Secker explained, highlighting the 10-12% premium the superior ore commands.Canyon's fast-track development timeline represents a departure from typical mining project schedules. Production is scheduled for Q1 2026 with first shipments by mid-2026, leveraging existing rail infrastructure and a World Bank commitment of $816 million for rail upgrades. The company has secured strategic positions throughout the logistics chain, including a 9% stake in rail operator Camrail and plans to operate its own locomotive fleet.The project's capital structure reflects this streamlined approach, with phase one development requiring less than $100 million. Canyon has secured a $140 million debt facility, eliminating near-term funding risks. The mining operation capitalizes on unique geological characteristics, essentially removing the top 20 meters from a series of plateaus with an exceptionally low stripping ratio of 0.3 tons of waste per ton of ore.At current market conditions, the operation would generate margins exceeding $30 per ton, with production scaling from 2 million tons initially to 10 million tons annually as infrastructure upgrades complete. This scalability positions Canyon to capture growing aluminum demand driven by electric vehicle adoption and aerospace applications in a supply-constrained global market.View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Marcio Fonseca, CEO of GR Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/gr-silver-mining-tsxvgrsl-138m-raise-powers-near-term-revenue-plan-7713Recording date: 5th September 2025GR Silver Mining Ltd. (TSXV: GRSL) has delivered a breakthrough discovery at its San Marcial project in Sinaloa, Mexico, with drill hole SMS25-09 intersecting 75 meters at 293 g/t silver equivalent, including a bonanza-grade core of 6.4 meters at 1,915 g/t AgEq. The results extend high-grade mineralization 100 meters below the current resource area, confirming continuity of what appears to be a large, well-preserved epithermal silver system.The discovery represents a significant geological milestone, with CEO Marcio Fonseca explaining that the company believes it is "scratching the upper portion of the system" with potential for 500+ meters of additional depth. The presence of boiling textures—a critical indicator in epithermal systems—provides confidence that high-grade mineralization continues at depth. Structural analysis reveals intersecting northwest-northeast fault systems creating 25-meter-wide mineralized shoots in porous volcanic rocks, with only 20% of the identified geophysical anomaly currently tested.GR Silver Mining is pursuing a dual development strategy that balances near-term production potential with long-term exploration upside. The company's permitted Plomosas underground mine, which operated from 1985 to 2000, offers existing infrastructure and regulatory approvals for potential pilot-scale production within 12 months. Meanwhile, San Marcial represents substantial blue-sky potential, with the epithermal system remaining open both down-dip and laterally.Recent financing of C$13.8 million provides 12-15 months of operational funding, with 40% allocated to bulk sampling and test mining at Plomosas and the remainder focused on resource expansion drilling at San Marcial. The company maintains three drill rigs on site and has a 52-hole drilling program pending regulatory approval, targeting a new resource model for 2026 that incorporates the expanded mineralization footprint discovered through systematic step-out drilling.View GR Silver Mining's company profile: https://www.cruxinvestor.com/companies/gr-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Lamb, CEO of Myriad Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-60-boost-to-potential-100-mlbs-wyoming-project-7466Recording date: 4th September 2025Myriad Uranium (CSE:M) represents a compelling investment opportunity in the rapidly evolving uranium sector, where technological advancement and market dynamics have created significant value creation potential. The company's flagship Copper Mountain project in Wyoming has undergone a transformative resource upgrade through modern measurement techniques, with CEO Thomas Lamb reporting that advanced gamma probe technology and laboratory assaying have delivered 50-60% grade improvements over historical estimates established in the 1970s.The technological advantage stems from replacing outdated Delayed Fission Neutron probes with modern gamma probe technology, revealing substantially higher uranium concentrations than previously recognized. Laboratory assays have confirmed these improvements, with grades above 1,000 ppm showing 60% boosts and those above 500 ppm demonstrating 50% increases. This upgrade positions the project's resource estimate significantly above the historical 15-30 million pound baseline, with expansion potential to 65 million pounds through surrounding prospects and ultimate potential of 200 million pounds according to US Department of Energy assessments.Market dynamics have shifted decisively in Myriad's favor as operational challenges at high-profile ISR projects have created investor skepticism toward in-situ recovery methods. Fund managers are now explicitly seeking conventional mining projects, with Lamb noting that sentiment has transformed from questioning conventional approaches to actively pursuing them. This preference shift provides Myriad with a significant competitive advantage, as the Copper Mountain project's geology supports conventional mining in the northern section while maintaining ISR optionality in the southern portion.The company's strategic consolidation through its planned merger with Rush Rare Metals will eliminate joint venture complexity while adding complementary assets. Currently holding an option to earn 75% of Copper Mountain, the merger will provide 100% ownership while incorporating Rush's high-grade Boxy project in Quebec, which contains 11% uranium and up to 27% niobium grades. This transaction exemplifies the "1 plus 1 equals three" value creation potential in the current uranium market.Myriad's Red Basin project in New Mexico has emerged as an unexpected value creator following the state's emergence as a nuclear technology hub. Acquired for just $525,000 Canadian, the project now attracts significant attention from major technology companies including Microsoft and Amazon Web Services, which are pursuing uranium supply partnerships to support data center and AI computing infrastructure. The convergence of Los Alamos National Laboratory expertise, state-level funding initiatives, and private technology investment is creating a unique development ecosystem.With $2.5 million in cash, Myriad maintains sufficient capital for immediate strategic objectives through a capital-efficient validation strategy. The company plans to conduct approximately eight targeted infill holes in Copper Mountain's central pit area to establish grade upgrades definitively before expanding to peripheral prospects. This methodology provides maximum leverage from limited drilling while building investor confidence in broader resource potential.The company's positioning as a US-focused uranium producer with assets in Wyoming and New Mexico aligns with domestic supply chain security objectives, positioning for potential strategic partnerships or acquisition scenarios. Management's plan to migrate toward US exchange listings could unlock significant valuation multiples while providing enhanced liquidity for investors seeking exposure to the uranium sector recovery.View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with William M. Sheriff, MSc – Founder & Executive Chairman, enCore EnergyOur previous interview: https://www.cruxinvestor.com/posts/encore-energy-tsxveu-us-uranium-leader-doubles-production-to-3700-lbsday-in-q2-turnaround-7356Recording date: 4th September 2025enCore Energy has emerged as a standout performer in the uranium sector, delivering remarkable operational improvements that increased daily uranium production by 200-300% while securing significant institutional investment. The company's transformation represents a compelling case study in operational excellence during a period of global uranium supply constraints.Following a strategic leadership overhaul in early 2025, enCore replaced key executives including the CEO and COO, implementing urgent operational improvements that dramatically enhanced production efficiency. The results have been striking: well completion times dropped from seven days to just 1.3 days, while the company expanded its drilling operations from 12-14 rigs to 29, with plans to reach 32 by October 2025.This operational discipline reflects both the rapid recovery characteristics of South Texas uranium deposits and the company's newfound focus on execution. As one of America's only two operational in-situ recovery (ISR) plants, enCore's ability to scale production quickly provides significant competitive advantages in an increasingly supply-constrained market.The company's operational success attracted unprecedented institutional interest, culminating in a $115 million convertible note offering at a 5.5% coupon rate—terms rarely seen in the uranium sector. Unlike typical convertible structures dominated by hedge funds, approximately 45% of this financing came from long-term oriented institutional investors, including funds managing $10-30 billion in assets.This institutional validation extends beyond immediate capital needs, introducing enCore to an entirely new class of generalist investors and creating relationships that could support future strategic initiatives.enCore recently completed acquisition of the Tacubaya project, immediately adjacent to its flagship Alta Mesa operation, adding significant uranium resources while providing critical geological continuity. The company has also enhanced its data analysis capabilities, identifying new productive trends within existing assets by examining thousands of drill holes on a more granular basis.The development pipeline includes a South Dakota project with Fast-41 federal designation, providing timeline certainty for permitting while leveraging enCore's established regulatory track record. The company has identified approximately 20 advanced exploration projects across the US for potential acquisition, positioning itself as a consolidation catalyst in the fragmented uranium sector.With uranium demand surging globally and few new producers successfully reaching commercial production, enCore's combination of proven operations, expanding resource base, and institutional backing creates sustainable competitive advantages in an industry where execution capabilities increasingly differentiate winners from development-stage competitors.Learn more: https://www.cruxinvestor.com/companies/encore-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Marc Henderson – President, CEO & Director, Laramide ResourcesOur previous interview: https://www.cruxinvestor.com/posts/laramide-resources-tsxlam-1m-lbyr-new-mexico-uranium-project-awaits-final-permit-6714Recording date: 4th September, 2025The uranium sector is experiencing a fundamental shift driven by artificial intelligence and data center expansion, creating what industry veterans describe as the most compelling supply-demand dynamic in decades. Laramide Resources, with advanced-stage uranium projects across three continents, stands positioned to capitalize on this transformation.CEO Marc Henderson, speaking from the World Nuclear Association symposium, highlights how technology companies are driving unprecedented electricity demand. "The world's figured out we need a lot more electricity all of a sudden, particularly in the west that hasn't had any real growth in electricity demand in a long time, and nuclear becomes sort of the default obvious solution," Henderson explains. Tech giants prefer to be "backers" rather than operators, seeking partnerships with established uranium companies rather than entering the complex supply chain themselves.While demand surges, supply constraints intensify. Henderson notes that when asking utilities about realistic pricing for new uranium supply development, "no one has a number south of 100" dollars per pound. The industry faces critical shortages with limited new discoveries and production delays across existing operations.Laramide's strategic portfolio spans three jurisdictions. In Australia, the Westmoreland project containing 65 million pounds awaits a single political decision from Queensland's government, which Henderson describes as being "literally one comment away" from approval. The U.S. Churchrock project holds 70 million pounds with federal NRC licensing complete, requiring only one New Mexico state permit for its 3-million-pound annual capacity facility. Kazakhstan offers exploration upside through a large land position targeting 30-50 million pound deposits, with 15,000 meters of drilling planned for the fourth quarter.The convergence of structural supply deficits, tech-driven demand growth, and $100+ uranium pricing creates compelling revaluation potential for quality uranium assets positioned for the nuclear renaissance.Learn more: https://www.cruxinvestor.com/companies/laramide-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Harrison, Managing Director of Ionic Rare EarthsOur previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earths-asxixr-us-attracted-to-magnet-recycler-7488Recording date: 2nd September 2025The rare earth metals market has entered a new era following China's April 2025 export restrictions on seven critical rare earth elements, creating unprecedented opportunities for alternative suppliers. Australian-listed Ionic Rare Earth (ASX:IXR) has emerged as a strategic beneficiary of this supply chain disruption through its advanced magnet recycling technology.China's export ban demonstrated its monopolistic control over materials essential for modern technology and defense applications, immediately creating supply shortages and price volatility. Ionic Rare Earth's Managing Director Tim Harrison reports the company has been "inundated on requests to access the dysprosium and terbium" from their Belfast demonstration plant, with dysprosium commanding three times Chinese quoted prices in European markets.The geopolitical catalyst has triggered massive government and corporate investment in supply chain security. The US Department of Defense invested $400 million in MP Materials, establishing a $110/kg floor price for neodymium-praseodymium, effectively doubling available prices to non-Chinese producers. Apple followed with a $500 million investment in recycling infrastructure, signaling corporate recognition of supply chain vulnerabilities.Ionic Rare Earth's competitive advantage lies in its proprietary recycling process that produces high-purity separated oxides using 85% less capital than traditional mining. The technology focuses on separating four elements representing 85-90% of rare earth supply chain value, enabling rapid deployment across multiple jurisdictions without mining permits or social license challenges.With comprehensive patent protection, strategic partnerships providing feedstock access through EMR, and government support across the US, UK, and Europe, Ionic Rare Earth is positioned to capitalize on the structural shift toward recycling-based supply chains. The European Critical Raw Materials Act mandates 25% of rare earth supply from recycling by 2030, creating additional policy tailwinds for the company's expansion strategy.View Ionic Rare Earths' company profile: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltd

Recording date: 19th August 2025Olive Resource Capital leadership conducted a comprehensive portfolio review ahead of the fall mining conference season, identifying multiple catalysts expected to drive performance through year-end. Executive Chair Derek Mcpherson and President/CEO/CIO Sam Pelaez outlined their "defensive" strategy, evaluating existing positions and upcoming milestones during the traditionally quiet late-summer period.The investment firm expects significant drilling results from several portfolio companies following summer exploration programs. Bravo Mining presents the most compelling opportunity, targeting IOCG mineralization in Brazil after discovering an exceptional 11-meter intercept at 14% copper. Sterling Metals continues developing a potential porphyry discovery adjacent to the Trans-Canada Highway in Ontario, while First Nordic has secured funding to resume aggressive drilling in Sweden on targets compared to early-stage Rupert Resources.Omai Gold represents the portfolio's largest catalyst by weighting, with a resource update expected to demonstrate increased tonnage and potentially elevate the company to top-tier development status. The previous estimate excluded significant completed drilling, and ongoing operations have shown mineralization extensions in multiple directions. Additionally, Omai is conducting deep drilling to test whether mineralization extends to depth, potentially transforming it into a multi-decade operation.Arizona Sonoran's preliminary feasibility study will validate assumptions from their previous assessment on what management considers a tier-one copper project. Recent corporate actions including royalty buybacks and strategic land acquisitions demonstrate confidence in advancement toward construction.The team identified several M&A opportunities, including Troilus Gold as a direct takeover candidate approaching permitting milestones, and potential Aurion-Rupert consolidation involving multiple parties. Sailfish Royalty could benefit from the Spring Valley mine's transition to public ownership.Olive Resource trimmed positions during summer months to raise capital for new opportunities, maintaining concentrated exposures in high-conviction positions while preparing for historically active conference season deal-making.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-95-copper-recovery-802-million-post-tax-npv-7406Recording date: 28th August 2025Coda Minerals Limited (ASX: COD) has achieved a significant technical breakthrough that fundamentally transforms its Elizabeth Creek copper-silver project in South Australia. The company successfully developed chloride leaching technology that increases copper recovery rates from 80% to 95%, representing a departure from conventional flotation processing methods used by most copper projects globally.The innovation delivers compelling financial improvements, with the updated scoping study showing a post-tax net present value of AUD $855 million compared to the previous AUD $802 million. At current spot commodity prices, the NPV increases to approximately AUD $1.2 billion with a 38% internal rate of return. CEO Chris Stevens emphasized the conservative pricing assumptions underlying these figures, noting "$4.28 copper, $30 an ounce silver, bear in mind spot's $38 right now."The new processing paradigm has reduced total capital expenditure by AUD $74 million through simplified operations. The previous complex three-stage flotation process requiring grinding to 53 microns has been replaced with direct tank leaching at 75 microns, eliminating expensive flotation circuits, oxygen plants, and specialized grinding equipment. This streamlined approach processes approximately 400 tons per hour through polyethylene tanks with a four-hour residence time.Perhaps most significantly, the project now achieves robust economics based solely on copper and silver production, removing dependency on volatile cobalt markets. Stevens noted: "We no longer need cobalt for this project to be well economic and peer comparable. Copper and silver are much more bankable commodities with deep liquid markets." The company removed AUD $1.5 billion in cobalt revenue from the base case model while retaining it as potential upside.Located adjacent to BHP's Carrapateena project, the operation will target steady-state production exceeding 30,000 tons of copper annually. Management has identified multiple catalysts for further value creation, including mine reoptimization, potential staging opportunities, and systematic progression toward prefeasibility study completion.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-unlocking-an-185mt-copper-gold-asset-hidden-for-20-years-7224Recording date: 26th August 2025Abitibi Metals Corp. is advancing a high-grade, Quebec-based polymetallic development anchored by the B26 deposit, an asset optioned from SOQUEM, that combines scale, exceptional metallurgy, and infrastructure advantages within a premier mining jurisdiction. The company’s updated resource now totals roughly 18.5 million tonnes at about 2.17–2.18% copper equivalent, providing a robust platform for continued growth and technical de-risking within a well-understood volcanic massive sulfide system near the historic Selbaie mine, just 7 kilometers away. With a balance sheet showing approximately $17–18 million in cash and a plan fully financed through Q1 2027, Abitibi is executing an aggressive multi-rig drill campaign to expand the footprint and demonstrate economic scale, targeting a pathway to strategic investment or acquisition by a major.Strategically, Abitibi’s partnership with the Quebec government delivers alignment, validation, and capital efficiency, as the company inherits about $25 million of prior investment and leverages existing power and road infrastructure that reduce capital intensity and support year-round operations. The deposit’s metallurgy stands out: reported recoveries approach 98% for copper alongside strong gold, zinc, and silver performance, complementing significant gold credits that enhance copper-equivalent grades and improve project optionality across commodity cycles. This combination of grade, recoveries, and infrastructure positions B26 competitively against peers in stable jurisdictions at a time when copper demand from electrification is intensifying and large-scale, high-grade polymetallic inventories are increasingly scarce.Abitibi’s current and planned drilling—on the order of ~17,000–20,000 meters this year with an additional ~25,000 meters in 2026—prioritizes step-outs to test continuity at depth and along strike, aiming to grow the deposit toward a 30–50 million tonne profile while advancing toward a preliminary economic assessment targeted within the option earn-in timeline. Management’s endgame is clear: prove scale and economics to attract **major-company interest**, capitalizing on Quebec’s mining-friendly framework and the district’s processing legacy near Selbaie to shorten development pathways and unlock **value** in a critical metals market.View Abitibi Metals' company profile: https://www.cruxinvestor.com/companies/abitibi-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-colossal-titanium-discovery-set-to-revolutionise-global-supply-6918Recording date: 21st August 2025Empire Metals (LON:EEE) is rapidly developing its Pitfield Titanium project in Western Australia, positioning itself as a potential disruptor in the global titanium industry. The company has achieved a significant technical breakthrough by producing titanium dioxide at 99.25% purity with minimal contaminants, demonstrating the exceptional quality of its ore body without even having a mineral resource estimate in place.Managing Director Shaun Bunn recently outlined the company's strategic progress, highlighting how Pitfield's unique anatase-rich ore offers superior processing economics compared to traditional ilmenite operations. "The anatase doesn't need as much acid to digest as ilmenite. There's no iron to break down and no disposal issues relating to the disposal of that iron," Bunn explained, emphasizing the environmental and cost advantages.Following completion of their largest drilling program to date—180 drill holes totaling 10,000 meters at the Thomas Prospect—Empire Metals expects to release its maiden mineral resource estimate by early Q4 2025. The focused drilling approach prioritized high-confidence resource blocks that can support immediate mine planning, with recent results delivering grades of seven to eight percent.The project's strategic advantages extend beyond ore quality. Located in Western Australia's tier-one mining jurisdiction, Pitfield benefits from proximity to infrastructure, renewable energy access, and world-class technical expertise. The company has raised £4 million from strategic investors to fund development through critical phases including metallurgical testing and early piloting operations planned for 2026.Empire Metals' product optionality represents a key differentiator, enabling production of various titanium products from traditional pigments to high-value metal precursors for aerospace and defense applications. "The optionality that we can get from this ore body is amazing," Bunn noted, positioning the company to serve multiple high-value market segments while benefiting from government support for critical minerals development in Australia.View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com