Company Interviews

Interview with Hugh Agro, President & CEO of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-dual-asset-strategy-offers-near-term-production-long-term-upside-7957Recording date: 27th November 2025Revival Gold presents investors with leveraged exposure to gold price appreciation through a 6 million ounce dual-project portfolio in the western United States trading at substantial discounts to both net asset value and producing peer companies. With the Mercur project in Utah advancing towards pre-feasibility study in 2026 and Beartrack-Arnett in Idaho at pre-feasibility stage, the company offers clear pathways to production on compressed timelines of two to three and a half years respectively.The investment thesis centres on valuation arbitrage within the gold equity spectrum. Revival Gold trades at 0.1-0.2 times net asset value whilst senior producers and royalty companies command 1.0-2.0 times NAV multiples, creating what CEO Hugh Agro characterises as "a real arbitrage there for investors today." The company projects potential revaluation to 0.6-1.0 times NAV as projects advance through permitting and feasibility studies, implying five to six times appreciation over the next two to three years. Equity analysts validate this framework with price targets ranging from two to four times current trading levels.Project economics demonstrate robust margins even within conservative gold price scenarios. Mercur's preliminary economic assessment envisions 100,000 ounces per year production at $1,400 all-in sustaining costs requiring only $210 million capital expenditure, generating net present value of approximately $1.2 billion at current $4,000 gold prices with an 18-month payback period. Beartrack-Arnett complements this with 65,000 ounces per year production requiring merely $110 million capital expenditure leveraging existing ADR processing infrastructure.The modest capital requirements reflect substantial brownfield advantages including existing power, roads, processing facilities, and water infrastructure available for redeployment. Both projects represent former producers with established metallurgical characteristics, community relationships, and operational precedent reducing technical and permitting risk. Mercur benefits additionally from private land ownership enabling streamlined state-level permitting rather than complex federal processes, whilst its dry environment eliminates water management complications.Capital efficiency considerations prove particularly compelling in current market conditions. The company maintains approximately $23 million cash backed by strategic investors Dundee Corporation and EMR Capital, with management emphasising disciplined capital deployment to minimise shareholder dilution whilst advancing projects towards production. As Agro notes, "Every dollar we put out the door right now is costing us roughly 0.2 times underlying NAV," incentivising value maximisation before accessing additional capital.The current valuation incorporates only 2.5 million of the company's 6 million ounce resource base, excluding value attribution for 3.5 million ounces not yet in engineering studies plus underground expansion potential and district-scale exploration upside. This optionality provides organic growth opportunities fundable through initial production cash flows without requiring dilutive external capital.Near-term catalysts include Q1 2026 column leach metallurgical results, ongoing drill result releases from over 70 unreported holes at Mercur, formal permitting launch in early 2026, and pre-feasibility study advancement. Recent drilling has delivered average grades 22% above resource estimates whilst metallurgical recoveries exceed PEA assumptions by 10%, providing progressive technical validation.For investors seeking leveraged gold exposure, Revival Gold offers compelling risk-reward characteristics: substantial valuation discounts to peers, clear production pathways on compressed timelines, robust project economics with strong margins, capital efficiency enabled by brownfield advantages, and significant optionality beyond base case scenarios. The combination positions the company to capture both near-term revaluation as projects advance and longer-term value creation through low-capital production and organic resource expansion.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Kurt Budge, CEO of Leading Edge Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/leading-edge-materials-tsxvlem-strategic-rare-earths-projects-amid-eus-critical-minerals-push-6094Recording date: 27th November 2025Leading Edge Materials Corp. (TSXV:LEM) is advancing its Norra Kärr heavy rare earth project in Sweden towards a prefeasibility study expected to complete in the first half of 2026, positioning one of Europe's few advanced-stage heavy rare earth assets closer to production. The project's production profile of 248 tonnes of dysprosium and 38 tonnes of terbium oxide compares directly to Lynas Rare Earths' recent Malaysian plant expansion, establishing Norra Kärr at strategically significant scale within global heavy rare earth supply.The strategic rationale for European heavy rare earth production has intensified as Chinese export restrictions throughout 2025 created supply disruptions and price volatility that industry leaders characterise as a crisis. Dysprosium and terbium are critical components in permanent magnets used in electric vehicle motors, wind turbines, and defence systems, with European manufacturers remaining almost entirely dependent on Chinese production. CEO Kurt Budge directly questions whether Europe can rely on heavy rare earths from potentially misaligned jurisdictions for defence equipment and armaments production, highlighting supply security as a national security imperative beyond industrial applications.Leading Edge Materials benefits from 16 years of technical work on Norra Kärr, providing a substantial data foundation that reduces technical risk compared to earlier-stage exploration projects. The current programme focuses on two critical work streams: optimising mineral processing using 28,000 metres of drill core for test work, and upgrading the mineral resource from inferred classification. The company is conducting hydrometallurgy assessment on eudialyte mineral concentrates containing heavy rare earths whilst evaluating nepheline syenite by-products for ceramics, glass, and coatings markets, providing dual revenue stream potential.The company's economic modelling focuses on mine gate economics without requiring integrated downstream processing infrastructure, acknowledging capital constraints whilst establishing fundamental extraction economics. This approach allows Norra Kärr to demonstrate project viability as if concentrates were sold to third-party processors, reducing capital requirements whilst maintaining optionality for future vertical integration. Independent market assessments are updating rare earth pricing decks and industrial mineral market analysis to inform the prefeasibility study economic model.Near-term catalysts include a mining lease decision expected in the near future, representing a critical regulatory milestone that de-risks the project and positions it favourably for government support programmes. Partnership discussions with downstream permanent magnet manufacturers are underway, with the company aiming to establish collaborative frameworks concurrent with prefeasibility study completion. The development timeline positions the resource approximately three to four years from production, assuming successful completion of studies and securing of project finance.European policymakers are actively discussing price support mechanisms including floor prices and contracts for difference, modelled on US Department of Defense interventions for MP Materials. These mechanisms acknowledge that market manipulation by dominant suppliers creates investment risk requiring government intervention to ensure European heavy rare earth production. Sweden's positioning as a leading European mining nation provides jurisdictional advantages, with the current government articulating ambitions to lead European critical minerals production.The 2026 work programme represents a pivotal year for Leading Edge Materials, with prefeasibility study completion and mining lease approval expected to catalyse government funding or strategic investment from downstream partners seeking supply security. The company operates across multiple exchanges including Toronto, Stockholm, New York, and Frankfurt, facilitating access to European and North American capital markets focused on critical minerals supply security.View Leading Edge Materials' company profile: https://www.cruxinvestor.com/companies/leading-edge-materialsSign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Smith, Director & CEO of TooGood GoldRecording date: 27th November 2025TooGood Gold Corporation is developing an early-stage, district-scale high-grade gold project in northern Newfoundland, positioning itself within one of Canada's most active exploration regions. The company acquired the property through a favorable earn-in agreement with Prospector Metals, which made the initial discovery before redirecting focus to its Yukon assets. Under CEO Colin Smith, a geologist with 20 years of experience including roles at SSR Mining and Discovery Group, TooGood has expanded the land package from 110 km² to over 164 km², systematically consolidating ground along regional structural trends.The flagship Quinlan discovery demonstrates exceptional potential, with Prospector's initial 2022 drilling intersecting visible gold in 15 of the first 19 holes. The standout intersection delivered 24 meters at approximately 4 g/t gold, with Smith characterizing these as "70 to 80 plus gram-meter holes in the first swing of the bat, which in my experience is pretty rare." The geological model features a felsic intrusive dyke within black shale that extends to surface, providing clear targeting parameters. Smith notes the system "lines up like poker straight like a book" in 3D modeling, though the team seeks structural complexities where the dyke might expand to "20, 30, 40 meters of thickness."TooGood completed a 33-hole, 2,000-meter drill program in summer 2025, with results pending for 19 holes. The company has also consolidated the Golden Nugget property, featuring an 8.5-kilometer coastal trend averaging over 1 g/t gold in rock samples that remains largely untested. With over $4 million in treasury and five additional drill-ready targets identified, TooGood maintains full funding for its 2026 exploration program. The project sits on the same structural corridor as Equinox Gold's producing Valentine Lake mine and near New Found Gold's Queensway deposit, providing validated geological analogues within a mining-friendly jurisdiction offering year-round access and established infrastructure.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.Recording date: 28th November 2025Silver Tiger Metals presents investors with a rare opportunity to gain exposure to a near-term silver production scenario backed by exceptional project economics, secured financing, and an experienced development team. The company has achieved a significant milestone in obtaining Mexico's first new mining permit since 2020, enabling development of the El Tigre bulk tonnage stockwork deposit in Sonora state with an 18-24 month construction timeline beginning January 2026.The project's pre-feasibility study demonstrates compelling financial metrics: an after-tax NPV of $750 million, a 92% internal rate of return, one-year capital payback, and projected annual cash flow exceeding $100 million once in production. These economics reflect current precious metals prices of approximately $31-32 per ounce silver and $2,700 per ounce gold, with sensitivity analysis showing substantial upside to higher metal prices. At $35 silver and US$3,000 gold, annual after-tax cash flow increases to $60 million.Silver Tiger's capital position differentiates the company from typical development-stage mining projects. With US$60 million in treasury against US$186 million total capital requirements, the company has deliberately avoided the constraints associated with debt-heavy financing structures. Management has secured debt financing options with favourable terms to be finalised in 2025, whilst maintaining sufficient cash reserves to pursue parallel objectives including underground mine advancement, regional exploration programmes, and early-stage work at satellite deposits.The execution risk profile benefits significantly from the appointment of Francisco Albelais, a Mexican mining engineer with 25 years of experience building and operating bulk tonnage mines in Sonora. From 2010 to 2023, Francisco built two 55,000 tonnes-per-day mines for Argonaut Gold, managing teams of 400 personnel through complete project lifecycles. He brings established contractor relationships and access to a 200-person construction team based in Hermosillo, approximately two hours from site.Critical preparatory work already completed includes final engineering scheduled for completion on December 2025, construction of a 53-kilometre all-weather access road capable of transporting mill components, and securing long-term power supply arrangements with Mexico's federal electricity regulator. The company will operate on generator sets during the 18-month construction period, transitioning to grid power within two years.Beyond the initial bulk tonnage operation, Silver Tiger will release a preliminary economic assessment in January 2026 for an 800 tonnes-per-day underground mine targeting high-grade silver mineralization. The underground resource contains 113 million silver-equivalent ounces, representing a 31-year mine life before considering exploration upside. The company has already purchased and delivered the processing mill to site.The broader investment case encompasses significant exploration potential across a 30-kilometre mineralized trend. Current resources of approximately 213 million silver-equivalent ounces (100 million bulk tonnage, 113 million underground) exist within only 2-3 kilometres of explored territory, with independent consultants identifying near-term potential for an additional 73-100 million ounces through infill drilling. Historical mines to the north and south offer district-scale discovery opportunities.At a current market capitalization of approximately $350 million versus $750 million NPV for the initial operation alone, Silver Tiger offers investors substantial re-rating potential as construction progresses and production de-risking occurs.View Silver Tiger Metals' company profile: https://www.cruxinvestor.com/companies/silver-tiger-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Hartmann, VP Exploration, and Dev Randhawa, Chairman & CEO, of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-billion-dollar-discovery-team-strikes-again-in-worlds-best-uranium-district-7874Recording date: 27th November 2025F3 Uranium Corp. (TSXV: FUU) has completed a $20 million financing to fund a year-long drilling campaign at its Tetra Zone discovery in Saskatchewan's Athabasca Basin. The financing, which included $15 million in flow-through funds, brings the company's treasury to $30 million and eliminates near-term dilution pressure as the exploration program advances.CEO Dev Randhawa explained the strategic shift toward Tetra Zone, which has emerged as the company's primary focus after the JR Zone failed to grow as anticipated. Despite JR's promising initial indicators, including peak grades of 4.5 meters at 50% uranium along a large conductor, the system has not delivered the expansion investors expected. Tetra Zone, by contrast, shows significantly greater potential with 60 meters of mineralization-three times what JR produced-sits just 12 kilometers from the Arrow and Triple R deposits along an apparent productive geological trend.Recent drilling results support management's confidence in the discovery. The most recent hole intersected mineralization in a 15-meter step-out, with scintillometer readings exceeding 10,000 counts per second across 30+ meters. Chief Geologist Sam Hartmann estimates a 2.3-meter high-grade interval "will be well over a percent" when laboratory assays are returned. This successful step-out confirms both continuity and the geological model's predictive capability.The technical understanding of Tetra has evolved considerably from initial interpretations. Unlike typical Athabasca deposits controlled by graphitic conductors, Tetra appears to be shear-zone-controlled, with mineralization in micaceous structures that generate weaker geophysical signatures. This realization explains why early drilling repeatedly intersected mineralization at unexpected depths and has enabled more confident targeting going forward.F3's systematic approach involves methodical 25-50-100 meter step-outs to balance resource definition with expansion testing. With an experienced discovery team that previously found Waterbury and contributed to the Triple R discovery (sold for approximately $1 billion), the company is positioned to methodically test whether Tetra can join the ranks of significant Athabasca Basin uranium deposits. Regular drilling results are expected throughout 2026 as the delineation program progresses.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Recording date: 25th November 2025Derek Mcpherson and Sam Pelaez of Olive Resource Capital highlight critical developments reshaping mining investment, with asset scarcity and supply chain vulnerabilities emerging as defining challenges for the sector.The ongoing Anglo American situation exemplifies limited growth options for major miners. Despite BHP quickly dismissing weekend speculation about a renewed bid, the December 9th shareholder vote underscores how few tier-one assets exist that can materially impact large producers' portfolios. Pelaez notes these critical assets remain concentrated among major companies like Teck, Anglo, and Glencore, with many already partnered on world-scale Chilean copper projects. The executives emphasize that while acquisition targets are scarce, "eventually someone has to build something, and the biggest companies are best positioned to build something."Sovereign wealth funds are now competing for direct critical minerals exposure. The Qatar Investment Authority's memorandum of understanding with Ivanhoe Mines to support Democratic Republic of Congo growth mirrors earlier Chinese sovereign investments in tier-one African assets. This development signals Middle Eastern capital seeking strategic positioning in what Pelaez views as an emerging electrification commodities bull market, though he stresses there are "simply not enough investable assets and companies for everyone to get direct exposure."The gold equity market continues maturing, with Muddy Waters pitching pre-revenue explorer Snowline Gold at the generalist Sohn Conference—a significant milestone indicating institutional capital flowing beyond traditional mining investors. This follows sustained inflows into the GDX ETF and suggests generalists are increasingly willing to evaluate unprofitable developers.However, the most critical structural challenge remains Western processing capabilities. Despite domestic mining efforts, North American materials still require Chinese processing for battery precursor conversion. Pelaez emphasizes the West lags China "more than a decade" in rare earths, lithium, and graphite processing, creating supply chain vulnerabilities that policy alone cannot address. For investors, understanding complete processing pathways matters as much as resource quality when evaluating critical minerals projects.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-19m-funded-pea-in-2026-targets-multi-generational-40-year-mine-life-8052Recording date: 25th November 2025Omai Gold Mines has executed a dramatic transformation of its flagship Guyanese project in 2025, expanding its mineral resource by 51% from 4.3 million ounces to 6.5 million ounces through an aggressive drilling campaign. This growth trajectory positions the company among the developers of the world's largest undeveloped gold projects, achieved through a strategic pivot that CEO Elaine Ellingham describes as capitalizing on unexpected geological success.The turning point came in early January 2025 when assay results revealed exceptionally wide, high-grade intercepts at the Wenot deposit - 4.5 grams per tonne over 57 meters and 3.2 grams per tonne over 68 meters. "These are the widest, best intercepts ever for Wenot," Ellingham explained. "When you're seeing things like that you can add the ounces quickly." The company immediately redeployed drilling resources to pursue these zones, ultimately deploying up to four rigs focused on expansion rather than incremental resource conversion.The results exceeded internal expectations. "We even surprised ourselves," Ellingham noted following the August 2025 resource update that added 2.2 million ounces. The company is now advancing an integrated preliminary economic assessment targeting 12,000-15,000 tonnes per day processing capacity - substantially larger than the previous 9,000 tpd concept - combining the Wenot open pit (averaging 1.5+ g/t) with the nearby Gilt Creek underground mine.Perhaps most significant for future growth, deep drilling 700 meters below known mineralization successfully intersected the shear structure with seven distinct gold zones, proving the system continues at depth. If the 2.5-kilometer strike length extends downward, Ellingham suggested the deposit "could potentially double in size."With $40 million in recent financing completed at four times earlier pricing, five operating drill rigs, advancing permitting including scheduled community consultations, and strong government support following September's decisive election results, Omai has positioned itself for continued newsflow and development progress in a favorable gold price environment. The company expects substantial assay results through early 2026 as laboratories process samples from the intensive drilling campaign.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with David Cataford, CEO of Champion Iron Ltd.Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-champion-iron-tsxcia-playbook-for-success-7198Recording date: 24th November 2025Champion Iron stands at a compelling inflection point for investors seeking exposure to steel industry decarbonisation. After seven years and over $2 billion of capital investment, the Canadian iron ore producer is weeks away from completing its transformation into one of the world's premier ultra-high-grade concentrate suppliers, with the major expenditure cycle ending December 2025 and material free cash flow generation beginning 2026.The company just delivered its strongest quarterly performance in two years, generating approximately $175 million EBITDA with record sales of 4 million tonnes. This operational momentum comes as Champion works through a 3-million-tonne stockpile of premium 66.2% concentrate that provides near-term cash generation visibility as inventory converts to sales over coming quarters. Management owns over 10% of the business, ensuring strong alignment with shareholder interests.Champion's most significant catalyst arrives with December 2025 completion of its $500 million DR Pellet Feed project, over 80% complete with remaining work focused on piping and electrical systems. This upgrade transitions half of production – approximately 7-12 million tonnes annually – to up to 69% iron ore concentrate, positioning Champion amongst the world's highest-grade producers with first commercial shipments expected early 2026.The strategic rationale extends beyond grade premiums. Current production ships approximately 9 million tonnes annually to China, incurring freight costs of $23-25 per tonne whilst competing against proximate Australian and Brazilian suppliers. The DR Pellet Feed material targets North Africa, Middle East, and European customers where Champion's Canadian location becomes proximity advantage, reducing freight costs whilst commanding premiums for material essential to Direct Reduction Iron processes central to steel decarbonisation.Champion's ore stability provides critical competitive advantage. The company maintains an unblemished on-specification delivery record, enabling long-term contracts with sophisticated buyers who cannot tolerate specification risk in DRI feedstock. Whilst premiums for high-grade material currently sit at historical lows, Champion has witnessed premiums reaching $45 per tonne during previous periods of tight supply, suggesting significant upside potential as steel industry decarbonisation accelerates.The valuation disconnect presents compelling opportunity. Champion trades at market capitalisation under $2 billion against over $6 billion in replacement costs – approximately 70% discount to asset replication value. This gap exists despite management's unblemished track record of delivering three consecutive major projects on time and on budget since 2017. Management is now evaluating share buybacks as value-creating strategy given this substantial discount.Iron ore pricing resilience stems from Chinese domestic production economics. China produces over 450 million tonnes at relatively high cost, creating natural price support as high-cost producers curtail output when prices decline. This dynamic has provided consistent support around $100 per tonne despite analyst forecasts of lower pricing since 2015.Beyond current operations, Champion secured attractive growth optionality through its Kami project – potential 9-million-tonne-per-year development with 49% sold to Nippon Steel and Sojitz. Partner equity contributions fund several years of permitting and feasibility work without requiring Champion shareholder capital, with construction decision possible in 2027.With capital expenditure cycle ending December 2025, Champion maintains four-year track record of semi-annual dividend payments (10 cents per share) whilst evaluating enhanced returns as free cash flow materialises. Multiple value drivers converge through 2026: working capital release, cost improvements, premium product sales, and enhanced capital returns at compelling valuation for investors believing in iron ore price stability and steel decarbonisation trends.View Champion Iron's company profile: https://www.cruxinvestor.com/companies/champion-iron-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Chad Peters, President & CEO of Ridgeline Minerals Corp.Our previous interview: https://www.cruxinvestor.com/posts/partnership-driven-mining-exploration-reducing-risk-maximizing-returns-8307Recording date: 21st November 2025Ridgeline Minerals (TSXV:RDG) presents investors with an unusual proposition: leveraged exposure to a Nevada carbonate replacement deposit discovery that South32 publicly compares to its $2 billion Taylor acquisition, yet trades at valuations suggesting significant market scepticism. Understanding this disconnect requires examining both the technical merits of the Selena discovery and the strategic value of Ridgeline's partner-funded business model.The company's second drill hole at Selena intersected multiple massive sulphide horizons including 17 metres of 6% zinc with 30-40 g/t silver plus copper, gold, and antimony credits. Using metallurgical recovery rates from South32's Taylor feasibility study (79-95% across all metals), this intercept grades approximately 30% higher on a metal equivalent basis than Taylor's resource grade. The hole validated a 2-kilometre-long magnetotelluric anomaly comparable in scale and intensity to Taylor, which South32 is spending US$3 billion to develop as one of the world's largest silver-lead-zinc deposits.South32's Chief Development Officer publicly congratulated Ridgeline on the discovery and compared it to Taylor's early days, providing external validation from a major miner with global CRD expertise. The partnership structure requires South32 to spend US$10 million over five years to earn 60% of Selena, with Ridgeline earning 10% of every dollar spent. An optional phase two allows South32 to spend another US$10 million over three years to reach 80%, automatically triggering Ridgeline's fully carried interest to commercial production on the remaining 20% stake.CEO Chad Peters emphasised the significance: "Taylor to build is publicly announced US$3 billion. So what is our 20% free carry worth? US$600 million - that's US$600 million less of dilution to Ridgeline shareholders." Even if South32 stops at 60% ownership, Peters noted that "if we own 40% of what might be a world-class CRD, we can fund that all day long" through project financing or third-party investment.The market's muted response to technically strong drill results reflects the challenge of valuing polymetallic deposits where zinc, silver, copper, gold, antimony, and lead contribute simultaneously to economics. Peters acknowledged this communication difficulty, noting that antimony alone - averaging 0.1% in the discovery hole - "is five times as valuable as copper," making that byproduct credit equivalent to 0.5% copper over 17 metres. For investors capable of conducting independent metallurgical and economic analysis, this complexity may create information arbitrage opportunities.Ridgeline's business model eliminates near-term financing pressure through US$60 million in total partner commitments across three Nevada projects with South32 and Nevada Gold Mines. The company anticipates approximately US$12 million in partner-funded exploration for 2026, the largest budget in its history, whilst requiring no equity financing to advance core projects. With drill hole 54 testing the heart of the Selena magnetotelluric target (results expected January 2026), pending Swift project assays, and only 18 months elapsed in South32's five-year phase one earn-in, the company sits at maximum exploration leverage where each subsequent hole materially impacts valuation.The investment thesis centres on whether South32's demonstrable commitment and public comparison to Taylor signals world-class potential that the market has failed to recognise, or whether current valuations appropriately reflect the substantial execution risk inherent in translating one discovery hole into a viable mining operation. Investors with appropriate risk tolerance and capability to evaluate complex polymetallic deposit economics may find current entry points attractive ahead of multiple near-term catalysts, whilst recognising that CRD discoveries require 7-10 years minimum from discovery to production and significant additional drilling to validate system scale and grade continuity.View Ridgeline Minerals' company profile: https://www.cruxinvestor.com/companies/ridgeline-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jean-Marc Lulin, President & CEO of Azimut Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/azimut-exploration-tsxvazm-kghm-funds-nickel-hunt-as-quebec-explorer-weighs-gold-asset-options-6611Recording date: 21st November 2025Azimut Exploration (TSXV:AZM) is executing a strategic transformation from prospect generator to focused development company, concentrating resources on three 100%-owned gold discoveries in Quebec's prolific mining districts. Jean-Marc Lulin, president and CEO with 40 years of global exploration experience, outlined the company's evolution and provided comprehensive project updates in a recent interview.The flagship Wabamisk property hosts two significant discoveries separated by 15 kilometers of underexplored ground. The Fortin Zone represents one of Canada's largest antimony systems, spanning at least 1.8 kilometers of strike length with mineralized envelopes reaching 50 meters in width. Drilling across 86 holes totaling 12,000 meters has tested the system to 250 meters depth, where strong mineralization continues with the deposit remaining open in multiple directions. Metallurgical testing with SGS is underway, with preliminary results described as encouraging—critical validation for economic viability during a period of elevated antimony prices driven by critical mineral supply constraints.The Rosa Zone emerged as an unexpected breakthrough in terrain explored for 90 years by 11 previous companies. Systematic prospecting revealed 300 meters of outcropping high-grade gold with abundant visible gold—both coarse and fine dust—that correlates strongly with a 1.4-kilometer induced polarization anomaly. Initial drilling intersected visible gold in 11 of 26 holes, with assay results expected by year-end 2025 or early January 2026.The company's third focus, Elmer-Patwon, represents the most advanced asset with an existing resource that benefits from gold prices substantially above the $1,800 per ounce used in the original definition. A scoping study is well advanced, with clear expansion targets identified along strike.Azimut maintains strategic leverage through partnerships, notably with KGHM on the Kukamas nickel-copper-PGE project, where drilling delivered grades up to 19.6% nickel and 15 grams per ton platinum-palladium in a kambalda-type system. KGHM is funding advancement toward a preliminary economic assessment while Azimut retains operator status with no funding obligations.Lulin emphasized the company's technical discipline: "We want to advance as quickly as possible but in a rational way." Detailed 2026 program guidance is expected in Q1 following receipt of critical assay results that will shape resource expansion strategies across the portfolio.View Azimut Exploration's company profile: https://www.cruxinvestor.com/companies/azimut-explorationSign up for Crux Investor: https://cruxinvestor.com