Company Interviews

Interview with Kyle Floyd, CEO, VOX Royalty Our previous interview: https://www.cruxinvestor.com/posts/vox-royalty-tsxvoxr-strong-growth-potential-with-near-term-revenue-focus-5599Recording date: 27 May 2025VOX Royalty Corp has established itself as a distinctive player in the mining royalty sector by prioritizing fundamental value over commodity-specific strategies. CEO Kyle Floyd outlined the company's transformation from a single producing asset five years ago to a diversified portfolio of eight producing assets across nine ore bodies, while maintaining industry-leading return on invested capital.The company's acquisition strategy targets assets 2-5 years from production, allowing VOX to secure favorable pricing while taking calculated development risks. Floyd emphasizes that unlike competitors who "buy assets at one-times NAV and hope to benefit from optionality," VOX requires "value on the front end in terms of what we're buying and the ultimate net asset value attached to that asset as it stands today."Recent acquisitions exemplify this approach across different timelines. The Red Hill gold royalty, acquired in September 2023, represents a longer-term opportunity expected to generate "$15 million plus per annum" once Northern Star completes its $1.5 billion mill expansion within 18-24 months. Conversely, the producing Kanmantoo copper royalty acquired for $12 million offers immediate cash flow with significant expansion potential through a planned 60,000-meter drill program.VOX demonstrated strong financial performance in 2024, achieving record positive free cash flow and increasing 2025 revenue guidance from $12-14 million to $13-15 million. The company maintains a healthy balance sheet with $9 million cash against $11.7 million debt, utilizing 6.8% cost debt financing to fund accretive acquisitions.Geographic concentration in Western Australia reflects VOX's risk management philosophy, with Floyd calling it "the best mining jurisdiction you can possibly have exposure to as a royalty company." Current gold prices exceeding $5,000 per ounce in Australian dollars create favorable tailwinds for the portfolio.As Floyd noted regarding the company's enhanced capabilities: "If it rains gold, don't put out the thimble, put out the bucket. I think we're in a position now where the bucket's ready."Learn more: https://www.cruxinvestor.com/companies/vox-royaltySign up for Crux Investor: https://cruxinvestor.com

Interview withTim Froude, CEO of Sokoman MineralsJeffery Wilson, CEO of Precipitate GoldRecording date: 27 May 2025Despite gold trading above $3,300 per ounce, junior mining companies continue to face significant challenges in accessing capital and generating investor interest. Two Canadian gold exploration companies, Sokoman Minerals and Precipitate Gold, are adapting their strategies to navigate this complex investment environment.Sokoman Minerals is making a strategic pivot from traditional drilling to bulk sampling at their Moosehead project in Newfoundland. CEO Tim Froude announced the company will pursue bulk sampling in 2025 after drilling 130,000 meters across seven high-grade gold zones with limited market response. The company has allocated $1.5 million for their first conventional bulk sample, extracting 1,000 cubic meters of material to demonstrate economic viability and attract mid-tier partners. Despite strong drill results, including a recent intersection of 70 grams per ton over 4.5 meters, the company's share price remained stagnant, prompting the strategic shift.Precipitate Gold maintains a stronger financial position with $4 million in treasury, focusing on their Juan de Herrera project in the Dominican Republic. The company benefits from a previous $7 million investment by Barrick Gold and a $5 million land sale to the major. Precipitate plans drilling later in 2025 at their project adjacent to Goldquest Mining's 3.5 million ounce Romero deposit.Both companies highlighted the disappearance of retail investors from the junior mining sector. The traditional "mom and pop" investors who historically drove capital into exploration companies have largely vanished, forcing companies to target more sophisticated institutional and strategic investors.The Dominican Republic mining environment shows signs of improvement, with wealthy local investors contributing $23 million to Goldquest Mining in recent financings, signaling renewed confidence in the jurisdiction. Meanwhile, Newfoundland expects $250 million in exploration expenditures for 2025, up from $180 million previously.These strategic adaptations reflect a broader maturation in the junior mining sector, where companies must demonstrate economic viability beyond exploration results to attract investment in today's challenging capital markets.Sign up for Crux Investor: https://cruxinvestor.com

Interview withBruce Lane, CEO of GTI EnergyThomas Lamb, CEO of Myriad UraniumRecording date: 22 May 2025The Trump administration's energy emergency declaration and focus on artificial intelligence infrastructure demands are creating unprecedented support for domestic uranium development, according to industry executives leading next-generation mining projects.Bruce Lane, CEO of GTI Energy, and Thomas Lamb, CEO of Myriad Uranium, recently outlined how federal energy policies are driving new investment dynamics in the uranium sector. Both companies are developing projects in Wyoming and New Mexico, positioning themselves to capitalize on growing electricity demands from AI and data centers.The executives emphasized that current energy policy prioritizes practical electricity needs over environmental considerations. Interior Secretary Doug Burgum and Energy Secretary Chris Wright are "extremely committed to increasing the amount of energy or electricity in particular for the grid," Lane noted, highlighting the administration's urgency around energy infrastructure development.However, regulatory implementation remains measured. Wyoming and New Mexico officials support faster project processing while maintaining proper environmental and cultural survey requirements. "The executive orders aren't laws," Lamb explained, noting that existing regulatory frameworks remain unchanged despite executive guidance.The companies are pursuing different strategic approaches while maintaining capital discipline. GTI Energy is preparing a scoping study for its Lo Herma in-situ recovery project, targeting institutional investors beyond traditional retail funding. Myriad Uranium is advancing its Copper Mountain project in Wyoming and Red Basin project in New Mexico, with recent drilling revealing uranium grades up to 50% higher than historical estimates.Industry consolidation appears likely over the next 12 months, with private equity groups and technology companies potentially entering the sector to secure future uranium supply. Both executives expect increased merger and acquisition activity, driven by strategic rather than purely financial considerations.The uranium market faces timing challenges despite positive policy catalysts, with utilities contracting below replacement rates while maintaining substantial inventory buffers. Companies with credible projects and proper development strategies are positioning themselves to benefit from evolving investment dynamics in the uranium sector.Sign up for Crux Investor: https://cruxinvestor.com

Interview withVictor Cantore, CEO of AMEX ExplorationDan Noone, CEO of G2 GoldfieldsRecording date: 27 May 2025Two prominent gold exploration executives highlighted their companies' substantial resource bases and positive market outlook during a recent industry discussion, underscoring the current strength in precious metals fundamentals.Victor Cantore, CEO of AMEX Exploration, reported his company's updated mineral resource estimate of 2.3 million ounces in Quebec's established Normétal mining district. The resource includes 1.6 million ounces in measured and indicated categories, with a particularly notable high-grade "Champagne Zone" containing 831,000 ounces at 6.2 grams per tonne. AMEX's strategic location benefits from existing infrastructure, electricity access, and proximity to established communities, reducing development costs and operational complexity.Dan Noone, CEO of G2 Goldfields, announced his company's 3 million ounce resource in Ghana at approximately 3 grams per tonne, with additional discoveries at the Oko North area currently under exploration. G2 operates adjacent to significant mining activity, including recent acquisitions by G Mining and AngloGold's 15% regional investment, which has validated the district's potential and enhanced investor confidence in Ghana's mining jurisdiction.Both executives reported exceptionally positive investor reception at the recent Canaccord conference, with fully booked meeting schedules and strong institutional interest from North American, Australian, and Asian investors. Market sentiment reflects bullish expectations for gold prices exceeding $3,000, driven by structural changes including central bank purchasing and global currency diversification strategies.The companies pursue different strategic approaches: AMEX focuses on a dual-path strategy combining near-term production through bulk sampling and toll milling with continued exploration, while G2 Goldfields emphasizes resource expansion before potential merger and acquisition opportunities.Both executives emphasized the importance of high-grade resources in current market conditions, noting that quality deposits maintain profitability across various gold price scenarios. The financing environment remains selective, favoring advanced projects with proven management teams and substantial resources, while access to capital remains constrained for less developed opportunities.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Shane Williams, President & CEO, West Red Lake Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsxvwrlg-bulk-sample-results-validate-mine-restart-plan-7088Recording date: 23 May 2025West Red Lake Gold Mines has achieved a significant operational milestone with the successful restart of production at its flagship Madsen mine in Canada's prolific Red Lake mining district. Following an intensive 18-month preparation period, the company secured board approval after completing a comprehensive bulk sampling program that validated resource models and operational capabilities.The bulk sampling program delivered exceptional technical results, achieving 96% grade reconciliation across three mining areas and 94% mill recovery rates. These metrics exceeded industry standards and provided robust validation of the company's geological modeling, particularly impressive given the deposit's complex geology that had challenged previous operators. President and CEO Shane Williams emphasized that the program confirmed "the resource and the work we've done is fully into place as expected."Economic conditions have dramatically improved project viability, with current gold prices around $3,300 compared to the $1,600 used in original feasibility studies. This price environment has enabled the company to reduce cut-off grades to 1-2.5 grams, effectively doubling minable material and providing substantial operating margins. Williams noted that previous operators produced gold at just under $2,500 per ounce despite operational challenges, highlighting the significant margin potential at current prices.The operation benefits from scalable infrastructure, with mill capacity expandable from 800 to 1,200 tonnes per day through minimal modifications. Recent infrastructure improvements include shaft renovation, 24/7 underground hauling capabilities with larger trucks, and a connection drift linking mining portals that eliminates surface transportation constraints.Ongoing drilling programs have identified new high-grade zones, particularly in the South Austin area, enabling lateral expansion rather than expensive deep development. With 150,000 ounces of drill inventory providing two years of mine planning visibility, the company has established a solid foundation for sustained production growth in one of Canada's premier gold mining districts.Learn more: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

Compass, episode 16Our previous interview: www.cruxinvestor.com/posts/silver-companies-merging-to-gain-scale-in-rising-market-7145Recording date: 20 May 2025Resource exploration companies operating in northern regions like Canada and Alaska follow a predictable seasonal pattern that creates potential investment opportunities for informed investors. According to experts Samuel Pelaez and Derek Macpherson from Olive Resource Capital, these "seasonal explorers" operate primarily during summer months due to weather constraints, creating a predictable annual cycle in both operations and stock performance.The cycle begins in late spring (May) when companies announce exploration programs and mobilize crews. Summer (June-August) brings active exploration with ongoing drilling programs and preliminary updates. By fall (September-November), companies release results from summer programs, often coinciding with major industry conferences. Winter and spring (December-April) see limited operational activity and news flow, typically resulting in declining share prices.A significant factor influencing this pattern is the structure of flow-through funding in Canada. Flow-through funds, which provide tax advantages to investors, often conduct raises in the fall that must be deployed by year-end. These investments typically have a four-month hold period, creating selling pressure around April when funds liquidate positions to return capital to investors.This selling pressure, combined with the natural lull in news flow during spring, creates potential buying opportunities for investors who understand the pattern. The experts suggest that 2025 presents unique circumstances, with the resource sector having stronger momentum than in previous years, particularly in copper and gold.For investors looking to capitalize on these patterns, the experts recommend identifying companies operating in areas with defined seasonal constraints, focusing on early-stage companies where the pattern is more pronounced, and considering companies with multiple assets that can maintain year-round news flow.Currently (May 2025), the experts suggest this may be an opportune time for entry positions in seasonal explorers, particularly in gold and copper, with potential exit opportunities in the fall when exploration results are reported.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-self-funded-high-grade-gold-mill-expands-4922Recording date: 20th May 2025Abcourt Mines (TSXV:ABI) is positioning itself as an emerging gold producer in Quebec, with plans to pour first gold from its 100%-owned Sleeping Giant mine in the second half of 2025. Led by President and CEO Pascal Hamelin, the company has transformed its strategy over the past three years, shifting focus from its unprofitable Elder mine to the high-grade Sleeping Giant project.The Sleeping Giant mine boasts approximately 400,000 ounces of gold resources at an impressive grade of 8 g/t, split evenly between indicated and inferred categories. With significant exploration potential to the east and at depth, Abcourt aims to expand this resource to one million ounces over the next two years using three drill rigs currently operating at the site.Financially, the company has secured an $8 million USD loan from Nebari and is finalizing additional equity financing to complete its funding requirements. Initial production is targeted at 10,000 ounces in the first year, ramping up to 30,000 ounces annually over a six-year mine life. With all-in costs projected at $1,400 USD per ounce, the operation promises substantial margins in the current gold price environment.The project benefits from existing infrastructure, including an operational mill that will initially run at only 40% capacity, creating future expansion opportunities. Multiple mining stopes are already prepared for immediate production once financing is finalized and workers are hired.Abcourt's strategy prioritizes extending the mine life before expanding production. As Hamelin explained: "Our focus will be 80% of the free cash flow, we'll go on Sleeping Giant to make sure that we're extending the life of mine."Beyond Sleeping Giant, the company holds a 500-square-kilometer land package with several earlier-stage assets that could eventually provide additional mill feed. With its modest market capitalization of approximately C$40 million, Abcourt presents a potential re-rating opportunity as it executes its transition to producer status during a favorable gold price environment.View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Alain Lambert, CEO of Prismo Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/prismo-metals-csepriz-junior-explorer-targets-deep-porphyry-system-in-arizonas-copper-triangle-6645Recording date: 23rd April 2025In a recent interview, Alain Lambert, CEO of Prismo Metals, shared insights on political developments and commodity markets affecting the mining sector. With over three decades of experience in junior capital markets since 1987, Lambert provided valuable perspectives for resource investors navigating current market conditions.Lambert predicts the upcoming Canadian federal election on April 28, 2025, will likely result in a Liberal majority government under Mark Carney, continuing similar policies to the Trudeau administration. He attributes this political shift to anti-American sentiment in Canada, particularly in response to comments from US President Trump about Canada becoming "the 51st state." Despite current US-Canada trade tensions, Lambert expresses confidence these issues will be resolved once the new Canadian government is formed.On US trade policy, Lambert views Trump's tariff strategy as a negotiation tactic aimed at reducing trade deficits, addressing government spending, and managing national debt. He anticipates these policies will ultimately benefit the US economy, predicting "an historical economic boom."Lambert references a March executive order directing US government departments to streamline approvals for critical mineral projects, including copper. This policy environment could accelerate development timelines and improve capital access for companies operating in the US resources sector.Regarding metals markets, Lambert acknowledges gold's dramatic price increase from approximately $2,000 to $3,400 over 15 months but expects a correction. He notes mid-cap producers have benefited from the price rally, while junior explorers haven't seen proportional gains. Lambert cautions that any gold price correction could disproportionately impact junior exploration companies.Lambert is particularly optimistic about copper market dynamics, highlighting artificial intelligence as a significant demand driver that is often overlooked. "One thing they don't talk about enough is the impact of AI on electricity demand and the need for more electricity," he stated, adding this factor could be "more pronounced than demand because of electric vehicles."Prismo Metals is strategically positioned with a large copper exploration target approximately 40km from the Resolution Copper project (Rio Tinto/BHP joint venture) in Arizona. Lambert reports significant interest from major mining companies in US copper projects, creating potential partnership opportunities for companies like Prismo in jurisdictions set to benefit from favorable policy developments and strong underlying copper demand.View Prismo Metals' company profile: https://www.cruxinvestor.com/companies/prismo-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview withJohn Cash, CEO of Ur-Energy Inc.Andre Liebenberg, Executive Director & CEO of Yellow Cake PLCRecording date: 14th May 2025The global uranium market is undergoing a fundamental transformation as a confluence of energy transition goals, geopolitical tensions, and new technology drives demand higher. Nuclear power, long sidelined in policy debates, is regaining momentum due to its ability to deliver carbon-free baseload power in a world increasingly powered by data centers, AI infrastructure, and electrification.Key markets like China and the U.S. are leading the resurgence. China alone is building 26 reactors, with more approved, while the U.S. is extending the life and output of existing plants. Beyond these, countries in the UAE, Canada, and Europe are revisiting nuclear as part of their decarbonization strategy. This results in a dual demand dynamic—growth from new builds and rising fuel requirements from uprates and life extensions.A new frontier of demand is also emerging. Small Modular Reactors (SMRs), designed for remote or off-grid applications, are being positioned to serve industrial projects and data centers needing secure, emissions-free energy. This aligns with a broader shift from nuclear being seen purely as a clean energy solution to one that also supports energy sovereignty and national resilience.On the supply side, the uranium sector is constrained. Permitting delays, technical bottlenecks, labor shortages, and long project lead times mean even elevated prices haven't sparked a broad production rebound. Industry leaders like UR Energy CEO John Cash and Yellow Cake CEO Andre Liebenberg point to the lack of conversion and enrichment capacity in Western markets as an additional hurdle. This underscores the need for multi-year investment in the full fuel cycle.Geopolitics are also tightening Western supply chains. Kazakhstan, the world's top uranium producer, is increasingly shipping material eastward, not out of hostility but practicality. Still, the result is a growing bifurcation in global uranium flows that further limits Western procurement options.As a result, institutional investors are being encouraged to view uranium as a structurally revaluing asset class rather than a cyclical commodity. Exposure can be taken through physical holders like Yellow Cake, which tracks uranium prices directly, or producers like UR Energy, which is already generating long-term contract revenue.Risks remain—chiefly around timing, geopolitical disruption, and capital market dynamics. Yet, with demand outpacing supply and investment requirements high, the uranium market appears poised for sustained long-term opportunity.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Foster, Founder & CEO of Ondo InsurTechRecording date: 15th May 2025Ondo InsurTech PLC is emerging as a leader in the insurtech sector with its proprietary water leak detection system, LeakBot. The company is addressing one of the home insurance industry's most significant challenges – water damage, which represents a $17 billion annual claims burden in the US alone with an average claim of $14,000.The LeakBot technology utilizes a patented temperature differential monitoring system that homeowners can easily install by clipping it to their main water pipe. The device measures the temperature of the incoming water pipe and compares it to the ambient temperature. When water isn't being used, these temperatures should equalize; a continuous differential indicates a leak. The system can detect leaks as small as 5 milliliters per minute without requiring professional installation.Insurance companies pay Ondo approximately $5 per month per customer for this service, which includes the hardware, software, and any plumber visits required to find and fix detected leaks. With water damage claims costing insurers about $220 per policy annually, the $60 yearly investment offers a compelling return on investment.The company has achieved significant market penetration with deployments in 151,000 homes and partnerships with 24 insurance companies globally. Ondo reported revenue of nearly £4 million for the fiscal year ending March, with annualized contracted recurring revenue approaching £6 million. Growth is particularly strong in the US market at 400% year-on-year.Ondo's financial trajectory shows a clear path to profitability, with expectations to reach EBITDA-positive trading by the end of the current fiscal year. The business model is designed for improving margins, starting with single-digit P&L margins in the first year but growing to 70-80% in subsequent years.With high customer satisfaction (80+ Net Promoter Score), strong insurance partner retention (100%), and an addressable market of 13-14 million potential customer homes through existing partners alone, Ondo InsurTech is well-positioned in the growing field of preventative insurance technology.Sign up for Crux Investor: https://cruxinvestor.com