Company Interviews

Richard Young, President and CEO of i-80 Gold, details his leadership in transforming the company into a profitable mid-tier operator focused on growing Nevada gold production. He discusses the successful third-quarter results and the significance of newly installed permanent dewatering systems to access higher-grade ore. Young shares insights on a 47-hole drilling program promising solid results, the refurbishment of autoclaves, and ambitious plans to produce 200,000 ounces by 2028, highlighting the potential for improved project economics and investor engagement.

Interview with Thomas Lamb, CEO, Myriad UraniumOur previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-200-million-pound-potential-as-rush-merger-delivers-100-project-control-7894Recording date: 19th November 2025Myriad Uranium Corp. is unlocking significant value at its Copper Mountain uranium project in Wyoming through modern analytical techniques that reveal substantially higher uranium grades than historic exploration indicated. CEO Thomas Lamb recently outlined how the company's systematic chemical assaying program has discovered radiometric disequilibrium that shows 50-60% more uranium than conventional gamma probe readings detected during Union Pacific Railway's $85 million exploration campaign in the 1970s.The company recently completed a bought deal financing that raised C$8.6 million, exceeding its C$6 million target, led by Research Capital and Red Cloud Securities. This brings Myriad's cash position to approximately C$10 million, providing capital to expand land holdings, convert historic resources to NI 43-101 compliance, and aggressively drill high-priority targets that remained untested during previous exploration.Central to Myriad's investment thesis is a 1982 U.S. Department of Energy Bendix report identifying a 655 million pound uranium endowment across the broader Copper Mountain area, with 245 million pounds in a core zone where Myriad controls 70% of the acreage. Critically, these estimates only extend to 600 feet depth, while Myriad's recent drilling has encountered uranium mineralization as deep as 1,495 feet with assays exceeding 800 ppm.The chemical assay breakthrough transforms project economics by revealing that much of what Union Pacific classified as waste rock actually contains economic uranium grades. Myriad submitted nearly 800 samples from zones where probes detected little or no uranium, with results showing significant uranium content that expands grade shells while increasing contained metal.Myriad is also pursuing a merger with Rush Rare Metals Corp. to achieve 100% ownership of Copper Mountain, currently owned 50-50, and advancing plans for a U.S. exchange listing to unlock institutional investment. The company has permitted 222 new drill holes and bonded 70 of them, targeting underexplored areas where favorable geological structures suggest multiple additional deposits comparable to Copper Mountain's largest known resource.Learn more: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, Vice President of Corporate Development, Americas Gold & Silver Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-triples-ore-production-targets-5moz-annually-8137Recording date: 18 November 2025Americas Gold & Silver is rapidly executing a growth and consolidation strategy in Idaho's historic Silver Valley, highlighted by its recent $65 million acquisition of the Crescent Mine and an oversubscribed $115 million capital raise. The company's strategic moves have attracted significant institutional interest, with ownership increasing from just 7% to over 63% as top-tier global mining institutions recognize the value proposition.The Crescent Mine acquisition represents a calculated move to utilize spare milling capacity at the flagship Galena complex. Located just 9 miles from Galena, Crescent historically produced over 25 million ounces of silver at grades averaging 900 grams per ton and can be restarted within six months. The mine's ore is metallurgically identical to Galena's tetrahedrite, enabling seamless integration into existing processing facilities. With Crescent's average grade of 655 grams per ton silver exceeding Galena's blended average of 466 grams per ton, the acquisition provides immediate high-grade feed while Galena ramps underground production.Management aims to restore Galena to historical production levels of 5+ million ounces annually potentially within 36 months, up from current levels. The operation currently utilizes only one of four available shafts and has ramped throughput from 300 tons per day to over 410 tons per day, yet still maintains spare mill capacity of 750-1,050 tons per day. Key catalysts include the paste backfill plant commissioning in Q3 2026 and formal production guidance expected in February-March.Beyond silver, Americas Gold & Silver has emerged as the largest active antimony producer in the United States, producing 450,000 pounds year-to-date. Management is pursuing development of a domestic antimony processing circuit with potential government support, addressing critical mineral security while potentially adding significant margin expansion at minimal incremental cost. Trading at 0.7-0.8x NAV versus peer average near 2x NAV, the company offers compelling value as it transforms into a major silver producer with exceptional byproduct credit potential.Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-inside-isoenergys-strategic-play-on-uraniums-supply-demand-revolutiont-7872Recording date: 19th November 2025IsoEnergy is building an institutional-scale uranium platform spanning Canada, the United States, and Australia through strategic acquisitions and targeted exploration spending. CEO Philip Williams recently announced the acquisition of Toro Energy, which adds the 75-million-pound Wiluna project in Western Australia to what the company calls its "Core Four" assets. This portfolio includes Canada's Hurricane deposit, described as the world's highest-grade uranium resource, along with near-term production capabilities at past-producing Utah mines and the 160-million-pound Coles Hill resource in Virginia, the largest uranium deposit in the United States.The company is prioritizing exploration capital in Canada's Athabasca Basin, where its PurePoint joint venture recently made the Dorado discovery, validating the consolidation strategy. Additional programs target the LaRocque East project and US properties in Utah's Henry Mountains district, where IsoEnergy sees accessible near-term discovery potential from historically productive areas that haven't been systematically explored in decades.Williams emphasized the company's positioning to benefit from US government initiatives to rebuild domestic uranium supply chains, including the Strategic Uranium Reserve. With uranium demand fundamentally outstripping supply through 2040 and governments deploying multiple support mechanisms, from direct purchases to project investments and accelerated permitting, IsoEnergy's diversified portfolio provides multiple value realization pathways across different development timelines and jurisdictions.The diversification strategy deliberately mirrors industry leader Cameco, reducing single-asset risk while maintaining the technical teams and financial strength to advance projects simultaneously. Management maintains flexible capital allocation responsive to jurisdictional developments and market conditions, with plans for significant project milestones across all Core Four assets in 2026.—Learn more: https://cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Hanson, President & CEO of Surface Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/surface-metals-csesur-former-lithium-player-pivots-to-nevada-gold-with-walker-lane-project-7467Recording date: 21st November 2025Surface Metals Inc. (CSE: SUR) has strategically positioned itself across two commodity cycles through its April 2025 acquisition of the Cimarron gold project in Nevada whilst maintaining a diversified lithium portfolio anchored by a 300,000+ ton LCE resource at Clayton Valley, California. This dual-commodity approach provides investors with exposure to gold's current bull market and lithium's structural electrification demand.Following recent meetings on Wall Street and Bay Street, President and CEO Steve Hanson reports renewed institutional appetite for junior and mid-cap mining opportunities. Major banks including JP Morgan, Goldman Sachs, UBS, Deutsche Bank, and HSBC forecast gold reaching $5,000 per ounce in 2026, driven by central bank accumulation, interest rate dynamics, and geopolitical tensions. Simultaneously, lithium markets show stabilisation following the 2023-2024 correction, with institutional interest returning to quality projects.The Cimarron gold project, located in Nevada's prolific Walker Lane trend approximately 35 kilometres south of Kinross's Round Mountain mine, benefits from extensive historical work conducted by Newmont and Echo Bay during the 1980s-1990s. Surface Metals has digitised this historical database and created three-dimensional geological models, positioning the company to commence phase one drilling in early 2026 with clear targeting rationale. The programme aims to confirm historical high-grade intercepts, validate a non-43-101 compliant resource, and expand towards a million-ounce target. Shallow oxide mineralisation suggests potential heap leach processing economics - a lower-cost development pathway relevant for junior companies.Surface Metals' lithium portfolio demonstrates geographic and geological diversification across three projects. The Clayton Valley brine project sits immediately northwest of Albemarle's Silver Peak operation - North America's only producing lithium brine facility operational since 1966. The company targets a preliminary economic assessment in 2026, evaluating direct lithium extraction technology offering faster processing and higher recovery versus traditional evaporation ponds. Neighbouring operator SLB's 2025 demonstration facility successfully produced lithium from similar brine chemistry, de-risking technology application.Fish Lake Valley represents exposure to sedimentary claystone lithium mineralisation, sitting contiguous to Ioneer's Rhyolite Ridge project backed by Ford, Toyota, and Panasonic offtakes with 2026 construction commencement planned. Surface Metals actively seeks joint venture partners to fund initial drilling. In Manitoba, NASDAQ-listed Snow Lake Resources earns into the company's pegmatite project through funded exploration whilst Surface Metals maintains carried interest without capital outlay.Capital efficiency distinguishes Surface Metals' approach. The company has reduced operational costs whilst advancing projects through partnership structures and targeted technical work avoiding dilutive capital raises during unfavourable market conditions. Sector consolidation reduced lithium-focused companies from 200-250 to approximately 60, with Surface Metals amongst survivors maintaining intact portfolio positioning to capture recovery momentum.Management contemplates multiple value realisation pathways including asset sales, joint ventures, or corporate restructuring to separate gold and lithium portfolios. In market conditions where commodities experience distinct cycles, portfolio separation could unlock valuation disparities whilst providing shareholders direct exposure to preferred commodity themes.All projects benefit from tier-one North American jurisdictions with established infrastructure, proximity to operating mines, and relatively streamlined permitting. Nevada exploration permits typically achieved in 90-120 days. As gold supply deficits emerge from major producers exhausting high-grade reserves, and lithium supply security achieves strategic priority, Surface Metals' portfolio positioning addresses structural market dynamics favouring quality junior mining opportunities in premier jurisdictions.View Surface Metals' company profile: https://www.cruxinvestor.com/companies/acme-lithiumSign up for Crux Investor: https://cruxinvestor.com

Recorded November 19, 2025, from the Benchmark Conference in Los Angeles.In this critical episode of The Compass, Sam Pelaez (President, CEO & CIO of Olive Resource Capital) and Derek Macpherson (Executive Chairman of Olive) dissect a fundamental shift occurring in mining project finance as traditional debt-equity structures replace the exotic capital arrangements that dominated recent years.KEY TOPICS COVERED:Troilus Gold's Financing BreakthroughThe expanded debt facility announcement signals developers can now credibly finance construction independently rather than depending entirely on takeovers. At $4,100 gold, project profitability has driven down the cost of capital materially, enabling traditional banking structures instead of 20%+ private equity arrangements."The Generalists Are Coming"Nine-figure equity financings now occur weekly, with non-resource institutions like Fidelity regularly participating. This marks a dramatic expansion of available capital pools beyond traditional mining investors and validates the sector's investment thesis to Wall Street.Year-End Market DynamicsNo tax loss selling pressure this year as most mining equities are substantially higher than purchase points. However, seasonal liquidity constraints from holiday spending may create temporary dislocations and attractive entry points ahead of typically strong Q1 performance.Flow-Through Financing RushCanadian flow-through funds must deploy 2025 capital before December 31st, creating a year-end rush of placements working down the capitalisation spectrum from larger companies to progressively smaller explorers.Building as Negotiating LeverageDevelopers who can credibly "threaten to build" maintain stronger negotiating positions with potential acquirers. Clean capital structures without permanent streaming impairments make projects more valuable takeover targets post-construction.Why This Matters:Traditional banking institutions have long been willing to finance mining projects but were constrained by developers' inability to assemble the equity component without destroying capital structures. With both debt and equity now accessible at reasonable rates, a select group of well-positioned developers may advance independently, populating the mid-tier producer pipeline essential for an industry facing depletion of existing assets.ABOUT OLIVE RESOURCE CAPITAL:Olive Resource Capital is a specialist mining investment fund focused on precious metals, base metals, and battery metals across the development and production spectrum.

Interview with Rupert Verco, Managing Director & CEO, Cobra ResourcesOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-high-grade-copper-gold-acquisition-ree-isr-7824Recording date: 19th November 2025Cobra Resources is positioning itself as a potential disruptor in the global rare earths market through its innovative Boland project in South Australia. The London-listed company is developing an in-situ recovery (ISR) operation targeting high-value heavy rare earths including dysprosium and terbium - critical components in permanent magnets for electric vehicles, renewable energy, and defense applications.What distinguishes Boland from conventional rare earth projects is its unique geological setting. Unlike traditional clay-hosted deposits, the project features permeable paleochannel geology similar to uranium ISR operations, which Managing Director Rupert Verco says "bypasses a lot of the operational challenges of traditional clays." The mineralization sits within naturally confined sand horizons, protected by 20 meters of impermeable clay above and below.Recent field hydrology studies have validated commercial viability, achieving pump rates of nearly 20,000 liters per day with 60% tracer recovery in just four days. These results support well spacing of 20-30 meters - comparable to uranium operations - and demonstrate the uniform aquifer response essential for efficient ISR extraction.The project's most significant breakthrough involves natural acid generation from sulfide-rich organics within the ore body. When oxidized, these materials produce sulfuric acid in-situ, potentially eliminating the largest operating cost and reducing dependence on Chinese supply chains. Current testing indicates acid consumption under 4 kilograms per ton—dramatically lower than typical rare earth operations.Metallurgically, Cobra has achieved 90% cerium suppression without heavy rare earth loss, producing concentrate containing 35% magnet rare earths and 50% heavy rare earths. This compares favorably to traditional carbonatite deposits that typically contain over 50% low-value cerium.With 3,300+ square kilometers of controlled tenure, resource drilling planned for early 2026, and a modular development approach targeting 4,000-5,000 tons annual production, Cobra is advancing toward what Verco describes as cost competitiveness comparable to "how Kazatomprom established themselves in the uranium game"—potentially offering Western supply chains a commercially viable alternative to Chinese rare earth dominance.Learn more: https://www.cruxinvestor.com/companies/cobra-resourcesSign up for Crux Investor: https://cruxinvestor.com

US Gold Corp (NASDAQ: USAU) represents an increasingly rare investment opportunity in the North American mining sector - a fully permitted, shovel-ready gold-copper development project approaching a critical inflection point. The company's CK Project in Wyoming is completing its Definitive Feasibility Study by mid-December 2025, with public release planned for January 2026, positioning investors ahead of formal project financing negotiations and potential strategic interest from consolidating producers.The project's fundamental advantages centre on infrastructure and operational simplicity. Located 20 miles from Cheyenne, Wyoming, the CK Project benefits from established power and water infrastructure, rail connectivity within three miles, and access to a skilled industrial workforce without requiring worker accommodation. Chairman Luke Norman emphasized this distinction: "If we were trying to build this up in the snow belts in Alaska or something, it would be an entirely different undertaking." These infrastructure advantages translate directly into reduced capital intensity and lower operating costs compared to remote mining developments.The operational approach further differentiates the project from conventional precious metals mining. Norman characterized it as "a glorified quarry just with a little more infrastructure to extract the minerals," utilizing straightforward crushing and flotation processes with no on-site smelting required. The geology enhances this simplicity, with mineralization exposed at surface and "the richest stuff at surface," eliminating extensive pre-stripping requirements and accelerating the timeline to cash flow generation.Project economics demonstrated sub-year payback potential in previous studies, an exceptional metric that speaks to rapid capital recovery. Whilst Norman acknowledged the forthcoming DFS will reflect increased capital costs for enhanced environmental measures, he maintained that "the margins on the project have just increased dramatically" due to gold and copper price appreciation. This economic robustness has attracted considerable financing interest, with Norman confirming "so many term sheet come across our desk in the last 12 months."The resource base comprises a 1.7 million ounce gold reserve supporting projected annual production exceeding 100,000 ounces over a minimum 10-year mine life. Importantly, management identifies potential for "another million ounces plus potential for harvesting within the pit," providing resource growth opportunity without requiring additional permitting or fundamental changes to the mining plan.The strategic context enhances the investment thesis. Norman characterized the project financing environment as "a lot of capital chasing very few projects that are permitted and ready to go," reflecting the scarcity of development-ready projects in North America. This dynamic creates both favourable financing terms and potential M&A premium, with Norman acknowledging the DFS completion "might even trigger some interest from an M&A perspective." Management's stated focus on equity value creation - "whatever is best for the stock" - aligns with shareholder interests across multiple potential value realisation pathways.For investors seeking exposure to North American gold and copper production development without the regulatory uncertainties that plague most junior mining investments, US Gold Corp offers a differentiated opportunity. The convergence of complete permitting, exceptional infrastructure advantages, robust project economics, secured financing interest, and imminent DFS completion positions the company for significant value creation as it enters what management anticipates will be "a really fast and furious 2026."

Interview with Gwen Preston, VP Communications, West Red Lake Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsxvwrlg-all-known-questions-answered-7761Recording date: 18th November 2025West Red Lake Gold Mines is restarting the Madsen Mine in Ontario's prolific Red Lake district, positioning itself as a rare new gold producer emerging at the beginning of a bull market rather than after years of depressed prices . The company targets commercial production in early 2026 with expected annual output of 50,000 ounces, growing to 100,000 ounces by 2028 through site optimization and development of the high-grade Rowan deposit .The third quarter of 2025 demonstrated significant operational momentum, with production exceeding 7,000 ounces generating $33 million in revenue . October data showed a 24% increase in daily mine tons compared to September, driven by completion of underground waste rock storage solutions that eliminated the need to truck waste material to surface, freeing equipment for ore movement . The company has achieved cash-flow positive status during ramp-up while maintaining over $45 million in treasury, providing substantial financial flexibility heading into commercial production .West Red Lake's dual-asset production growth plan aims to reach 100,000 annual ounces without requiring external financing . The first phase involves optimizing Madsen production to 60-65,000 ounces by 2027 as mining progresses to deeper, less-historically-worked zones with higher grades . The Rowan project, located 80 kilometers by road from Madsen, will contribute an additional 35,000 ounces annually starting in 2028 from a remarkably high-grade deposit averaging nearly 13 grams per ton . Critically, Rowan requires no mill construction, with ore trucked to the existing Madsen facility, simplifying permitting to an advanced exploration permit rather than full mining authorization.The company expects to finance Rowan's $70 million capital cost entirely from operational cash flow, spread over multiple quarters beginning mid-2026 . Management has explicitly stated no further equity financing is expected for Madsen, contrasting sharply with typical junior producers who exhaust capital during construction and face dilutive financings just as production begins . This financial discipline resulted from acquiring the asset at favorable terms and executing a methodical restart plan that prioritized reaching cash flow over aggressive production targets .Learn more: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, Chief Executive Officer of Canada Nickel. Our previous interview: https://www.cruxinvestor.com/posts/g7-nations-advance-critical-minerals-pact-to-reshape-global-supply-chains-and-industrial-policy-8401Recording date: 18th November 2025Canada Nickel Company has secured a transformative milestone with its Crawford Nickel project's referral to Canada's Major Projects Office, joining only three mining developments selected for expedited government support. This highly selective designation provides coordinated permitting assistance, enhanced financing access, and direct political backing from Prime Minister Mark Carney and Minister of Natural Resources Tim Hodgson.The MPO, led by proven infrastructure executive Dawn Farrell and backed by $200 million in funding, functions as a single point of contact that eliminates bureaucratic duplication across federal and provincial jurisdictions. For Crawford, this translates to accelerated permitting timelines, with federal approvals targeted for early 2026 and provincial permits following through Ontario's new accelerated framework. CEO Mark Selby has committed to breaking ground by the end of 2026, representing an aggressive 18-month timeline from referral to construction start.Beyond permitting efficiency, the MPO provides priority access to international funding programs in France, Germany, and Japan, plus government-led engagement with sovereign wealth funds seeking billion-dollar co-investment opportunities. Canada Nickel expects multiple financing announcements through early-to-mid 2026, with the complete capital stack in place by mid-year to support a Q3-Q4 construction decision.The project's selection from among 15-20 late-stage critical minerals candidates validates Crawford's competitive positioning across government priorities: scale, deliverability, First Nations partnership, and low-carbon credentials. Prime Minister Carney's statement that Crawford is "setting a new standard in terms of how responsible mining gets done" underscores the political commitment extending well beyond typical project announcements. For investors, this government backing substantially de-risks the development pathway while providing clear near-term milestones for value inflection.—Learn more: https://cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com