Company Interviews

Company Interviews

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Company Interviews episodes

  • September Mining Equities Lag Commodities as Liquid Leaders Buy Quality

    Recording date: 8th October 2026

    September exposed a widening gap between commodity prices and resource equities. Most commodities rose over the month, yet every major resource-linked equity index fell. In this Compass episode, Samuel Pelaez and Derek Macpherson of Olive Resource Capital (TSXV:OC) argue that this dislocation stems from macro forces rather than deteriorating fundamentals, and that it is creating entry points in high-quality, liquid producers.

    The macro pressures are significant. Fed Chair Kevin Warsh signalled a renewed focus on inflation at Jackson Hole, and the September rate hike was followed by markets pricing in a high probability of several more. Long-term bond yields are rising in both the US and Europe, with France prominent. Elections are approaching in the US, Spain and France. Energy prices remain high, which Macpherson attributes mainly to limited Western refining capacity. Equity market gains are concentrated in semiconductors and AI-related technology, while investors seeking commodity exposure increasingly use futures, leaving mining equities behind even as copper trades near record levels.

    Operational results have not been the problem. Pelaez noted strong Q3 production updates from several producers, with little share price response. K92 Mining reported another strong quarter on the day of recording, and Macpherson said the company has now passed one million gold-equivalent ounces produced.

    Olive is responding with patience. The fund holds about 10% cash and is adding gradually, mainly to names it knows well. It expects better prices before US Thanksgiving, possibly helped by selective tax-loss selling, and aims to be almost fully deployed for the January rally it has captured in most of its five years.

    The fund's current priority is its liquid book. In copper, it holds Ivanhoe Mines, which it views as owning one of the world's best copper mines and one of its best PGM mines, and Ero Copper, whose Furnas project Pelaez believes the market is not valuing. In PGMs, it holds Valterra Platinum, the largest primary PGM producer. It uses Albemarle for lithium exposure and K92 Mining for gold. A recently built energy sleeve includes Freehold Royalties, Woodside Energy and GeoPark, covering royalties, LNG and upstream growth respectively.

    The core argument is about how to express a commodity view. Macpherson contends that investors do not need to buy small, illiquid explorers to gain PGM, lithium or precious metals exposure. Large producers offer revenue protection, liquidity and the ability to change course quickly. Smaller names tend to gain more later in a cycle, once leadership broadens, and Olive holds some for company-specific catalysts.

    Macpherson and Pelaez see producers becoming more active earlier in the capital structure. Kinross Gold and Alpayana closed a C$47.1 million financing in Aquitaine Metals, an Olive holding, leaving the French gold explorer with about C$92 million in cash. Kinross has also backed Sun Valley Minerals in Uruguay. These serve as validation that helps juniors in jurisdictions less familiar with mining.

    For investors, the key watch-items are the path of Fed policy and long-term yields, any narrowing of the gap between commodity prices and equities, and whether seasonal weakness provides the entry points Olive expects before year end.

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    33 min
  • Group Eleven Resources (TSXV:ZNG) - Ballywire Strike Extends 17%

    Interview with Bart Jaworski, CEO of Group Eleven Resources

    Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-ballywire-germanium-grades-jump-on-new-assays-11918

    Recording date: 13th October 2026

    Group Eleven Resources has added 270 metres to the 1,600-metre high-grade strike at its Ballywire discovery in Ireland, a 17% increase. The step-out hole, the first on a new drill fence, returned nearly 6.5 metres of 7.9% zinc-lead and 14 g/t silver. That included close to 3 metres of 11% zinc-lead and a 1-metre core grading 22% with nearly an ounce of silver. Copper-silver mineralisation also appeared beneath the zinc horizon. Ballywire sits about 20 kilometres from Glencore’s Pallas Green deposit.

    About 420 metres away, a second step-out into undrilled ground intersected 30 metres of nearly 4% zinc-lead. That interval included 7 metres of 10% zinc-lead with more than an ounce of silver. The drill rods became stuck at 421 metres, so the hole only touched the start of the underlying copper-silver zone. Elsewhere, hole 61 extended copper-silver mineralisation 120 metres down dip, with 7.7 metres of about an ounce of silver and 0.8% copper.

    Taken together, CEO Bart Jaworski says the results significantly de-risk the southwest trend the company first identified in March.

    The broader thesis rests on scale. So far, the discovery covers only one of four gravity anomalies along a 6-kilometre trend. Possible northern and southern parallel trends add further upside, as does copper consistently showing up beneath the zinc. Jaworski describes the deposit as a hybrid of classic Irish zinc and the copper-silver style of the past-producing Gortdrum mine. He argues this setup reduces metallurgical risk, because the metal zones are naturally separated and there are no oxides.

    Funding is in place. A C$12 million bought deal in April underwrites a fully funded 70,000-metre, four-rig programme over two years, with about 51,000 metres at Ballywire. Sixteen holes are currently in progress. Management expects to decide on timing for a maiden resource estimate within 12 to 18 months. Metallurgical work and germanium economics are additional catalysts still ahead.

    —

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    22 min
  • Sovereign Metals (ASX:SVM) - US-Aligned Strategy Reshapes $750M Kasiya Funding Plan

    Interview with Sapan Ghai, CCO of Sovereign Metals Ltd.

    Recording date: 8th October 2026

    Sovereign Metals Limited is developing the Kasiya project in Malawi, which the company describes as the world’s largest rutile deposit. Kasiya also contains a large graphite co-product and a heavy rare earth concentrate identified during recent test work. Chief Commercial Officer Sapan Ghai outlined how the project’s commercial and funding strategy has changed over the past year.

    The most significant change is the role of the US government. Ghai said the US State Department and other agencies approached Sovereign roughly nine months ago. Their focus was on how Kasiya’s minerals could be processed in Malawi into products suitable for US aerospace, defence and industrial end uses. Ghai has since briefed policy makers, including the White House Council of Economic Advisers. He described the Washington engagement as covering offtakes, funding and knowledge sharing. His position is that if the US wants Kasiya’s minerals, it should help finance the build.

    The second change is Rio Tinto’s step back. Rio Tinto invested roughly A$60 million and built its stake to just under 20%, but has declined to take on operatorship. Ghai attributes this entirely to Rio Tinto’s new strategy, which concentrates on copper, aluminium, iron ore and lithium. He stressed that no technical red flags were raised. The DFS was completed with Rio Tinto’s input, and Ghai expects outcomes within plus or minus 5% to 10% of its estimates. Former Rio Tinto staff have joined Sovereign, and the company’s build team has constructed around a dozen mines in Africa.

    On offtakes, most rutile is expected to go to Japan for titanium metal production. That route connects Kasiya to an established supply chain serving US aerospace and defence primes. Ghai said a leading Japanese titanium producer has confirmed the rutile can be used for all end purposes. Around 70% of Kasiya’s graphite is refractory grade, used in electric arc furnaces. Sovereign holds a non-binding marketing arrangement with Traxys North America for US sales. Traxys participates in Project Vault, the US critical minerals stockpile initiative. Rare earth offtake discussions are at an early stage.

    The funding plan is the central investment question. Ghai’s working assumption is peak funding of about $750 million. Around $450 million would come from DFIs such as the IFC, DFC and AFC, and about $300 million from equity and offtake-linked finance. The company wants equity to be the final piece, after permitting, binding offtakes and a FEED study are complete. Ghai targets that position by the end of Q1 or in Q2 2027, with a financing solution tabled within six to nine months.

    The heavy rare earth stream adds optionality. Scoping-level work suggests a roughly $30 million add-on could generate around $80 million a year in profit over 23 years. Ghai estimates Kasiya could meet about 35% of US yttrium requirements.

    Learn more: https://www.cruxinvestor.com/companies/sovereign-metals

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    23 min
  • Cobra Resources (LSE:COBR) - Two New Zones Widen Manna Hill Copper Footprint in South Australia

    Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLC

    Our previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-deeper-drilling-points-to-bigger-copper-system-11059

    Recording date: 8th October 2026

    Cobra Resources plc (LSE:COBR) is a South Australian explorer advancing two projects: the Manna Hill Copper Project in the Nackara Arc and the Wudinna rare earth project, which targets in situ recovery. This summary covers Manna Hill, where the company reported a material drilling update on October 2026.

    The update concerns a slim-line RC programme designed as a fast, low-cost test of lateral extent. After 23 holes and around 2,000m of drilling, Cobra has extended copper anomalism at the Blue Rose prospect a further 600m west, lifting the known corridor from 1.6km to beyond 2.2km of strike. At Blue Rose West, hole MHRC0029 intersected anomalous copper over 32m from 52m, with coarse chalcopyrite logged in chips.

    The programme also found copper in two skarn units not previously drilled. Shadow Rose, about 300m south of Blue Rose, returned up to 60m of continuous copper anomalism in each of two holes, with oxide copper from around 10m depth. Neptune Rose, about 500m north, intersected copper sulphides at two depths in hole MHRC0024. All three zones remain open, and up to 35 holes remain to be drilled.

    The important caveat is that no grades have been reported. The observations are visual and pXRF-based, and the company explicitly warns they are not a substitute for assays. First results from ALS are expected within four to six weeks. Investors should treat the update as evidence of geological footprint, not of economic grade. Reported intervals are also downhole lengths, and true widths are expected to be narrower.

    The grade benchmark comes from earlier work. Historic hole RABR822 returned 47m at 2.2% Cu and 0.76 g/t Au from 11m, and Cobra's January 2026 drilling returned 74m at 1.02% Cu and 0.25 g/t Au from 70m. CEO and Managing Director Rupert Verco said he hopes current results will be similar to those reported in March.

    Management has stated ambitious scale goals. Verco said the board believes the skarn system could deliver more than 1 million tonnes of contained copper and that a porphyry at depth could take the total above 5 million tonnes. No resource has been estimated, and these figures should be read as aspirations.

    Cobra's strategy is to build a shallow skarn inventory first, then fund deeper porphyry exploration from a higher valuation to reduce dilution. Diamond drilling earlier in 2026 logged hydrothermal breccia, anhydrite veining and potassic-associated copper, which the company interprets as evidence of a porphyry source. The current campaign also tests the Anabama Hill and Netley Hill porphyry targets.

    On the corporate side, Cobra has a £47.7 million market capitalisation at 4.2p as of 18 August 2026. It will hold 6.45 million Barton Gold shares at final settlement and is due A$9.5 million in further payments.

    Key watch-items are first assays, eastern Shadow Rose drilling more than 2km from current holes, results from Anabama Hill and Netley Hill, and follow-up diamond drilling at Blue Rose.

    Learn more: https://www.cruxinvestor.com/companies/cobra-resources

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    24 min
  • Lithium Ionic (TSXV:LTH) - Sub-$200M Build, $2B NPV at Today's Lithium Prices

    Interview with Blake Hylands, CEO of Lithium Ionic Corp.

    Our previous interview: https://www.cruxinvestor.com/posts/lithium-ionic-tsxvlth-non-core-asset-sale-injects-30m-to-fast-track-bandeira-11443

    Recording date: 24th September 2026

    Lithium Ionic Corp. (TSXV:LTH) is a Canadian lithium developer advancing the Bandeira hard-rock lithium project in Minas Gerais, Brazil. The project sits in an established lithium district, alongside Sigma Lithium's Grota do Cirilo operation and the CBL Cachoeira mine, which has produced lithium since 1991. CEO Blake Hylands outlined how the company plans to move Bandeira from engineering into construction.

    The company's financial position has improved materially. Lithium Ionic has closed the sale of its non-core Salinas asset, and Hylands said it now holds almost C$30 million in cash after closing costs. The company's presentation showed roughly C$12 million at the end of March 2026. The sale also delivered a 2% royalty and a further US$7.5 million deferred payment still to be received. This cash funds engineering and pre-construction work while permitting and financing are completed.

    Permitting is the key near-term catalyst. Hylands said the federal process is being finalised, which will return the project to the state committee for a vote expected to begin within about two months. The company is targeting permits in hand by the end of 2026. The permit has not yet been granted. The construction licence application was first submitted in November 2023.

    Bandeira's economics are built on a low capital requirement. The September 2025 feasibility study estimated initial capital of US$191 million, including contingency, supporting a post-tax NPV of US$1.45 billion and a 61% post-tax IRR. These figures used Fastmarkets forecast pricing, with a near-term assumption of US$1,392 per tonne of SC6. The project is designed to produce an average of 177,000 tonnes of spodumene concentrate per year over an 18.5-year mine life. Hylands said spot prices are currently between US$2,000 and US$2,500 per tonne. At those levels, he estimates the NPV is closer to US$2 billion with an IRR near 100%. The company's January 2026 sensitivity at a US$2,515 per tonne spot price showed a US$1.8 billion NPV and a 102% IRR.

    Offtake terms provide downside protection. Binding five-year agreements with Yahua Group and Grand Chen, signed in March 2026, are priced at market with no discount and a floor of US$1,000 per tonne. Hylands estimated all-in sustaining costs at about US$650 per tonne, meaning the company would be profitable on every tonne sold under the agreements. A US$20 million prepayment tied to the offtake will be released at the final investment decision.

    On financing, management expects 60% to 65% of the roughly US$191 million to US$200 million requirement to come from debt. Institutional shareholders have signalled interest in the equity portion, which Hylands expects to be modest and ideally raised at a higher share price after key catalysts.

    The timeline targets permits and substantial financing progress by the end of 2026, with long-lead items ordered and construction beginning thereafter. Production is targeted for the end of 2027 or early 2028. Key risks include permitting delays, the terms and timing of debt financing, construction cost inflation and spodumene price volatility.

    View Lithium Ionic's company profile: https://www.cruxinvestor.com/companies/lithium-ionic-corp

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    19 min
  • ATHA Energy (TSXV:SASK) - Funded Uranium Discovery Work Continues Through 2027

    Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

    Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-rib-north-breakthrough-confirms-continuity-q4-catalysts-underway-11857

    Recording date: 7th October 2026

    ATHA Energy Corp. (TSXV:SASK) is a Canadian uranium explorer whose flagship is the 100%-owned Angilak Uranium Project in Nunavut's Angikuni Basin. The company also holds a large exploration portfolio in the Athabasca Basin and Labrador's Central Mineral Belt, along with 10% carried interests in parts of the NexGen Energy and IsoEnergy exploration land.

    The 2026 programme at Angilak focused on the Mineralized RIB Corridor (MRC), discovered in 2025. Its goal was to convert a widely spaced discovery into defined continuity. Drilling on 150 to 300 m fences extended continuous mineralisation on the Eastern Limb from 1.45 km to 3.4 km, connecting the RIB North and RIB East discoveries. Twenty-one of 23 holes intersected uranium. The final seven holes, RIBN-DD-017 to RIBN-DD-023, were all mineralised.

    Drilling also identified a thicker, higher-grade sub-zone near discovery hole RIBN-DD-001. It measures roughly 300 m along strike and 300 m down-dip, with five holes returning 17.5 m to 37.5 m of total composite mineralisation. RIBN-DD-023 returned 19.5 m over 14 zones, including 2.0 m of high-grade mineralisation. RIBN-DD-019, about 850 m northeast, recorded a peak reading of 78,785 CPS. RIBN-DD-022A, about 1.2 km northeast, intersected 5.5 m at the current limit of drilling.

    CEO Troy Boisjoli says the company has moved from assumption to modelling. Mineralisation is controlled by a large graphitic fault zone with stacked veins in the hanging wall and footwall, similar in style to basement-hosted deposits such as Eagle Point and Arrow. He says every conductive target drilled has been mineralised, and that the 3.4 km is limited only by drilling, not geology.

    ATHA is developing an orogenic uranium-rich deposit model for Angilak, which it describes as the first of its kind globally. Management says mineralisation extends over about 17 km around the RIB structural trend and anticipates the trend runs along the entire edge of the Angikuni Basin. These are interpretations rather than defined resources. The Lac 50 Deposit Corridor separately carries a conceptual exploration target of 60.8 million to 98.2 million lbs U3O8 at 0.37% to 0.48%, which is not a mineral resource.

    All 2026 MRC figures are preliminary probe results. Assays are pending at SRC, and true thickness is not yet determined. ATHA lowered its reporting threshold to 300 CPS after earlier assays showed readings above that level typically exceed 0.01% U3O8. In 2025, probe peaks of about 50,000 CPS at RIB North returned grades of around 8% locally.

    ATHA raised $63 million in Q1 2026, which management says funds the company through the 2027 programme. As of October 2026, it had 353.1 million basic shares at C$1.01 and an enterprise value of C$349.5 million. Boisjoli says the company is not entertaining a strategic partner and will advance Angilak itself, combining delineation at RIB with continued discovery work.

    View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energy

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    21 min
  • Coda Minerals (ASX:COD) - Q1 2027 PFS Underway with High Copper-Silver Recoveries

    Interview with Chris Stevens, CEO of Coda Minerals

    Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-fully-funded-pfs-continuous-drilling-set-up-big-2026-8680

    Recording date: 6th October 2026

    Coda Minerals (ASX:COD) is developing the Elizabeth Creek copper-silver project in South Australia, about seven hours north of Adelaide and 40km west of BHP's Carrapateena mine. The project hosts a JORC resource of 65.5Mt at 1.6% CuEq, containing more than 700,000t of copper and 28 million ounces of silver across the Windabout and MG14 open pits and the Emmie Bluff underground deposit at about 400m depth.

    The company is just over halfway through a pre-feasibility study, targeting delivery in Q1 2027 on an 18-month schedule. The March 2026 scoping study update set a base case pre-tax NPV7 of A$2.25 billion and a pre-tax IRR of 56%, with a post-tax NPV7 of A$1.52 billion and IRR of 43%. Those figures assume US$10,500/t copper, US$60/oz silver and A$615 million in capital expenditure over a 15.5-year mine life. At a market capitalisation of about A$51 million, Coda trades at roughly 3% of post-tax NPV.

    CEO Chris Stevens says that discount is typical of the study phase. He expects it to narrow as three things arrive: a final flowsheet decision, a complete mine plan across all three deposits, and a defensible PFS valuation.

    Metallurgy has made the most progress. The whole-ore chloride leach base case is now returning about 94% to 95% copper and 96% silver recovery, compared with low 80% recoveries via flotation. Around 130 tests have been run since the August 2025 scoping work, using a much wider spread of samples. Difficult Windabout material that floats at mid-70% recovery leached at about 90%. Coda has also recovered about 40% of the cobalt in the leach, a stream excluded from all previous economics.

    Next steps are METSIM process modelling, which takes about a month, then locked cycle testing to confirm reagent recycling in an integrated circuit. The final trade-off between leach and flotation follows. Flotation remains a viable alternative.

    Mine planning starts with re-optimising the open pits at current prices, as they were last optimised at US$7,800/t copper. Their output will determine the underground mining rate at Emmie Bluff. Almost all of the previous mine plan sat in the Indicated category, supporting a maiden reserve without further drilling. The open pits also cushion the risk of a slow underground ramp-up.

    On funding, Stevens maintains a tracker of 143 potential partners. He points to KGL Resources' precious metals stream with Wheaton Precious Metals as a model and believes a 50% silver stream could fund a material part of capex. Approvals are advancing, with South Australia's Scoping Report gazetted and hydrogeological drilling under way.

    Learn more: https://www.cruxinvestor.com/companies/coda-minerals-ltd

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    29 min
  • Valhalla Metals (TSXV:VMXX) - Major Backed Bid to Double Alaska Copper-Zinc Resource

    Interview with Sorin Posescu, President & CEO of Valhalla Metals

    Recording date: 6th October 2026

    Valhalla Metals Inc. (TSXV:VMXX, OTCQB:VMXXF) is a copper-focused explorer with two polymetallic VMS projects in Alaska's Ambler Mining District. The district hosts Arctic, the Ambler Metals deposit owned 50/50 by Trilogy Metals and South32, which carries probable reserves of 46.7 million tonnes at 3.7% CuEq. Valhalla's chairman, Rick Van Nieuwenhuyse, founded Trilogy. Several team members worked on Arctic before joining Valhalla.

    The flagship Sun Project hosts an NI 43-101 resource with an effective date of October 1, 2021. Indicated resources total 1.71 million tonnes at 1.48% copper, 4.32% zinc, 1.11% lead, 60 g/T silver and 0.21 g/T gold. Inferred resources total 9.02 million tonnes at 1.21% copper, 4.18% zinc, 1.46% lead, 81.7 g/T silver and 0.25 g/T gold. Both categories grade 4.2% CuEq at the company's price assumptions. Copper and zinc contribute similar shares of value.

    The resource has only been drilled to about 200 metres. Historical helicopter-supported rigs could not go deeper. A 2019 VTEM survey models a possible down-dip extension of more than 900 metres vertical extent. Two further conductors, Targets B and C, remain untested. Valhalla's 2023 programme returned 21.4 metres at 6.84% CuEq in hole Sun23-004, within a broader 52.4 metres at 3.30% CuEq. Management's stated goal is to double the Sun resource.

    In June 2026, Valhalla completed the acquisition of the Smucker Project from Teck for 44.8 million shares, or 35% of the company at closing. Teck received an up to 2.0% NSR royalty under certain conditions. It also received a priority purchase right and right of last offer on concentrate from Smucker, Sun and other properties, plus board and top-up rights. Smucker holds a 1981 Anaconda historical estimate of 11.8 million short tons at 6.6% CuEq. This is not current, and the historical core has yet to be located. Valhalla aims to deliver an NI 43-101 resource by the end of 2027.

    A concurrent C$15 million equity financing, upsized from a C$5 million target, included C$1.75 million from Teck and C$1.7 million from Marubeni. No warrants were issued. The company has 151.1 million shares outstanding. Management and the board hold about 36%, Teck 31% and Marubeni 13%, leaving a free float of roughly 20%. The market capitalisation was C$106 million at C$0.70 on August 7, 2026.

    The 2026 drill programme at Sun has finished, and assays are expected before year end. A driller shortage led Valhalla to buy its rigs and hire crews directly, which management believes will lower costs.

    The main external dependency is the Ambler Road. The federal approval was rescinded under the Biden administration and reinstated by the Trump administration in October 2025. AIDEA, the state-owned proponent, is conducting engineering studies, and funding discussions with the federal government are under way. Construction timing is outside Valhalla's control.

    View Valhalla Metals' company profile: https://www.cruxinvestor.com/companies/valhalla-metals

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    26 min
  • Au Gold (TSXV:AUGC) - Maiden Victorian Gold-Antimony Drilling Set for Late 2026

    Interview with Marc Blythe, Founder, President & CEO of Au Gold Corp.

    Recording date: 6th October 2026

    Au Gold Corp (TSXV:AUGC) is a Vancouver-based junior explorer focused on the Havelock Gold-Antimony Project near Maryborough in Victoria, Australia. The company acquired the 11,663-hectare project in early 2026 after Founder and CEO Marc Blythe, a mining engineer and due diligence consultant, identified it while searching digitised historical records for overlooked Victorian prospects.

    The investment case is built on geology that has already created significant value elsewhere in the state. Fosterville, Costerfield and Sunday Creek are epizonal gold-antimony systems characterised by very high grades and mineralisation extending more than a kilometre below surface. Havelock's Shaw-McFarlane Trend hosts a line of historic mines worked in the 1880s and 1890s, none of which reached much beyond 150 metres depth. Blythe argues these mines stopped because of pumping limitations and metallurgical problems, not because the veins ended.

    Au Gold commissioned a research geologist to reconstruct the mines from public company reports and newspapers of the period. The resulting long sections show where miners recorded the widest veins and the most visible gold. There are no historic assays, so grade is unknown. Blythe estimates that miners of the era needed around half an ounce per ton to make a profit, which suggests that veins they chose to follow were likely high grade.

    Four priority targets have emerged: McFarlane's, the original gold-antimony target; Shaw's No. 1; Shaw's Main, the deepest workings on the trend; and Rob Roy, which reported 293 ounces at an average of 52 g/t gold. Grab samples from the Shaw's Main waste dump returned up to 54.20 g/t gold. The planned programme has grown from 2,000 to 5,000 metres of diamond drilling as the target list expanded.

    Funding comes from a non-brokered placement announced at $2 million on September 29, 2026. Blythe said demand allowed the company to increase it to $3.5 million, which remains subject to TSX Venture Exchange approval. Drilling is expected to start around the end of October 2026. Day-shift-only operations will slow progress, and first results may arrive early in 2027.

    Narrow veins are the central economic question. Blythe expects widths of a metre or less but argues that high grades can carry mining dilution. His hypothetical example of a one-metre, 15 g/t vein diluted to three metres would still grade about 5 g/t, above the 2-3 g/t he cited as typical for Australian underground vein operations.

    The risks are considerable. The company has no resource, no modern drill data and relies on century-old visual descriptions. Dump samples are selective. Groundwater, landowner access and commodity price sensitivity could all affect outcomes. Further dilution is likely if drilling succeeds and follow-up is required.

    Against that, the company trades at a market capitalisation of around C$14 million, insiders own about 18% of shares, and Blythe himself holds more than 7 million shares. For investors comfortable with early-stage exploration risk, Havelock offers a low-cost, multi-target test of whether Victoria's next epizonal system is hiding beneath its oldest workings.

    Learn more: https://www.cruxinvestor.com/companies/au-gold-corp

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    24 min

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