Interview with Lon Shaver, President of Silvercorp Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/20-year-silver-producer-silvercorp-tsxsvm-expands-to-ecuador-with-12-costs-vs-35-prices-7436

Recording date: 15th September 2025

Silvercorp Metals (TSX: SVM) has positioned itself as a compelling investment opportunity in the current precious metals cycle, combining operational excellence with strategic growth initiatives across multiple jurisdictions. The company's financial foundation anchors its investment thesis, with $377 million in cash plus an investment portfolio providing substantial strategic flexibility without requiring dilutive equity raises.

The company's core Chinese operations at the Ying mine continue delivering consistent performance despite facing operational challenges earlier this year. Management is strategically transitioning from labor-intensive mining methods to mechanized approaches, improving both safety and operational efficiency. This evolution positions the company for sustained profitability while reducing operational risks associated with manual mining processes.

Silvercorp's most significant near-term catalyst is the El Domo project in Ecuador, targeting commercial production by end-2026. The project benefits from a favorable financing structure with Wheaton Precious Metals contributing $175 million of the $240 million capital requirement through a streaming arrangement. Legal challenges have been definitively resolved through Ecuador's judiciary system, clearing the path for development execution.

Trading at a $1.2 billion market capitalization against consensus net asset value estimates of $1.6 billion, Silvercorp offers investors discounted exposure to silver markets. As a silver-dominant producer with over 60% of revenues derived from silver, the company provides leveraged exposure to precious metals strength while maintaining operational cash generation capabilities.

Management's disciplined approach to mergers and acquisitions, supported by a $400 million shelf prospectus, positions the company for strategic growth through value-accretive transactions. Their expertise in challenging jurisdictions creates competitive advantages in acquiring assets where other operators demand risk premiums. With a 20-year track record of profitable operations and near-term production growth catalysts, Silvercorp presents an attractive entry point for precious metals exposure in the current market environment.

View Silvercorp's company profile: https://www.cruxinvestor.com/companies/silvercorp-metals

Sign up for Crux Investor: https://cruxinvestor.com

Interview with David Londoño, President & CEO of Mineros SA

Our previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-cash-rich-gold-miner-eyes-expansion-7128

Recording date: 15th September 2025

American gold mining, combining exceptional financial performance with an aggressive expansion strategy across Colombia, Nicaragua, and Chile. The company reports record revenues, earnings per share, and adjusted EBITDA while maintaining over $100 million in cash, providing substantial financial flexibility for growth initiatives without requiring external financing.

The company's flagship Porvenir project in Nicaragua has achieved significant engineering optimization, with preliminary feasibility studies reducing initial capital requirements from over $250 million to the mid-$100 millions. The project features a scalable 2,000 tons per day processing plant expandable to 5,000 TPD capacity, targeting 4-5 grams per ton gold grades with valuable byproduct credits from copper, silver, and zinc. Recent exploration success around the main deposit has identified additional mineralization that could accelerate expansion timelines and extend mine life.

Operational expansion centers on a $45 million investment to increase the Hemco plant capacity from 1,800 to 2,300 tons per day. This expansion leverages the company's unique relationship with artisanal miners, who provide both high-grade feed material and valuable geological intelligence. The capacity increase targets production growth from current levels of 120-130,000 ounces annually to 200,000 ounces, representing approximately 55% growth from Nicaragua operations alone.

Mineros SA recently acquired the La Pepa exploration property in Chile for $40 million cash, adding 2 million ounces of gold resources at 0.56 grams per ton average grade. Located near Copiapó in an established mining district, the property benefits from existing infrastructure and experienced personnel. Management targets production within five years, supported by shallow, oxide-dominated mineralization suitable for heap leach processing.

The company maintains its commitment to shareholder returns through a $30 million annual dividend policy while reinvesting excess cash flow into growth projects. Although the dividend yield has decreased from 10-15% to below 5% due to share price appreciation, the absolute payment remains consistent, demonstrating management's balanced approach to growth investment and shareholder returns in a strengthening gold price environment.

View Mineros SA's company profile: https://www.cruxinvestor.com/companies/mineros-sa

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Chawrun, COO of i-80 Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-meet-the-team-tyler-hill-7946

Recording date: 15th September 2025

i-80 Gold (TSX:IAU) is positioning itself as Northern Nevada's next significant gold producer through a systematic three-phase development strategy targeting over 600,000 ounces annually. Under new leadership, the company has assembled an experienced management team led by COO Paul Chawrun, who brings over 35 years of mining engineering expertise and a proven track record of scaling operations, having previously helped build Teranga Gold into a mid-tier producer later acquired by Endeavour Mining.

The company's development strategy leverages well-understood Carlin trend geology across multiple high-grade assets. Currently operating the Granite Creek mine, i-80 Gold possesses underground resources exceeding 10 grams per ton gold, providing exceptional economics for future development. "The geology is well understood. This is Carlin trend. It's epithermal that's been mineralized inside a sediment host," Chawrun explains, emphasizing the predictability that underpins their expansion plans.

The cornerstone of Phase 1 involves refurbishing the company-owned Lone Tree Autoclave by end-2027, which will eliminate the current $1,000-1,200 per ounce margin loss from toll milling arrangements. Phase 2 expands production through the Cove underground mine and Granite Creek open pit, while Phase 3 centers on the flagship Mineral Point asset, featuring a 17-year mine life and 3 million ounces of measured and indicated resources.

i-80 Gold's approach emphasizes capital efficiency and risk mitigation, with each phase designed to generate cash flow supporting subsequent development. The company has engaged Hatch Engineering, recognized experts in autoclave technology, to manage the technical execution while maintaining operational continuity through existing toll milling arrangements.

Operating in Nevada's supportive regulatory environment provides significant jurisdictional advantages, with established infrastructure and community support facilitating development timelines. The company's strategic focus on organic growth through systematic asset development positions it to capitalize on strong gold prices while building toward mid-tier producer status in North America's premier gold district.

View i-80 Gold's company profile: https://www.cruxinvestor.com/companies/i-80-gold

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO of Vista Gold

Our previous interview: https://www.cruxinvestor.com/posts/from-mega-mines-to-lean-machines-rio2-ltd-vista-golds-blueprint-for-fast-track-gold-production-7298

Recording date: 16th September 2025

Vista Gold Corp (TSX:VGZ) presents a compelling investment opportunity through its strategic transformation of the Mt Todd Gold Project, Australia's second largest undeveloped gold asset and the largest not owned by an existing producer. The company's recent feasibility study represents a fundamental strategic pivot that has created enhanced economics, reduced capital requirements, and multiple pathways for value realization.

The cornerstone of Vista Gold's investment thesis lies in its decision to redesign Mt Todd from a massive 50,000 ton per day operation requiring over $1 billion in initial capital to a more focused 15,000 ton per day operation with $425 million capex—a 59% reduction that makes financing significantly more achievable. This strategic shift prioritizes grade over volume, raising the cut-off grade from 0.35 g/t to 0.5 g/t, resulting in a 23% improvement in reserve grade while maintaining over 5 million ounces of gold reserves.

The redesigned project delivers exceptional economics with an NPV5 of $1.1 billion using a conservative $2,500 gold price assumption. At $3,300 gold price, closer to current market levels above $3,600, the NPV increases to $2.2 billion with an IRR approaching 45%. The production profile shows consistent output of 153,000 ounces annually over the first 15 years, providing predictable cash flow generation that appeals to investors seeking stable gold exposure.

The market has responded overwhelmingly positively to Vista Gold's strategic direction, with shares surging 133% from 93 cents to $2.17 following the July feasibility study publication. This appreciation reflects both the favorable gold price environment and increased recognition of the project's improved risk-reward profile, demonstrating investor confidence in management's strategic execution.

Vista Gold's strategic approach provides investors with exposure to three distinct value realization scenarios: joint venture partnerships, potential sale or corporate transactions, and self-development. This optionality ensures the company can adapt to market conditions and capitalize on the most favorable outcome for shareholders. The reduced capital requirements have expanded the pool of potential joint venture partners, while the project's improved economics make it more attractive for corporate transactions.

Mt Todd's unique positioning as Australia's largest undeveloped gold project not owned by a producer provides significant strategic value in the current consolidation environment. The project benefits from Australia's political stability, established mining infrastructure, and proximity to Asian gold demand centers, reducing development risk compared to emerging market alternatives.

Vista Gold offers investors exposure to a premier undeveloped gold asset with management that has demonstrated strategic flexibility to optimize shareholder value. The combination of proven reserves exceeding 5 million ounces, enhanced project economics, reduced capital requirements, and multiple development pathways positions the company as an attractive vehicle for gold sector exposure. With gold prices providing substantial operational margins above feasibility study assumptions and strong market validation through share price appreciation, Vista Gold represents a compelling opportunity for investors seeking exposure to Australia's gold sector through a strategically positioned development company.

View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporation

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-gold-producer-ready-to-restart-sleeping-giant-mine-7160

Recording date: 15th September 2025

Abcourt Mines (TSXV:ABI) has successfully completed its first gold pour at the Sleeping Giant Mine in Quebec, marking a critical transition from development company to gold producer. Speaking at the Denver Gold Forum, President and CEO Pascal Hamelin outlined an aggressive production scaling strategy designed to capitalize on favorable gold market conditions.

The company plans to ramp production from zero to 30,000 ounces annually within 18 months, following a detailed preliminary assessment released in 2023. This production target represents only 45% of the mill's total capacity, providing significant room for future expansion to potentially 60,000-70,000 ounces annually. The scalability provides multiple expansion avenues as the company develops additional mining fronts within the existing operation.

Operationally, Abcourt maintains a strong cost structure with all-in sustaining costs projected at $1,600 USD per ounce and monthly operating costs of approximately $4 million. At current gold prices exceeding $3,600 per ounce, this creates substantial margins and positions the company for rapid cash flow generation.

Beyond the Sleeping Giant operation, Abcourt has identified significant exploration potential at its Flordin project. The 2024 discovery exposed a vein measuring 300 meters long by over 10 meters wide, with drilling confirming continuity to 400 meters depth. Geophysical surveys suggest the vein could extend up to 2 kilometers in length, with management projecting a four to five-year timeline to operational status.

The company maintains a portfolio of 15 projects within trucking distance of the Sleeping Giant mill, enabling potential infrastructure sharing and operational synergies. With plans for eventual share buybacks rather than dividends to optimize tax efficiency for shareholders, Abcourt appears positioned to benefit from sustained precious metals strength while building a scalable production platform in Quebec's mining-friendly jurisdiction.

View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-inc

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.

Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-high-grade-discovery-transforms-economics-of-historic-guyana-mine-7355

Recording date: 15th September 2025

Omai Gold Mines (TSXV:OMG) presents a rare combination of scale, scarcity, and strategic positioning that positions it among the most compelling gold investment opportunities in today's market. The company's dramatic transformation from zero resources to 6.5 million ounces within four years demonstrates exceptional execution capability while creating substantial shareholder value, evidenced by the stock's remarkable 600% appreciation over the past year.

The investment thesis centers on Omai Gold's membership in an exclusive group of only seven large-scale, developable gold projects globally that exceed 2 grams per tonne and remain available to public investors rather than being held by major mining corporations. This scarcity premium becomes increasingly valuable as major mining companies generate substantial cash flows from elevated gold prices while facing limited organic growth opportunities.

Omai Gold's strategic advantages extend beyond resource scale to encompass exceptional infrastructure benefits. As a former producing mine, the project features existing cleared land, operational airstrip, road access, and critically, existing tailings facilities. These infrastructure elements substantially reduce development risk and capital requirements compared to greenfield projects, while the proximity to established transportation corridors and government-funded road improvements enhance operational economics.

The company's financial position provides confidence in execution capability. With $19 million in cash following a February financing round, Omai Gold maintains adequate funding through the completion of its comprehensive preliminary economic assessment expected in early 2026. This capital supports four active drill rigs and high-impact studies that advance the project toward its targeted production capacity of 300,000 ounces annually, positioning the operation as a significant mid-tier producer.

Beyond current resources, Omai Gold's exploration program offers substantial upside potential. Deep drilling beneath the Wenot deposit targets mineralization 600 meters below existing resources, with successful results potentially extending mine life from the current 20-30 year projection to 40 years. This exploration strategy addresses investor concerns about resource depletion while positioning Omai Gold as a potential multi-generational mining operation.

The macro environment strongly favors Omai Gold's positioning. Central banks have become net buyers of gold for the first time in decades, while institutional investors increasingly view gold as a portfolio hedge against inflation and monetary policy uncertainty. Simultaneously, the mining industry faces supply constraints as major discoveries become rare and development timelines extend, creating a scarcity premium for large-scale, developable projects in stable jurisdictions.

Guyana's political and economic environment provides additional investment security. President Irfaan Ali's recent re-election with 57% majority support and parliamentary control ensures policy continuity, while the country's transformation driven by offshore oil discoveries has generated the world's highest GDP growth rate. The government actively supports mining development as part of its economic diversification strategy, unlike jurisdictions where mining faces political opposition.

The convergence of strong gold fundamentals, limited new supply, and Omai Gold's unique positioning creates compelling value realization potential. Whether through independent development or strategic acquisition by cash-rich major mining companies seeking growth opportunities, shareholders are positioned to benefit from multiple pathways to value maximization in an environment that rewards quality assets with premium valuations.

View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-mines

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, CEO, Northisle Copper & Gold

Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-2b-npv-project-signals-significant-value-gap-at-current-prices-7271

Recording date: 11th September 2025

Northisle Copper & Gold has positioned itself as a compelling copper-gold investment opportunity following a transformational $40 million equity financing that marked the company's entry into institutional investment circles. The financing attracted nine institutional investors, with seven being completely new to the Northisle story, while Wheaton Precious Metals provided strategic backing through an unusual equity investment rather than their typical streaming arrangement.

The company's preliminary economic assessment demonstrates robust project economics with a $2 billion after-tax net present value at conservative commodity prices of $4.20 copper and $2,150 gold. At current gold prices near $3,600, the economics improve dramatically to a $5 billion NPV with a 45% internal rate of return. The project's unique structure addresses typical copper porphyry capital intensity challenges through high-margin gold-dominant zones that generate 65-70% margins, enabling initial capital payback within 1.9 years.

Management has strengthened its leadership team with world-class appointments, including Kevin O'Kane as Chief Operating Officer, bringing 35 years of BHP experience from projects like Escondida, and Alex Davidson to the board with extensive Barrick Gold expertise. These appointments signal management's commitment to operational excellence as the company advances toward feasibility studies.

Beyond the starter pit opportunity, Northisle controls a 35-kilometer district with over 70 years of exploration data, presenting significant upside potential through deep drilling programs targeting district-scale discoveries. The company has allocated $10 million for exploration programs led by Dr. Pablo Mejia Herrera, targeting "1% copper equivalent over 1,000 meters" intersections that would indicate proximity to high-grade porphyry cores.

CEO Sam Lee characterized the current environment as unprecedented for natural resource extraction, with federal government support through trade missions and political alignment creating optimal development conditions. This macro backdrop, combined with the company's proven capital allocation track record and institutional validation, positions Northisle to capitalize on favorable commodity cycles while pursuing both near-term development economics and long-term district potential.

Learn more: https://www.cruxinvestor.com/companies/northisle-copper-gold

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Clark, CEO, Fury Gold Mines

Our previous interview: https://www.cruxinvestor.com/posts/fury-gold-mines-tsxfury-multi-asset-canadian-high-grade-gold-explorer-with-strong-financials-5957

Recording date: 11th September 2025

Fury Gold Mines has emerged as a compelling investment opportunity in the junior gold mining sector, presenting multiple pathways to value creation through its high-grade Eau Claire resource in Quebec and diversified portfolio approach. The company's recently released preliminary economic assessment demonstrates robust standalone economics with a $554 million net present value and 41% internal rate of return, based on conservative $2,400 gold pricing.

What sets Fury apart from typical junior miners is its strategic toll milling optionality, which could dramatically enhance returns while reducing capital requirements. Located 50-60 kilometers from an underutilized processing facility, the company has modeled scenarios showing potential IRR increases to 84% under full toll milling arrangements. This flexibility addresses one of the primary challenges facing junior developers: substantial upfront capital expenditure.

The company's financial strength provides significant competitive advantages through its $65 million equity position in Dolly Varden Silver Corporation and New York Stock Exchange listing, which grants access to US retail investors comprising two-thirds of the shareholder base. CEO Tim Clark emphasizes this positioning enables selective capital raising while maintaining disciplined dilution management of just 3-4% annually.

Beyond the flagship Eau Claire project approaching 2 million ounces, Fury maintains additional growth catalysts including a partnership with Agnico Eagle on Committee Bay properties in Nunavut and recently acquired Quebec assets. The company also holds the only full feasibility study on an unbuilt rare earth project, adding further monetization potential.

Despite recent 30% share price appreciation following the PEA release, Clark believes Fury remains significantly undervalued at $25 per ounce compared to peer averages of $50 per ounce. With sustained gold price strength driving renewed investor interest in quality junior miners, Fury appears positioned to capture disproportionate value as market recognition increases and development activities advance across its diversified portfolio.

Learn more: https://www.cruxinvestor.com/companies/fury-gold-mines

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Appleyard, President & CEO of TriStar Gold Inc.

Our previous interview:

Recording date: 11th September 2025

TriStar Gold Corporation represents a compelling high-risk, high-reward investment opportunity centered on the exceptional economics of its Castelo de Sonhos gold project in Brazil's Pará state. The project's fundamentals are outstanding, containing 1.4 million ounces of probable gold reserves that generate a post-tax net present value of $1.4 billion at conservative $3,200 per ounce gold assumptions. This creates a remarkable valuation disconnect with TriStar's current market capitalization of approximately $55 million.

The investment thesis is built on the project's technical simplicity and robust economics. CEO Nick Appleyard characterizes the operation as "sand and gold. Nothing else. Simplest processing you're ever going to see." This straightforward metallurgy reduces both technical risk and capital requirements while supporting strong margins throughout the mine life. Production profiles indicate significant scale, with the first seven years averaging 150,000 ounces annually before stabilizing at 120,000 ounces, positioning Castelo de Sonhos as a meaningful mid-tier gold operation.

Location advantages further enhance the project's attractiveness. Proximity to existing road infrastructure reduces capital requirements typically associated with remote site development, while the technical simplicity of processing sand-hosted gold mineralization supports both economic viability and development timeline efficiency.

The current investment opportunity stems from regulatory challenges that have created substantial valuation dislocation. TriStar faces permit suspension recommendations from Brazilian prosecutors based on allegedly insufficient indigenous consultation. However, the factual basis for these concerns appears questionable, with referenced indigenous groups located over 100 kilometers from the project site and no demonstrated environmental or cultural impact from exploration activities.

Importantly, TriStar maintains strong local support where it matters most. Communities within reasonable proximity to the project support the company's activities, benefiting from employment opportunities and development programs. State regulatory agencies have provided robust defense of TriStar's permit applications, with the state environmental agency emphasizing that the company has followed all proper procedures and operates far from any potential impact areas.

The legal process follows a defined timeline with defense filings expected by mid-October 2025, followed by judicial review through early 2026. Management estimates that approximately $1.5 million in legal and consultation expenses could provide project clarity and unlock construction licensing, representing modest capital deployment relative to potential value creation.

Risk mitigation factors support the investment thesis despite regulatory uncertainty. TriStar maintains sufficient capital to navigate the legal process without forced fundraising at disadvantageous terms, while the company's single-asset focus allows management to concentrate entirely on resolution. The involvement of FUNAI, Brazil's federal indigenous affairs agency, provides procedural safeguards through evidence-based assessment standards rather than subjective claims.

Historical precedent supports optimism for resolution. Similar regulatory challenges in Pará state have generally been resolved with projects advancing to production, suggesting these hurdles follow predictable patterns with established resolution mechanisms. Brazilian mining attorneys view such challenges as part of the operating environment rather than terminal project risks.

For investors comfortable with Brazilian regulatory complexity and willing to accept defined timeline risk, TriStar Gold offers exceptional return potential through what management estimates could be a $100 million market value recovery upon regulatory clarity.

Learn more: https://cruxinvestor.com

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, CEO of New Found Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/new-found-golds-strategic-maritime-resources-acquisition-building-canadas-next-gold-producer

Recording date: 15th September 2025

New Found Gold Corp. has strategically strengthened its leadership team with three key appointments that position the company for its transition from developer to producer following the Maritime Resources acquisition. The headline appointment sees Dr. Andrew Furey, former Premier of Newfoundland and Labrador, joining the board of directors, bringing unparalleled political connections and regulatory expertise to guide operations in the province where both Hammerdown and Queensway projects are located. CEO Keith Boyle emphasized the strategic value, noting that "the political world and all those connections really do help a business and that oversight, making sure that we advance in the right way, that's gold."

The operational leadership team has been enhanced with the appointment of Hashim Ahmed as CFO, bringing proven experience from Mandalay Resources and Jaguar Mining, and the promotion of Robert Assabgui to COO, leveraging his decades of mining engineering experience including successful development of Hudbay's Lalor mine. These appointments address the sophisticated financial and operational requirements as New Found Gold manages both Hammerdown's production ramp-up starting in early 2026 and Queensway's C$155 million Phase 1 development.

The leadership expansion builds on the Maritime acquisition's strategic rationale, which Boyle described as creating synergies where "Maritime's got a nice little gold mine operation coming into production later this year and that gold production will help fund phase one of the Queensway project." With Hammerdown projected to contribute approximately C$70 million in cash flow and Queensway Phase 1 targeting 69,300 ounces annually, the enhanced team provides the expertise needed to achieve the company's objective of "cracking the 200,000-ounce mark." The appointments collectively reduce political, operational, and financial risks while positioning New Found Gold to capitalize on district-scale exploration opportunities across its expanded Newfoundland land position in a Tier 1 mining jurisdiction.

—

Learn more: https://cruxinvestor.com/companies/new-found-gold

Sign up for Crux Investor: https://cruxinvestor.com