Company Interviews

Interview with Darcy Vis, VP Exploration of GoldInxs Mining Corp.

Recording date: 2nd November 2026

GoldInxs Mining Corp. has started the first modern, systematic drill test at its flagship Fishpot Project in central British Columbia. The maiden program is planned at approximately 2,000 m of diamond drilling over 8 to 10 holes on the over 5,500-hectare property with only 378 m of historic drilling in 2 holes and no drilling since 1995. Vice President Exploration Darcy Vis explained how the program is designed to show whether a large alteration footprint holds a valuable mineralized system.

Vis generated the targets himself, starting from geology and trace geochemistry and then adding geophysics. Magnetic data showed where features lay but not their depth, so the company used a 53.4-line-km 3D IP survey to set azimuths and dips. A satellite-based Virtual DRILL system by Ripplinger, added further depth estimates. Vis said he has never had success drilling blind geophysical targets, and that chargeability anomalies alone could reflect pyrite or graphitic sediments. The company therefore requires a target to connect to other evidence.

Drilling opened at the Lightening Zone, where resistivity above 800 ohm-m and chargeability above 20 mV lie beneath a 2 km by 500 m surface zone of intense silica alteration, with overlapping Au, Ag, Cu, Bi, Sb and Zn anomalies. The other priority zones are Thriller, Believin’, Luftballon, Southside and BullsEye. Surface rock samples returned up to 5.65 g/t Au, 11.35 g/t Ag and 0.42% Cu, which the company states are not indicative of expected drill grades.

The geological model is Artemis Gold’s Blackwater Mine, approximately 65 km away, which holds proven and probable reserves of 334.3 Mt at 0.78 g/t AuEq, containing approximately 8.0 Moz Au and 62.2 Moz Ag. Vis cited similar sericite and kaolinite alteration, fine-grained disseminated sulfides and similar volcanic rocks. GoldInxs is targeting lower-grade, bulk-tonnage mineralization. The company states that no mineral deposit has been identified at Fishpot and that the similarities do not imply comparable mineralization.

Labs are quoting approximately 7 to 8 weeks, and GoldInxs is targeting first results early in the new year. Vis said wide zones of silica, veining or breccia would be encouraging even with gold around 0.1 g/t or below 0.5 g/t, since a single core is a small sample within a 2 km target. Propylitic or phyllic alteration would support the porphyry concept. Mineralization keeps the drill on a target for multiple holes, and a poor result moves it to the next zone.

GoldInxs closed C$1.25 million across 2 tranches. Vis said the funds cover this program and all assays, after which the company must raise again. As of October 2026, the company had 45,999,802 shares outstanding and 69,083,381 fully diluted. The property is under option from Golden Tiger Minerals, controlled by director Barry Miller, with up to 100% available subject to a 2% NSR. A 5-year area-based permit covers 12 holes, and an amendment is planned. First assay results and the terms of the next financing are the next markers for the investment case.

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Interview with Nolan Peterson, CEO of Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-c300m-in-lender-interest-secured-as-road-salt-prices-nearly-double-12094

Recording date: 2nd November 2026

Atlas Salt is developing the Great Atlantic Salt Project in Newfoundland, designed for 4 million tonnes (Mt) per year over a 24.3-year mine life. Chief Executive Officer Nolan Peterson gave a public run-through of Meridian, the company’s internally built model of the North American salt market, and laid out why he thinks reserve capacity claimed by producers is not there.

Peterson’s evidence is bidding behavior. Last year some cities drew bids from two or three mines, and this year many of those mines are not bidding on the same contracts. He said inventory built during mild winters has been exhausted, and diesel costs are adding pressure at domestic mines and for importers. The flooding of Morton Salt’s Fairport Harbor mine in Ohio removed a mine that was not among the 4 Atlas Salt had been watching for shutdown risk. Atlas Salt’s company presentation cites a low bid of US$160 per ton against US$88 a year earlier at one purchasing council, and 18 Ohio counties with no offers in a first round.

Meridian was built by Andrew Smith, Director of Project Strategy & Execution, to test the 4 Mt rate set in the 2025 Updated Feasibility Study. It combines demand at every selling node with road, rail and barge networks, estimated mine costs and seaborne imports, then uses Monte Carlo statistics to show who can win each market. The run shown displaces primarily foreign imports. An uncapped run places up to 7 million tons at a profit, although the last ton earns less than the first. The model uses last year’s pricing and excludes this year’s fuel price increases.

Peterson said Great Atlantic would be the lowest-cost producer in North America, with transportation providing the advantage over imports from Chile, Egypt and North Africa. The presentation shows 3 days to ship to Boston, against more than 14 days from Egypt or Chile. The study shows operating cost of C$28.2 per tonne shipped, an after-tax NPV8% of C$920M, a 21.3% after-tax IRR and a 4.2-year payback. Enterprise value was C$144.1M on October 23, 2026. Peterson’s position is that the case holds even if the market normalizes, because the numbers already use last year’s pricing.

Demand looks steady in his account. Most salt sells under contract in spring and summer, cities fill their yards each year, and no substitute has reached mass scale in 60 years. Calcium chloride and magnesium chloride cost 5 to 10 times as much as road salt.

The open items are financing and offtake. The presentation sets C$589M of pre-production capital against more than C$300M of letters of interest, and lists the financing package and remaining permits as milestones still to be completed, with production estimated by 2030. Project Blue’s market work for lenders produced a price model above the feasibility study price. Atlas Salt holds a memorandum of understanding with Scotwood Industries targeting 1.25 to 1.5 Mt per year and is in discussions with other partners.

Learn more: https://www.cruxinvestor.com/companies/atlas-salt

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Interview with Bo Sears, CEO of Helix Exploration

Our previous interview: https://www.cruxinvestor.com/posts/helix-exploration-lsehex-self-funding-model-for-helium-exploration-7306

Recording date: 28th October 2026

Helix Exploration (LSE:HEX) has moved further along the helium value chain than most listed peers. The company produces gaseous helium at its Rudyard project in northern Montana and, since July 2026, owns the Keyes helium liquefaction complex in Oklahoma. CEO Bo Sears, who has 26 years in the helium industry, says Keyes makes Helix hold one of only six helium liquefiers in the United States.

Rudyard is the upstream engine. Its gaseous plant can handle up to 6 million cubic feet of raw gas per day at maximum capacity, which Sears expects could fill roughly one 160,000-cubic-foot tube trailer every other day. Processing relies on membranes and pressure swing adsorption, a low-pressure route with nominal power and compression costs. Membranes need no power, so capacity can be added in modular steps as more gas becomes available. Sears says the plant was bought at a steep discount, which keeps the capital base low.

Helix owns its own used drilling rig and crew, which Sears says pays for itself after three wells by removing mobilisation costs and day rates of up to $20,000. It is the only rig in northern Montana, according to Sears. The company is drilling its fifth well, with Ollie #1 awaiting perforation and a flow test and the rig now at Ross #1. Permits are granted per well by the Montana Board of Oil and Gas Conservation, and the most recent took a couple of days. Helix now files in batches to keep the rig moving.

All Rudyard gas is contracted until the end of the first quarter of 2027. Pricing and the buyer are confidential, but Sears describes the terms as very good given today's shortage. He expects firm pricing at least until the current conflict ends and does not assume spot-level prices will last indefinitely.

Keyes is the downstream differentiator. Sears says the plant came with take-or-pay contracts and tolling arrangements, is already making money and is running at maximum capacity. He puts its input at 465,000 cubic feet, equivalent to 13 liquid ISO containers a month. It also owns several hundred miles of gathering pipeline, giving Helix midstream tolling revenue. Unlike larger plants fed by the declining Hugoton field, Keyes was designed for explorer gas, so it can toll for third parties. Sears does not plan to expand it, noting a new liquefier would cost $50 million to $100 million.

The macro backdrop has strengthened. The US Department of Energy designated helium a critical material on October 2026, and Sears says this opens funding and tax credit opportunities.

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Interview with Craig Hallworth, President & CEO of Gunnison Copper

Our previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxgcu-commercial-production-hit-5-partner-stake-targeted-12092

Recording date: 28th October 2026

Gunnison Copper Corp. (TSX:GCU, NYSE American:GUNN) is a pure-play copper company with a producing mine in Arizona and a large development project next door. On 26 October 2026 it began trading on NYSE American under the ticker GUNN. CEO Craig Hallworth said the move followed a review of companies whose trading volume and market value generally rose after similar listings. He reported that more than 27 million shares traded on the first day, over 10 times the 30-day average, and that the shares traded more than 25% above the opening price. The company also plans to award restricted share units to 115 employees to mark the listing.

Johnson Camp, the producing asset, declared commercial production in Q3 2026. Hallworth expects full production of more than 2 million lbs of cathode a month by the end of Q4 2026, up from about 1.3 million lbs a month in September. He declined to give recovery numbers before the Q3 financial statements, but said recovery curves are running faster than expected in some cases. The Nuton sulfide leach circuit, developed by Rio Tinto's Nuton venture, now supplies at least 60% of output.

That share reflects a mine plan built to demonstrate Nuton's technology during Stage 2, which runs to mid-2030. Hallworth acknowledged this raises mining costs because the plan prioritises sulfide ore production ahead of profit. Rio Tinto funded construction and ramp-up in full, and Johnson Camp's profits repay that funding until mid-2030, when any remaining balance falls away. Nuton then holds a one-time right to become a 49% joint venture partner. After Stage 2, Hallworth expects the sulfide share of production to fall to around 17%.

Acid is the biggest operating cost pressure. Hallworth said Arizona spot prices are around $400 a ton or more, against $150 to $160 assumed in many studies. The Gunnison Project PEA includes a $300 million acid plant that would use domestic molten sulfur, with one ton producing three tons of acid. Once built, it should also supply Johnson Camp.

The Gunnison Project PEA outlines about 174 million lbs of cathode a year over 21 years, with an after-tax NPV8% of $1.96 billion and IRR of 22.5% at $4.60/lb copper. Initial capital is estimated at $1.56 billion. The study is preliminary and includes Inferred resources.

Hallworth estimates around $20 million is available for the project, enough to fund six rigs drilling for metallurgy, expansion and infill. He has turned away investors offering $25-50 million, saying he will not raise at the current valuation. The company's presentation puts its P/NAV at 0.22x.

Gunnison will need a partner to build the project. Hallworth sees a mid-tier producer as most likely, and named metallurgical results and permit amendments as the two catalysts. The company targets approval of its amended reclamation plan in December 2026, with remaining major permits through 2028. A relocation of part of Interstate 10, run by ADOT, and a $1 million geophysics programme targeting a possible porphyry add further milestones. Investors should watch the Q3 and Q4 financial statements, the reclamation plan decision and metallurgical results through mid-2027.

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Recording date: 27th October 2026

Olive Resource Capital (TSXV:OC) set out a disciplined plan for one of the most predictable periods in the junior resource calendar. Samuel Pelaez, President, CEO and CIO, and Derek Macpherson, Executive Chairman, argue that tax-loss selling, which has been largely absent during the recent bull phase, has returned. They see it as an opportunity.

The seasonal case is straightforward. Q1 is typically the best quarter for resource investing and Q4 the worst. Q4 combines tax-loss selling, portfolio rebalancing, flow-through financing season and, this year, the US midterm elections. October has historically delivered the largest single-day drawdowns in US markets. In resources, November tends to mark the low, and a late-November or early-December Fed meeting has often coincided with markets bottoming ahead of the Christmas and January rallies.

The mechanics drive the timing. Canadian investors can claim a capital loss against past or future gains but must stay out of the stock for 30 days. Selling has crept earlier each year, often starting after the September conferences, and many US institutions with October 31 year ends add to early pressure.

Olive is well placed to respond. It held about $3 million in cash at the end of September after a recent financing and measured deployment through the year. It plans to invest over the next six weeks.

The shopping list covers seven names:
Li-FT Power (TSXV:LIFT) is a lithium developer at an all-time low that Olive regards as one of very few in the sector capable of becoming an operation. 
Gladiator Metals (TSXV:GLAD) is a Yukon copper explorer with strong drill results and a share price well off its summer levels. 
Prospector Metals (TSXV:PPP) is a well-funded explorer with most of a roughly 100-hole summer programme still to report. 
K92 Mining (TSX:KNT) is a producer whose weakness Macpherson attributes to the market rather than its operations, as it nears the end of its expansion spend. 
Troilus Mining (TSX:TLG) is an advanced developer Olive has historically bought in Q4. Sunday Lake Gold (TSX:SNDY), the former Wallbridge, now has Agnico Eagle and Waratah Capital Advisors as roughly 19.9% holders each and trades below the price they paid. 
White Gold Corp. (TSXV:WGO) has added Donovan Pollitt as President to drive the move towards development.

Three rules guide execution. First, avoid companies that need financing before year end. Second, wait for summer financing shares to come free, around mid-November for Gladiator and mid-December for Li-FT. Third, let expected flow-through raises close before buying, with early to mid-December as a practical cut-off.

The thesis rests on the view that the longer-term commodity bull market is intact. If that holds, the partners expect a material lift in many of these stocks over the next three to four months. Investors should note that this is Olive's own positioning, not advice, and should conduct their own research.

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Interview with Adam Davidson, CEO of Arc Mineral Royalties

Recording date: 27th October 2026

Arc Mineral Royalties (TSXV:ARO) is a newly listed royalty company built around a specific origination advantage. Chief Executive Officer Adam Davidson and his team previously built Trident Royalties from a shell company into a cash takeover of roughly US$200 million in about four years. Over that period Trident completed 15 transactions and its share price rose 3.1 times to the takeover price, according to Arc's corporate presentation.

At Arc, the team has paired that experience with Karri Capital Partners, an Australian group whose principals helped build companies including Bellevue Gold, FireFly Metals and Andean Silver. Davidson said Karri owns just under 25% of Arc. The partnership's logic is straightforward. Karri's principals concluded that, had they retained royalties on their earlier projects, they would now hold a highly valuable portfolio. Arc is the vehicle for retaining those royalties on future Karri projects, with Arc's team managing terms and execution.

The first royalty shows the model at work. Arc paid A$5 million for a 1% NSR over the Mt Henry Gold Project in Western Australia, operated by Sinclair Gold. Davidson said the terms were well below market and the royalty was never offered to other buyers. Mt Henry is a past-producing brownfields project with granted mining licences. Sinclair Gold began a 50,000-metre drill programme after acquiring the project in February 2026. Its September 2026 interim resource stood at 1.3Moz at 1.2 g/T gold Measured and Indicated plus 0.5Moz Inferred, with only around 41% of the planned metres included. Davidson said Arc's internal work points to about 2.5Moz to 3Moz after the current programme. Once the resource exceeds 2Moz, Arc can buy a second 1% for A$10 million, which Davidson said Arc would fund with new capital and would not decline.

The second royalty came at nominal cost. Arc took delivery of a 0.5% gross revenue royalty over the Lodestone Iron Ore Project, operated by Killi Resources and chaired by former Fortescue Chief Executive Officer Neville Power. Lodestone hosts a 110 million tonne Inferred resource producing a 69% Fe concentrate, with drilling under way along a magnetite system far larger than the area drilled so far. Davidson highlighted the coarse grind indicated by early testwork, which could mean much lower capital costs than conventional magnetite projects. No study has been published. The gross revenue structure also avoids the shipping deduction common in FOB-based iron ore royalties.

Arc held about C$9 million in cash and had a market capitalisation of about C$57 million as of October 2026. Davidson said Arc can also pursue royalties independently of Karri and will use below-market Karri deals to balance returns on assets bought at market prices. He committed to quarterly shareholder updates.

Learn more: https://www.cruxinvestor.com/companies/arc-mineral-royalties

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Interview with Sean Whiteford, CEO of NexMetals Mining

Our Previous Interview: https://www.cruxinvestor.com/posts/nexmetals-mining-tsxvnexm-higher-copper-pgm-recoveries-set-stage-for-strong-maiden-pea-10208

Recording date: 24th October 2026

NexMetals Mining Corp. (TSXV:NEXM, Nasdaq:NEXM) is redeveloping two past-producing copper-nickel-cobalt mines in Botswana, the Selebi Mines and the Selkirk Mine. In an update with Crux Investor, CEO Sean Whiteford reported that the company has delivered the resource growth it set out in May, while acknowledging that the larger resource has pushed back the Selebi PEA and that funding is the key near-term issue.

At Selebi, the 2026 estimate totals 50.9 Mt, up from roughly 28 Mt in 2024. Selebi North's Indicated resource rose 198% to 8.95 Mt grading 1.03% copper and 1.08% nickel, driven by conversion drilling that also lifted grades. Its Inferred resource rose 63% to 9.48 Mt grading 1.21% copper and 1.13% nickel. Grades improve with depth. Selebi Main's Inferred resource grew 72% to 32.47 Mt grading 1.53% copper and 0.98% nickel, with more than 90% of the increase coming from the Flexure Zone. Between a quarter and a third of the 700-metre by 700-metre BHEM plate hosting that zone remains untested.

The operations closed after the former owner's smelter failed, not because ore ran out. About two years of underground development remains in place at both Selebi deposits, giving the company a potential head start on mining in any restart. A concentrator and tailings facility would still be needed. Whiteford cited a potential rate of 750,000 tonnes per year from Selebi North.

The most notable geological development is evidence that the two Selebi deposits may connect. New drilling shows Selebi North's South Limb flattening at depth and turning toward Selebi Main, with copper grades rising. Consulting geologist Dr Peter Lightfoot identified fresh olivine in magnesium-rich rocks from deep holes in the gap, which is typical of an intrusion's keel where massive sulphide can accumulate. TECT Geological Consulting is on site to identify structural controls on sulphide thickening in the roughly 1.5-kilometre corridor.

That growth has reshaped mine planning. A previously planned shaft at Selebi Main would now sit in the wrong location, so the company is running a trade-off study on mining Selebi Main through existing infrastructure, with options including conveyors, RailVeyor and trucking. The PEA will also look at Selebi North on its own. No revised completion date has been given. Nickel recovery, assumed at 55.6%, is the main metallurgical lever, and the company hopes to reach the 60% range with further flotation testwork.

At Selkirk, the June 2026 estimate raised contained metal by 70%, to 78.2 Mt Indicated at 0.66% CuEq and 15.1 Mt Inferred at 0.60% CuEq, mainly through better metallurgical recoveries. DRA Global is completing a PEA, and management wants to monetise the asset.

Funding is the central risk. Cash of about C$10.5 million at the end of September lasts into the new year, and Whiteford acknowledged that expectations of a raise are weighing on the share price. The company has engaged National Bank of Canada Capital Markets to pursue non-dilutive financing, though no transaction is guaranteed. Investors should watch the funding review, any Selkirk transaction, drilling in the corridor between the Selebi deposits and the revised PEA timeline.

Learn more: https://www.cruxinvestor.com/companies/nexmetals-mining-corp

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Interview with Keith Boyle, Director & CEO of New Found Gold

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxnfgc-q3-hammerdown-production-results-12342

Recording date: 23rd October 2026

New Found Gold Corp. (TSX / NYSE-A: NFGC) has released a revised Preliminary Economic Assessment and updated Mineral Resource Estimate for its 100%-owned Queensway Gold Project in central Newfoundland. At a base case gold price of US$3,600/oz, the study gives an after-tax NPV5% of C$1.728 billion, an after-tax IRR of 126% and payback in under one year. The mine plan outlines 1.744 million ounces of gold over a 15-year phased open pit and underground operation, with average annual production of 116,000 ounces and a peak of 190,000 ounces in 2032. Life-of-mine AISC is estimated at US$1,375/oz.

The updated resource raises Measured and Indicated ounces by 38% to 1.920 million ounces, while Inferred ounces are unchanged at 606,000 ounces. Phase 1 has an average head grade of 13.41 g/t gold, and 97% of its ounces are in the Measured and Indicated categories. Grade control drilling at Keats and Iceberg reconciled closely with the earlier resource model, which supports confidence in the high-grade core.

The plan relies on the company’s own Pine Cove mill, acquired with Hammerdown, which is being converted to a gravity-CIL circuit and expanded to 1,400 tonnes per day. Phase 1 initial capital of C$149.8 million is in line with the previous estimate, and the company reports it is fully funded. It holds about C$167 million in cash, a C$35 million debt facility and expected warrant proceeds, alongside cash flow from Hammerdown.

Later phases add a new on-site mill with dual processing circuits and 86% more underground ounces. The changes improve payability but bring C$832.1 million in growth capital and C$970.8 million in sustaining capital. These costs are intended to be funded from operating cash flow.

The Environmental Preview Report is targeted for submission in Q4 2026. Subject to permits, first Queensway material is expected at Pine Cove in Q4 2027.

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Interview with Rudi Deysel, Managing Director & CEO of West Wits Mining

Our previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-qala-shallows-breakthrough-drives-70000-oz-target-gold-production-10547

Recording date: 22nd October 2026

West Wits Mining (ASX:WWI) has moved from developer to producer at its Qala Shallows gold project on Johannesburg's Witwatersrand Goldfield. First gold was poured in March 2026, and the company is now ramping towards a steady state of 70,000 ounces per annum. CEO and Managing Director Rudi Deysel argues that the market has not caught up with this progress, and that the share price reflects a valuation gap rather than any shortfall in the asset.

The valuation case is straightforward on management's numbers. West Wits has a market capitalisation of about A$165 million and held A$36 million in cash on 7 October 2026. Against a 7.24-million-ounce JORC resource at 4.0 g/T gold, Deysel puts the enterprise value at around A$21 per resource ounce. He compares this with ASX-listed gold peers in Australia, Mali and South Africa trading between A$44 and A$118 per ounce. The company's own presentation, using the 7 October share price, gives A$25/oz.

Funding is the second pillar. A package of about A$97 million from Absa and Nedbank covers construction and the ramp-up. It includes an A$8 million cost overrun facility that the company's current models do not use. Two senior debt drawdowns totalling about A$50 million have been completed. Each required a cost-to-complete test signed off by the banks' independent technical adviser, which Deysel presents as external validation that the project is on track. The facility includes an 18-month holiday on interest and principal.

Operationally, the ramp-up is accelerating. Underground development reached a record 200 metres in September 2026, and surface infrastructure is 61% complete. Ore is toll treated at Sibanye-Stillwater's Ezulwini plant, which removes plant construction risk. Deysel says AISC below US$1,300/oz reflects executed contracts. The updated DFS set life-of-mine AISC at US$1,289/oz using a US$2,850/oz gold price. At around US$4,100/oz gold, management estimates roughly US$200 million of annual margin at steady state, before corporate costs, finance and tax.

The milestone sequence is defined. Primary stoping begins in February 2027, grid power connects in early 2027 and surface infrastructure completes in the third quarter of 2027. Commercial production is targeted for the fourth quarter of 2027, followed by 42,500 ounces in 2028 and steady state in the first quarter of 2029.

Geological confidence rests on the Witwatersrand Basin's history of more than 1.5 billion ounces produced. Deysel cites high resource-to-reserve conversion and positive reconciliations to date. A new decline into virgin ground gives the mine twin access points to the orebody.

Growth sits outside the current valuation. About 6.2 million resource ounces lie beyond the mine plan. The Project 200 scoping study examines 200,000 ounces per annum and is being optimised before release. Bird Reef Central offers uranium-gold optionality, with funded exploration targeting a maiden uranium resource.

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Interview with Charles C. Downie, President & CEO of Eagle Plains Resources

Our previous interview: https://www.cruxinvestor.com/posts/eagle-plains-resources-tsxvepl-five-revenue-streams-29-projects-advancing-in-2026-9412

Recording date: 22nd October 2026

Eagle Plains Resources (TSXV:EPL) is a project generator based in Cranbrook, British Columbia, with more than 30 years of listing history and no share consolidations. Its model is to stake or acquire projects, complete early work with its own cash and then option projects to partners who fund drilling. Under a typical deal, the partner earns 80% and Eagle Plains keeps 20%, plus a royalty.

What separates Eagle Plains from many project generators is recurring revenue. TerraLogic Exploration, its wholly owned geological contractor, works for third parties and on Eagle Plains projects. President and CEO Chuck Downie said TerraLogic typically returns $1 million to $2 million a year to the parent, and that first-half 2026 revenue was around $12.5 million against about $3.6 million a year earlier. Eagle Plains holds about $7.5 million in cash, just over $4 million in securities and about $2.2 million in hard assets, which Downie said allows it to go years without a financing.

The largest active programme is at Black Bay Project in Uranium City, northern Saskatchewan. Six projects covering five past-producing mines and about 50 mineral occurrences are optioned to Xcite Uranium (TSXV:XRI). Downie put total commitments at just over $19 million in exploration, $330,000 in cash and roughly 2.5 million Xcite shares. About $6 million was spent in 2026, and about $12 million would be needed next year to complete the earn-in. Three projects have been drilled. At Don Lake, downhole probes returned strong radiometric results from all three zones tested, but assays are pending. Eagle Plains operates the programme, earns a management fee and keeps a 20% interest carried to a bankable feasibility study.

George Lake, a 100%-owned zinc deposit in Saskatchewan, carries a historical resource of about 7 million tonnes at around 4% zinc. Three holes drilled in 2026 extended mineralisation up to 260 metres down dip. Only about 400 metres of a projected 20-kilometre horizon has been tested. Downie said the route to a partner is to show the deposit can reach 60 million to 80 million tonnes at a similar grade.

Earlier-stage copper-gold exposure comes from Theory, optioned to Sun Summit Minerals (TSXV:SMN), and the adjacent Orbit joint venture in the Toodoggone district, both with assays pending. At Iron Range, partner Earthwise Minerals drilled three holes and identified an upper mineralised horizon that aligns with geochemical and IP anomalies. American Eagle Gold has optioned Hearne Hill South near its NAK project.

Spin-outs remain an important source of shareholder value. Taiga Gold was sold to SSR Mining for cash and Eagle Royalties was acquired through a transaction with Summit Royalties. Eagle Plains states that spin-outs have delivered more than $115 million in value to shareholders.

View Eagle Plains Resources' company profile: https://www.cruxinvestor.com/companies/eagle-plains-resources-ltd

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