Interview with Nicholas Holthouse, MD & CEO, and Peter Ruse, Head of Corporate Development, Mont Royal Resources

Recording date: 21st October 2025

Mont Royal Resources (ASX:MRZ) is preparing to list on the Australian Securities Exchange on 5th November 2025, following its merger with Commerce Resources. The combined entity brings together North America's largest undeveloped rare earth deposit - the Ashram project in Quebec, Canada—with experienced management and a clear development strategy aimed at capitalizing on unprecedented Western government support for critical minerals.

The Ashram deposit contains nearly 200 million tons of resource grading approximately 2% total rare earth oxide (TREO), supported by over 30,000 meters of drilling. What distinguishes the project is its exceptional metallurgical characteristics, with CEO Nicholas Holthouse noting the asset produces concentrates of 35-37% through strong flotation kinetics, a critical factor where many rare earth projects fail to deliver despite promising headline numbers.

Holthouse, who brings eight years of rare earth sector experience including roles at Hastings Technology Metals and Meteoric Resources, will relocate to Montreal to oversee development. This on-site leadership approach mirrors the successful strategy employed by Michael O'Keefe at Champion Iron, also operating in Quebec.

The company plans to scale operations to 1.2 million tons per year throughput, producing approximately 2,800-3,000 tons of NdPr annually, a "bite-sized chunk" attractive to separators while maintaining scalability for future expansion. The project also contains valuable fluorspar mineralization, contributing 10-15% of projected value and addressing North American supply shortages.

The merged entity will comprise approximately 190 million shares at 20 cents per share with $10 million cash, creating an enterprise value of $25 million - compelling value for a resource of this scale. Near-term focus centers on securing government support for road infrastructure connecting the remote deposit to markets, leveraging Canada's recent commitment to allocate 1.5% of GDP specifically to critical mineral projects and associated infrastructure.

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Interview with Paul Ténière, CEO, Lafleur Minerals

Our previous interview: https://www.cruxinvestor.com/posts/lafleur-minerals-cselflr-swanson-expansion-targets-500k1m-oz-resource-in-quebec-gold-camp-8112

Recording date: 28th October 2025

Lafleur Minerals is positioning itself for gold production within 12 months through the strategic integration of its Swanson deposit with the fully-owned Beacon Gold Mill in Quebec. CEO Paul Ténière outlined the company's comprehensive development plan during a detailed discussion, emphasizing how existing infrastructure and historical data are being leveraged to accelerate the path to production.

The company is targeting completion of a preliminary economic assessment by December 2025, though Ténière noted the study approaches prefeasibility-level detail despite its PEA classification for regulatory purposes. "It's kind of misleading in a way to call it a PEA. We're calling it a PEA level only because really we're moving into a PFS level," he explained. The scope includes comprehensive work by ERM consultants covering pit design, metallurgical testing, ore sorting evaluation through SRC in Saskatchewan, and a mineral resource update incorporating twin holes at Swanson.

The Beacon Gold Mill, which operated until 18 months ago under previous ownership by Monarch Mining, provides Lafleur with detailed operating cost data rarely available to development-stage companies. A dedicated team of engineers is already mobilized at the site, with initial maintenance and repairs estimated at $2-6 million. The restart strategy includes processing 5,000 tons of existing stockpile to validate equipment performance before Swanson material arrives in early 2026.

Swanson's location on an existing mining lease 45-50 kilometers from Beacon significantly streamlines the permitting pathway. The company needs only to submit an updated mine plan and environmental closure plan to Quebec authorities, a process Ténière indicated "can be done in a matter of months" rather than years. The initial development phase envisions an 80,000-100,000 ton bulk sample that represents the first phase of mining, serving to validate metallurgical projections while generating early cash flow.

Beyond the initial open-pit scenario, Lafleur has identified multiple expansion pathways including underground resources at Swanson showing higher grades at depth, potential mill expansion to 3,000 tons per day, and custom milling opportunities for regional deposits.

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

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Interview with Michael Gentile, Investor

Recording date: 6th October 2025

Michael Gentile, a strategic investor with 25 years of institutional money management experience, is conducting a five-city European roadshow featuring six of his largest portfolio investments. The tour through London, Paris, Geneva, Zurich, and Frankfurt comes at a pivotal moment—gold prices are reaching new highs while institutional appetite for precious metals equities returns after years of dormancy.

Gentile's investment approach centers on contrarian positioning in the junior mining sector. His gold thesis, established during the 2018 downturn, was built on concerns about unsustainable government debt levels, excessive spending, and questionable monetary policy. While these fundamental concerns have intensified over seven years, market recognition has lagged dramatically as investors remained captivated by extraordinary returns in technology and artificial intelligence sectors.

The investor manages a portfolio of 25-30 junior mining companies, typically entering positions at $5-20 million market capitalizations. His philosophy emphasizes three critical elements: significant insider ownership to align management with shareholders, disciplined capital allocation that avoids excessive dilution, and strategic acquisitions during downturns rather than expensive drilling programs when capital is scarce.

What makes the current environment particularly compelling is the fundamental shift in gold demand. Central banks have been the primary driver of gold prices since 2019, acting as price-agnostic buyers targeting specific allocation percentages. Now, institutional investors and family offices are beginning their first meaningful allocations to precious metals—a sector representing just 0.5% of global investor capital despite its growing monetary importance.

Gentile notes that mining companies are already highly profitable at current gold prices, eliminating the need for further appreciation to justify equity valuations. Despite recent strength, the sector shows none of the typical exuberance that characterizes late-cycle peaks, suggesting the rally remains in its early innings with substantial room for growth.

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Interview with Craig Jones, Managing Director & CEO of Perseus Mining

Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-record-financial-results-capital-returns-7829

Recording date: 27th October 2025

Perseus Mining has embarked on a new leadership chapter with Craig Jones assuming the managing director and CEO role, bringing 15 years of operational and capital project expertise from Newcrest Mining to guide the African-focused gold producer through an ambitious expansion phase.

Jones outlined a strategy centered on operational continuity rather than radical change. The focus remains squarely on delivering Perseus's five-year growth plan, which encompasses three key pillars: maintaining performance across existing operations, ramping up the Nyanzaga project in Tanzania by March quarter 2027, and developing CMA Underground as the company's first underground mine.

The September quarter results underscored the operational foundation supporting this growth agenda. Perseus produced just under 100,000 ounces at an all-in sustaining cost of $1,463 per ounce, generating $161 million in operating cash flow while maintaining an industry-leading safety record with a 6.0 total reportable injury frequency rate. The company ended the quarter with net cash and bullion of $837 million.

This robust balance sheet positions Perseus to fund more than $800 million in planned capital expenditure over five years without requiring debt financing, while simultaneously supporting a $100 million share buyback program. "We can fund all of our aspirations through the cash that we have on the balance sheet," Jones stated.

All three operating mines - Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana are transitioning to higher-grade ore sources that should lift production in coming quarters. Meanwhile, the Nyanzaga project is tracking on schedule and budget with over 1,000 workers on site, mill fabrication ahead of schedule, and promising exploration results suggesting a potential reserve update later this year.

Jones emphasized Perseus's commitment to its African focus, noting that any acquisitions outside the region would require compelling strategic rationale. "You have to stick to your knitting," he explained, highlighting the company's expertise in building and operating mines across West Africa as its core competitive advantage in creating shareholder value.

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Interview with Kevin Bailey, Executive Chairman & CEO of Po Valley Energy

Recording date: 27th October 2025

Po Valley Energy, a $60 million Australian-listed natural gas producer operating in northern Italy's Po Valley basin, represents a compelling investment case built on immediate cash generation, visible production growth, and alignment with Europe's energy security priorities. With a single well currently producing and plans to drill multiple additional wells over the next two years, the company offers exposure to premium European gas pricing in a geopolitically strategic market.

The company's sole producing asset, the Podere Maiar well in the Selva Malvezzi concession, has delivered consistent performance since commencing production in 2022, flowing 79,000-80,000 standard cubic meters per day and generating approximately $10,000 AUD in daily revenue. Operating at 60% free cash flow margins with minimal overhead costs of just $2 million AUD annually, Po Valley maintains a debt-free balance sheet with $15 million AUD cash on hand.

Russia's invasion of Ukraine in February 2022 fundamentally transformed Po Valley's economics and strategic positioning. Gas prices, which historically traded at €0.20 per standard cubic meter, now rarely fall below €0.30 and frequently trade at €0.50 or higher. The Italian government, having reduced domestic production from 40% to just 8% while becoming dependent on Russian imports, is now actively encouraging producers to accelerate development and restore indigenous supply.

Po Valley plans to drill 4-5 additional wells over the next two to three years, targeting known anticlines that ENI identified during exploration campaigns in the 1950s-1970s but did not fully develop. The company estimates this program will cost €35-40 million, of which its 63% operated interest represents approximately €22-25 million. With current cash reserves and ongoing production expected to fund 60%+ of requirements internally, Po Valley anticipates needing only modest debt financing or a small equity raising to complete the program. Once new wells are connected, production is expected to increase 3-4x to over 300,000 scm/day.

Chairman and CEO Kevin Bailey, who owns 25% of the company through open market purchases, has emphasized Po Valley's focus on shareholder returns rather than empire building. Management intends to return capital via dividends or buybacks once the drilling campaign is complete, with no interest in acquisitions or expansion beyond core assets.

Beyond its producing concession, Po Valley owns the offshore Teodorico asset containing approximately 37 billion cubic feet of 2P gas reserves, valued at $40-50 million AUD in 2022 - nearly equal to the company's current market capitalization. While not planning independent development, management will derisk this asset for potential sale to larger European operators.

View Po Valley Energy's company profile: https://www.cruxinvestor.com/companies/po-valley-energy-limited

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Recording date: 24th October 2025

Derek McPherson (Executive Chair) and Sam Pelaez (President, CEO, and CIO) of Olive Resource Capital are viewing recent weakness in gold and mining equities as a buying opportunity rather than a trend reversal, despite gold correcting from $4,300 to $4,000 per ounce and leading equities declining 15-20% from recent highs.

In their October 24th podcast recorded from Zurich, the duo characterized the pullback as normal seasonal volatility within an ongoing bull market. Sam noted that gold reached an RSI reading of 92—the highest ever recorded before the correction, suggesting the rally had extended beyond sustainable levels. Historical analysis shows mining equities commonly correct 33-66% within bull markets, making current pullbacks of 10-20% modest by comparison.

The team has strategically positioned for this volatility, transitioning from net sellers in August-September to net buyers in October after raising approximately 10% cash. They plan to increase deployment through November-December, particularly targeting high-conviction names like K92 Mining and Bellevue Gold that have pulled back significantly.

Derek and Sam identified the upcoming Q3 earnings season as a critical catalyst for renewed momentum. With the third quarter featuring the highest gold prices on record, producers should report exceptional results. Additionally, buyback programs, typically suspended during pre-earnings blackout periods are expected to reactivate around November 15, providing technical support.

The duo emphasized that the fundamental investment thesis remains intact. The "monetary debasement trade" continues with government spending growing faster than economic output, exemplified by the Department of Homeland Security spending $181 million on private jets during a government shutdown. They also noted copper presents opportunities, with the commodity holding firm at $5 per pound while equities have weakened.

With most gold equities trading within 10% of 52-week highs, tax-loss selling pressure should be minimal this year, potentially allowing momentum from Q3 earnings to carry through year-end and into what is historically the strongest seasonal period for commodities in Q1 2026.

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Interview with Sam Spring, President and CEO, Kincora Copper

Our previous interview: https://www.cruxinvestor.com/posts/kincora-copper-tsxvkcc-project-generator-strategy-transforms-growth-path-6975

Recording date: 20th September 2025

Kincora Copper has successfully transformed from a traditional single-project explorer into a diversified project generator, backed by prominent resource investors Rick Rule and Jeff Phillips through a C$4 million financing with a 12-month hold period. Following a 10-for-1 share consolidation, the company now operates with only 43 million shares outstanding and less than 40% free float, creating one of the tighter capital structures in the junior mining space.

The strategic pivot emerged after the company invested over A$11 million and drilled 24,000 meters at its flagship Trundle project without achieving the share price movement or technical breakthrough needed to justify continued sole-funded exploration. President and CEO Sam Spring recognized that the traditional exploration approach risked exhausting capital before reaching discovery scale. The solution: partner projects while retaining meaningful equity stakes of 20-30%.

Since adopting the project generator model, Kincora has completed five deals unlocking approximately $100 million in partner funding commitments. The company has already deployed $6.5 million across 13,500 meters of drilling from Q4 2024 through Q2 2025, with seven different licenses scheduled for drilling over the coming year. Critically, Kincora operates two earning joint ventures and receives management fees, creating an income stream that approaches covering all corporate costs.

AngloGold Ashanti has emerged as the most active partner, planning approximately 11,000 meters of drilling across three projects in the Macquarie Arc, home to Australia's second-largest porphyry mine at Northparkes and Evolution Mining's flagship Cowal operation. The company has retained its two most advanced projects—Trundle and Fairholme—seeking optimal partnerships that preserve long-term value rather than simply accessing near-term drilling capital.

Additional opportunities include the Bronze Fox project in Mongolia, which offers near-term SX-EW copper production potential at current prices, and the Condobolin project in the consolidating Cobar Basin. Spring emphasizes the portfolio approach: "Any one disappointment isn't going to be a disaster to the share price, but any one big success will give you that multiple re-rating."

Learn more: https://www.cruxinvestor.com/companies/kincora-copper-limited

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Interview with Dan Barnholden, CEO of Luca Mining Corp.

Our previous interview: https://www.cruxinvestor.com/posts/luca-mining-tsxvluca-high-grade-drilling-results-boost-mexican-mining-operations-7559

Recording date: 22nd October 2025

Luca Mining (TSXV:LUCA) is pursuing an ambitious transformation strategy designed to triple its market capitalization from $300 million to over $1 billion by scaling production to 200,000 ounces of gold equivalent annually. The company operates two underground mines in Mexico-Campo Morado, a polymetallic VMS deposit in Guerrero, and Tahuehueto, an epithermal gold-silver mine in Durango—both previously starved of capital for a decade.

CEO Dan Barnholden, bringing two decades of investment banking experience, has spent his first year stabilizing operations and strengthening the balance sheet. With only $6 million in debt remaining, two-thirds retiring by year-end 2025 and complete elimination by June 2026 and $25 million in cash reserves, the company is pivoting decisively toward growth.

The most compelling element of Luca's strategy centers on transforming Campo Morado from a zinc-focused operation into a significant gold producer. Currently recovering only 20-30% of gold content, the company has engaged Ausenco to develop metallurgical processes targeting 50-70% recovery rates. "At Campo Morado, if we can double the gold grades, if we can better than double the gold recoveries, now you're talking about a real gold mine," Barnholden explained.

Simultaneously, drilling at the Reforma zone has delivered exceptional results, with intercepts of 30+ meters grading over 12 grams per ton gold equivalent. Management believes this represents a potential 8 million ton high-grade gold pod that could position Campo Morado as an 80-100,000 ounce annual producer.

Tahuehueto offers a more straightforward expansion pathway, with mill capacity increasing from 1,000 to 1,500 tons per day targeting 40-50,000 ounces annually. The company has also engaged three investment banks pursuing strategic acquisitions in Mexico's consolidating mining sector, where five competitors were acquired over the past year.

With operating cash flow funding exploration without dilution and debt elimination providing maximum financial flexibility, Luca Mining presents investors with a clear roadmap from mid-tier producer to potential billion-dollar enterprise.

View Luca Mining's company profile: https://www.cruxinvestor.com/companies/luca-mining-corp

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Interview with
Kiran Patankar, President & CEO of Maple Gold Mines
Matt Manson, President & CEO of Radisson Mining Resources Inc.

Recording date: 16th October 2025

Two junior mining companies are systematically advancing high-grade gold projects in Quebec's Abitibi greenstone belt, leveraging the region's extensive infrastructure while pursuing disciplined capital allocation strategies that prioritize technical de-risking over speculative development.

Radisson Mining Resources focuses on the O'Brien Gold Project, a historical high-grade mine that operated until 1957 when economic constraints at $35-per-ounce gold forced closure at one-kilometer depth. CEO Matthew Manson now targets two kilometers as the economic floor, with approximately 1.5 million ounces of high-grade resources currently identified. The company has launched a 140,000-meter drill program, its largest ever, to systematically expand the resource base within the well-understood Piché formation geology adjacent to the Cadillac-Larder Lake break.

Maple Gold Mines controls 481 square kilometers straddling the Cadillac Break, hosting over 3 million ounces including the historical Eagle mine that produced one million ounces at 6.5 grams per tonne between 1974 and 1993. Since 2021, CEO Kiran Patankar has restructured operations, reducing annual administrative costs from $6 million to $2 million while repositioning the company's joint venture with Agnico Eagle. The restructuring secured 100% project ownership while maintaining Agnico Eagle as a strategic equity partner.

Both companies executed substantial institutional financings, with Radisson raising approximately $25 million through a fully institutional bought deal involving 22 institutions, and Maple securing investment at a 100% premium to previous rounds, including a $7 million lead order from a US mutual fund. These financings deliberately targeted long-term institutional investors rather than retail speculators, with Maple implementing 12-month lock-up agreements to ensure shareholder alignment.

The Abitibi region provides critical infrastructure advantages that fundamentally alter project economics. Highway access, grid power at 4 cents per kilowatt-hour, proximity to multiple operating mills with existing permitted capacity, and an established mining workforce reduce capital requirements and enable toll milling opportunities. Both CEOs reject small-scale, bootstrapped development approaches in favor of right-sizing projects based on optimal economics.

Strategic investor Michael Gentile plays a central role in both companies, providing capital, board expertise, and validation through thorough diligence-based investment decisions. His involvement signals quality to sophisticated investors and provides network access to institutional capital sources.

With discovery costs around $30-40 per ounce against current company valuations near $150 per ounce, both management teams emphasize that successful systematic exploration creates immediate shareholder value accretion while positioning assets for potential acquisition by producers seeking to extend existing mill operations.

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Interview with Ravi Sood, Chairman & CEO of Golconda Gold

Our previous interview: https://www.cruxinvestor.com/posts/golconda-gold-tsxvgg-aiming-to-deliver-a-step-change-in-production-4824

Recording date: 20th October 2025

Golconda Gold has established itself as a disciplined precious metals producer, emerging from a decade-long bear market to operate two permitted gold mines with strong growth prospects. The flagship Galaxy Gold Mine in South Africa, currently producing just over 10,000 ounces in 2025, is set for a production ramp up to more than 40,000 ounces annually by 2028. This expansion leverages the existing infrastructure, specifically a 50,000-ton-per-month mill running at only 30-40% utilization, which supports fourfold output growth without major new investment. 

The company is preparing to bring its second asset, the Summit Gold Mine in New Mexico, into production in mid-2026, targeting a steady-state 12,000 gold equivalent ounces a year. Both assets were acquired at nominal cost through distressed situations, allowing Golconda to bypass the heavy development and permitting risks that typically challenge junior miners.

A defining feature of Golconda's model is its commitment to self-funded growth, with all expansion financed from internal cash flows and no reliance on equity dilution or additional debt. This approach, underpinned by more than 40% insider ownership, has driven management to prioritize survival through cost control and strict preservation of the share count—an approach that preserved capital structure during market lows and now positions the firm to maximize returns as gold prices surge. By the end of 2025, Golconda expects to be debt-free and operating with positive cash flow, having already repaid all creditors and a key offtake credit line.

Management describes Galaxy's current approach as "harvest mode," prioritizing cash generation and risk-adjusted returns, particularly in light of the mine's 74% ownership structure due to local regulations. The clear capital discipline is also evident at Summit, where contract mining has been chosen to ensure operational effectiveness in a remote environment, despite higher reported costs. Looking ahead, Golconda’s financial flexibility enables future capital distribution—potentially through buybacks, dividends, or further opportunistic acquisitions. For investors, Golconda offers a unique value proposition: a resilient, undiluted growth platform with long-life assets, prudent management, and the upside of flexible capital allocation in a favorable gold price environment.

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

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