Company Interviews

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

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-205m-package-funds-queensway-to-production-9927

Recording date: 5th May 2026

New Found Gold has secured a total of $220 million in financing, combining a $105 million facility and a $115 million equity raise backed by prominent investors such as Eric Sprott. This funding fully covers the development of its flagship Queensway Gold project in Newfoundland, exceeding the $155 million capital expenditure outlined in its preliminary economic assessment. Importantly, the company does not need to draw the optional second tranche of financing, giving it additional financial flexibility as it advances toward production targeted for late 2027.

Queensway stands out for its high-grade ore, averaging 10 to 12 grams per ton in the शुरुआती years, which is significantly above industry norms. The project is expected to produce around 100,000 ounces of gold annually, with all-in sustaining costs estimated at $1,300 per ounce. At current gold prices, this translates into more than $2,300 in free cash flow per ounce, positioning Queensway as a high-margin operation with strong economic resilience.

In parallel, New Found Gold is progressing its Hammerdown mine toward commercial production in the second half of 2026. Ore from Hammerdown is processed at the Pine Cove mill, which is currently operating at 700 tons per day and is being expanded to 1,400 tons per day to support future Queensway output. This use of existing infrastructure reduces both development risk and capital requirements.

Key milestones include groundbreaking for the Pine Cove expansion by mid-2026 and securing an early works permit for Queensway by the third quarter of 2026. With minimal financing restrictions, strong investor backing, and a clear development roadmap, the company has established a well-defined and largely de-risked path to becoming a multi-asset gold producer.

View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold

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Interview with Paul Clarke, CEO, CanCambria Energy

Recording date: 14th May 2026

CanCambria Energy, a Canadian exploration and production company, is advancing a large-scale natural gas project in Hungary aimed at addressing Europe’s growing energy security concerns. As the European Union moves to eliminate reliance on Russian gas by the end of 2027, Hungary—currently importing up to 80% of its supply—faces a significant supply gap. CanCambria’s Kiskunhalas concession offers a potential domestic solution.

The company has identified approximately 750 billion cubic feet of recoverable natural gas within a deep tight gas formation, alongside 25 million barrels of oil in shallower conventional reservoirs. Its land position spans 247,000 acres, supported by modern 3D seismic data that has significantly reduced exploration risk and improved well targeting compared to earlier drilling efforts.

Economically, the project is highly attractive under European gas pricing conditions. Individual wells cost between $15 million and $18 million but can generate over $20 million in revenue within the first year at $10/MMBtu gas prices—well below current European levels of $14–15/MMBtu. Over their lifespan, wells are expected to yield $35–50 million in after-tax netbacks, with a breakeven price near $4/MMBtu, providing a strong margin of safety.

To accelerate development, CanCambria is finalizing a joint venture to fund its initial wells, with drilling expected to begin in late 2026 or early 2027. The project is designed to reach cash-flow positivity within the first few wells and scale to significant production levels.

In addition to deep gas, shallower oil targets offer quicker, lower-cost returns, enhancing overall project flexibility. With favorable fiscal terms, existing infrastructure access, and strong market demand, CanCambria is positioning itself as a key contributor to Europe’s transition toward more secure and diversified energy supplies.

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Recording date: 14th May 2026

The first quarter of 2026 marked a high point for the global mining sector, particularly for gold producers, which benefited from record production levels and strong cash flows. This performance was largely driven by a surge in gold prices, which averaged करीब $4,900 per ounce—up roughly 15% from the previous quarter. Major mining companies capitalized on these favorable conditions through share buybacks and acquisitions, signaling confidence in sustained profitability. However, this strong start is unlikely to persist.

By mid-May, gold prices had already declined by about $200 per ounce, while input costs—especially fuel—rose sharply. Analysts now expect margin compression in the second quarter, as rising operational expenses begin to outweigh the benefits of still-elevated commodity prices. Fuel costs, in particular, have increased between 50% and 100% in some regions, creating uneven impacts across mining operations.

The degree of exposure depends heavily on mine type and location. Underground, grid-connected mines face relatively minor cost increases, with fuel accounting for only 4–5% of expenses. In contrast, remote open-pit mines, which rely on diesel and other fuel-intensive processes, may see 30–40% of their cost structure affected. This creates significant disparities in profitability across the sector.

Geographically, Australia stands out as the most vulnerable major mining jurisdiction due to its reliance on imported fuel, which accounts for 91% of its refined product consumption. Other at-risk regions include Chile, Peru, and parts of Africa. Meanwhile, copper prices have reached record highs, likely reflecting market concerns about supply disruptions caused by rising energy costs and operational challenges.

Industry consolidation is also accelerating, highlighted by the Orla Mining–Equinox Gold merger. This trend reduces the number of mid-sized acquisition targets and underscores a growing scarcity of high-quality development projects, reshaping the competitive landscape for investors.

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Interview with Paul Lock, Managing Director, Flagship Minerals 

Our previous interview: https://www.cruxinvestor.com/posts/flagship-minerals-asxflg-gold-copper-potential-in-chile-7407

Recording date: 13th May 2026

Junior exploration company Flagship Minerals has announced a maiden mineral resource estimate (MRE) for its Isidora Gold project, located in Chile’s premier Maricunga gold belt. The update effectively doubles the project's resource to 2.1 million ounces of gold (115.2 million tons at 0.56 g/t) without a single meter of new exploration drilling.

The dramatic resource expansion was achieved entirely through economic remodeling. Flagship optimized the cutoff grade from 0.3 g/t to 0.16 g/t in the oxide zones to reflect modern, elevated gold prices. Managing Director Paul Lock noted that the original 2010 NI 43-101 resource was calculated in a $1,000/oz gold environment, whereas the updated figures use a conservative modern baseline. Approximately 80% of the pit-constrained resource is now classified in high-confidence measured and indicated categories.

Flagship is targeting a mine life of over 10 years, with a production profile of 125,000 to 150,000 ounces per year. The development strategy heavily reduces upfront capital expenditure by deploying low-cost heap leach processing for oxide and mixed materials during the first 5 to 6 years, before transitioning to sulfide treatment.

The project's economics are heavily benchmarked against Rio2's neighboring Fenix project. Flagship projects all-in sustaining costs (AISC) to sit comfortably below $1,500/oz, positioning Isidora in the bottom third of the global cost curve.

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

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 Interview with Greg Martyr, Executive Chairman, Capital Metals

Our previous interview: https://www.cruxinvestor.com/posts/capital-metals-lsecmet-172-grade-mineral-sands-project-targets-fid-by-year-end-2025-8088

Recording date: 12th May 2026

Capital Metals is advancing the Taprobane mineral sands project in Sri Lanka, positioning it as one of the highest-grade deposits globally, with an average heavy mineral grade of 17.6% compared to a global average below 5%. Located on the country’s east coast, the project has gained momentum following Sri Lanka’s 2026 approval of its first national minerals policy in over two decades, which prioritizes mining as a key driver of foreign investment after the country’s debt restructuring.

The regulatory overhaul includes shifting oversight of mining to the Ministry of Industry and introducing standardized procedures to improve transparency and reduce corruption risks. Capital Metals has already secured two mining licenses and deployed a 30-person team, with construction targeted for the fourth quarter of 2026 pending final approvals.

The project’s phased development strategy is designed to minimize upfront capital while enabling rapid production. Stage 1 requires approximately $25 million in funding, largely financed through debt and offtake agreements, and is expected to generate around $40 million in annual revenue with strong margins. The projected internal rate of return exceeds 75%, significantly above industry norms. A straightforward wet concentration process further supports low-cost operations.

Taprobane also offers scalability, with plans to expand production in three stages and optional investment in a $10 million mineral separation plant to produce higher-value refined products. Beyond organic growth, the company is exploring consolidation opportunities within Sri Lanka’s emerging mineral sands sector.

With only a small portion of its 60-kilometer strike length explored, the project also presents substantial upside potential. Combined with favorable policy reforms and rising global demand for mineral sands used in industrial applications, Taprobane represents a strategically timed development in a rapidly evolving mining jurisdiction.

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

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Interview with Oliver Turner, Executive Vice President of Corporate Development, Americas Gold & Silver

Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-productivity-gains-drill-growth-antimony-upside-9947

Recording date: 12th May 2026

Americas Gold & Silver is emerging as a significant player in the global silver market, driven by a combination of operational transformation, strong institutional interest, and favorable industry dynamics. Once a relatively illiquid stock with daily trading volumes of $400,000 to $500,000, the company now sees $70–75 million in daily turnover, reflecting growing participation from major investors, including BlackRock UK and European institutions. This shift highlights increasing demand for exposure to silver, which is gaining recognition not only as a precious metal but also as a critical industrial resource.

At the center of the company’s growth strategy is the Galena mine in Idaho, one of the highest-grade silver mines in the world, with average grades of 500 grams per ton and a resource base exceeding 200 million ounces. Following years of underinvestment, a comprehensive modernization program has significantly improved performance. Production has already increased from 270 to 410 tons per day, with further expansion targets of 650 tons per day in the near term and over 1,000 tons per day within two years. Advanced mining methods such as longhole stoping have delivered productivity gains of over 300%.

The broader market backdrop further strengthens the company’s outlook. Silver demand is rising due to its critical role in solar panels, AI infrastructure, and next-generation batteries, while supply remains constrained. The market has recorded persistent annual deficits of 150–200 million ounces, and with 70% of silver produced as a byproduct, supply cannot easily scale.

Despite these favorable fundamentals, Americas Gold & Silver trades at roughly 0.6 times net asset value, significantly below recent peer acquisition multiples near 2 times. With strong cash reserves, ongoing operational improvements, and exposure to U.S.-based critical minerals policy support, the company is positioned for continued growth and potential valuation re-rating.

Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation

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Interview with Graham Downs, President & CEO, Cascadia Minerals

Recording date: 12th May 2026

Cascadia Minerals is making significant strides in the central Yukon following its merger with Granite Creek Copper to acquire the Carmacks copper-gold deposit. As major mining companies increasingly seek reliable assets in stable jurisdictions, Cascadia is positioning itself as a prime player with this road-accessible, high-grade project located just 10 kilometers from grid power.

Unlike typical broadly disseminated porphyry systems, the Carmacks deposit features upgraded, structurally controlled zones averaging 50 meters wide at approximately 1.5% copper. The project currently boasts a resource of 651 million pounds of copper and 300,000 ounces of gold at over 1% copper equivalent. Because the deposit comes to the surface with clean granite contacts, future mining operations and wall rock characterization are expected to be notably straightforward.

To unlock the project's full potential, Cascadia launched a 15,000 to 20,000-meter drill program for 2026, aiming to double the existing resource to 1.5 billion pounds of copper. Thanks to the site's excellent infrastructure, drilling costs have plummeted to $400 per meter—a stark contrast to the $500,000-plus per hole often required at remote, helicopter-accessed projects. A key focus of this year's program is Zone A, located 11 kilometers north of the main deposit. Historical drilling here revealed exceptional grades, including 22 meters of 2% copper and 2 grams per ton of gold.

Agnico Eagle has recognized the project's potential, taking a 14% strategic stake to fund exploration through 2027. This partnership also includes a $12 million earn-in option for Cascadia's grassroots Stikine terrain projects. With this financial backing and a resource that is already mostly in the measured and indicated categories, Cascadia plans to bypass a Preliminary Economic Assessment. Instead, the company will leverage existing baseline environmental work to advance directly to a Pre-Feasibility Study, fast-tracking the timeline for this promising North American copper asset.

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

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Interview with Ian Graham, President, Oroco Resources

Recording date: 11th May 2026

Oroco Resources is advancing the Santo Tomás porphyry copper project in northwest Mexico toward a Pre-Feasibility Study (PFS) targeted for Q2 2027, positioning the asset as a capital-efficient development in a supply-constrained copper market.

The project’s August 2024 Preliminary Economic Assessment outlined robust economics: a $1.48 billion after-tax NPV, internal rates of return exceeding 22%, and initial capital requirements of approximately $1.1 billion based on $4 copper and $1,900 gold assumptions. Operating costs are projected below $1 per pound, with a 2.8-year payback period. Notably, Santo Tomás demonstrates capital intensity of roughly $10,000 per ton of annual copper production—about half the industry average—lowering the barrier for potential acquirers and reducing development risk.

The resource base exceeds one billion tons grading over 0.5% copper equivalent. The current technical program focuses on converting inferred resources to the indicated category, particularly in the South Zone, while exploring expansion potential to the southwest. Metallurgical work by Whittle Consulting identified that 70–80% of the resource consists of softer material than originally tested, suggesting opportunities for reduced energy consumption and improved throughput.

Strategically, Oroco envisions a district-scale development incorporating the Bahuerachi project to the north and the Vainilla exploration target to the south, potentially enabling shared infrastructure and extended mine life. The company also benefits from rare grassroots political support: community advocacy secured Santo Tomás a place on Plan México, President Claudia Sheinbaum’s priority list of 40 large capital investment projects, improving the permitting outlook.

With new CEO Charles Cryer—a former analyst who previously covered the project—joining mid-2026 to lead M&A outreach, Oroco aims to achieve transaction-ready status by mid-2027. Institutional investors are backing this Phase 2 restart after the stock’s post-2021 correction, betting that Santo Tomás’s scalable, low-intensity profile will attract mid-tier and major copper producers seeking growth assets in an electrification-driven market.

Learn more: https://www.cruxinvestor.com/companies/oroco-resource-corp

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Interview with Mark Selby, CEO, Canada Nickel Company

Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-strategic-investment-and-tax-credits-strengthen-construction-timeline-9456

Recording date: 12th May 2026

Canada Nickel Company is approaching a major milestone with its Crawford nickel project in Ontario, positioning it as one of the few new nickel developments globally capable of production before 2030. The company has received its Draft Impact Assessment report and proposed permit conditions under Canada’s 2019 environmental framework, with final approval expected in early summer 2026. This would make Crawford the first mining project approved under the updated legislation, marking a significant regulatory achievement after a four-year review process.

The project enters a favorable market environment. Nickel prices have rebounded sharply, rising nearly $5,000 per ton since late 2025, while the global pipeline of new supply remains limited. Only a small number of projects are expected to come online this decade, creating strong demand for near-term production assets like Crawford.

Canada Nickel is pursuing a financing strategy designed to minimize shareholder dilution. The plan combines debt financing from Export Development Canada, bridge financing tied to refundable tax credits that could cover about 60% of equity needs, and strategic partnerships. As a result, the company expects dilution of roughly 2% or less, significantly below industry norms.

Crawford also benefits from a strategic decarbonization advantage. Powered by Ontario’s low-carbon nuclear and hydroelectric grid, the project aims to supply nickel and semi-finished steel products to European markets facing carbon border adjustment costs. This positions the company to capture premium demand from steel producers seeking lower-emission inputs.

Technically, the project is construction-ready, with long-lead equipment identified and initial government funding anticipated in mid-2026. A final construction decision is targeted for early to mid-2027. Beyond Crawford, Canada Nickel holds a pipeline of additional projects that may offer even stronger economics, reinforcing its long-term growth potential in a tightening global nickel market.

Learn more: https://www.cruxinvestor.com/companies/canada-nickel

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