Company Interviews

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-undervalued-investment-series-with-victor-cantore-9724

Recording date: 14th April 2026

Amex Exploration has released a feasibility study for its Perron Gold Mine in Quebec's Abitibi greenstone belt, delivering some of the most compelling economics in the junior mining sector. At a base case gold price of $3,500 per ounce, the project generates a post-tax net present value of $1.1 billion, rising to $1.7 billion at current spot prices near $4,750. The internal rate of return stands at 114%, with a post-tax payback period of just 0.5 years — meaning initial capital is recovered within months of first production.

The project targets 774,000 ounces over five years from a 2.3 million ounce resource, mining at a high diluted grade of 12.1 grams per tonne — an improvement over the 10 g/t estimated in earlier assessments. Annual production is expected to average 147,000 ounces at all-in sustaining costs of $910 per ounce, generating $2.492 billion in pre-tax cash flow over the initial five-year period, or $3.7 billion at spot gold prices.

A key feature of the project is its phased development strategy. Rather than constructing the full operation at once, Amex will begin with a $50 million bulk sample in mid-2027, which is expected to produce at least 23,000 ounces and generate approximately $68 million in pre-production revenue. This self-funding mechanism significantly reduces the need for equity financing. Phase one production is targeted for 2028 — three to four years ahead of a conventional development timeline.

Initial capital expenditure of $193.9 million is kept lean through contract mining and toll milling arrangements, eliminating the need to build processing facilities or tailings infrastructure. This also simplifies permitting, as the early phases require only underground mining approvals. The bulk sample permit was secured within the expected six-month window, and community and First Nations support is well established.

The property spans over 600 square kilometres in the historically prolific Abitibi greenstone belt, yet all current resources sit within just 6 square kilometres — leaving considerable room for future exploration and resource expansion beyond the initial mine plan.

View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-exploration

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Interview with Louis-Pierre Gignac, President & CEO of G Mining Ventures Corp.

Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-fully-financed-path-towards-500kozpa-gold-production-by-2028-8221

Recording date: 10th April 2026

G Mining Ventures (TSX:GMIN) has announced the acquisition of G2 Goldfields, its neighbour in Guyana's Karouni gold district, consolidating two deposit systems that management describes as the same mineralised ore body divided only by a property boundary. The transaction is designed to transform Oko West on track for first gold in the second half of 2026 from a standalone project into a combined operation targeting up to 500,000 ounces of gold per year.

The core of the investment case is geological. The Oko West and G2's Oko-Ghani deposits sit within 3 km of each other and share the same mineralised system, meaning the integration is an expansion exercise rather than a hub-and-spoke consolidation. G Mining's existing plant footprint was already being designed with expansion capacity in mind. Reaching a 25–30% throughput increase requires adding an additional ball mill, pebble crushing, leach circuit tankage, and modest tailings and power infrastructure, not redesigning the facility from scratch.

Critically, none of this disrupts the existing build. Construction at Oko West proceeds on its current schedule, with first gold still targeted for H2 2026. The expansion planning and engineering work runs in parallel. An updated feasibility study for the combined project is expected in the first half of 2027, with expansion capital expenditure concentrated in 2028 and expanded production beginning in 2029.

The permitting pathway is similarly de-risked. G Mining holds a 25-year mining licence at Oko West, and its existing mineral agreement with the Guyanese government contains provisions that extend its terms to assets acquired within the Karouni basin. The G2 deposits are expected to be incorporated through an addendum to existing approvals rather than a full regulatory re-submission.

Financing is not a constraint. Following transaction close, G Mining will hold approximately $255 million in pro forma cash and a $350 million undrawn credit facility. Its producing Tocantinzinho (TZ) mine in Brazil generated over $250 million in free cash flow in 2025 and continues to contribute to the balance sheet through the construction phase and beyond. Management states the expanded project is fully funded without requiring additional equity issuance.

The transaction also adds 362 km² of land to G Mining's Guyana position, all within approximately 20 km of Oko West. G2's exploration team transitions into a new vehicle, G3, seeded with $45 million and structured with a contingent value right that would deliver an additional $200 million to G2 shareholders if new discoveries bring total ounces to between 3.5 and 7.5 million.

At a C$12 billion market capitalisation, G Mining is no longer a speculative junior. But management's contention is supported by a clear sequence of upcoming milestones: construction completion, first gold, a combined feasibility study, permitting, and eventually a 500,000-ounce operation in one of South America's more active emerging gold jurisdictions. For investors in the mid-tier gold space, the story is one of scale, execution track record, and a funded path to production growth.

View G Mining's company profile: https://www.cruxinvestor.com/companies/g-mining-ventures

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Interview with Nolan Peterson, CEO of Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-construction-begins-at-great-atlantic-project-9528

Recording date: 7th April 2026

Nolan Peterson, CEO of Atlas Salt, has presented a detailed case that his company trades at a substantial discount to its intrinsic value, currently at approximately 0.1 times net asset value (NAV). The Great Atlantic Salt Project in western Newfoundland aims to become the first new salt mine built in North America in 25 years, targeting the de-icing road salt market serving cities and governments.

Peterson's valuation argument centers on three key points. First, Atlas Salt has eliminated several major mining risks that typically justify valuation discounts. Salt deposits require no metallurgical processing, are straightforward to define geologically, and the project has secured environmental assessment approval, addressing permitting concerns. Only financing and execution risks remain.

Second, Peterson argues that traditional mining valuation frameworks systematically undervalue salt projects. Unlike gold mines with front-loaded cash flows and shorter lifespans, Atlas Salt offers a 25-year mine life with 50 years of defined resources, creating stable, annuity-like cash flows. Using alternative valuation methodologies more appropriate for stable cash flow assets—including free cash flow yield and EBITDA multiples—Peterson suggests potential valuations ranging from $1.9 billion to $3 billion, compared to conventional mining metrics suggesting $750 million at production.

Third, the customer base provides unusual stability. Municipal and state governments purchasing de-icing salt are often legally obligated to buy for road safety liability reasons, fundamentally different from discretionary commodity markets subject to price volatility.

Peterson acknowledges the valuation gap stems partly from investor unfamiliarity with the niche salt sector and lack of comparable investment options. The company's strategy to close this gap focuses on advancing development milestones, educating investors about the differentiated risk profile, and most critically, securing project financing that would independently validate the stable cash flow projections underlying the investment thesis. The success of this approach depends on demonstrating that lenders view salt projects as fundamentally less risky than conventional commodity mining operations.

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

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Interview with Terry Lynch, CEO of Power Metallic Mines

Our previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-95-recovery-rates-aggressive-plans-for-saudi-assets-9104

Recording date: 9th April 2026

Power Metallic (TSXV:PNPN) is advancing what CEO Terry Lynch characterizes as the world's highest-grade copper-PGE discovery at its Nisk project in Quebec, yet the company believes significant market undervaluation persists despite exceptional technical progress.

The Lion zone discovery has delivered remarkable drilling results, with 95+ intersections averaging over 11 meters at 4.25% copper equivalent. Several holes have returned spectacular grades, including 22 meters at approximately 11% copper equivalent—grades roughly 20-30 times higher than typical copper deposits currently in production.

Management has systematically addressed three key investor concerns that may have constrained valuation. First, metallurgical complexity—a critical risk for polymetallic projects—was de-risked through SGS lock cycle testing that demonstrated 80%+ recoveries on run-of-mine material. Second, perceptions about project size overlook the fundamental economics: high-grade deposits require substantially lower capital per unit of contained metal than low-grade tonnage plays. Third, the company's Quebec location provides infrastructure advantages and fiscal incentives that deliver nearly 2-for-1 exploration financing plus 55% combined development capital credits.

The deposit classification as an orthomagmatic system—only approximately 20 exist globally—suggests substantial growth potential. Comparable deposits including Russia's Norilsk and South Africa's Merensky Reef typically host multiple mines across district-scale footprints, with contained metal inventories often exceeding 10 million tons versus current analyst estimates of 600,000-800,000 tons at Nisk.

Power Metallic has accelerated its preliminary economic assessment timeline to fall 2026 from spring 2027, with an updated mineral resource estimate scheduled for September. The company maintains six active drill rigs and has expanded its land package sixfold to 330 square kilometers. A planned NYSE/Nasdaq listing in Q3 2026 aims to provide broader institutional access.

Despite underlying commodity prices increasing over 60% since the February 2025 financing, the stock has traded sideways—a disconnect management believes creates asymmetric opportunity for investors ahead of multiple near-term catalysts.

View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallic

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Interview with Tara Christie, President & CEO of Banyan Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-corp-tsxvbyn-pea-nears-as-franco-nevada-royalty-purchase-signals-value-9434

Recording date: 3rd April 2026

Banyan Gold (TSXV:BYN) is a Yukon-focused gold developer whose AurMac project hosts approximately 7.6 million ounces of gold resources across 2.2 million indicated and 5.4 million inferred ounces. The company trades at roughly US$43 per resource ounce, a level that President and CEO Tara Christie argues is a significant and narrowing discount relative to peers, and one that several external data points suggest does not reflect the underlying project value.

The most significant external reference is Franco-Nevada's recent acquisition of the underlying royalty on AurMac for US$52.2 million. The royalty carries a 6% gross rate that can be bought down to a 1% NSR for $10 million. Stripping out that likely buydown scenario implies Franco-Nevada paid approximately $42 million for a 1% royalty on a project whose current market capitalisation reflects a fraction of that implied valuation. Royalty companies of Franco-Nevada's standing do not deploy capital at that scale into junior projects without conviction in long-term production economics. That conviction is not visible in Banyan's current share price.

The primary reason for the valuation gap is well documented and, critically, now resolved. Victoria Gold entered receivership in 2024 holding a 25% interest in the AurMac property and an 8.6% equity position in Banyan. The resulting title uncertainty and forced selling suppressed Banyan's share price through an extended period in which gold rose substantially and peer companies rerated. By late September 2025, Banyan had received a court order confirming 100% property title. The equity overhang was subsequently cleared entirely. Despite this resolution, the share price has not yet converged with peers. Snowline Gold, for comparison, was trading near $260 per resource ounce before recent geopolitical pressure hit the sector broadly.

Two additional factors have compounded the discount. A jurisdiction-wide perception of Yukon permitting risk weighed on explorers across the region, though Christie argues the new Yukon government's stated focus on permitting reform and infrastructure investment has shifted that picture materially. A longstanding grade perception issue, the market's tendency to frame AurMac as a low-grade bulk tonnage deposit, is expected to be addressed directly by the maiden PEA, which will quantify the economic contribution of the deposit's high-grade core for the first time.

The 2026 programme is designed to deliver a sequence of de-risking events. Five drills are currently active with results expected from May. A Q2 resource update will incorporate nearly 43,000 metres of 2025 drilling. A maiden PEA targeting the second half of the year will establish the first published economic benchmark for AurMac. Regional drilling across ten targets, plus follow-up on a bonanza-grade silver discovery, adds exploration optionality that management believes carries early cash flow potential through direct shipping or toll milling.

For investors, the setup is unusually specific: a defined sequence of news flow, a freshly resolved technical overhang, an external royalty transaction that implies a higher valuation than the market currently assigns, and a gold price environment that makes large, infrastructure-advantaged deposits strategically attractive to major producers. The key risk, as with all pre-production developers, is that the PEA economics substantiate what management has been communicating. That question will be answered within this calendar year.

View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-inc

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Interview with Deepak Varshney, President & CEO of Formation Metals

Recording date: 8th April 2026

Formation Metals is a junior gold explorer advancing the N2 project in Quebec's Abitibi greenstone belt, a district historically responsible for over 200 million ounces of gold production. Despite sitting on an 870,000-ounce historical resource, the company currently trades at roughly $10 per ounce — a valuation gap that CEO Deepak Varshney, a geologist with deep capital markets experience, believes will close sharply once a modern resource estimate is delivered.

The existing resource was calculated in the 1990s using a $200 gold pit shell and a 0.5 g/t cutoff, making it technically historical and limiting market recognition. Previous operators — including Agnico Eagle, Cyprus Canada, and Minnova — treated N2 as an underground target, drilling for narrow, high-grade veins rather than the wide bulk-tonnage zones Formation Metals is now systematically proving. With gold now trading above $4,500/oz — more than five times the 2008 price when Agnico last drilled the site — the economic case has fundamentally changed.

The N2 project spans 8 kilometres of strike across 87 claims (~4,400 hectares) in northwestern Quebec. Formation Metals' drilling has consistently returned wide, shallow intercepts: 42.3 metres at 0.91 g/t starting just 12 metres from surface, and intercepts exceeding 150 metres of continuous mineralisation in some holes. The mineralisation begins as shallow as 9 metres vertical depth with minimal overburden, a rarity in the region. Grades of 1–2 g/t across 30-metre-thick zones are consistent across the A-zone, the primary focus, while a high-grade core delivers up to 4 g/t over 11 metres.

The company is executing a fully funded 30,000-metre drill program in 2026, backed by approximately $11 million in working capital. Rather than twinning historical holes drilled by majors, Formation Metals is targeting gaps in the geological model with infill and step-out drilling at 50–100 metre intervals — a capital-efficient approach that validates continuity without redundant work. With 39 holes awaiting assay results, the company expects a steady flow of news through the year.

The core 1.5-kilometre A-zone alone is internally modelled to support 1.5–2 million ounces using a lower 0.25 g/t cutoff, with a maiden NI 43-101-compliant resource targeted for Q3/Q4 2026. An additional 3 kilometres of drilled strike and 3 kilometres of untested extension to the west point toward a 3+ million ounce potential across the full property. Toll milling options at Matagami (20 km north) and Casa Berardi (50 km west) provide a low-capital path to production, while proximity to Maple Gold Mines — 20% owned by Agnico Eagle and holding a 3 million ounce resource — positions N2 as a natural acquisition candidate for regional consolidators.

The company's roadmap runs from a maiden resource in late 2026 to a Preliminary Economic Assessment in 2028, either as an independent developer or as an acquired asset. With estimated production costs below $2,000/oz at a 4:1 strip ratio against current gold prices, the project's margin profile is compelling. As Varshney put it, the shallow, near-surface nature of N2's gold makes it a genuine anomaly in the Abitibi: "There isn't a lot of gold this shallow available in the area".

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Interview with Gavin Ferrar, CEO of Central Asia Metals 

Our previous interview: https://www.cruxinvestor.com/posts/central-asia-metals-lsecaml-kazakhstan-copper-producer-reports-solid-financial-performance-6938

Recording date: 31st March 2026

Central Asia Metals PLC, an AIM-listed base metals producer with a $400 million market capitalization, delivered robust 2025 financial results while navigating a critical transition from mature assets to new growth opportunities.

The company reported $230 million in revenue and $103 million in EBITDA, generating $56 million in free cash flow. This enabled a 12 pence per share dividend representing a 7% yield—paid at the maximum end of its 30-50% free cash flow distribution policy. The company also completed a $10 million share buyback before market weakness reduced valuations by 20-30% across the mining sector.

Central Asia Metals' financial backbone remains the Kounrad copper operation in Kazakhstan, which operates at exceptional 75% EBITDA margins. The facility processes 600 million tons of Soviet-era waste dumps through heap leaching, producing 13,300 tons of copper cathode in 2025. While production guidance moderates to 12,000-13,000 tons for 2026 as leach curves naturally decline after 14 years of operation, the site has consistently outperformed expectations with 13-14% higher copper recovery than forecast. This track record supports management's pursuit of license extension beyond the current 2034 expiration date.

The company's SASA lead-zinc mine in North Macedonia faced significant challenges in 2024 due to unexpected geological complexity at depth. Management implemented comprehensive restructuring including an 11% workforce reduction, enhanced geological monitoring, new mining methods, and strategic hedging of 50% of zinc production. Fourth quarter 2025 showed marked improvement, enabling raised guidance for 2026.

Looking forward, Central Asia Metals pursues dual-track growth through early-stage exploration across six Kazakhstan licenses and acquisition of pre-feasibility stage development assets trading at 0.25x net asset value. CEO Gavin Ferrar emphasized the company's proven construction and operational expertise as competitive advantages in advancing acquired projects while maintaining financial flexibility through a clean balance sheet and disciplined capital allocation.

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

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 Recording date: 7th April 2026

The closure of the Strait of Hormuz has triggered significant disruptions across global energy markets, creating what Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair at Olive Resource Capital, view as structural investment opportunities extending well beyond the immediate crisis.

While the Strait handles 20% of global crude oil, the more consequential impacts affect liquefied natural gas, petrochemicals, and fertilizers, where 20-50% of certain products originate from the Persian Gulf region. This supply shock is forcing countries like Japan and South Korea to fundamentally reassess their energy security strategies.

Glencore emerged as the primary beneficiary in thermal coal, as reduced Qatari LNG availability extends the operational life of existing coal-fired power plants. The company controls 30% of seaborne coal trade and recently expanded its portfolio by acquiring Teck Resources' coal assets in 2025. Coal represents 30% of Glencore's EBITDA, with additional upside from its commodity trading division, which profits from supply chain disruptions.

Woodside Energy and Santos offer compelling value propositions for Asian LNG markets. Australian producers sit 40% closer to key importers than Qatar, reducing shipping costs and insurance premiums, yet trade at half the valuation multiples of US peers like ExxonMobil and Chevron. Rolling spot contracts should reflect elevated pricing in second-half 2026 results.

The disruption of 20% of global ammonia supply coincides with Northern Hemisphere planting season, driving dramatic appreciation in fertilizer stocks. CF Industries has gained 40% since the Strait closure, while Woodside's recently acquired Texas ammonia facility enters production at opportune timing.

The team emphasizes discipline, separating conviction from entry points. They anticipate any diplomatic resolution could trigger profit-taking in names that have appreciated 40%+, providing better risk-adjusted entry opportunities. The core thesis rests on structural supply chain shifts prioritizing security over cost optimization—a behavioral change likely to persist for years regardless of near-term geopolitical developments.

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Interview with Peter Secker, CEO of Canyon Resources

Our previous interview: https://www.cruxinvestor.com/posts/canyon-resources-asxcay-premium-cameroon-bauxite-mine-ships-first-ore-mid-2026-8719

Recording date: 2nd April 2026

Canyon Resources (ASX:CAY) is rapidly advancing the Minim Martap bauxite deposit in Cameroon toward first production, targeting initial shipments in late September 2026. The project features 51% alumina and 2% silica content, which Chief Executive Officer Peter Secker believes represents the highest-grade undeveloped bauxite deposit globally. With over 1.1 billion tons of resource located 800 kilometers from the coast, the asset combines exceptional quality with significant scale.

The superior grade profile translates directly into economic advantage. Canyon expects to receive $76 to $78 per ton for its bauxite, representing a $10 to $12 premium above the Guinea standard GBIX price of $65 per ton. This premium reflects the reduced caustic soda consumption and lower energy requirements in alumina refining that the high-grade material enables. Against production costs of $36 per ton to port and $20 per ton freight, the company projects $200 million in annual free cash flow at 10 million tons per year production.

The project is 50% complete and fully funded through first production, with $40 million in cash and a $95 million undrawn debt facility covering the remaining sub-$100 million in development costs. Critical infrastructure components are progressing on schedule: road construction is 80% complete, the first seven locomotives are en route to Cameroon for May-June arrival, and trial mining commences within weeks.

Canyon has adopted a strategic approach to commercial negotiations, postponing offtake agreements until after demonstrating actual product quality with its first 50,000-ton trial shipment. This positions the company to negotiate stronger terms with North American, European, Middle Eastern, and Asian customers while seeking prepayment facilities to fund expansion.

The company is increasing its ownership stake in Camrail, the rail operator, from the current 9.1% to enhance logistics control. An $820 million World Bank-funded rail upgrade will enable production to scale from 2 million to over 10 million tons annually by decade's end, with expansion funded through operating cash flow rather than equity dilution.

View Canyon Resources' company profile: https://www.cruxinvestor.com/companies/canyon-resources

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Interview with Steven Sirbovan, President & CEO of ICG Silver & Gold

Recording date: 1st April 2026

ICG Silver and Gold Corp. is a newly listed exploration company that began trading on the CSE on March 31, 2026, after spinning out from American Pacific Mining. The company holds a single flagship asset, the Tuscarora District, a 10,000-acre contiguous land package in northeastern Nevada positioned at the intersection of the Independence and Carlin Trends. For investors evaluating the junior exploration space, ICG presents a clearly defined near-term catalyst, a funded treasury, and a geological thesis that differentiates it from prior operators at the same project.

The Tuscarora District is not a greenfield exploration play. Historical operators Novo Resources and American Pacific Mining conducted 25,000 metres of drilling, collected 5,000 samples, and completed 130 line-kilometres of geophysics across the property. Those programs generated high-grade results, including an intersection of just over 4 metres grading 127 g/t gold at the South Navajo target. Despite this work, the project was consistently treated as a gold-only system. ICG's management believes that interpretation left a significant dimension of the project unexplored: a spatially overlapping, silver-dominant epithermal system, supported by surface rock samples returning up to approximately 38,000 g/t silver at certain targets and near-surface geophysical anomalies.

The former Dexter open-pit mine, located just off the property boundary on trend with the South Navajo and Modoc targets, produced approximately 50,000 ounces of gold and 250,000 ounces of silver in the early 1990s and serves as a direct analogue for the style of mineralisation management is targeting.

The company enters the market with approximately C$6.2 million in the treasury and a Phase 1 RC drill program of 3,000 to 6,000 metres scheduled to commence in June 2026. RC costs in the region are currently estimated at approximately US$250 per metre, providing ICG with sufficient capital to complete the program without near-term financing pressure. Assay results are expected in August 2026, giving investors a defined newsflow window within the current calendar year.

The Phase 1 program targets two categories of drill holes. The first group focuses on South Navajo and Modoc to build toward an eventual mineral resource. The second and more exploration-oriented group targets East Pediment, Grand Prize, King's Vein, and North Navajo areas which are identified through sampling and geophysics but not yet systematically drilled. Hole depths are planned at 200 to 300 metres, consistent with the shallow, open-pittable mineralisation model the company is evaluating.

The management team brings relevant capital markets and technical depth. CEO Steven Sirbovan has 13 years of capital markets experience including work at Waterton Global Resource Management with a Nevada focus. The board includes Jeff Swinoga, formerly of Barrick Gold, and Gary Baschuk, who spent significant time at Barrick's Goldstrike operation in Nevada. VP of Exploration Korbon McCall provides direct technical continuity with the project through his prior work with American Pacific.

For investors, the near-term thesis is straightforward: a funded drill program, an August 2026 assay window, and a geological interpretation that has not previously been tested at district scale. The key risk, as with any early-stage exploration company, is that drilling results may not confirm the dual-system thesis. Investors should size positions accordingly and monitor Phase 1 results as the primary near-term value inflection point.

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