Interview with Jamie Levy, CEO, Generation Mining

Our previous interview: https://www.cruxinvestor.com/posts/generation-mining-tsxgenm-advancing-its-robust-copper-palladium-project-in-ontario-5071

Recording date: 10th September 2025

Generation Mining Limited has positioned itself as a leading shovel-ready critical metals developer with its Marathon Project in Northern Ontario, targeting annual production of 160,000 ounces of platinum and 42 million pounds of copper alongside additional precious metals byproducts.

The Marathon Project represents one of the few permitted critical metals developments in a tier-one jurisdiction, having secured all final regulatory approvals in 2024. This regulatory clearance eliminates a major development risk that continues to challenge competing projects across the mining sector. The simple open-pit operation features a favorable 3:1 strip ratio and could produce upwards of 250,000-300,000 ounces of platinum equivalent annually.

Generation Mining has assembled a comprehensive financing strategy totaling over $1 billion in project capital requirements. The company secured mandate letters from senior lenders including Société Générale, ING, and Export Development Canada for up to $400 million USD, complemented by a $200 million streaming agreement with Wheaton Precious Metals. Management targets a fully financed package by early 2026.

The automotive industry's pivot toward hybrid technologies rather than pure electric vehicle mandates creates sustained demand fundamentals for platinum group metals used in catalytic converters. This shift occurs amid heightened geopolitical supply chain concerns regarding traditional suppliers in Russia, South Africa, and China, driving government support for domestic North American production capabilities.

With a current market capitalization of approximately $100 million against a project net present value of $1 billion, Generation Mining trades at roughly 10% of NPV compared to 50-80% typical for permitted developers. This substantial valuation disconnect indicates significant rerating potential as the company progresses toward its financial investment decision within the next 12 months.

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

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

Interview with Hugh Agro, CEO & John Meyer, VP of Engineering, Revival Gold

Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-secures-c29m-strategic-financing-for-us-gold-projects-7558

Recording date: 10th September 2025

Revival Gold Inc. has emerged as a compelling gold development story through strategic asset assembly and institutional validation, positioning itself with one of the largest portfolios of development projects in the western United States. Led by CEO Hugh Agro and VP of Engineering John Meyer, the company controls 6 million ounces of resources across two primary assets: the flagship Mercur project in Utah and the larger Beartrack-Arnett project in Idaho.

The company's strategic foundation centers on brownfield acquisitions in tier-one jurisdictions with existing infrastructure and proven past production. "What we did know as mining engineers and developers and operators of gold projects is that there's really a scarcity of these good projects in good locations," Agro explains. This 7-8 year asset assembly period coincided with depressed junior mining valuations, creating competitive advantages that would be impossible to replicate in today's market.

Revival Gold has secured sophisticated institutional backing from EMR Capital and Dundee Corporation, raising $30 million in cash while gaining validation from experienced mine builders. "These are minefinders and builders before they became financiers," Agro notes, emphasizing the extensive due diligence process that validated the company's assets and strategy.

The Mercur project represents the near-term value catalyst, positioned on private land in Utah with streamlined state permitting and existing infrastructure. Management targets construction start within 2.5 years, utilizing simple crush heap leach processing that reduces capital requirements and technical complexity. Both projects benefit from this approach, avoiding the complications of conventional milling operations.

Current drilling campaigns focus on resource expansion and metallurgical de-risking, with three rigs operating at Mercur. The company maintains significant exploration upside through Mercur's unexplored western anticline and Beartrack-Arnett's underground potential beneath planned open pit operations.

Trading at 0.2 times net asset value despite $500 million in engineered NAV, Revival Gold offers institutional-backed exposure to domestic gold production growth in an increasingly supply-constrained market. The combination of near-term production timeline, proven assets, and sophisticated backing creates what management describes as "a rare rare find in the space."

Learn more: https://www.cruxinvestor.com/companies/revival-gold-inc

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

Interview with Rory Quinn, President & CEO of Yukon Metals

Our previous interview: https://www.cruxinvestor.com/posts/yukon-metals-cseymc-launching-major-drill-program-in-2025-7124

Recording date: 10th September 2025

Yukon Metals Corporation (CSE:YMC) represents a compelling early-stage copper and gold exploration opportunity positioned to capitalize on favorable market conditions and strong preliminary drilling results across three strategic properties in Canada's Yukon Territory.

The company's flagship Birch project has delivered encouraging validation of its geological model, with scarn mineralization encountered in every drill hole across a substantial 750-meter strike length. The consistency of this mineralization is particularly significant for early-stage exploration, indicating a robust and extensive system with substantial discovery potential. Recent drilling has intersected up to 46 meters of continuous scarn mineralization between 250-300 meters depth, suggesting significant vertical continuity. Preliminary visual assessment by Dr. Quinton Hennigh, a highly respected geologist, indicates potential copper grades of 1.5-2% with accompanying gold content, though final assay results are pending.

Complementing the copper focus at Birch, the Star River property presents exceptional high-grade silver and gold potential. Surface sampling has yielded remarkable results including up to 11,000 g/t silver and 101 g/t gold, with visible galena mineralization containing 1,800 g/t silver and 20% lead. Current drilling targets shallow mineralization at approximately 150 meters depth, supported by an 800-meter gravity anomaly that correlates with known high-grade surface showings.

A critical value driver for Yukon Metals lies in its systematic approach to operational scaling through permit advancement. The company currently operates under Class 1 permits that limit operations to 10 people and restrict drilling scope. However, management is actively pursuing Class 3 permits that would dramatically expand capabilities to 50 people on site with virtually unlimited drilling capacity for a 10-year period. CEO Rory Quinn emphasized this represents a significant value inflection point, stating the permits will create a huge amount of value and enable much larger exploration programs.

The company maintains a strong financial foundation with $11 million raised in April, supporting approximately 9,000 meters of drilling across the three properties. Management operates a lean structure with only a three-person Vancouver office, ensuring capital allocation is directed primarily toward exploration activities. This disciplined approach maximizes shareholder value while maintaining operational flexibility.

Market conditions appear increasingly favorable for copper exploration, driven by electrification trends and supply constraints. Quinn noted strong institutional interest and the presence of generalist funds and US capital, describing current conditions as "the best vibe I've felt here in a long time" in what "really does feel like a bull market." The company's stock price has reflected this positive sentiment, advancing from $0.60 to the $0.80-$0.90 range following positive drilling results.

The management team brings valuable experience and strategic relationships within the mining finance community. Key personnel include Keith Neumeyer, who helped structure the company and brings committed investor networks, and Patrick Burke, former head of capital markets at Canaccord Genuity. Quinn's background with Wheaton Precious Metals provides institutional market familiarity that should prove valuable as projects advance.

With pending assay results, permit advancement progress, and favorable market conditions for strategic commodities, Yukon Metals appears well-positioned to deliver value through systematic project advancement and discovery potential across its diversified property portfolio.

View Yukon Metals' company profile: https://www.cruxinvestor.com/companies/yukon-metals

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

Interview with Andrew Cox, President & CEO of Rio2 Ltd.

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

Recording date: 10th September 2025

Rio2 Limited presents a compelling investment opportunity as one of the few genuine new gold producers emerging in a market increasingly characterized by consolidation rather than organic growth. The company's Fenix Gold project in Chile is approaching first production in January 2026, positioned to capitalize on record-high gold prices exceeding $3,600 per ounce—more than double the $1,800 assumptions used in the original feasibility study.

The project demonstrates exceptional execution discipline under CEO Andrew Cox's leadership, maintaining its production timeline while operating slightly under budget. Construction has progressed systematically with completed earthworks across 12 hectares of leach pads and process solution ponds, while mineral movement to the pad has already commenced. The company's $50 million funding arrangement with Wheaton Precious Metals eliminates typical development-stage financing uncertainties, providing clear visibility to cash flow generation.
The management team's 11-year partnership and proven track record of building two previous operations with the same contractor relationships significantly reduces execution risk. This experience is evident in their methodical construction sequencing, targeting solution circulation by November and gold room completion by late December 2025.

Fenix Gold targets 20,000 tons per day processing capacity, achievable by August-September 2026 through heap leach technology. The 90-day leach cycle provides relatively rapid cash flow generation, with approximately 50% of gold recovery occurring within the first 30-40 days of production. This operational profile, combined with current gold pricing, creates substantial cash generation potential from the project's 5 million ounce resource base.

The most significant value driver lies in the project's expansion potential. Rio2 is advancing partnerships with two desalination providers in Copiapó to secure water supply for expanded operations. The proposed 160-kilometer pipeline infrastructure, requiring approximately $350 million in capital, would enable production of 300,000 ounces annually for 10 years—creating an estimated $3 billion in additional value.

This expansion case transforms Rio2 from a mid-tier producer into a significant gold operation, supported by substantial inferred resources requiring conversion and exploration upside in boundary areas and depth extensions.

Rio2's emergence occurs during unprecedented industry consolidation, where major producers like Newmont, Barrick, and Kinross pursue growth through acquisitions rather than organic development. This environment creates strategic optionality for Rio2, whether through independent expansion or potential acquisition by larger producers seeking established operations with growth potential.

The company's single-asset concentration, while presenting risk, also provides focused execution and clear value catalysts. Management actively evaluates acquisition opportunities to diversify the asset base while maintaining commitment to the Fenix expansion.

Rio2 offers investors a unique combination of near-term production certainty and transformational expansion potential. The company's disciplined execution, experienced management, and strategic timing during favorable gold market conditions create multiple pathways for value creation. With production approaching and expansion studies advancing, Rio2 represents both income generation and significant growth optionality in a proven geological setting during an optimal market environment for gold producers.

View Rio2 company profile: https://www.cruxinvestor.com/companies/rio2-limited

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

Interview with Tyler Hill, Vice President of Geology, i-80 Gold

Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-14m-oz-resource-base-targets-mid-tier-producer-status-7786

Recording date: 9th September 2025

i-80 Gold is systematically advancing five Northern Nevada gold projects toward production through extensive drilling campaigns and feasibility studies, with completion targets set for Q1 2026 and Q1 2027. The company operates three high-grade underground mines (Granite Creek, Cove, Ruby Hills) and two oxide open pit projects under a strategic hub-and-spoke processing model.

The company has demonstrated significant commitment to resource definition through comprehensive drilling programs. At Cove, the flagship project, i-80 Gold completed 45,000 meters of drilling over two years, with feasibility study completion planned for Q1 2026. At Granite Creek, 14,000 meters of infill drilling on 50-meter spacing is planned for 2025, focused on converting inferred resources to measured and indicated categories. The Ruby Hills Archimedes Underground component will begin drilling later in 2025, continuing through 2026, with feasibility study completion targeted for Q1 2027.

A key differentiator in i-80 Gold's strategy is the centralized processing hub utilizing existing infrastructure at Lone Tree. The facility features an autoclave processing system that handles refractory ores from the three underground mines, while heap leach pads remain at individual sites. This configuration reduces capital requirements for individual projects while creating operational synergies and cost efficiencies across the portfolio.

Led by Vice President of Geology Tyler Hill, who brings over nine years of experience on the Cove project, the 15-person geology team leverages deep local expertise and established contractor relationships. The company utilizes contractor drilling services while maintaining in-house geological expertise at each site, providing operational flexibility and access to specialized capabilities.

Beyond current development activities, i-80 Gold maintains significant brownfields exploration opportunities. Historical drilling across the sites was predominantly shallow, conducted during the 1980s, 1990s, and early 2000s when gold prices were substantially lower. Current gold price levels justify deeper exploration programs, potentially expanding resource bases across all projects. The company has developed robust geological models that have identified numerous brownfields targets for step-out exploration.

i-80 Gold represents a focused precious metals development company with concentrated assets in Northern Nevada's prolific mining district. The geographic concentration provides access to established mining infrastructure, regulatory familiarity, and skilled labor pools while creating operational synergies through proximity. The sequential feasibility study releases, combined with potential resource expansions and exploration discoveries, create multiple value inflection points for investors seeking exposure to Nevada gold development.

Learn more: https://www.cruxinvestor.com/companies/i-80-gold

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

Interview with Jeff Swinoga, President & CEO, Exploits Discovery 

Our previous interview: https://www.cruxinvestor.com/posts/inside-exploits-discoverys-csenfld-new-growth-strategy-4m-cash-680k-oz-gold-3-provinces-7217

Recording date: 9th September 2025

Exploits Discovery Corp. has completed a remarkable strategic repositioning that transforms the company from a resource-light Newfoundland explorer into a diversified Canadian gold company with substantial assets and compelling valuation metrics. The transformation positions the junior miner to capitalize on the current favorable gold price environment, with gold reaching $3,600 per ounce.

The cornerstone of this transformation was the strategic sale of Newfoundland assets to New Found Gold for $7 million in upfront shares plus an additional $1.8 million upon delivery of remaining properties, along with a 1% net smelter return royalty. This transaction created immediate shareholder value while allowing management to focus on higher-potential assets.

Most significantly, Exploits Discovery went from zero resources to controlling 680,000 ounces of gold across four high-quality properties in just four months. The flagship Hawkins property in Ontario hosts 300,000 ounces in the McKinnon zone within a 60-kilometer property package near Timmins. The property benefits from established infrastructure and was discovered by Don McKinnon, co-founder of the successful Hemlo gold mine.

Complementing the Ontario resource base are three Quebec properties under option from Cartier Resources, offering exceptional high-grade exploration upside. The Fenton property has delivered impressive results including 356 grams per tonne gold over 6 meters, while the Wilson property features similar high-grade chimney-style mineralization.

From a valuation perspective, the company presents a compelling opportunity with approximately $10-11 million in treasury value against a current market capitalization of just $9 million, creating an immediate discount to net asset value. Combined with $3.6 million in cash and backing from Eric Sprott's 14% shareholding, the company has substantial financial flexibility to pursue aggressive exploration without near-term dilution pressure.

The systematic exploration approach across both jurisdictions, supported by an experienced technical team including property-specific experts, positions Exploits Discovery for multiple value creation catalysts in the favorable gold market environment.

Learn more: https://www.cruxinvestor.com/companies/exploits-discovery

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

Interview with Claudia Tornquist, CEO & Chris Taylor, Chairman of Kodiak Copper

Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-maiden-resource-reveals-300m-tonnes-at-bc-copper-project-7337

Recording date: 9th September 2025

Kodiak Copper Corp is positioned for a significant catalyst with its maiden resource estimate due in Q4 2025, marking a crucial inflection point for the copper-gold porphyry explorer. Led by President and CEO Claudia Tornquist with Chairman Chris Taylor, the company has systematically consolidated a mining district in southern British Columbia through six years of disciplined exploration, completing 90,000 meters of drilling across seven mineralized zones.

The initial resource phase, released in June 2025, delivered approximately 300 million tons at grades of 0.42% copper equivalent for indicated resources and 0.33% for inferred resources across four zones. The completion of the full maiden resource incorporating the remaining three zones will provide comprehensive visibility into the project's scale potential. Recent drilling has identified particularly attractive high-grade intersections near surface, including 27 meters at 1.62% copper, which could serve as starter pits for future mining operations.

Management acknowledges the strategic reality of large-scale porphyry development, with Tornquist noting that "I don't think there's a single porphyry project that was developed by the junior who did the initial exploration. Very likely at some stage a major will take interest." This positions Kodiak as an acquisition target rather than an operator, typical for projects requiring substantial capital investment.

The company trades at a significant valuation discount to comparable peers, with management identifying similar companies at $300-400 million market capitalizations representing five to six times Kodiak's current valuation. The dual copper-gold exposure provides additional value, particularly with gold representing 25% of project value and trading well above the $2,600 per ounce used in resource calculations.

Beyond the flagship MPD project, Kodiak owns the undeveloped Mohave copper-molybdenum project in Arizona, providing portfolio optionality. With adequate financing from a recent Canaccord round and clear development milestones ahead, Kodiak offers leveraged exposure to the copper supply shortage while maintaining strong M&A potential.

Learn more: https://www.cruxinvestor.com/companies/kodiak-copper-corp

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

Interview with Tara Christie, President and CEO of Banyan Gold

Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-7moz-gold-project-getting-bigger-with-higher-grades-6661

Recording date: 9th September 2025

Banyan Gold Corp has successfully repositioned its AurMac project from a bulk tonnage operation into a high-grade gold deposit that's attracting serious institutional attention and potential acquisition interest. The Canadian gold explorer recently updated its mineral resource to 2.2 million ounces indicated and 5.4 million inferred, but the critical development lies in grade enhancement—4.55 million ounces at close to one gram per tonne represents a fundamental shift in the project's economic profile.

President and CEO Tara Christie emphasized the transformation's significance: "Five million ounces plus one gram. And that's really what's driving our story right now is that high-grade core we're targeting with our drill program this year." This grade improvement reflects sophisticated geological modeling and a more lithologically constrained approach that has increased confidence in mineralization continuity.

Recent drilling has uncovered exceptional high-grade zones, including intercepts of 539 grams per tonne at just 65 meters depth, demonstrating bonanza-grade potential within the broader deposit. The company has completed 28,000 meters across 130 drill holes this year, with only 20 results released, suggesting significant news flow ahead.

The project benefits from exceptional infrastructure positioning, with existing road access and power lines on-site, significantly reducing development risk. This advantage has helped drive a complete transformation of Banyan's shareholder base, with over 112 million shares traded since June as institutional investors replace retail shareholders.

Christie expects eventual acquisition given current market dynamics: "I think this will be mine one day…I expect somebody else will build it. That's the most likely scenario when you play the odds of this market with all the M&A and these gold prices." With current valuation below $30 per ounce compared to management's $100 target, Banyan appears positioned for significant rerating as institutional recognition grows.

Learn more: https://www.cruxinvestor.com/companies/banyan-gold-inc

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

Interview with Greg Bittar, Managing Director of Lotus Resources

Our previous interview:

Recording date: 10th September 2025

Lotus Resources presents a compelling uranium investment opportunity as one of the few companies to successfully restart production in a supply-constrained market. The company has demonstrated operational excellence by bringing the Kayelekera mine in Malawi back online after a decade-long closure, targeting steady-state production of 2.4 million pounds annually by 2026.

The investment thesis centers on strategic market positioning during a critical industry inflection point. As Managing Director Greg Bittar emphasized, "This is no longer a demand story. This is a supply story." Utilities globally face acute supply shortages while rebuilding inventories and securing long-term contracts, creating favorable conditions for new producers with operational capability.

Lotus Resources has structured its production profile to maximize upside exposure while maintaining revenue stability. With 65% of production uncontracted, the company provides substantial leverage to uranium price appreciation, while 35% contracted volumes through 2029 ensure cash flow certainty. This balanced approach allows management to implement a patient inventory strategy, building working capital to capture anticipated price increases rather than immediately monetizing output at current market levels.

The company's operational advantages distinguish it from competitors facing technical challenges. Hard rock mining operations at Kayelekera utilize proven metallurgy and established processing parameters, reducing technical risk compared to in-situ recovery methods experiencing industry-wide difficulties. The operation previously produced successfully until 2014, providing management with operational knowledge and historical performance data to optimize the restart process.

Financial discipline characterizes the company's approach to capital allocation. The $50 million restart investment minimized dilution while maintaining operational flexibility through $40 million in deferred capital expenditures. These strategic deferrals, including power grid connection and acid plant reconstruction, create a clear pathway to $5-6 per pound cost reduction once commissioned, enhancing operational competitiveness and margin expansion.

The development pipeline adds significant value through the Letlhakane project in Botswana, representing 115 million pounds of uranium resources grading 360-365 ppm. This larger-scale, longer-life asset can be funded through Kayelekera cash flows, providing growth optionality without additional dilution. The strategic timing aligns with anticipated supply shortfalls in the late 2020s and early 2030s, positioning the asset for optimal market entry.

Geographic positioning in stable African jurisdictions provides operational and political advantages. Strong government support, demonstrated through presidential participation in reopening ceremonies, combined with 95% local employment and community engagement initiatives, creates sustainable operational frameworks. Established supply chains and regulatory environments in both Malawi and Botswana reduce execution risk compared to less developed mining jurisdictions.

The macro environment strongly supports uranium producers with operational capability and strategic positioning. Chinese demand acceleration, Western utilities' need to replace Russian supply sources, and limited new mine development have created unprecedented supply constraints. Lotus Resources exemplifies the opportunity to capitalize on this transformation through immediate production capability, substantial price exposure, and development optionality.

Risk considerations include inherent commodity price volatility, operational challenges associated with mining operations, and geopolitical factors affecting African mining jurisdictions. However, the company's proven operational capability, strategic market positioning, and financial flexibility create a compelling framework for uranium sector exposure during this critical market transformation.

View Lotus Resources' company profile: https://www.cruxinvestor.com/companies/lotus-resources-limited

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

Interview with Allen Sabet, CEO of Mogotes Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxv-mog-explorer-targets-copper-gold-next-to-bhps-45b-acquisition-6947

Recording date: 10th September 2025

Mogotes Metals represents a compelling copper exploration opportunity positioned at the epicenter of Argentina's Vicuña district, home to the most significant copper discoveries of the past three decades. The company's strategic land package sits directly adjacent to Filo del Sol, representing the largest copper discovery in 30 years, within a district that has generated approximately billions worth of combined discovery value through neighboring properties controlled by industry giants BHP and Lundin Mining.

The investment thesis centers on the geological principle that significant mineralization occurs in clusters, making Mogotes' position particularly attractive for investors seeking exposure to world-class copper potential. As CEO Allen Sabet noted, "The acorn doesn't fall from the oak tree is the saying that a lot of people say. And so we're looking for copper and gold in the place where two $4.5 billion discoveries have been made." This district concept provides validation for the company's exploration model while reducing typical exploration risks.

Mogotes has distinguished itself through systematic preparation, investing C$20 million over three years in comprehensive technical work rather than rushing to speculative drilling. The company has completed extensive surface sampling programs across mountainous terrain, constructed 60 kilometers of access tracks, and employed cutting-edge 3D geophysical technologies to identify multiple high-priority targets. This methodical approach, combined with engagement of geologists who worked on adjacent successful projects, accelerates the learning curve and maximizes discovery probability.

The company's financial position provides attractive leverage for investors, with $26 million in treasury against a $107 million market capitalization. This 4:1 leverage ratio ensures sufficient funding for the planned drilling campaign while avoiding near-term dilution concerns that typically plague junior exploration companies. The strong balance sheet reflects careful capital management during recent challenging market conditions for exploration equities.

The upcoming drilling campaign, scheduled to commence in October 2025, will target both high-sulfidation epithermal systems prospective for gold and silver, as well as porphyry copper systems that could host large-scale copper-gold-molybdenum deposits. Target depths range from 300-700 meters, with many representing the first drilling in their history. The company benefits from favorable drilling conditions, including lower elevation access and absence of difficult-to-drill silica cap rocks that plagued neighboring operations.

Industry validation comes through active engagement from major mining companies, with Sabet confirming that "mining companies that you would have heard of have spoken to us or are speaking to us at some point." This interest validates the technical merit of the project and suggests potential for strategic partnerships or acquisitions as the project advances.

The macro environment supports copper exploration through unprecedented supply-demand imbalances driven by renewable energy infrastructure and electric vehicle adoption. Institutional interest is returning to the sector, with generalist funds allocating capital to copper and gold themes amid currency debasement concerns and supply constraints.

Mogotes Metals offers investors a rare combination of strategic location, systematic technical preparation, strong financial positioning, and favorable market timing. The convergence of these factors, combined with limited market awareness due to the company's recent public listing, creates potential for significant revaluation as drilling results emerge and the story gains broader institutional recognition.

View Mogotes Metals' company profile: https://www.cruxinvestor.com/companies/mogotes-metals

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