Company Interviews

Interview with Joseph Ovsenek, President & CEO of P2 Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/made-in-america-p2-gold-tsxvpgld-visiting-the-gabbs-project-10967

Recording date: 28th September 2026

P2 Gold Inc. (TSXV:PGLD, OTCQB:PGLDF) is advancing the 100%-owned Gabbs gold-copper project on Nevada's Walker Lane Trend towards a feasibility study in the first quarter of 2027. The headline development is scale. Drilling since October 2025 has returned more mineralisation than anticipated, particularly sulphide material at the Lucky Strike zone, where a higher-grade corridor remains open in all directions. As a result, the company has lifted its feasibility study target to average annual production of 150,000 ounces of gold and 45-50 million pounds of copper. The 2025 PEA outlined 109,000 ounces of gold and 33 million pounds of copper.

The revised mine plan uses a phased approach. A heap leach facility will process 12 to 14 million tonnes per year in the first two years. A 12 million tonne per year mill will then start in year three and treat sulphide material for the rest of the mine life, while oxide tonnage to the heap leach falls to 2 to 4 million tonnes per year. Milling improves estimated recoveries to 94.5% for gold and 79.9% for copper, compared with 85% and 67% under heap leaching.

CEO Joe Ovsenek expects the larger plan to cost around $400 million in preproduction capital, compared with US$382.7 million in the PEA. The Car Body zone is central to the capital story. It is small, at two to three million tonnes, but Ovsenek said it grades about one gram per tonne gold and leaches quickly. P2 Gold plans to have a contractor mine, crush and stack Car Body material during construction of the main project. Ovsenek estimates this could deliver up to 50,000 ounces of gold before the main operation starts, generating cash flow that reduces the external funding required.

On financing, copper is the lever. Although copper is a by-product, the volumes now justify a prepay, which Ovsenek said could raise $100 million to $200 million and leave roughly a couple of hundred million dollars to be sourced elsewhere. Debt, convertibles and offtake-linked debt are all options. Management has signalled a willingness to accept a higher cost of capital, around 15%, in exchange for speed. The company held C$17.1 million in cash, prepaids and receivables at June 30, 2026, so a substantial financing will be required ahead of construction.

The timeline is tight but defined. The updated MRE is due in Q4 2026, when Ovsenek expects 150 to 180 million tonnes to reach the measured and indicated categories. The feasibility study, a detailed mining plan of operations filing with the BLM, and approval of the water rights change of use are all expected in Q1 2027. Detailed engineering begins in Q4 2026. The goal is to complete federal NEPA and Nevada state permitting by the end of 2027 and break ground in early 2028, with the company's timeline pointing to production in 2029.

Beyond the feasibility case, Ovsenek believes the resource could potentially double, and the southwest of the property holds further Car Body-style gold targets. The key risks are permitting delays, capital cost confirmation and financing execution. Investors should track the Q4 2026 MRE as the first test of whether the larger mine plan is supported.

View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-gold

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Interview with Chris Beer, Interim President & CEO of ATEX Resources

Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-2-billion-ton-copper-with-near-term-development-9780

Recording date: 28th September 2026

ATEX Resources (TSX:ATX) is advancing the Valeriano copper-gold project in Chile's Atacama region, one of the larger undeveloped porphyry systems in the Americas. The 2025 Mineral Resource Estimate outlines 475 million tonnes of Indicated resource at 0.88% CuEq and 1.51 billion tonnes of Inferred resource at 0.75% CuEq. Together these contain about 34 billion pounds of CuEq and 14.2 million ounces of gold. Metallurgical testing to date indicates high copper recoveries and no deleterious elements such as arsenic. According to Interim President and CEO Chris Beer, around 25% of the value at a 1% copper equivalent threshold comes from precious metals.

The near-term focus is the B2B breccia. ATEX discovered this zone in spring 2024 while drilling the high-grade porphyry core. Beer puts it at roughly 30 to 35 million tonnes grading approximately 1.4% to 1.5%. It begins around 400 metres below surface, shallower than the porphyry core, and remains open to the east and south. The Phase VI programme, summarised in September, returned some of the highest-grade intersections in company history. Directional drilling from deep mother holes saved more than 10,000 metres of drilling, according to Beer.

Phase VII is the next catalyst and is due to begin within weeks. Drilling will step out to the south and up-dip towards surface. The objective is to establish whether the breccia can support an underground starter mine. Beer offered an illustrative scale of around 15,000 tonnes per day, or roughly 5 million tonnes per annum, at grades of 1.5% to 2%. No economic study has yet been completed, and the capital cost of such an operation is unknown. Beneath the breccia sits a high-grade, long-life copper resource that would suit block caving over the longer term.

Valuation is central to the story. Beer says ATEX trades at around one cent per pound of copper in the ground, compared with two to three cents for peers. Companies closer to production or with a completed economic study can command four to five cents. The market capitalisation reached around C$1.5 billion in 2025 before easing to roughly C$1 billion. ATEX held C$141 million in cash as of June 2026, and its shareholders include Agnico Eagle and Pierre Lassonde, who holds around 10%.

The second lever is district growth. In January 2026 ATEX acquired two porphyry systems at auction to the south, known as Nuevo Horizonte. Management believes they share Valeriano's geochemical signature and plans geophysics before drilling. The company is using the Vicuña district, 80 kilometres to the north, as its road map. There, successive discoveries created a multi-billion-tonne district that attracted BHP as a partner.

Chile's policy environment is also turning more supportive. The government of President José Antonio Kast, in office since March 2026, is moving to accelerate permitting and is reviewing tax measures that affect explorers.

Investors should weigh the upside against clear risks which includes no economic study, development would be underground, the Nuevo Horizonte targets remain untested, and ATEX is led by an interim CEO. Phase VII results, geophysics at Nuevo Horizonte, and the MRE update expected in the second half of 2027 are the key milestones to monitor.

View ATEX Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-inc

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Interview with Spencer Cole, President & CIO, Vox Royalty

Our previous interview: https://www.cruxinvestor.com/posts/vox-royalty-corp-tsxvoxr-undervalued-investment-series-with-kyle-floyd-10631

Recording date: 28th September 2026

Vox Royalty (NASDAQ:VOXR, TSX:VOXR) is a returns-focused royalty and streaming company with more than 70 royalties and streams, weighted heavily towards gold and Australian jurisdictions. President and Chief Investment Officer Spencer Cole set out a business that is scaling quickly while holding to the capital discipline that has defined it.

The financial trajectory is the starting point. Vox posted record first-quarter 2026 receipts of $16.0 million, nearly matching its full-year 2025 total of $16.6 million. Cole said the first half came in at just over $20 million. Guidance for 2026 has been raised to $32 million to $37 million, implying roughly 100% growth. The company has also published a 2030 outlook of approximately $66 million. According to Cole, about two-thirds of this year's receipts come from gold offtake contracts and one-third from the royalty portfolio.

September was unusually busy. Vox completed three Australian royalties for A$8.4 million (about $6 million). White Dam is a producing gold heap leach with a new copper-gold discovery inside the royalty area. Kalman sits at the centre of copper consolidation around Mount Isa, with operator Hammer Metals now subject to a proposed scheme with Austral Resources. Sylvania covers 1,700 square kilometres of exploration ground next to Capricorn Metals' Karlawinda mine. It also covers historical iron ore and zinc-lead-silver deposits.

The headline transaction is a $13 million agreement for a 0.75% NSR royalty over Boab Metals' Sorby Hills silver-lead project. The project is fully permitted, funded and under construction, with first concentrate targeted for the second half of 2027. The FEED Study outlines around 2.2 million ounces of silver a year over 8.5 years. However, the mining inventory represents only about 39% of the resource. Cole expects a reserve upgrade to push mine life closer to 12 to 15 years. The deal still requires FIRB approval and is expected to complete in the fourth quarter.

Vox's offtake contracts at Bonikro and Los Filos have been revalued upward following a mine life extension at Bonikro and community agreements that support a phased restart at Los Filos. These revaluations are positive, but they add noise to quarterly earnings. The Red Hill royalty remains in litigation with Northern Star Resources, with a possible 12 to 24-month timeline.

The balance sheet gives Vox room to act. It held $31.1 million in cash at June 30, 2026, carried no debt and had an undrawn $75 million facility. Cole said Vox could fund $40 million to $60 million deals without equity, though returns rather than size will decide whether it does. Otherwise, the company will continue its core programme of $5 million to $20 million Australian transactions.

The central investment question is valuation. Cole said Vox trades at around 10 times revenue and that its development assets are effectively valued at zero. Key watch-items include completion of Sorby Hills, Boab's reserve update and Phase IX assays, the Hammer Metals scheme outcome and quarterly receipts against guidance.

Learn more: https://www.cruxinvestor.com/companies/vox-royalty

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Interview with Darren Bowden, CEO of Metals Exploration

Our previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-advances-nicaragua-build-as-philippine-copper-gold-optionality-emerges-10936

Recording date: 28th September 2026

Metals Exploration plc (AIM:MTL) is an AIM-listed gold producer with operations in the Philippines and a new mine under construction in Nicaragua. Its investment case rests on a transition now under way. Runruno, the company's Philippine gold mine, is nearing the end of its life but is generating enough cash to fund La India, a larger, longer-life gold project in Nicaragua's section of the Central American gold belt.

CEO Darren Bowden said Runruno had recovered from a weak first half of 2026. Ore contamination from historical small-scale mining in the upper levels is now behind the operation, and the plant is back in sulphide ore. He expects free cash flow of US$10-12 million per month through the end of the year. The company held £25.8 million (about US$34.5 million) in cash after fully drawing its US$27.0 million equipment loan. With about US$40 million of La India spending left, Bowden expects to hold roughly US$30 million at start-up. Runruno's remaining rehabilitation liability is about US$4 million, and its process plant is expected to be moved to a new operation.

La India is on track for first gold in December 2026. The CIL tanks, structural steel and both mills are in place, and piping and electrical work are the main outstanding items. Commissioning is expected to take four to six weeks. The company aims to hold 400,000-500,000 tonnes of stockpiled ore by year-end, equal to about five months of feed. Low-grade ore will be processed first so that high-grade material is not lost while recoveries are optimised. The 2027 target is about 100,000 oz.

The mine plan differs materially from the 2022 feasibility study inherited through the Condor Gold acquisition. That study assumed an 800,000-tonne-per-year plant and open-pit ore only. Metals Exploration is building a 1.4 million-tonne-per-year plant and adding underground mining at 4-5 g/t gold, compared with about 2.5 g/t from the open pits. Production is expected to reach around 120,000 oz in the year after 2027 and 140,000-150,000 oz once underground mining begins in 2029-2030. Bowden said this broader plan was possible because the company did not need a bank-grade study to secure funding.

Execution risk is managed through an owner-operator model. The company owns its mining fleet and runs procurement, engineering and construction in-house. Its team includes former colleagues of Bowden, among them a former B2Gold projects executive who brought about 35 staff.

Exploration offers further upside. At La Grecia, 50 km from La India, a maiden 2,450 m programme returned 1.30 m at 36.5 g/t gold, including 0.7 m at 67.4 g/t. Remaining assays are due in October, with follow-up drilling in Q1 2027. In the Philippines, the company is pursuing the Batong Buhay copper-gold porphyry, where drilling awaits completion of community engagement.

Key risks include commissioning refurbished equipment, Nicaraguan jurisdictional exposure and the cash-flow gap as Runruno winds down. Catalysts include first gold in December, formal 2027 guidance and La Grecia assays.

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

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Interview with George Bee, President & CEO of U.S. Gold Corp. 

Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-advances-ck-gold-build-and-keystone-spin-out-12054

Recording date: 28th September 2026

U.S. Gold Corp. (NASDAQ:USAU) is a NASDAQ-listed developer whose flagship asset, the CK Gold Project in southeast Wyoming, is fully permitted and advancing towards a construction decision. In an interview at the Denver Gold Forum, President and CEO George Bee outlined how the company intends to convert that position into value, either by building the mine itself or through a transaction.

CK Gold is a 20,000 ton per day open pit operation that will produce a copper-gold concentrate. Its proven and probable reserve contains 1.015 million ounces of gold, 260 million pounds of copper and 3 million ounces of silver. The March 2026 feasibility study, completed by Halyard Micon International, supports an 11-year mine life averaging 85,000 gold equivalent ounces per year. Output is front-loaded, with the study showing an average of 102,000 gold equivalent ounces per year from year two to year eight.

The economics are robust at conservative prices. At $3,250 per ounce gold, $4.50 per pound copper and $40 per ounce silver, the study reports an after-tax NPV of $632 million, a 27% IRR and a 2.5-year payback on $394 million of initial capital. At $4,500 gold, the after-tax NPV rises to $1.155 billion and payback shortens to 1.6 years. By-product AISC is $1,094 per ounce of gold.

Permitting is complete. Key approvals include the mine operating permit granted in April 2024, water discharge and air quality permits approved in 2024, and a water supply agreement with the Cheyenne Board of Public Utilities finalised in November 2025. The project is on State of Wyoming land with no direct federal involvement, and initial access road works started in January 2026.

The company's balance sheet reflects a deliberately lean approach. U.S. Gold has about 16.5 million shares outstanding, $30.7 million in cash as of 30 April 2026 and a market capitalisation of $266.4 million. Management now plans to expand the team, appoint an EPCM partner and name a financing adviser to evaluate term sheets already received. Bee expects a combination of equity and debt and has indicated that the silver component, rather than gold or copper, is the preferred candidate for any stream.

Alongside development, the company acknowledges its appeal to acquirers. Bee sees CK Gold as a meaningful addition for emerging producers and mid-tiers producing up to around half a million ounces annually. A 24-month build in a stable US jurisdiction offers such buyers a short path to cash flow.

Upside beyond the base case comes from several sources. The latest estimate includes 590,000 gold equivalent ounces of measured and indicated resources and 677,000 gold equivalent ounces of inferred resources outside the reserve. Waste rock may also be sold as aggregate and rail ballast, supported by a non-binding letter of intent with a major railway. The company also holds the Keystone Project on Nevada's Cortez Trend and the Challis Gold Project in Idaho.

The main risks are financing dilution, construction cost inflation and metal price exposure. Investors should watch for the EPCM and financing adviser appointments as the next clear markers of progress.

Learn more: https://www.cruxinvestor.com/companies/us-gold-corp

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Interview with Alan Carter, President & CEO of Cabral Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-first-gold-pour-in-cui-cui-beats-expectations-11867

Recording date: 28th September 2026

Cabral Gold Inc. (TSXV:CBR) has become Brazil's newest gold producer. On 30 September 2026 the company announced the completion of its first doré sale from the 100%-owned Cuiú Cuiú Gold District in Pará State. More than 2,400 ounces were sold at an average net realised price above US$4,200 per ounce. The sale confirms that the full operating chain, from mining and processing to doré shipment and sale, is in place.

The Phase 1 operation is a heap leach mine processing near-surface gold-in-oxide material. The ore is free digging and needs no crushing or grinding. The life-of-mine strip ratio is 0.78 and the operation has not yet mined any waste. CEO Alan Carter expects AISC of around US$1,200 per ounce, consistent with the July 2025 PFS estimate of US$1,210 per ounce. The dry plant is now running 24 hours a day on two shifts, and Carter expects commercial production to be declared in November.

The PFS outlined 113,155 ounces over 6.2 years, with about 25,000 ounces per year in the first two years. It produced an after-tax NPV5 of US$73.9 million and an IRR of 78% at US$2,500 per ounce gold. Initial capex was US$37.7 million. The build was funded by a US$45 million gold loan from Precious Metals Yield Fund, with principal repayable in 39 kilograms of gold per quarter from March 2027. Cabral also closed a C$45 million placement with Alpayana in August and held C$55 million in cash in mid-September.

The near-term swing factor is expansion. Carter said drilling since the PFS has outlined considerably more oxide material than the study assumed. Management believes it can double throughput within roughly 12 months, and expects to provide guidance within one to two months. Carter projects 2027 cash flow of about US$75 million to US$80 million, rising to around US$150 million if throughput doubles at current gold prices. These figures are management projections, not formal guidance.

Exploration runs in parallel. Six rigs are drilling, and an updated resource estimate covering six deposits is expected by year-end, against three deposits in the 2022 estimate. Around 50,000 metres have been drilled since then. The current resource includes 666,382 Indicated ounces and 525,669 Inferred ounces across primary and oxide material. More than 50 further targets have returned gold in trenches, boulders or reconnaissance drilling. Jerimum Cima returned 9.5 metres at 87.4 g/t gold earlier this year.

Phase 2 is the larger prize. It would mine the primary hard rock beneath the oxide blankets. A PEA is expected in 2027, and Carter indicated Phase 2 could add 150,000 to 200,000 ounces per year. That range is not yet supported by a technical study.

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

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Interview with Nic Earner, Managing Director of Alkane Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-record-quarterly-cashflow-with-multiple-growth-pathways-9499

Recording date: 27th September 2026

Alkane Resources (ASX:ALK, TSX:ALK, OTCQX:ALKRY) is a mid-tier gold and antimony producer with three operating mines: Tomingley in New South Wales, Costerfield in Victoria and Björkdal in northern Sweden. It also owns the large Boda-Kaiser copper-gold project in New South Wales. The company produced about 169,000 AuEq ounces in FY2026 and guides to 163,000 to 177,000 ounces in FY2027.

The headline production figure understates the change in the business over the next two years. CEO Nic Earner described FY2027 as a year of peak investment. Growth capital is guided at A$160 million to A$190 million, covering the Newell Highway realignment that opens Tomingley's San Antonio open pits, a tailings storage expansion at Björkdal, development into Storheden, and new mining at Brunswick South at Costerfield. Much of this spending is one-off.

The second driver is the expiry of legacy hedges at Tomingley after June 2027. Earner put these at roughly A$3,000 an ounce out of the money on about 26,000 remaining ounces, and estimated an uplift of roughly A$90 million in FY2028 profit. Combined with lower capital spending, management expects cash generation to rise even if production is unchanged and prices hold steady.

Björkdal is the operational focus. It is the group's highest-cost mine, with FY2027 AISC guidance of A$3,300 to A$3,700 per ounce, against a consolidated A$2,900 to A$3,200. Storheden hosts Measured and Indicated Resources of 1.1 million tonnes at 2.51 g/T gold and is expected to be permitted within two years. Together with the Nylunds open cut, it supports a target of a 50,000-ounce annual run rate during calendar 2027, which Earner said would bring costs closer to A$3,000 an ounce.

Exploration continues across all three sites. Group Ore Reserves rose 6.2% net of depletion in the latest update. At Costerfield, Brunswick South already provides one to two years of production, and about A$5 million a year targets higher-risk structures that could deliver a transformational discovery.

The balance sheet is a clear strength. Alkane held about A$439 million in cash and bullion at June 2026, plus an undrawn A$110 million revolving facility. It has introduced a maiden dividend and an on-market buyback, and intends to continue and ideally increase shareholder returns.

On M&A, management is deliberately cautious. Larger balance sheets dominate competition for 150,000-ounce projects, and shareholders do not want a development project that overlaps with Boda-Kaiser. The preferred target is a producer of around 50,000 ounces with growth upside. Earner emphasised considered risk over betting on the gold price.

Key risks include gold price volatility, execution on Björkdal's cost reduction, Storheden permitting timelines, and the long-dated nature of Boda-Kaiser. Investors should monitor Björkdal's progress toward 50,000 ounces, FY2028 cash flow as hedges roll off, and any acquisition that meets management's stated criteria.

View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resources

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Interview with David Rae, President & CEO of DPM Metals

Our previous interview: https://www.cruxinvestor.com/posts/dundee-precious-metals-tsxdpm-low-cost-gold-producer-with-promising-growing-project-in-serbia-5975

Recording date: 27th September 2026

DPM Metals Inc. (TSX:DPM, ASX:DPM) is a gold, silver and copper producer with operations in Bulgaria and Bosnia and Herzegovina and development projects in Serbia. Over the past two years the company has narrowed its focus to core precious and base metals production in the Balkans, where it has operated for more than two decades.

The first element of the investment case is operating consistency. DPM has met production guidance for 11 consecutive years and expects to make it 12 in 2026. That record was tested when the Ada Tepe mine in Bulgaria reached the end of its life this year. The mine had produced roughly 100,000 ounces a year since 2019 at an AISC of about $500 an ounce. DPM replaced that output through the acquisition of Adriatic Metals, completed on 3 September 2025. According to CEO David Rae, DPM's Chelopech team lifted development rates at the acquired Vareš mine from about 75% of target to full target within six weeks. The company presentation shows Vareš reached commercial production in August 2026 and produced 35,185 GEO in the second quarter at an AISC of $563 per GEO sold.

The second element is growth. Existing operations are expected to deliver just under 400,000 GEO at full production. Čoka Rakita in Serbia, discovered by DPM in 2023, is scheduled to begin construction early next year and to produce about 190,000 ounces of gold a year from mid-2029 at an AISC of $644 an ounce. Its feasibility study, as cited in the company presentation, shows an after-tax NPV of $782 million and an IRR of 36% at $1,900 an ounce gold. Beyond Čoka Rakita, DPM is advancing the Wedge Zone at Chelopech, Dumitru Potok in Serbia and the Brevene Porphyry South discovery in Bulgaria. Rae says the four new assets carry potential for a 300% increase over the next few years.

The third element is financial strength. DPM held around $760 million in cash at the end of the last quarter and expects about $800 million by the end of the current quarter, even after funding the Adriatic transaction, repaying around $200 million of debt and returning $121 million to shareholders plus dividends. The presentation adds an undrawn $400 million credit facility. Rae describes the company as fully funded.

The main debate is valuation. During the interview it was noted that DPM trades at a trailing P/E roughly 36% below peers and at about 13 times EV/EBITDA against around 20 times for peers. Rae attributes this to unfamiliarity with the Balkans and to the lag between discovery and market recognition. He argues that each discovery must be carried through a resource estimate and economic study before its value is reflected in the share price.

Key risks include the capacity of DPM's people and contractors to advance several projects at once, the timing of permitting and studies, and whether investor perception of the region shifts. The Wedge Zone resource estimate, expected by year-end 2026, is the nearest catalyst to watch.

View DPM Metals' company profile: https://www.cruxinvestor.com/companies/dundee-precious-metals-inc

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Interview with Rick Van Nieuwenhuyse, CEO of Contango Silver & Gold

Recording date: 27th September 2026

Contango Silver & Gold (NYSE American:CTGO, TSX:CTGO) is a North American gold producer that wants to become a mid-tier gold and silver producer without heavy shareholder dilution. Its funding comes from a 30% interest in the Manh Choh gold mine in Alaska. Kinross Gold holds the other 70% and operates the mine. Ore from Manh Choh travels about 240 miles by road to Kinross's Fort Knox mill. Contango does not operate anything, and it receives quarterly distributions that are net of all costs.

Those distributions are large relative to the company's size. Contango received $102 million in 2025, and CEO Rick Van Nieuwenhuyse expects about $100 million a year over the mine life, which runs to around 2030. Production in 2026 is lower, at 40,000 to 45,000 ounces, because of pre-stripping as mining moves from the north pit to the south pit. Guidance for 2027 recovers to 75,000 to 80,000 ounces at cash costs of $1,200 to $1,300 per ounce. The hedge book is closed. The company expects to repay its $46 million of debt by mid-2027 and also has a $20 million convertible debenture.

The strategy centres on direct shipping ore. Contango avoids building mills and tailings facilities and sends ore to existing processing plants. Van Nieuwenhuyse says this was the key to Manh Choh's short permitting timeline and its $65 million capital share. He argues that permitting timelines of five to ten years are what kill junior miners, because they erode market interest and force dilution.

Lucky Shot is next. It is 100% owned, fully permitted and currently hosts about 110,000 ounces at 14.5 g/t gold. Drilling aims to reach 400,000 to 500,000 ounces, and a feasibility study is expected to be largely complete within a year. The target is 40,000 to 50,000 ounces a year. Contango has several processing options, including Fort Knox and a rail and sea route to Taiwan, so it plans to sell the ore rather than give up equity.

The larger step comes from Johnson Tract and Kitsault Valley. Johnson Tract holds about 1.1 million ounces at 9.4 g/t gold equivalent, and a May 2025 Initial Assessment showed a post-tax NPV5 of $615.4 million at $4,000 gold. Kitsault's September 2026 MRE lifted Indicated resources 93% to 89.55 million ounces AgEq, with 64.92 million ounces Inferred. Both are polymetallic and need flotation processing. No processing solution has been secured yet.

On valuation, Contango's presentation shows its resource grade at about 2.4 times a peer average, while its P/NAV is about 0.45 times the peer average. With 33.5 million shares on issue, each milestone has a large effect per share.

The main risks are Manh Choh's finite life, the lack of operating control there, the unproven expansion at Lucky Shot, the missing processing route for the polymetallic assets, and sensitivity to metal prices. Catalysts to watch include the Kitsault MRE update in the first half of 2027, the Kitsault Initial Assessment, the Lucky Shot feasibility study, the Johnson Tract tunnel and full debt repayment.

Learn more: https://www.cruxinvestor.com/companies/contango-ore

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Interview with Ken Armstrong, CEO of Westhaven Gold, & Jonathan Goodman, CEO of Dundee Corporation

Recording date: 24th September 2026

Westhaven Gold Corp. is advancing the Shovelnose gold-silver project in southern British Columbia. It has moved from an exploration-led junior into a funded development company. The turning point was the February 2026 closing of a project-level earn-in agreement with Dundee Corporation (TSX:DC.A). Under the agreement, Dundee can earn up to 60% of Westhaven's four Spences Bridge Gold Belt properties by spending up to C$85 million, with a firm minimum commitment of C$30 million.

The core asset is the South Zone deposit at Shovelnose. A March 2025 PEA outlined an 11.1-year underground mine producing an average of 56,000 ounces of gold per year. The study reported an after-tax NPV (6%) of C$454 million, an after-tax IRR of 43.2% and pre-production capital of C$184 million, at a base case gold price of US$2,400 per ounce. All-in sustaining costs were estimated at US$836 per gold-equivalent ounce.

Work in 2026 has focused on converting that study into a PFS. A 35,000m resource infill programme, drilled at nominal 25m centres, was nearly complete, with 109 holes drilled and six remaining. Results continue to show wide, high-grade intervals, including 37.89m grading 5.29 g/T gold and 14.00m grading 13.09 g/T gold. CEO Ken Armstrong expects an updated resource very early in 2027, with the aim of placing most ounces in the measured category. The PFS is targeted for the second half of 2027, supported by a C$4 million geotechnical and hydrogeological drilling programme. Metallurgical testing has supported recoveries above 90% with conventional cyanide leaching.

The deal's main attraction for shareholders is its effect on the capital structure. Before the agreement, Westhaven's market capitalisation was about C$40 million. Armstrong said a conventional raise might have brought in C$10 million while issuing half the share count or more. Instead, project spending is now covered by Dundee. Westhaven's own cash needs are mainly general and administrative costs, and management expects the next major financing to be its 40% share of pre-production capital. Westhaven retains that 40% with no right of first refusal.

Exploration provides a second source of potential value. The Spences Bridge Gold Belt runs roughly 75-80km, and Westhaven controls about 60,263 hectares across four properties. Dundee CEO Jonathan Goodman said the exploration team has about 150 targets, of which roughly 93 are drill-ready. He argued that the funding allows many targets to be tested rather than a handful each year. Four drills are now moving onto a 15,000m exploration programme.

Location supports the development case. Shovelnose lies about two and a half hours from Vancouver, with a highway crossing the property and grid power on site. Management sees a best-case realistic FID towards the end of 2029.

Key risks include the reduction to a 40% project interest, a possible transfer of operatorship to Dundee at 50%, the eventual funding of Westhaven's share of construction capital, and permitting and study outcomes. Cash was C$3.88 million at 30 June 2026, with around C$6.2 million of potential warrant proceeds over the next ten months.

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

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