Company Interviews

Recording date: 3rd February 2026

Olive Resource Capital executives Derek Macpherson and Samuel Pelaez discussed the sharp correction in precious metals markets during their February 2nd investor update, providing context for the volatility and outlining their investment strategy moving forward.

Gold and silver experienced significant declines on January 30th, falling 9% and 26% respectively, effectively erasing approximately two weeks of gains. Despite this sharp correction, both metals remained positive for the month, with January ranking as the fifth-best performing month for gold since the December 2015 market bottom. The fund itself posted a 12% gain for January despite the month-end selloff.

The managers characterized the correction as technical rather than fundamental, noting that key systemic risk indicators remained stable throughout the volatility. High-yield credit spreads, option-adjusted bond spreads, and overnight repo rates showed no signs of financial stress, leading them to conclude that "the plumbing of the system is working fine." They attributed the selloff to a large institutional participant unwinding positions, possibly ahead of month-end requirements, rather than any deterioration in underlying market fundamentals.

Looking ahead, the managers identified upcoming fourth-quarter earnings reports from major gold producers as a significant catalyst. Beginning with Agnico Eagle on February 12th, these reports should showcase exceptional cash flow generation, with gold prices averaging $700 per ounce higher than the previous quarter. The expected announcements of dividend increases, share buybacks, and debt reduction should support equity valuations.

The fund maintains heavy precious metals exposure while gradually rotating toward industrial commodities and base metals. This strategy reflects their thesis that monetary policy-driven gains in precious metals will broaden to include industrial commodities as fiscal stimulus reaches the real economy. The managers remain confident in the commodity bull market thesis, viewing the recent correction as a tactical pause rather than a trend reversal.

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Interview with
Andrew Penkethman, MD & CEO of Ardea Resources Ltd.
Mark Selby, CEO of Canada Nickel

Recording date: 2nd February 2026

The global nickel market is undergoing a fundamental transformation that is creating investment opportunities in Western-controlled supply chains. Andrew Penkethman, CEO of Ardea Resources, and Mark Selby, CEO of Canada Nickel, recently discussed how their large-scale projects in Australia and Canada are positioned to capitalise on this shift.

After two challenging years dominated by Indonesian supply flooding global markets, the landscape is changing. Since December 2025, nickel prices have risen approximately $4,500 per ton as Indonesia transitions from overwhelming production to active supply management. Selby characterises Indonesia as "an OPEC of one country," now implementing quota controls rather than unrestricted output. Price increases across the entire supply chain—from ore to nickel pig iron to stainless steel—indicate genuine market tightness rather than temporary speculation.

Both executives emphasise a critical distinction between their new development projects and the aging operations that closed in 2024. Legacy assets from BHP and First Quantum represent 30-year-old mines with declining grades, increasing costs, and years of underinvestment. In contrast, Ardea's Goongarrie Hub and Canada Nickel's Crawford project offer fresh economics with 30-50+ year mine lives, substantial resources, and modern processing capabilities that position them favourably on the cost curve.

Strategic validation has arrived through significant partnerships. Ardea secured $98.5 million in definitive feasibility study funding from Sumitomo Metal Mining and Mitsubishi Corporation, whilst Canada Nickel attracted Anglo American, Agnico Eagle, and Samsung SDI as investors. These experienced institutions seek long-term supply arrangements spanning decades, not speculative positions.

Government support is accelerating development timelines. Both projects have received major project status enabling streamlined permitting and access to sovereign wealth fund financing. Canada's Prime Minister Mark Carney personally promotes the Crawford project to Middle Eastern investors, whilst Australia develops an "investor front door" program for critical minerals projects.

The investment thesis extends beyond electric vehicles into broader critical minerals security. Chinese interests control approximately 80% of refined nickel supply, creating strategic vulnerabilities that Western governments address through supply chain diversification initiatives. With defence spending increasing globally and only a handful of quality nickel projects advancing worldwide, both companies expect construction decisions in 2026-2027.

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Interview with Mark Chalmers, CEO, Energy Fuels

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-americas-critical-minerals-champion-2025s-best-uranium-stock-returns-8965

Recording date: 29th January 2026

Energy Fuels, a leading U.S. uranium and critical minerals producer, has announced a definitive agreement to acquire Australian Strategic Materials (ASM) through a scheme of arrangement valued at under 6% of its share registry. The transaction represents a significant milestone in Energy Fuels' strategy to build vertical integration across the rare earth supply chain, adding metals and alloys production capabilities to complement its existing separation operations at the White Mesa mill in Utah.

ASM brings immediate production capability through its South Korean facility, which currently produces approximately 1,300 tons per annum of neodymium-iron-boron alloy—a critical material for permanent magnets used in electric vehicles and clean energy applications. The facility is already expanding to 3,600 tons per annum in Phase 2, with plans for Phase 3 expansion to 5,600 tons. Additionally, ASM had been developing plans for a U.S. facility with phased development up to 4,000 tons per annum, providing Energy Fuels with domestic production capabilities that align with government initiatives to reduce dependence on Chinese rare earth supply chains.

The acquisition also includes the Dubbo project in New South Wales, Australia—a permitted rare earth development that adds another feed source to Energy Fuels' growing portfolio. The project is being re-evaluated using a heap leach processing approach that significantly reduces capital requirements by producing an intermediate concentrate for shipment to White Mesa mill rather than building full on-site separation facilities.

CEO Mark Chalmers emphasized that vertical integration addresses a fundamental challenge in the rare earth industry: fragmentation. By controlling multiple steps from separation through alloys production, Energy Fuels expects to improve margins by up to 20% while positioning itself as a strategic partner for government programs and commercial customers seeking integrated solutions. The transaction is expected to close by the end of June 2026, following shareholder votes and court approvals under Australian law.

Learn more: https://www.cruxinvestor.com/companies/energy-fuels

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Recording date: 2nd February 2026

Olive Resource Capital executives Derek Macpherson and Samuel Pelaez recorded their latest market commentary during a pivotal moment in late January 2026, as precious metals experienced both historic gains and a subsequent correction. Gold surpassed $5,100 while silver exceeded $120 before both metals pulled back, yet still positioned to deliver potentially the best monthly performance on record following 2025's exceptional year.

The correction, while notable, was characterised by the executives as a healthy consolidation rather than a reversal of underlying trends. Pelaez emphasised that fundamental drivers supporting precious metals remained intact, including expanding global liquidity at all-time highs and persistent supply constraints. Technical indicators showed overbought conditions with relative strength indices in the 90s range, but the executives noted such conditions can persist for extended periods without signaling imminent reversals.

Macpherson's attendance at the Vancouver Resource Investment Conference revealed dramatic shifts in market participation. Conference attendance exceeded levels seen in the previous decade, with one small-cap exploration company reporting over 150 investor booth visits. This contrasted sharply with recent years when sparse attendance left companies pitching to neighbouring exhibitors rather than actual investors.

Capital markets activity reflected this heightened interest, with private placements routinely exceeding $20-25 million. Institutional investors who participated in mid-2025 financings returned with substantially larger commitments in January 2026, reflecting strong portfolio performance and capital rotation into the mining sector.

Despite the rally in metal prices, Pelaez argued that mining equities, particularly developers and explorers, have not yet reflected $5,000 gold in their valuations. Upcoming first-quarter earnings should demonstrate significant margin expansion, as producers benefit from $700 quarterly increases in realised gold prices flowing directly to bottom lines. 

The executives maintained that mining equities retain appreciation potential even if commodity prices stabilise at current levels, presenting ongoing opportunities for investors willing to navigate near-term volatility while maintaining conviction in the sector's long-term trajectory.

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Interview with Mark Smith, Executive Chairman, President & CEO of NioCorp Developments Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/niocorp-nasdaqnb-critical-minerals-project-targets-us-supply-chain-security-7125

Recording date: 26th January 2026

NioCorp Developments (NASDAQ: NB) is accelerating toward project financing for its Elk Creek critical minerals facility in Nebraska, backed by over $300 million in cash and intensifying support from US government agencies. The company raised $370 million in 2025, including a $10 million Department of Defense grant that funded reserve upgrades and engineering work critical to securing Export-Import Bank financing.

Executive Chairman Mark Smith reports unprecedented momentum with the US Export-Import Bank, which designated NioCorp as a "very top priority project" in December 2025. "In the last two weeks, I have received more emails and more phone calls from EXIM than I did in all of 2025," Smith said, describing the pace as "Trump speed." The company expects binding commitments by Q2 2026 for a 65% debt, 35% equity structure totaling $780 million.

Project economics have been dramatically enhanced by surging rare earth prices. Neodymium-praseodymium oxide has doubled from $55/kg in July 2025 to $110-120/kg, while heavy rare earths show even more striking differentials—dysprosium at $1,250/kg outside China versus $250/kg domestically. These pricing improvements will be reflected in the company's mid-March feasibility study update.

NioCorp has commenced detailed engineering for a $45 million underground mine portal project starting February 2026, demonstrating management confidence in near-term financing. The project offers exceptional margins of approximately $450-475 per ton, with $700 in revenue against $225-250 in processing costs across four critical minerals: niobium, scandium, titanium, and magnetic rare earths.

The company has secured definitive offtake agreements for 75% of ferroniobium production and 12 tons annually of scandium, with additional announcements expected through April. NioCorp is also negotiating with the Department of Defense for support similar to recent arrangements with MP Materials and USA Rare Earth, positioning the project as critical to US supply chain independence for materials currently 100% imported.

View NioCorp's company profile: https://www.cruxinvestor.com/companies/niocorp-developments

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Interview with Terry Lynch, CEO of Power Metallic Mines

Our previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-aggressive-drilling-and-land-expansion-fuel-growth-potential-7925

Recording date: 29th January 2026

Power Metallic (TSXV: PNPN) is advancing one of the world's rarest deposit types—an orthomagmatic polymetallic discovery at its NISK project in Quebec. CEO Terry Lynch recently outlined the company's significant 2025 achievements and ambitious 2026 plans, positioning the explorer for a transition toward mine development.

The company's most significant 2025 milestone was a metallurgical study delivering exceptional 95% recovery rates across its metal suite, substantially exceeding the 80% modeled. Specific recoveries include copper at 98.9%, palladium at 93.9%, platinum at 96.8%, gold at 85%, and silver at 88.9%. These results address a primary concern in polymetallic projects and, combined with near-surface mineralisation, position NISK as a low-capital, high-margin opportunity with estimated internal rates of return approaching 100%.

Power Metallic also successfully consolidated its land position, acquiring seven of eight priority targets around the discovery. Orthomagmatic deposits are exceptionally rare—only 20 discovered globally—with 19 of 20 developing into multi-mine districts. The company now controls a land package six times larger than at the discovery stage, providing district-scale development potential.

The company raised $50 million in 2025 and currently holds approximately $33 million cash, fully funding its aggressive 2026 program without near-term financing needs. Plans include 100,000 meters of drilling using five rigs expanding to seven, testing four transformative exploration targets beyond the known Lion zone. The "Elephant" target, emerging from borehole electromagnetic surveys, theoretically measures five times Lion's size and represents the largest anomaly the technical team has encountered.

Beyond Quebec, Power Metallic is diversifying its portfolio through a Chilean Metals spinout (TSXV listing expected within weeks) consolidating copper-gold assets near the Candelaria mine, plus three large-scale Saudi Arabian concessions offering significantly lower exploration costs and unprecedented government incentives including 75% project financing at 1% interest rates.

With commodity prices strengthening across its metal portfolio and multiple near-term catalysts including drill results and a preliminary economic assessment targeted for Q4 2026 or Q1 2027, Power Metallic is positioning for significant rerating as markets recognize the development potential of this rare discovery.

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Interview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxvplsr-exceptional-145-concentrations-drive-resource-expansion-program-7877

Recording date: 29th January 2026

Pulsar Helium is developing the Topaz Project in Minnesota, positioning itself as a potential solution to America's persistent helium supply challenges. Led by President and CEO Thomas Abraham-James, the company has systematically de-risked its primary helium discovery through 2025, setting the stage for a transformative 2026 with multiple value-defining catalysts on the horizon.

The United States represents the world's largest helium market yet has experienced persistent shortages over the past 15 years. Unlike most commodities, helium exists primarily as a byproduct of natural gas production, creating significant supply inflexibility. Major producers outside the United States—Qatar, Algeria, and Russia—present both geopolitical risks and logistical challenges, with helium's molecular properties causing product loss during the four-week shipping transit.

Pulsar specializes in primary helium resources, where helium exists as the principal gas rather than a byproduct. The Topaz Project has delivered five consecutive successful wells, all intersecting helium-bearing gas zones with concentrations of 8-10%—significantly exceeding the 2% economic threshold. These wells flow naturally to surface without hydraulic fracturing, and approximately 85% of the raw gas stream appears marketable.

The October 2025 announcement of helium-3 presence garnered particular market attention. This ultra-rare isotope, valued at $18.5 million per kilogram, is currently being pursued through lunar mining programs funded by the U.S. and Chinese governments. Pulsar's terrestrial alternative offers concentrations comparable to the moon's surface but in gaseous form, making extraction significantly simpler. Helium-3 is critical for quantum computing applications, enabling optimal processing at near-absolute-zero temperatures.

Looking ahead, flow testing scheduled for February through May 2026 will provide critical reservoir data, followed by a resource update and the company's first economic study expected mid-2026. Recent warrant exercises and efficient drilling costs have strengthened Pulsar's financial position, providing sufficient capital through these key milestones. Abraham-James characterized the coming six months as "fast and furious" as the company transitions from exploration to engineering-ready status.

View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-helium

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Interview with Joseph Ovsenek, President & CEO of Tudor Gold

Our previous interview: https://www.cruxinvestor.com/posts/tudor-gold-tsxvtud-developer-eyes-300k-ozyear-production-8936

Recording date: 23rd January 2026

Tudor Gold Corp. has released an updated mineral resource estimate for its Goldstorm deposit at Treaty Creek in British Columbia's Golden Triangle, reporting 24.9 million ounces of gold equivalent in the indicated category with an additional 4 million ounces inferred. The 15% increase in indicated resources positions the project as a potential tier-one asset as the company accelerates development plans targeting production.

President and CEO Joseph Ovsenek emphasized the company's focus on higher-grade mineralization to optimize economics. The resource update includes sensitivity analyses at different net smelter revenue cutoff values. At a $125 per ton NSR cutoff, the deposit contains 5.8 million indicated ounces plus 2.6 million inferred ounces. At the more selective $175 per ton NSR cutoff, resources total 3.4 million indicated ounces and 2.4 million inferred ounces.

The grade profile at higher cutoffs becomes particularly attractive. At the $175 per ton NSR cutoff, indicated grade averages 2.33 grams per ton gold while inferred averages 4.02 grams per ton. Combined, this approaches three grams per ton gold equivalent without copper and silver credits.

The 15% resource increase came primarily from enhanced modeling techniques employing 5-meter blocks at grade boundaries rather than new drilling. Tudor Gold is pursuing concurrent mine planning and metallurgical studies expected to complete this quarter, targeting a Preliminary Economic Assessment by Q3 2026. The development strategy focuses on underground mining using long-hole stoping methods at 8,000-10,000 tons per day supporting annual production around 300,000 ounces.

The company has filed permits for underground ramp development to enable infill drilling and expects approval in 2026. A substantial exploration program budgeting 10,000-15,000 meters will target Perfectstorm, CBS, and Eureka zones with an objective of developing an additional 5 million ounce resource beyond Goldstorm.

With gold prices approaching $5,000 per ounce, Tudor Gold reported receiving unsolicited financing approaches, providing capital optionality to advance development on its preferred timeline.

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

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-2025s-strategic-transformation-to-2026-production-8915

Recording date: 23rd January 2026

New Found Gold Corporation has commenced the execution phase of its flagship Queensway gold project in Newfoundland by awarding the engineering, procurement and construction management contract to WSP Canada. The appointment culminates a competitive selection process involving seven firms and positions the company to achieve first production in late 2027 through an integrated development strategy coordinating engineering, environmental permitting, and project financing.

The development plan centres on expanding the acquired Pine Cove mill to 1,400 tonnes per day capacity by converting the facility from flotation to a gravity-CIL circuit and adding a parallel processing train using equipment relocated from the Nugget Pond facility. This approach leverages existing permitted infrastructure obtained through the Maritime Resources acquisition rather than constructing greenfield facilities, reducing both capital requirements and development timeline risk. Pine Cove currently processes 700 tonnes per day from the Hammerdown mine, which is ramping to steady-state production in the first half of 2026 and will generate cash flow during Queensway development.

CEO Keith Boyle's selection of an EPCM (Engineering, Procurement, Construction Management) contract structure over traditional EPC reflects management's experience in project delivery and prioritisation of execution certainty over aggressive cost minimisation. The EPCM approach allows collaborative execution with WSP while maintaining owner involvement and flexibility for design optimisation as engineering advances. WSP was selected from five proposals based on relevant mill expansion experience and commenced preliminary work before year-end, establishing early integration with New Found Gold's permitting and financing timelines.

The company has structured its path to production around three parallel workstreams coordinated by COO Robert Assabgui. Vice President of Sustainability Jared Saunders is advancing the environmental assessment application through Stantech, targeting submission in Q1 2026. Stantech secured Firefly Metals' environmental approval in 45 days during 2025, providing a relevant precedent for timeline expectations. The environmental assessment process operates independently of WSP's engineering advancement, allowing simultaneous progress without creating schedule dependencies.

Meanwhile, Cutfield Freeman is structuring project financing for Queensway development, with management reporting strong interest from potential financing partners. The financing workstream must align with engineering schedules to ensure capital availability for long-lead equipment purchases and construction mobilisation following permit approvals. These represent the next critical milestones following environmental assessment approval.

The investment case combines multiple elements: de-risked development through acquired infrastructure, experienced management executing proven development models, near-term catalysts providing sequential de-risking opportunities, Newfoundland's permitting certainty, and management's reported financing confidence. The Hammerdown production ramp provides near-term cash flow while Queensway advances through development, creating a portfolio structure with both production and development components.

Investors should monitor environmental assessment approval, financing commitment announcement, and long-lead equipment procurement as key milestones over the next 12-18 months. Each milestone achievement should reduce perceived execution risk and potentially re-rate valuation toward production-stage multiples. The late 2027 production target provides a defined investment horizon for evaluating execution progress, while the current gold price environment above $4,500 per ounce provides economic headroom supporting proper engineering investment without compromising project returns.

New Found Gold's disciplined approach to service provider selection and integrated execution framework positions the company to differentiate itself among junior developers through demonstrated execution capability rather than aggressive timelines with minimal professional support.

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

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Interview with Jeffrey Wilson, President and CEO, Precipitate Gold 

Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-tsxvprg-barrick-partnership-grows-to-22m-as-regulatory-path-clears-6789

Recording date: 22nd January 2026

As gold approaches $5,000 per ounce, Precipitate Gold Corporation has positioned itself for an aggressive exploration campaign across two promising Dominican Republic projects. The junior explorer recently closed a C$6.5 million financing in early January 2026, bringing its treasury to C$9.5 million with no underlying work commitments on its 100%-owned properties.

The most significant development for Precipitate has been the dramatic de-risking of the Dominican Republic as a mining jurisdiction through neighbor GoldQuest Mining Corp.'s success. GoldQuest's share price surged from C$0.16 to over C$2.00 in twelve months as the company advanced its Romero project through environmental approval toward a bankable feasibility study. This progression validated that projects in the Dominican Republic can advance to production, opening capital access for regional explorers.

Precipitate's recent financing was notably supported by Dominican investors who watched their peers profit from early GoldQuest positions. According to President and CEO Jeffrey Wilson, wealthy Dominican business individuals who passed on GoldQuest at lower prices are now seeking similar opportunities in the district.

The company has identified two near-term drill catalysts. At Pueblo Grande, which surrounds Barrick Gold's Pueblo Viejo mine, Precipitate discovered an untested chargeability anomaly following comprehensive review of historical data. The company plans to test this target with 5-8 drill holes at 100-350 meter depths in a permitted, accessible area with geophysical characteristics similar to Pueblo Viejo mineralisation.

At Juan de Herrera, adjacent to GoldQuest's Romero deposit, Precipitate has advanced four to five targets to drill-ready status through twelve months of geochemistry, mapping, and geophysics work. The 40-kilometer shared claim boundary with GoldQuest positions the company within the same geological district for potential "string of pearls" style mineralisation.

Wilson emphasized that all factors have aligned for the first time in Precipitate's 13-year history: drill-ready targets, strong gold prices, capital availability, and responsive market conditions following years of disciplined capital preservation.

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

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