Company Interviews

Interview with Nick Smart, CEO of ValOre Metals Corp.

Our previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pitch-perfect-november-2025-8623

Recording date: 3rd December 2025

ValOre Metals is executing an ambitious transformation from single-asset platinum-palladium explorer into an integrated precious metals producer operating across Brazil. Under CEO Nick Smart—an Anglo American veteran with 21 years of experience building and commissioning operations globally—the company is pursuing a dual-track strategy: advancing the flagship Pedra Branca PGM project towards production whilst acquiring near-term cash-flowing assets to accelerate transformation into a diversified producer.

The platinum-palladium market has shifted dramatically from anticipated decline to structural deficit. Contrary to earlier predictions that electric vehicles would eliminate PGM demand, hybrid vehicles—now representing a larger automotive segment than pure EVs—actually require higher loadings of platinum and palladium in autocatalysts due to smaller engines operating at lower temperatures. This has created steady demand whilst years of low prices discouraged new supply investment.

South Africa holds 90% of global PGM resources, but ageing deep-level operations face mounting operational challenges and costs. With relatively few development-stage projects globally and extended timelines for new supply even once financed, the supply deficit appears structural. Global platinum production approximates 6 million ounces annually—a fraction of gold's 120 million ounces—meaning modest demand shifts drive significant price impacts. Industrial catalyst applications and jewellery substitution for record-priced gold provide additional demand support.

ValOre's Pedra Branca project in Ceará State, Brazil, offers compelling economics compared to traditional PGM operations. Most significantly, mineralisation extends to surface, enabling open-pit mining rather than the expensive 600-800 metre deep underground operations characterising South African production. This provides substantial cost advantages—open-pit mining is cheaper and faster to develop than underground operations requiring massive shaft infrastructure investment.

The Pedra Branca project holds a 2.2 million ounce inferred resource at 1.08 grams per tonne, with higher-grade ore near surface providing advantages for early production economics. The asset spans 50,000 hectares with mineralisation extending over 80 kilometres, suggesting expansion potential. Infrastructure advantages—stable jurisdiction, excellent access, supportive government policies—compound the geological benefits.

Accelerated Development Pathway
ValOre is leveraging Brazil's trial mining licensing programme, which allows demonstration-scale operations at approximately one-tenth of planned full capacity. For Pedra Branca, targeting eventual production of 150,000 ounces annually, the trial mining phase would operate at approximately 15,000 ounces per annum. Following a preliminary economic assessment by end-2026 and an 18-month construction period, the company expects H2 2028 production. This phased approach reduces capital intensity, enables operational refinement, and generates cash flow supporting subsequent expansion.

ValOre is actively pursuing Brazilian precious metal projects (particularly gold assets) that have completed trial mining but require capital for full production. The company targets acquisitions in early 2026 that would provide production that same year, ramping through 2027-2028 as Pedra Branca advances. As a Discovery Group-backed entity with North American capital access, ValOre can provide financing that Brazilian-domiciled companies struggle to secure.

Acquiring projects with existing operational teams, completed engineering work, and functioning demonstration plants accelerates production whilst building internal capability. This dual-track approach—near-term production via M&A alongside Pedra Branca development—aims to transform ValOre from explorer to diversified producer within compressed timeframes across multiple Brazilian operations, establishing production profile whilst maintaining leverage to potential PGM price recovery.

View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metals

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Interview with Chief Executive Officer, Keith Boyle

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-explorer-to-producer-8484

Recording date: 3rd December 2025

New Found Gold Corporation is executing a capital-efficient development strategy that combines near-term cash flow from the recently acquired Hammerdown mine with advancement of the flagship Queensway Gold Project in Newfoundland, Canada. The November 2025 Maritime Resources acquisition delivered two critical assets: a producing underground mine that poured first gold one day before closing, and the fully permitted Pine Cove mill that eliminates major infrastructure requirements for Queensway's planned 700-ton-per-day operation. 

Management's appointment of Cutfield Freeman to structure project financing for Queensway's $155 million initial capital requirement signals progress toward a debt-heavy capital structure, with Hammerdown cash flow serving as the equity portion to minimize shareholder dilution. Recent grade control drilling at five-meter spacing confirms exceptional grades at the Keats zone, with only 20% of results released from the 70,000-meter 2025 program. These dense drill patterns reduce estimation uncertainty in nuggety gold deposits and support anticipated resource upgrades in the 2026 technical report. Discovery of high-grade mineralization at Dropkick, located 11 kilometers from existing resources, demonstrates district-scale exploration potential beyond current mine plans. 

The company targets Q1 2026 permit submission for Queensway with approval expected in H2 2026, enabling development commencement toward late 2027 commercial production. Hammerdown is ramping to steady-state operations during H1 2026, providing cash generation that de-risks Queensway financing while maintaining exploration programs across both properties that could extend mine life and improve project economics.

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Learn more: https://cruxinvestor.com/companies/new-found-gold

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Interview with Nolan Peterson, CEO, Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-all-known-questions-answered-november-2025-8553

Recording date: 2nd December 2025

Atlas Salt is advancing the Great Atlantic Salt project on Newfoundland's west coast to supply North America's deicing road salt market. The project targets production of 4 million tons annually by 2030-2033, representing approximately 10% of the northeastern US and eastern Canada market that consumes 30-36 million tons each year.

The company offers rare public market exposure to a recession-proof commodity with stable demand fundamentals. CEO Nolan Peterson emphasizes the project's competitive advantages, particularly its three-day delivery capability compared to foreign competitors requiring approximately one month for vessel chartering and transit. This logistical edge proved critical during last winter's severe cold snaps when municipalities faced supply shortages and paid premium spot market prices.

Total capital requirements reach C$590 million, phased over four to five years leading to 2030 production start. The financing structure reflects the project's low-risk profile, with Atlas Salt working to secure at least 60% debt financing from sovereign wealth funds, export development credit agencies, and major infrastructure banks. Recent working capital raises included a major Canadian pension fund, signaling institutional validation of the project's infrastructure-like characteristics.

The deposit contains over one billion tons of reserves grading 96% pure salt, eliminating the metallurgical complexity that plagues most mining projects. Unlike conventional mines, operations simply extract product without chasing veins or managing tailings. Remaining project risks center on execution and financing rather than resource uncertainty.

The project will create 200 direct jobs in rural Newfoundland with strong indigenous and local community support. Many potential employees currently fly to mines elsewhere in Canada and have expressed interest in repatriating for local employment opportunities. This stakeholder alignment distinguishes Atlas Salt from Canadian resource projects facing opposition, positioning it as what Peterson calls "a mine that everybody wants built" with profitability comparable to medium-sized gold operations.

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

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Interview with Victor Cantore, CEO, Amex Exploration

Our previous interview: https://www.cruxinvestor.com/posts/high-grade-projects-target-2026-production-to-take-advantage-of-4200-gold-price-8291

Recording date: 2nd December 2025

Amex Exploration is advancing a gold development project in Quebec's Abitibi Greenstone belt that eliminates traditional mining financing challenges through a carefully structured phased approach. President and CEO Victor Cantore outlined how the company plans to bring its Perron property into production while maintaining an aggressive exploration program across more than 500 square kilometers of prospective ground.

The company controls over 70 kilometers of strike length on one of the world's most prolific gold-producing regions. The Perron project hosts 831,000 ounces of gold at approximately half an ounce per ton, located adjacent to hydroelectric power, an available workforce, and supportive communities including local First Nations groups.

Amex has structured a self-funding development model that avoids the capital-raising challenges facing most junior miners. Starting in 2027, the company will begin toll milling operations targeting 112,000 ounces annually at all-in sustaining costs around $1,100 per ounce. Pre-production revenue of $68 million combined with over $100 million from initial production phases will internally fund the $146 million capex requirement before any major construction begins.

"By 2027, when you're getting your first ore from there, even if gold is at $5,000 Canadian, which we're well above that today, that's over $100 million that's going to come in," Cantore explained. At gold prices exceeding $3,200 per ounce, the operation could generate margins of approximately $2,000 per ounce pre-tax.

The phased approach deliberately avoids two common mining failures: tailings management facilities and incorrect mill sizing. After four years of toll milling providing operational data, Amex will invest $191 million in growth capital to build its own processing infrastructure. The company has already secured $25 million in exploration funding through 2026, supporting over 100,000 meters of drilling across existing properties and recently acquired Ontario assets. Future exploration will be funded from operating cash flow, eliminating shareholder dilution while expanding the resource base across this highly prospective land package.

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

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Interview with George Bee, President and CEO, US Gold Corp

Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-permitted-gold-copper-project-targets-january-dfs-with-17moz-reserve-8558

Recording date: 2nd December 2025

US Gold Corp is positioning itself as one of the few fully permitted gold development projects in the United States as it prepares to release a feasibility study for its CK Gold Project in Wyoming. President and CEO George Bee, speaking at the Resourcing Tomorrow conference in London, outlined the company's timeline for transitioning from developer to producer while maintaining significant exploration upside in Nevada.

The feasibility study, expected in January 2026, incorporates advanced Jameson cell flotation technology that delivers improved recovery rates with lower capital and operating costs compared to conventional processing methods. The company has also optimized its tailings management system, switching to continuous belt filtration for enhanced efficiency. While inflation will impact some cost estimates, Bee emphasized that rising gold, copper, and silver prices more than offset these increases.

The CK Gold Project benefits from exceptional infrastructure, located just 90 minutes from Denver International Airport via interstate highways. This strategic positioning enables a daily commuting workforce, eliminating remote camp costs while providing access to established mining services. The local utility will provide power infrastructure through a substation connection, with the company paying only demand charges rather than capitalizing construction costs.

Development activities have commenced with access road construction beginning December 2025 using existing treasury funds. Following financing completion in the first half of 2026, heavy earthworks will progress through 2027, with major equipment installation occurring year-end 2027. Commissioning is scheduled for late 2027, positioning the project for commercial production in 2028.

The operation will produce approximately 110,000 gold equivalent ounces annually over an initial 10-year mine life, generating a clean copper-gold concentrate attractive to smelters. Once CK generates cash flow, management plans to self-fund exploration at the Keystone project in Nevada, located 11 miles from Barrick's Cortez complex in the same geological environment as world-class Carlin-type deposits. This strategy allows US Gold to pursue district-scale discovery potential without shareholder dilution while maintaining its near-term focus on construction execution.

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

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Interview with Segun Lawson, CEO of Thor Exploration Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/thor-exploration-lsethx-nigerian-pioneer-preps-18m-oz-senegal-gold-project-for-q4-pfs-7891

Recording date: 3rd December 2025

Thor Explorations presents a compelling investment opportunity combining immediate cash generation from low-cost, high-grade gold production with a self-funded development pipeline spanning near-term mine life extension, advanced-stage project construction, and genuine exploration discoveries across three West African jurisdictions.

The company operates the 100%-owned Segilola gold mine in Nigeria, producing 90,000–95,000 ounces annually at all-in sustaining costs below $1,000 per ounce. At current gold prices above $4,000 per ounce, Thor captures operating margins exceeding $3,000 per ounce, creating substantial free cash flow that funds quarterly dividends whilst simultaneously financing aggressive exploration and development programmes without equity dilution. Q3 2025 operational results demonstrated this financial strength, with production of 22,600 ounces generating approximately $70 million in revenue. Management's strategic decision to withhold 3,000 ounces for Q4 sale above $4,000 per ounce positions the company for potentially record quarterly financial performance. Thor has completely repaid its project debt, achieving a debt-free balance sheet that provides exceptional strategic flexibility for capital allocation decisions. This financial position distinguishes Thor from capital-constrained peers and enables the company to advance multiple projects simultaneously across different development stages.

The Segilola operation represents Thor's immediate value creation opportunity through mine life extension. The company has deployed five drilling rigs exploring beneath the existing pit, systematically intersecting high-grade underground mineralisation averaging 5.5 grams per tonne (g/t) compared to open pit grades of just over 4 g/t. With all infrastructure capital expenditure already sunk and operational expertise established, every additional ounce discovered creates what management characterizes as "super ounces" requiring minimal incremental capital to extract. Thor targets an updated resource estimate in Q1 2026 whilst also pursuing satellite deposits within a 50-kilometre radius of the processing plant. The company plans a pilot mining operation in 2026 at one southern target, supplementing an existing stockpile containing over 44,000 ounces representing more than $175 million in contained gold value.

Thor's Douta project in Senegal represents material near-term production growth, with a preliminary feasibility study weeks from completion. The project carries estimated capital costs of $250–$300 million, of which Thor will self-fund $150 million from operational cash flows. The remaining $100 million will be sourced through debt financing with Africa Finance Corporation, which financed Segilola and maintains an equity stake. Management targets first gold production in Q1 2028 following an investment decision expected in H1 2026, with the project featuring a larger resource base than Segilola and approximately 10 years of mine life that would materially increase Thor's consolidated production profile.

Early-stage exploration success in Côte d'Ivoire provides genuine blue-sky discovery potential. At Guitry, 4,600 metres of drilling has delineated six mineralised lenses with high-grade intersections including 10 metres at 10 g/t across just 15% of an 8-kilometre by 5-kilometre geochemical footprint. The Marahui project has identified 8 kilometres of drill targets with surface rock chips returning 10–17 g/t. Both projects advance toward maiden resource estimates in H1 2026 through continuous drilling programmes funded entirely from internal cash generation.

Thor's investment proposition centres on operational execution, financial strength, and portfolio diversification. The company's ability to generate substantial cash flows whilst advancing multiple growth opportunities without external capital requirements creates a differentiated risk-reward profile. Multiple near-term catalysts through 2026 include the Douta feasibility study release, Segilola resource update, Côte d'Ivoire maiden resources, construction decision-making, and continued operational cash generation supported by elevated gold prices and proven low-cost production capabilities.

View Thor Exploration's company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltd

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Interview with Chris Stevens, CEO, Coda Minerals

Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-95-recovery-rate-transforms-copper-project-into-tier-1-asset-7833

Recording date: 2nd December 2025

As global copper markets confront a widening supply deficit, Australian junior Coda Minerals is positioning its Elizabeth Creek Copper-Silver Project as a potential solution to what CEO Chris Stevens describes as an industry crisis. Located in South Australia adjacent to BHP's Carrapateena operation and near the world-class Olympic Dam mine, the project benefits from established infrastructure in a proven mining jurisdiction.

The company's economics have transformed dramatically since initial studies. At conservative base case assumptions of $9,260 per tonne copper and $30 per ounce silver, Elizabeth Creek delivers an $855 million post-tax net present value with a 35% internal rate of return. However, with copper currently trading at $11,600 per tonne and silver reaching record levels near $59 per ounce, the post-tax NPV expands to $1.9 billion with a 60% IRR. This compares to Coda's current market capitalisation of approximately $40 million.

A fundamental strategic shift underpins this enhanced profile. Coda abandoned its original copper-cobalt-silver flowsheet in favor of a simplified approach focusing exclusively on copper and silver through proven leaching technology. "If you can base the project fundamentally off two commodities with deep liquid markets, you're in a much better shape," Stevens explains. This eliminates the marketing and technical challenges associated with cobalt while employing methods used for roughly 20% of global copper production.

With three drill rigs currently on site and a fully funded prefeasibility study targeting completion by end-2026, Coda is systematically de-risking a large, flat-lying orebody spanning 4.5 square kilometers. The recent $12.3 million capital raise was heavily oversubscribed, funding critical hydrogeology drilling, geotechnical work, and mine optimization studies.

Stevens articulates the supply challenge starkly: "You need 30 Codas to replace an Escondida. Where are they coming from? Because there are not 30 Codas in Australia." With demand accelerating through electrification and data center expansion while legacy mines deplete, credibly-financed development projects in established jurisdictions occupy an increasingly strategic position in global copper supply chains.

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

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Interview with Brian William Penny, CEO of Wallbridge Mining

Our previous interview: https://www.cruxinvestor.com/posts/wallbridge-mining-wm-updated-resource-will-delight-market-2169

Recording date: 27th November 2025

Wallbridge Mining is navigating challenging junior gold markets through a strategic two-asset approach in Quebec's Abitibi region under CEO Brian Penny, a mining finance veteran with three decades at Kinross, Western Goldfields, and New Gold . The company controls over 600 square kilometers of prospective ground and has secured financial runway through Q1 2027 following a $15 million equity financing and $8 million from selling its Detour East property to Agnico Eagle .

The company's strategy prioritizes near-term value creation at Martinière while maintaining long-term optionality at the advanced-stage Fenelon deposit . Martinière has emerged as the primary catalyst, with 2025 drilling extending mineralization from 400 meters to 800 meters depth across a 2-kilometer strike length . Recent intercepts included 50 grams per tonne over 1.7 meters, with the company targeting expansion from the current 750,000-ounce resource to 2 million ounces by 2027—a threshold management considers economically compelling for partnerships or development .

Fenelon represents a longer-term opportunity, with a March 2025 preliminary economic assessment outlining a 3,000 ton-per-day underground operation using ramp access, dry-stack tailings, and paste backfill . However, the required $50-60 million prefeasibility study cost—representing half the company's $100 million market cap—makes immediate advancement impractical . Instead, Wallbridge conducts limited metallurgical testing and desktop optimization while remaining open to joint venture partnerships .

The Detour East sale exemplified disciplined capital allocation, eliminating future dilution risk and funding expanded Martinière drilling without requiring larger equity financings . Despite gold trading above $4,000 per ounce—up 40% in 2025—junior explorers have not participated meaningfully in the rally, though Penny expects capital to eventually rotate from cash-generating producers to quality exploration stories .

With $31 million cash and a clear strategic roadmap, Wallbridge positions itself for multiple outcomes: continued independent development, strategic partnerships, or acquisition by larger producers seeking quality ounces in mining-friendly jurisdictions as the exploration cycle recovers

View Wallbridge Mining's company profile: https://www.cruxinvestor.com/companies/wallbridge-mining

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Interview with Mark Petersen, Senior Geological Consultant of Wallbridge Mining

Our previous interview: https://www.cruxinvestor.com/posts/wallbridge-mining-wm-updated-resource-will-delight-market-2169

Recording date: 27th November 2025

Wallbridge Mining is pursuing a calculated two-pronged approach across its Quebec gold assets, balancing near-term development at Fenelon with aggressive exploration at the Martiniere system. Mark Peterson, Senior Geological Consultant with over 40 years of experience, leads the geological strategy following his tenure at New Gold.

At Fenelon, the company has fundamentally restructured its resource model, simplifying mineralized domains from over 100 discrete zones to 16 user-friendly envelopes. This redesign better aligns with the project's 40-meter drill spacing and creates practical targets for underground mining operations. The deposit features coarse visible gold throughout all rock types, supporting bench-scale metallurgical test results showing 30% initial gravity recovery and 96% total recovery—characteristics that could enable simpler processing and lower operating costs.

The company's preliminary economic assessment incorporates existing underground infrastructure from a flooded historic pit, providing capital-efficient portal access. Despite higher upfront costs, Wallbridge selected dry-stack tailings to address both industry trends and site-specific challenges posed by Quebec's saturated glacial overburden terrain. Approximately one million ounces of resource remain excluded from the current mine plan, offering future expansion potential.

At Martiniere, Peterson has pivoted to testing fundamental system scale rather than incremental resource growth. The exploration team employs aggressive 150-meter drill spacing across a two-kilometer strike length, rapidly covering prospective ground while accepting that subsequent infill will be required. First-principles structural remodeling identified 14 distinct fault structures along the Bug Lake deformation corridor, with recent drilling encountering mineralization including three meters at approximately seven grams per tonne half a kilometer from the Horsefly area.

The critical next phase involves a 50,000-75,000 meter infill drilling program at Fenelon to convert inferred resources to indicated category, while a mineral inventory assessment at Martiniere will determine whether data supports the target of a two-million-ounce-plus system before committing to closer-spaced delineation drilling.

View Wallbridge Mining's company profile: https://www.cruxinvestor.com/companies/wallbridge-mining

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Recording date: 1st December 2025

Olive Resource Capital has delivered exceptional performance in 2025, with Executive Chairman Derek Mcpherson and President/CEO/CIO Sam Pelaez reporting record third-quarter results during their December 1st "Compass" podcast discussion. The fund achieved 61.8% gains in Q3 and 113.5% year-to-date returns, driven primarily by the rising gold market and strategic portfolio positioning.

Despite generating $5.2 million in net income during Q3 against a market capitalization of just $7-8 million, management believes the share price trading around $0.07 significantly undervalues the fund's performance and asset base. This disconnect represents what Mcpherson characterizes as a meaningful opportunity for investors willing to recognize the fund's accomplishments.

The discussion emphasized Olive's investment philosophy of identifying companies undergoing transformation before markets fully price in the changes. This approach has proven successful with holdings like AngloGold Ashanti, which has delivered over 200% returns year-to-date, alongside other transforming companies including K92 Mining, Orion Resources, and CanX Resources.

A significant portion of the conversation analyzed Barrick Gold Corporation's announced plans to potentially spin out its North American assets, including Nevada Gold Mines, Pueblo Viejo, and the Fourmile project. The managers estimate this portfolio represents approximately 2 million ounces of annual production with an enterprise value of $40-50 billion.

While Newmont emerges as the most logical acquirer given existing joint venture partnerships, the analysis revealed surprising complications. Newmont currently trades at lower valuation multiples than Barrick despite producing 50% more gold, creating challenges for structuring an accretive transaction. However, the deal could provide Newmont with 33-50% production growth impossible to achieve through any other single transaction.

Management maintains conviction in continued commodity strength, supported by global liquidity expansion, central bank accommodation, and the recent end of Federal Reserve quantitative tightening. They see no material macro developments disrupting their bullish thesis on commodities entering 2026.

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