Company Interviews

Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-cartier-launches-massive-gold-exploration-7820

Recording date: 21st October 2025

Cartier Resources (TSXV:ECR) represents a compelling gold exploration opportunity centered on demonstrating mining camp-scale potential along Quebec's renowned Cadillac Fault in the Abitibi region—one of the world's most productive gold districts with over a century of mining history and hundreds of millions of ounces produced. The company has consolidated approximately 15 kilometers of strategic land position between multiple historic mining camps and adjacent to Agnico Eagle's producing operations, positioning itself to become what management characterizes as "the next mining camp along the Cadillac fault."

The investment thesis centers on an exceptionally aggressive exploration program that fundamentally differentiates Cartier from typical junior explorers. The company has committed to a 100,000-meter, 600-hole diamond drilling program—representing an order of magnitude increase over the 5,000-10,000 meters that typical juniors drill annually. This intensive approach directly addresses the prolonged timelines that often frustrate junior resource investors by front-loading discovery work and compressing value recognition timelines. Strategic partner Agnico Eagle explicitly endorsed this aggressive strategy, with management noting Agnico's directive to "demonstrate that there's a mining camp there, not one mine, but a cluster of maybe three or four mines" with potential for 10-15 million ounces rather than the 3 million ounces typical of single-mine scenarios.

Cartier's operational efficiency provides embedded value often overlooked in exploration-stage analysis. The company secured $12 million in full program funding while simultaneously locking in drilling costs at $110 per meter for two years—substantially below typical market rates of $150-200 per meter and representing 25-35% cost advantages. This pricing reflects fortuitous timing in contracting and the project's proximity to Val-d'Or mining infrastructure, effectively providing 15-20% more drilling capacity for the same capital outlay. Over a 100,000-meter program, these savings compound meaningfully while eliminating near-term dilution concerns.

Recent exploration results validate the geological model, with the company's third press release since August program commencement demonstrating systematic expansion of mineralization. Drill intercepts include 11 g/t over 9 meters and ounce-per-ton material over metric widths in stacked vein systems with true widths extending approximately 50 meters. The mineralization occurs at surface in multiple parallel structures, suggesting both high-grade vein mining potential and bulk tonnage scenarios—a combination characteristic of the region's most successful operations.

Management has structured a comprehensive five-pronged development program simultaneously advancing drilling, metallurgical testing, environmental baseline studies for permitting, resource estimate updates, and preliminary economic assessments. This parallel execution compresses typical sequential development timelines while generating bi-weekly news flow expected to continue for 18 months. The metallurgical work specifically targets toll milling opportunities at existing regional mills, a strategy that could reduce development capital requirements by 50-75% compared to standalone mill construction.

The project benefits from exceptional infrastructure access, sitting within 30 minutes of Val-d'Or with its established workforce, service providers, power, and multiple processing facilities. The historic Chimo Gold Mine, encompassed within Cartier's land package, achieved 93% recovery rates and operated until 1997 when it closed not from resource exhaustion but from gold prices collapsing to $275 per ounce. With gold now exceeding $2,700 per ounce—nearly 10x higher—combined with superior mining technology and metallurgical methods, the same geological setting offers dramatically enhanced economic potential.

CEO Philippe Cloutier articulates a clear timeline for value recognition, stating the program is almost 7 months pregnant with the company targeting a different level by the end of 2025, early 2026. For investors seeking exposure to gold discovery upside in a premier mining jurisdiction, backed by strategic producer validation and managed by a team demonstrating capital discipline and commercial focus, Cartier Resources presents a compelling risk-reward proposition with multiple near-term catalysts and substantial revaluation potential should management successfully demonstrate camp-scale mineralization.

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

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Interview with Gan-Ochir Zunduisuren, Managing Director of Asian Battery Metals PLC

Recording date: 15th October 2025

Asian Battery Metals (ASX:AZ9) is emerging as a focused critical minerals developer in Mongolia, strategically positioned at the doorstep of Asian consumption markets. Led by Managing Director Gan-Ochir Zunduisuren, a mining engineer with 22 years of experience including a board position at Rio Tinto's Oyu Tolgoi copper operation, the company is advancing a portfolio of copper, nickel, and gold projects in southwestern Mongolia's prospective Central Asian orogenic belt.

The company's flagship Oval copper-nickel project has delivered significant validation through selection for BHP's prestigious Xplor accelerator program in 2023. As one of only seven companies chosen globally from 250 applicants - and the sole Asian representative - Asian Battery Metals received $500,000 USD to prove the concept of a magmatic mafic intrusion-related copper-nickel sulfide system. This third-party technical endorsement has been reinforced by encouraging metallurgical results, with initial test work achieving 89-95% copper recovery and concentrate grades of 18.5-24%, meeting industry benchmarks for economic viability.

With approximately A$30 million in market capitalization and A$7-8 million deployed across exploration programs, the company has established 800 meters of continuous mineralization at Oval, with widths ranging from 50 to 80 meters. Recent drilling has extended mineralization to 290 meters depth, suggesting potential for deeper extensions along feeder conduit structures. The company is also advancing regional targets including MS1, located six kilometers south of Oval with geophysical signatures potentially larger than the main discovery, supporting a hub-and-spoke development model where multiple deposits could share centralized processing infrastructure.

Complementing the copper-nickel focus, Asian Battery Metals is completing due diligence on the Maikhan Uul VMS copper-gold system, located just eight kilometers from Oval. Recent drilling confirmed more than 20 meters of massive sulphide mineralization with historic grades of approximately 1.7% copper and 1 gram per tonne gold, plus a high-grade shallow gold zone grading over 15 g/t. The company expects to complete this acquisition within four months, adding diversification and supporting the multi-deposit cluster strategy that Managing Director Gan-Ochir described as essential to achieving the company's goal of "more than 20 million tons of economic resources or potentially producing 50,000 tons of metals."

Mongolia's maturation as a mining jurisdiction provides crucial support for development pathways. Over the past 15 years, the country has opened 20-30 new mines, improved infrastructure substantially, and developed multiple financing options including international financial institutions, domestic banks, and Chinese offtake arrangements. This evolution, combined with proximity to Asian markets and an established contractor mining sector, positions Asian Battery Metals to advance its projects efficiently in a jurisdiction that has demonstrated it can support world-class operations like Rio Tinto's Oyu Tolgoi copper mine.

View Asian Battery Metals' company profile: https://www.cruxinvestor.com/companies/asian-battery-metals

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Interview with Brett Marsh, President & CEO of Spartan Metals

Recording date: 16th October 2025

Spartan Metals Corp has emerged as a focused player in the critical minerals sector with its Eagle project in Nevada, a past-producing district that encompasses two historic tungsten mines and a high-grade copper-silver operation. The company's strategic approach centers on reviving domestic tungsten production at a time when the United States faces near-total import dependence for this defense-critical metal.

CEO Brett Marsh, bringing 25 years of geology experience across major mining companies and junior explorers, has deliberately structured Spartan around tungsten development despite the presence of valuable polymetallic mineralization on the property. The company's stock symbol 'W' reflects this unwavering focus on what Marsh describes as the cornerstone commodity driving the venture.

The Tungstonia deposit presents compelling characteristics for modern exploration. Historic mining during World War II and earlier periods produced grades between 0.6% and 0.9% tungsten trioxide, with operations extending only to approximately 75 meters depth. Recent work reveals that veins mined over 700 meters of strike length actually extend to nearly 2 kilometers, suggesting substantial depth potential that previous operators never tested.

An immediate catalyst exists in the form of 10,000 tons of historic tailings grading 0.15% tungsten trioxide. Drilling commenced October 20th to establish tonnage, grade distribution, and metallurgical characteristics, with Marsh indicating the company will likely partner with entities possessing downstream processing capability for monetization rather than developing standalone infrastructure.

Spartan's recent $2.25 million financing fully funds a comprehensive Phase 1 exploration program including surface mapping, soil geochemistry, geophysical surveys, and 3D geological modeling ahead of maiden drilling tentatively scheduled for early spring 2026. The company's systematic approach to validating century-old data through modern exploration techniques has attracted attention from both investors and government entities interested in reshoring strategic mineral supply chains. With tungsten classified as critical by the U.S. government and China controlling approximately 80% of global supply, Spartan's timing aligns with heightened policy support for domestic production alternatives.

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Interview with Nicholas Bridgen, CEO of Ferro-Alloy Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/ferro-alloy-resources-lsefar-low-cost-vanadium-play-preps-feasibility-study-for-june-2025-6715

Recording date: 15th October 2025

Ferro Alloy Resources has released feasibility study results for its Kazakhstan vanadium project, revealing exceptional economics that position the company among the lowest-cost producers globally. Phase 1 development demonstrates a net present value of $749 million with a 22% internal rate of return, while production costs of just $0.36 per pound after byproduct credits place the project in the bottom decile of global vanadium operations.

Chief Executive Nicholas Bridgen attributes these compelling economics to two fundamental advantages. The company's sedimentary ore deposit differs markedly from the magnetite sources that supply 95% of global vanadium production, requiring no concentration or roasting processes. This geological advantage translates directly into lower processing costs and reduced environmental impact. Additionally, the deposit contains 8.5% carbon content that can be processed into carbon black substitute, a valuable byproduct for tire manufacturing commanding prices around $500 per ton.

The project's strategic positioning extends beyond pure economics. With vanadium designated as a critical metal across Western countries, Ferro Alloy Resources benefits from multiple financing pathways as governments seek to diversify supply chains away from Chinese dominance. The carbon black substitute product carries approximately one-tenth the embedded emissions of conventional production, potentially adding $100-200 per ton in value as carbon tariffs expand globally.

Phase 1 targets 8,500 tons of vanadium pentoxide annually, with Phase 2 conceptually three times larger. Seven ore bodies have been identified across the project area, though only the first has been fully incorporated into current planning. Existing infrastructure including power lines, road access to international rail connections, and favorable open-pit mining conditions reduce both capital requirements and execution risk.

The company now advances toward front-end engineering design, evaluating both Western financing aligned with critical minerals strategies and competitive Chinese contractors for cost-efficient development. With a 15,000 ton-per-year pilot plant already demonstrating superior recovery rates compared to laboratory testing, Ferro Alloy Resources presents investors with a de-risked pathway into vanadium production at a strategically significant moment for global supply chains.

View Ferro-Alloy Resources' company profile: https://www.cruxinvestor.com/companies/ferro-alloy-resources

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Interview with Blake Hylands, CEO of Lithium Ionic Corp.

Our previous interview: https://www.cruxinvestor.com/posts/opportunity-in-volatility-lithium-projects-poised-for-rebound-5610

Recording date: 15th October 2025

Lithium Ionic has significantly strengthened the economics of its Bandeira lithium project in Brazil, delivering a rare improvement in feasibility study updates. The company's latest Definitive Feasibility Study reveals exceptional metrics: a post-tax internal rate of return exceeding 60%, net present value of $1.5 billion, and a two-year payback period over a 19-year mine life. Most notably, capital costs decreased by $70 million to $190 million, positioning Bandeira among the lowest-cost lithium developments globally.

The capital reduction resulted from strategic partnerships and engineering optimization rather than project compromise. Lithium Ionic partnered with R-TEK Resources, the engineering team that successfully constructed the adjacent Sigma Lithium operation, bringing proven DMS plant design expertise. This collaboration enabled equipment standardization, simplified mine sequencing, and refined facility design while maintaining project robustness.

Located in Minas Gerais' Araçuaí pegmatite belt, the Bandeira project benefits from exceptional geological validation. The deposit sits just 500 meters from the CBL operation, which has produced lithium for 30 years, with near-identical structural and geochemical characteristics. Through targeted drilling completed in late 2024, Lithium Ionic expanded measured and indicated resources from 21 million to 27.5 million tons, converting 21 million tons to proven and probable reserves at a 77% rate.

The project's lowest-quartile cost profile provides resilience against lithium's recent price volatility, which has seen spodumene swing from $8,000 to $650 per ton. Management targets early 2026 for permit approval and end-of-2027 production, timing that could coincide with tightening supply-demand dynamics as sustained low prices curtail new supply development.

With sub-$200 million capital requirements generating $1.5 billion in value, conservative operating assumptions, and a proven development team, Lithium Ionic presents a compelling proposition for project financing as battery demand continues expanding across electric vehicles, grid storage, and AI infrastructure applications.

Learn more: https://www.cruxinvestor.com/companies/lithium-ionic-corp

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Interview with Sean Wade, CEO of Power Metal Resources PLC & Marcel Nally, Founder of Minestarters

Our previous interview: https://www.cruxinvestor.com/posts/power-metal-resources-aimpow-advancing-a-pipeline-of-high-potential-exploration-projects-6311

Recording date: 15th October 2025

Power Metal Resources is investing £3 million to become the cornerstone investor in Minestarters, a blockchain-based platform designed to address critical funding shortages in early-stage mining exploration. The AIM-listed mining exploration incubator will acquire 49% of Minestarters, gaining access to significantly larger capital pools through tokenisation while maintaining visibility of investment value through tradable digital assets.

CEO Sean Wade describes the funding environment for early-stage mining over the past two to three years as "a desert" where even "fantastic prospects" that "would have flown off the shelves during COVID" have struggled to raise adequate capital. This capital scarcity prevents companies from investing sufficient sums to properly develop resources, with projects requiring significant drilling programs finding markets closed or capital available only at prohibitive costs.

Minestarters addresses this gap by issuing 120 million tokens backed by real-world mining assets. The platform will deploy 70 million tokens to the public in tranches, with the first 20 million released at $0.10 per token. All proceeds flow into a treasury used exclusively to fund selected mineral exploration projects through a rigorous investment committee that expects to reject 90-95% of applicants.

A key innovation involves smart contracts that automate milestone-based funding, releasing capital only as projects achieve predetermined objectives. This approach reduces capital leakage and human error compared to traditional mining finance, where project managers might request additional funds mid-programme without clear accountability frameworks.

Wade emphasises the partnership creates immediately visible value contrasting with conventional exploration investments: "I could tomorrow spend £3 million on an asset in Canada. Nothing's going on my balance sheet that's visible to a shareholder for three years plus." The tradable tokens provide 24/7 price transparency, enabling investors to track Power Metal's Minestarters holdings in real-time while the company leverages its proven IPO expertise to provide exit pathways for funded projects.

View Power Metal Resources' company profile: https://www.cruxinvestor.com/companies/power-metal-resources

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Interview with Joe Ovsenek, CEO of Tudor Gold 

Our previous interview: https://www.cruxinvestor.com/posts/tudor-gold-tud-higher-grade-results-show-improved-understanding-2585

Recording date: 16th October 2025

Tudor Gold is advancing its Treaty Creek project in British Columbia's Golden Triangle from exploration into mine development under new leadership with proven experience building the nearby Brucejack Mine. The company controls a 21.66 million ounce gold resource grading 0.92 g/t and is implementing a selective underground mining strategy rather than pursuing bulk tonnage approaches.

President and CEO Joe Ovsenek leads a management team that joined in May 2025, bringing direct regional expertise and established relationships with local stakeholders. The team is refining the geological model from 10m blocks to 5m blocks, increasing resolution eightfold to better identify high-grade zones averaging 2-3 g/t gold. This technical work targets 50 to 100 million tons within this higher-grade range, which would support an 8,000 to 10,000 ton per day underground longhole stope operation producing 250,000 to 300,000 ounces annually over a minimum 10-year mine life.

The underground approach reflects operational realities in the Golden Triangle, where approximately 22 meters of annual snowfall creates significant challenges for surface mining. Underground operations avoid these constraints while requiring less capital than large-scale block cave alternatives and enabling faster permitting and construction timelines.

Tudor Gold recently acquired American Creek Resources, increasing its ownership in Treaty Creek from 60% to 80%. This strategic move reduces carried interest burdens that previously constrained exploration activities and improves project economics. The remaining 20% is held by Teuton Resources, which has announced plans to simplify its corporate structure, potentially facilitating future consolidation discussions.

The company faces a near-term challenge resolving a land access dispute with neighboring Seabridge Gold, whose KSM project development plans include twin 22-kilometer tunnels that would intersect Tudor's Gold Storm deposit under the currently proposed route. Management has proposed shifting the route approximately one kilometer north through similar geology and expects to reach negotiated resolution within months through discussions with Seabridge, regulatory authorities, and provincial officials.

An updated mineral resource estimate is scheduled for November 2025, incorporating 175,000 meters of drilling and the refined block modeling. Underground portal permits are targeted for May 2026 approval, with development serving dual purposes of providing bulk samples while establishing drill stations for efficient infill drilling of high-grade zones and the SC1 structural corridor.

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

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Interview with Chad Peters, President & CEO of Ridgeline Minerals and Chris Frostad, President & CEO of Purepoint Uranium

Recording date: 8th October 2025

Ridgeline Minerals and Purepoint Uranium represent a fundamental departure from the traditional junior mining exploration model that has historically destroyed shareholder value through relentless dilution. Both companies have structured strategic partnerships with major mining companies, including Nevada Gold Mines, South32, Cameco, and Orano, that provide 100% non-dilutive funding for exploration programs while the juniors retain fully carried interests of 20-25% through to commercial production. This structure addresses the central problem facing exploration investors: companies repeatedly returning to capital markets at disadvantageous valuations to fund high-risk drill programs.

The financial metrics are compelling. Ridgeline's partners are deploying approximately $9.5 million USD in 2025 across joint venture projects, while Purepoint's partners are spending roughly $8 million - both figures representing 30-40% of their respective market capitalizations of approximately $25 million. Critically, this capital is deployed without issuing a single new share to existing investors. Additionally, both companies collect management fees of 10-15% (including chargeable expenses) on partner-funded programs, generating sufficient revenue to cover corporate overhead and achieve cash flow positive operations - a rare achievement in junior exploration that reduces dependence on equity markets during bear market periods.

The investment thesis centers on asymmetric risk-reward. Downside is protected by sustainable cash flow models, major partner validation of project quality, and diversified project portfolios that spread exploration risk across multiple targets in tier-one jurisdictions (Nevada's Cortez Trend for gold, Saskatchewan's Athabasca Basin for uranium). Upside leverage remains substantial: any significant discovery would trigger material share price appreciation as partners cannot dilute their positions further, while comparable single-asset explorers trade at valuations that would justify either company's current market cap for just one project.

Near-term catalysts include ongoing drill programs at Ridgeline's Swift (gold) and Selena (base metals) projects, and Purepoint's Dorado uranium project where initial results have intersected up to 8% uranium. Results flowing through late 2025 and early 2026 provide multiple opportunities for value inflection as these companies demonstrate that intelligent capital allocation can transform exploration from a value-destruction exercise into a genuine wealth-creation opportunity for patient investors.

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Learn more: https://cruxinvestor.com/companies/ridgeline-minerals

https://www.cruxinvestor.com/companies/purepoint-uranium-group-inc

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Recording date: 14th October 2025

Derek Macpherson, Executive Chairman of Olive Resource Capital, and CEO Sam Pelaez presented their outlook on the evolving commodity markets during their October 14, 2025 Compass podcast. Their analysis highlights a transition from precious metals dominance toward broader industrial commodity opportunities driven by monetary policy and structural supply constraints.

Gold continues trading at $4,100 with silver exceeding $50 per ounce despite recent Middle East peace developments. Pelaez emphasized that global liquidity has reached all-time highs, surpassing pandemic levels, and maintains the highest correlation with gold performance. This monetary backdrop combines with central banks actively reducing US dollar exposure, creating sustained precious metals support independent of geopolitical developments.

The hosts identified emerging opportunities in industrial metals based on cyclical patterns. US manufacturing contracted for 33 of the last 36 months, creating conditions similar to previous troughs. Federal Reserve rate cuts combined with Chinese monetary easing now target manufacturing activity directly. Pelaez questioned whether markets are entering "the early innings of an industrial recovery for the metals."

Copper emerged as particularly attractive given supply constraints at four of the world's top ten assets including Cobre Panama, Kamoa-Kakula, Grasberg, and QB2. Macpherson noted these production challenges create tight supply conditions that would respond dramatically to manufacturing demand recovery.

Government intervention in critical minerals represents another strategic focus. The US Department of Defense committed $1 billion to stockpiling programs, creating price floors that protect domestic producers from Chinese market manipulation. Pelaez highlighted CoTec's exclusive US licensing for magnet recycling technology as exemplifying opportunities in processing rather than traditional mining, avoiding extraction complexities while benefiting from government support.

The firm views the current environment as following historical bull market progression from gold through silver and platinum group metals toward base and industrial commodities. Macpherson advised following government capital flows given their superior balance sheets and extended investment horizons. Olive Resource Capital continues positioning for subsequent market phases while maintaining focus on alpha generation in less liquid segments where fundamental analysis drives outperformance.

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Interview with Keith Boyle, CEO of New Found Gold and Victor Cantore, President & CEO of Amex Exploration Inc.

Recording date: 16th October 2025

New Found Gold and Amex Exploration represent a new generation of Canadian gold developers taking a pragmatic path from exploration to production, leveraging high-grade resources and phased build strategies to minimize dilution and accelerate cash flow.

New Found Gold CEO Keith Boyle outlines how the acquisition of Maritime Resources positions the company to become a near-term producer at its Queensway Project in Newfoundland. The addition of a toll milling option significantly reduces capex and execution risk, allowing production to begin as early as this year. Boyle emphasizes a disciplined focus on free cash flow over headline NPVs, noting that the “recipe” for success lies in simplicity—high-grade veins, modest throughput, and strong jurisdictional advantage. New Found’s 110-kilometre-long land package offers large-scale exploration upside, but the near-term focus remains on monetizing high-grade ounces to self-fund further growth.

Amex Exploration CEO Victor Cantore echoes similar themes from Quebec, where the company plans to transition its Perron Project into production through toll milling before constructing its own 2,000 tpd facility. With 2.3 Moz grading 6.14 g/t, including 831 koz at 16.2 g/t in the Champagne Zone, Cantore highlights the project’s exceptional grades, manageable $146M capex, and robust margins at current gold prices. At an AISC of just C$1,165/oz, Amex expects significant free cash flow potential even at conservative gold assumptions.

Both CEOs emphasize maintaining exploration momentum alongside staged production, funding drilling through early cash flow rather than equity dilution. Boyle and Cantore view this as a shift from the traditional “drill and dilute” model toward a “build and cash flow” strategy, underpinned by high-grade, low-tonnage deposits in tier-one jurisdictions. With gold prices above US$4,000/oz, both companies see 2026–2027 as pivotal years for generating meaningful cash flow and establishing a new generation of profitable Canadian gold producers.

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

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