Company Interviews

Interview with Paul Andre Huet, CEO, and Oliver Turner, EVP of Corporate Development,  Americas Gold & Silver Corp.

Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-targets-1000-tpd-capacity-aims-for-5moz-annual-silver-10282

Recording date: 22nd Sept 2026

Americas Gold and Silver (TSX:USA | NYSE American:USAS) used a year of investment to remove physical limits at its Galena Complex in Idaho, and management now wants the market to focus on delivery. Chairman and CEO Paul Andre Huet said the Galena shaft could hoist about 650 tons a day when the current team arrived 18 months ago. After two phases of upgrades at about $7 million of capital, it can now hoist safely at more than 1,400 tons a day.

The mining method is changing alongside the hoist. Huet said Galena has completed its 19th long hole stope, each about one metre wide. A stope that would take 14 months with jack legs takes 28 days, without diluting the grade. The target is a mine that is 70% long hole. The main outstanding item is a paste fill plant, because sand fill currently takes 14 to 16 days per stope. The mill, at about 750 tons a day is the next limit, with a 1,200 tons a day target by the end of 2026.

Production is the near-term test. The company produced 1.45 million ounces of silver in the first half, against 2026 guidance of 3.2 million to 3.6 million ounces. Reaching the low end requires about 1.75 million ounces in the second half. First-half all-in sustaining cost was $36.92 per ounce.

Cosalá in Mexico is the second growth leg. Oliver Turner, Executive Vice President, Corporate Development, said EC120 has a seven-year mine life and generates strong margins from near-surface mining. He said the company spent $3 million to $5 million on exploration there this year after essentially no spending since 2019. Turner cited recent intercepts of about 650 grams per tonne over more than 20 metres and 14 metres at 400 grams per tonne, roughly 30 metres from resource. A third mill is being tied in to process 2,000 tons a day at about 90% recovery, up from about 80% to 82%.

Crescent and antimony add further options. Management said mining at Crescent is planned for next year, once a second exit is completed and infill drilling firms up the resource. Test lots returned mid-90% recoveries in the Galena mill. The company does not treat the 2015 historical resource as current. Huet said antimony has moved from a penalty metal to a paid by-product, and that the United States needs about 50 million pounds a year. Commercial terms for a processing hub with US Antimony have not been disclosed.

Valuation is where Turner made the case for upside. He put the beta to silver at about 1.51 times and silver at over 90% of revenue. He said the shares trade at about 0.55 to 0.65 times NAV, and pointed to silver deals struck near two times NAV. Huet said funding growth from operating cash flow limits dilution. Investors should weigh these views as those of executives with a stake in the outcome.

View Americas Gold & Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation

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

Interview with Michael Murphy, Executive Chairman of South Pacific Metals 

Recording date: 22nd September 2026

South Pacific Metals Corp. (TSXV:SPMC, OTCQB:SPMEF, FSE:6J00) is a Papua New Guinea-focused gold-copper explorer built around a straightforward thesis: hold ground on the same geological structures that have already produced some of the world's most significant gold-copper mines, and let proximity to proven systems reduce exploration risk relative to greenfield ground.

The company's four projects sit within three established PNG mining districts. Kili Teke, acquired from Harmony Gold in 2023, is located roughly 40 kilometres from Barrick's Porgera mine and carries an NI 43-101 Inferred Resource of 237 million tonnes grading 0.24 g/t Au and 0.34% Cu, containing 1.81 million ounces of gold and 802,000 tonnes of copper (effective November 2022). Management argues this resource significantly understates the system's scale, since it is trimmed to roughly 650 metres from surface and excludes several higher-grade targets identified in historical and recent sampling including skarns returning up to 27.5% Cu at surface and an alkalic gold target with soil anomalies to 9,390 ppb Au. Drill-ready targets at these excluded zones are expected by the end of October 2026.

Osena and Anga sit on the Kainantu Transfer Zone, the same structure hosting K92 Mining's high-margin Kainantu operation. Drilling at Osena's Megabe target has already returned high-grade intercepts, including 8 metres at 8.95 g/t Au (with 5 metres at 12.46 g/t Au inside that), and four step-out holes have extended the mineralised structure to over 300 metres of strike in roughly ten weeks since the first discovery hole, a pace Executive Chairman Michael Murphy pointed to directly. Four additional holes at the nearby Ontenu Central target are complete, with assay results still pending.

May River, the company's fourth project, sits approximately 15 kilometres from PanAust's Frieda River deposit, one of the world's largest undeveloped copper-gold projects, and hosts historical drill intercepts including 19 metres at 11.47% Cu and 2.17 g/t Au.

Management brings relevant credibility to this positioning. Murphy previously spent 12 years on the board of Torex Gold, which he built from a small shell company into a producer now valued at more than $4 billion. The board also includes Alex Davidson, formerly EVP of Exploration and Corporate Development at Barrick Gold, and CEO Timo Jauristo, a 40-year mining executive with senior roles at Goldcorp and Placer Dome.

On the financial side, Murphy told Crux Investor that a financing of roughly $20 million backed by several established mining-sector institutional funds was in its final stages at the time of the interview, intended to fund the current work programme through year-end 2026. As at August 31, 2026, the company carried a market capitalisation of approximately C$65 million and a share price of C$0.93, with insiders holding roughly 45% of the register.

For investors, the appeal lies in the combination of a defined resource with clear expansion potential, active drilling already producing high-grade results, a funded programme, and an experienced technical and capital-markets team set against the standard risks of early-stage exploration in a jurisdiction still working to shed its reputation for operational difficulty, regardless of the recent evidence to the contrary.

Learn more: https://www.cruxinvestor.com/companies/kainantu-resources

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

Interview with Luke Norman, Executive Chairman, U.S. Gold Corp 

Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-undervalued-investment-series-with-luke-norman-10848

Recording date: 23rd September 2026

U.S. Gold Corp (NASDAQ:USAU) is a gold and copper developer whose CK Gold Project sits on Wyoming state land about 20 minutes west of Cheyenne. Executive Chairman Luke Norman said the company intends to build the mine rather than sell it, unless a bidder offers something egregiously beneficial to shareholders.

The project has moved a long way in five years. The company documents state approvals, including the mine operating permit in April 2024. The March 2026 feasibility study, issued by Halyard Micon International, shows an after-tax NPV5% of $632 million, a 27% after-tax IRR and a 2.5-year payback at base-case prices of $3,250 gold, $4.50 copper and $40 silver. Initial capital is $394 million. Reserves are 1.015 million ounces of gold, 260 million pounds of copper and 3 million ounces of silver.

At $4,000 the after-tax NPV5% is $946 million and payback is 1.8 years. At $2,000 the NPV5% is $98 million, and at $1,500 it is negative. Norman said payback remains well within two years at $3,750. The central open item is financing. The company had $30.7 million of cash as of April 2026. Norman stated final advanced engineering remains and will continue through development. The project suits debt because of its quick payback. Norman also mentioned a silver stream and the forward sale of some first-year gold. He put first-year output at 130,000 ounces of gold and 24 million pounds of copper. He gave no date for a financing announcement.

Norman argued that the 11-year mine life in the study understates the asset. The deposit extends at depth and along strike and could support 15 to 20 years. The company outlines 590,000 AuEq ounces of resources that could convert to reserves, with drilling anticipated for the second half of 2027. None of this is in the feasibility study.

The second strategic event is the Keystone spin-out. Keystone is a 20-square-mile exploration project on Nevada's Cortez Trend, 11 miles south of the Cortez Complex according to the presentation. Norman said US Gold will pay a dividend of Keystone shares to its shareholders, let Keystone raise its own capital and give it a separate management team. He expects this within six to eight weeks. He also argued that the dividend structure could force short sellers to cover, citing a short position of about 12-13%.

For investors, the case rests on execution. A permitted asset with study economics is in place. The market must now see how a $394 million build gets funded, whether a takeover approach emerges, and how the Keystone spin-out is structured. The main risks are financing terms, dilution from warrants and options, gold price sensitivity and timing slippage. Norman's comments are management's views, and several figures in the interview need checking against filings before they are relied upon.

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

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

Interview with Louis-Pierre Gignac, CEO of G Mining Ventures

Our previous interview: https://www.cruxinvestor.com/posts/g-mining-tsxgmin-major-acquisition-builds-tier-1-gold-hub-with-500koz-pa-potential-9868

Recording date: 23rd September 2026

G Mining Ventures Corp. (TSX:GMIN; OTCQX:GMINF) is executing a three-asset growth strategy anchored by cash flow from its Tocantinzinho (TZ) gold mine in Brazil, construction of the Oko West project in Guyana, and renewed exploration at Brazil’s Gurupi project. CEO Louis-Pierre Gignac says TZ’s stronger second half will help fund the company’s next phase of expansion.

TZ produced 68,691 ounces in the first half of 2026, leaving the bulk of annual output to the second half against guidance of 160,000 to 190,000 ounces. Higher grades and improved throughput are expected as mining reaches richer zones, while an expansion of tailings-pumping capacity should support 2027 guidance of 200,000 to 235,000 ounces. Revised 2026 all-in sustaining cost guidance is $1,330 to $1,544 per ounce, reflecting a stronger Brazilian real and higher fuel prices.

Oko West is the company’s principal construction project. By June 30, 44% of capital expenditure had been spent, with $423 million incurred, $628 million committed and first gold targeted in the second half of 2027. Commercial production is planned for January 2028. G Mining reports $1.288 billion of funding sources, including cash, projected TZ free cash flow and an undrawn $350 million revolver, compared with $550 million of remaining Oko capital and $88 million of corporate and exploration spending.

Following its acquisition of G2 Goldfields, G Mining aims to combine Oko West with the Ghanie and Oko Main deposits. The proposed expansion would add roughly 2 million tonnes of processing capacity and target annual production of about 500,000 ounces. An updated feasibility study, supported by 55,000 metres of infill drilling, is expected in mid-2027; historical G2 resource estimates still require upgrading.

At Gurupi, drilling has resumed after a long hiatus. An updated resource estimate and preliminary economic assessment are due before year-end, with management envisioning a mine producing roughly 200,000 ounces annually for at least a decade. The investment case rests on execution at TZ and Oko, gold-price assumptions of $4,000 per ounce, and successful conversion of exploration potential into reserves.

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

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

Interview with Claudia Tornquist, President & CEO, and Christopher Taylor, Chairman, of Kodiak Copper Corp.

Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-proposed-alliance-with-teck-to-launch-new-us-copper-explorer-10100

Recording date: 23rd September 2026

Kodiak Copper Corp. (TSXV:KDK) is an exploration company built around the MPD copper-gold porphyry project in southern British Columbia. The property covers 357 square kilometres in an established mining district where Copper Mountain lies about 20 kilometres to the south, and Highland Valley sits 30 to 40 kilometres to the north. Kodiak's chairman, Chris Taylor, founded the company and CEO Claudia Tornquist joined Taylor for this interview at Beaver Creek.

The investment question is whether a large, lower-grade porphyry can grow into a project with economics. Tornquist said the maiden resource is already sizeable and that its grades align with regional mines and North American porphyry peers. She said Kodiak's task is to grow the resource and then show economic potential.

The December 2025 maiden resource holds about 439 million tonnes across seven deposits. Indicated resources are 82.9 million tonnes at 0.39% CuEq. Inferred resources are 356.3 million tonnes at 0.32% CuEq. Copper content is 519 million pounds indicated and 1,889 million pounds inferred. Gold content is 0.39 million ounces indicated and 1.28 million ounces inferred.

This year's 16,500-metre programme is the main lever. It is entirely shallow. More than 7,000 metres have gone into Ketchan, where Kodiak reported its best hole to date. Hole AG-26-019 returned 283.5 metres at 0.70% CuEq from 37.5 metres downhole. Management says each deposit contains higher-grade zones and that all remain open. It has also identified a new anomaly beside the South zone.

Management expects each round of drill results to build market confidence, and it links near-surface drilling to economics. A starter pit needs enough higher-grade material close to surface to repay initial capital. West and Adit fit that description today. Management did not commit to a date for an economic study.

Management said the market should understand the project far better once this year's results are incorporated. Valuation is the central argument. Kodiak is valuated at C$84 million as at 31 August 2026. NorthIsle Copper and Gold, Faraday Copper and Osisko Metals are each above C$1.5 billion. Tornquist described NorthIsle's path from a modest valuation to a PEA as the model. Cash was C$18 million. Management says 2026 is fully funded.

Kay Copper is a separate source of potential value. Kodiak is combining its Mohave project with Teck Resources' Copper Hill project in Arizona. Kodiak expects to hold 26.4%. Initial funding is just over $5 million, and the pro forma valuation is C$18 million. The deal has not closed.

The catalysts are a steady flow of drill results, Kay Copper completion and the first-quarter 2027 resource update. Investors should also weigh the risks. About 81% of tonnes are inferred. No economic study is scheduled. Drilling may not deliver the growth management expects. Kay Copper may not close on the expected terms.

View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corp

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

Interview with Matt Manson, President & CEO of Radisson Mining Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/radisson-mining-tsxvrds-obrien-82-gold-resource-growth-drilling-continues-high-success-rate-10919

Recording date: 22nd Sept 2026

Radisson Mining Resources Inc. (TSXV:RDS) has secured a strategic anchor shareholder while keeping its exploration programme funded. Agnico Eagle Mines Limited bought 53,420,000 units at C$1.07, raising C$57,159,400 and taking about 10.45% of the common shares. Half a warrant per unit would lift its stake to about 14.90% on a partially diluted basis if exercised. The placement remains subject to final TSX Venture Exchange acceptance.

The company will use the proceeds to begin an underground exploration programme at its 100%-owned O'Brien Gold Project in the Abitibi region of Quebec. The centrepiece is an access ramp to about 300 metres vertical depth. Ore drives through mineralised zones will bring material to surface, but Radisson will not develop stopes or mining panels and does not call the work a bulk sample. Manson said the programme is meant to test continuity of mineralisation, ground conditions, dilution and the tonnes per day the orebody can support. Those variables determine whether a high-grade narrow vein deposit can be mined at a steady rate.

Timing matters for investors tracking catalysts. Permitting and preliminary engineering have started. Manson expects to break ground on the portal around the middle of 2027, with about 18 months of work to reach depth. The objective is to have the ramp in place for 2029. In parallel, the 140,000-metre surface programme runs on eight rigs, with a ninth planned for a hole to 2.5 km depth. A resource update is likely by the end of 2026, followed by another in 2027.

The current resource stands at 2.3 million ounces, made up of 0.63 million ounces indicated and 1.69 million ounces inferred, according to the company's release. Manson said similar mineralisation continuing to a 2 km floor points to 3 to 4 million ounces in total, and he sees upwards of 4 million ounces. Manson cites an 83% success rate for deep step-out holes from shows 98 hits from 120 holes.

Valuation is where Manson sees a gap. He put the shares at US$191 per ounce on 2.3 million ounces after a C$1.17 close, against takeouts at US$500 to US$600 per ounce over the past six months. Precedent transactions are imperfect comparisons, since prices reflect stage, grade and infrastructure access. Manson also said Agnico Eagle's stake is a level Radisson is comfortable with and that the stand-alone path remains the default. Any use of the LaRonde infrastructure is a future step to be considered.

Risks remain as narrow vein deposits depend on continuity, and underground development has to keep pace with any future mill feed. O'Brien is a 1920s mine site with an old tailings facility, and Manson said legacy issues must be addressed. The exploration target is unproven, and the commentary comes from a company executive with an interest in the outcome. Investors should watch the year-end resource update, exchange acceptance and the 2027 portal start.

View Radisson Mining's company profile: https://www.cruxinvestor.com/companies/radisson-resources

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

Interview with Brian Miller, CEO of Astra Exploration

Our previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-15m-raise-supports-high-grade-gold-silver-target-in-argentina-10209

Recording date: 22nd September 2026

Astra Exploration (TSXV:ASTR) is a precious metals explorer focused on gold and silver in Argentina and Chile. Its flagship is the La Manchuria project in Santa Cruz, Argentina, where the company holds 80% with an option to acquire 90% from Patagonia Gold Corp.

The final Phase III assays, released on 17 September 2026, covered eight holes from a 16-hole, 5,176-metre programme. Highlights were 3 metres at 4.34 g/t gold and 363.7 g/t silver at the Basalto Zone, and 8 metres at 3.12 g/t gold and 10.3 g/t silver in the Eastern Zone. Both remain open.

CEO Brian Miller states Phase III showed expansion in two systems. One is a disseminated bulk-tonnage system at surface. The other is a high-grade vein system. He also acknowledged that one target did not work. Holes drilled at 300 to 350 metres beneath apparently converging veins found narrow, low-grade veins in andesite. Miller called the result local. Astra will now concentrate on rhyolites and pyroclastics, which he said have been more predictable.

Miller also addressed how the market may value the two systems. He said an analyst who knows geology and mining favours the growing bulk system, while the wider market tends to prefer headline vein grades such as 80 g/t gold. He said little has changed at the project, and that some investors who held for a single target sold after the miss. He did not identify a direct peer, saying the two-system setting is somewhat unique.

The next phase is built around scale. Geological and geophysical data define five undrilled regional targets over a 4 by 4 kilometre footprint. Miller's favourite is Breccia, to the southeast, on strike with the Manchuria Hill vein structures. Astra has also expanded its La Manchuria claims from about 5,600 to about 39,000 hectares.

Astra plans 10,000 to 20,000 metres of drilling with two drills. Miller described 10,000 metres as the minimum. Drilling at La Manchuria is due to begin in November, with roughly 5,000 metres by year-end and a further 5,000 metres in the first quarter of 2027. The split between Manchuria Hill and the regional targets will follow results. The company reports C$12.5 million in treasury and describes its programmes as fully funded.

Don Mario sits in Chile's Maricunga belt, about 20 kilometres from the Refugio Mine. First-pass drilling is planned for January and February. A news release on the targeting work is expected in the next couple of weeks.

Investors should weigh several risks. Host-rock variability has already produced one miss. Winter reduces drilling productivity and raises cost per metre in Argentina. Assay turnaround has been slow, which can delay news flow. Miller also said the shares traded near their 52-week low in the week of the interview, and sentiment has reacted to individual drill results.

Near-term watch-items include the Don Mario release, the first assays from the Q4 2026 campaign, and how Astra allocates its early metres. Any conclusion will rest on assay results rather than on the plan alone.

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

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

Interview with Nick Smart, CEO, ValOre Metals Corp.

Our previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-undervalued-investment-series-with-nick-smart-9774

Recording date: 22nd September 2026

ValOre Metals Corp. (TSXV: VO, OTCQB: KVLQF, FSE: KEQ0) is a Brazil-focused precious metals developer advancing the Pedra Branca project, a 100%-owned, near-surface platinum-palladium-gold deposit in Ceará State. The project's appeal begins with jurisdiction: roughly 90% of global PGE supply is concentrated in South Africa, Zimbabwe and Russia, each facing distinct operational or geopolitical constraints, while Pedra Branca sits outside that concentration entirely, benefiting from a four-hour paved highway link to Fortaleza's international port and airport.

The current resource base - a 2022 NI 43-101 inferred estimate of 2,198 koz 2PGE+Au across seven near-surface zones - has already doubled since ValOre acquired the project at roughly 1.1 Moz, following an additional US$10 million and 23,534 metres of company-funded drilling layered onto a legacy dataset from prior owners Anglo American and Anglo Platinum. A further 5,000-6,000 metres drilled since the 2022 estimate, including five new exploration zones, has not yet been incorporated into a public resource figure, leaving a visible near-term catalyst in an updated estimate.

Metallurgical testwork is the other major workstream ahead of the PEA. The company is scaling up leach testing from shake-flask to column and stirred-tank vessel trials to assess heap-leach amenability on weathered, oxidised material (roughly 40% of tonnage), while advancing conventional flotation on the fresh material that contributes the bulk of contained ounces. Recovery testwork is currently tracking in the high 70% range, with management indicating room for improvement as the flowsheet is optimised - a genuine trade-off exists between lower-capex heap leaching and higher-recovery vessel processing that the PEA will need to resolve.

Management has signalled a preference for staged development over a single maximum-scale build: securing licensing for an initial phase, proving the process, and adding capacity in subsequent phases as cash flow supports it, rather than raising capital repeatedly to reach full scale before any production decision. That approach, combined with Brazil's expanding domestic PGE processing capacity - illustrated by neighbouring Bravo Mining's proposed smelter complex at the port of Barcarena, which ValOre has flagged as a potential logistically attractive buyer for future concentrate - points toward a capital-efficient path to first production rather than a single binary de-risking event.

On valuation, ValOre's roughly $20M market capitalisation compares to a peer set - Bravo Mining, Platinum Group Metals, Generation Mining and Stillwater Critical Minerals - carrying market caps from ~$126M to ~$440M at broadly comparable or more advanced project stages. Insider and close-associate ownership stands at 30% combined, with resource and mining funds holding a further 25%. Cash on hand was under $0.8M as of September 1, 2026, against 255M shares outstanding (304.2M fully diluted), underscoring that near-term financing will likely be required to fund the PEA and subsequent development studies. The company's key near-term catalysts are the updated resource estimate, the Q4 2026 PEA, and subsequent licensing steps into Q1 2027.

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

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

Interview with Barry O'Shea, CEO of Highland Copper

Our previous interview: https://www.cruxinvestor.com/posts/coppers-new-era-from-cyclical-commodity-to-strategic-lifeline-10769

Recording date: 22nd September 2026

Highland Copper Company Inc. (TSXV:HI) has reached a significant financing milestone for its Copperwood copper project in Michigan's Upper Peninsula: final approval for a US$50 million grant from the Michigan Strategic Fund under the state's Strategic Site Readiness Program. No further state approvals are required, and the reimbursable structure returns funds to the company dollar-for-dollar as it spends on eligible regional infrastructure - power upgrades, telecommunications, and road improvements outside the mine gate.

The grant lands alongside a revised project timeline. CEO Barry O'Shea confirmed that the construction decision previously targeted for the second half of 2026 has shifted into 2027, with production now expected in the second half of 2030 rather than 2029. He attributed this to continued mine-plan optimisation work including cut-off grade and pillar-size adjustments identified in a June 2026 announcement, and the additional time needed to secure the Michigan grant, rather than to any fundamental setback. An updated feasibility study incorporating these changes is due in the first half of 2027.

Copperwood's economics carry substantial leverage to the copper price. The 2023 feasibility study produced a $168 million after-tax NPV and 18% IRR at a $4 per pound copper price which were insufficient at the time to attract meaningful capital. With long-term consensus pricing now closer to $5 per pound, company materials put the updated NPV at $507 million (33% IRR), rising to $855 million (48% IRR) at $6 per pound, a level copper is already approaching, with futures trading near $6.90/lb. The updated study will also incorporate the Michigan grant, a 1.6-percentage-point copper recovery improvement from newly adopted Jameson cell flotation technology, and potential mine-life extensions from the project's 79 million tonnes of inferred resource, partially offset by three years of cost escalation.

On financing, the Michigan grant is one piece of a broader non-dilutive stack. A separate US$50 million application is pending with the U.S. Department of Defense, though management expects to receive closer to $20-25 million based on precedent. The largest component remains a $250 million Letter of Interest from the U.S. Export-Import Bank, which remains non-binding; Highland Copper is running a competitive process to convert it into binding debt terms, potentially bringing in additional partners alongside existing 28% shareholder Orion Mine Finance. Together, non-dilutive sources could cover an estimated 70-80% of the roughly $400 million capital requirement, leaving $100-125 million to be raised as equity - which O'Shea expects to draw from a mix of Canadian, U.S. and other institutional investors once binding debt terms and the updated feasibility study are secured.

The company has also strengthened its leadership bench ahead of a potential build decision, adding Peter Hemstead (ex-Capstone Copper) as interim CFO and Trace Arlaud (ex-Rio Tinto Resolution Copper) as Project Director within the past six months. For investors, the key milestones to track are the H1 2027 feasibility study, the Q3 2027 conclusion of the debt financing process, and progress converting the EXIM letter to binding terms.

View Highland Copper's company profile: https://www.cruxinvestor.com/companies/highland-copper

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

Interview with George Salamis, President & CEO, Integra Resources 

Our previous interview: https://www.cruxinvestor.com/posts/made-in-america-integra-resources-tsxvitr-visiting-the-florida-canyon-mine-11309

Recording date: 22nd September 2026

Integra Resources (TSXV: ITR | NYSE: ITRG) is a Great Basin-focused gold-silver company built around one producing asset and two advanced development projects. Florida Canyon, an open-pit heap leach mine in Nevada acquired for $68 million in 2024, is the company's cash engine. Early 2026 was rocky: two consecutive quarters missed internal guidance, driven by ore-haulage bottlenecks and difficulty blending low-grade stockpile material with in-situ ore. Both issues are now described as resolved or substantially improved. A July 2026 technical report and updated mine plan lifted Florida Canyon's reserve by 74% to 1.19 million ounces, extended mine life three years to 2033, and raised average annual production guidance 17% to 82,000 ounces, with $0.8 billion in projected life-of-mine after-tax free cash flow.

That cash flow is earmarked to fund Integra's two growth projects. DeLamar, in southwestern Idaho, is the flagship: a 2025 feasibility study shows a base-case after-tax NPV5% of $774 million (rising to $1.9 billion at spot gold prices), a 46% base-case IRR (97% at spot), and payback of under two years at base case, compressing to roughly one year at current prices. Permitting has accelerated meaningfully - DeLamar's Notice of Intent was published in May 2026, and the project was added to the federal FAST-41 Transparency Projects Program in January 2026. A Record of Decision is targeted for H2 2027, with construction-start permits targeted for spring 2028. Integra has also signed a relationship agreement with the Shoshone-Paiute Tribes covering the project's development, and raised US$61 million in a February 2026 bought-deal financing to fund early works and land acquisition.

Nevada North, the third asset, comprises the Wildcat and Mountain View deposits roughly 30 miles from Florida Canyon. A 2023 PEA outlined a 13-year, 80,000 ounce-per-year operation with a $310 million after-tax NPV5% at a conservative $1,700/oz gold price assumption; an updated technical report is underway.

A distinct, lower-capital growth avenue also exists within Florida Canyon itself: reclassifying historical inter-pit "saddle" ground and decades-old waste dumps as ore now that gold prices make previously sub-economic material viable. Conceptual estimates for two dump targets alone range up to 56 million tonnes combined, though none of this is yet a defined mineral resource.

Management, led by CEO George Salamis alongside a leadership team with prior roles at SilverCrest Metals, Kinross and Perpetua Resources, has stated an explicit long-term ambition to build toward a 250,000-300,000 ounce gold-equivalent multi-asset production platform and is actively evaluating acquisitions to accelerate that path, while emphasising organic funding capacity from Florida Canyon's cash flow. Combined resource inventory across the three assets stands at 7.7 million ounces gold-equivalent measured and indicated plus 4.3 million ounces inferred. With roughly US$111 million in treasury as of mid-2026 and no near-term dilutive financing need flagged, the key catalysts for investors to track are Q3/Q4 2026 production against guidance, further resource updates from the 2026 drilling programme, and progress toward DeLamar's H2 2027 Record of Decision.

Learn more: https://www.cruxinvestor.com/companies/integra-resources

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