Company Interviews

Interview with Keith Boyle, CEO of New Found Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-a-model-for-responsible-mining-development-7373

Recording date: 17th July 2025

New Found Gold Corporation (TSXV:NFG) has released its first preliminary economic assessment for the Queensway Gold Project in Newfoundland, presenting an innovative three-phase development strategy designed to minimize capital requirements while maximizing investor returns. The approach marks a strategic shift toward early cash generation rather than traditional large-scale mine development.

The company plans to produce 1.5 million ounces of gold over a 15-year mine life with all-in sustaining costs of $1,256 per ounce. CEO Keith Boyle emphasized the strategy's focus on internal rate of return over net present value, stating: "We sacrificed NPV for IRR. In phasing the approach, we really pushed out that big production number because the capital cost of the small starter is much more attractive to us and much better fit for our shareholders."

Phase one involves constructing a 700 ton-per-day operation requiring $155 million in capital expenditure, utilizing a toll mill in Newfoundland for five years. This initial phase will produce 69,000 ounces annually, generating substantial margins of approximately $2,000 per ounce at current gold prices. The second phase scales up significantly with a 7,000 ton-per-day processing plant beginning construction in years three and four, commencing production in year five at 172,000 ounces annually.

The project demonstrates exceptional economics, delivering $742 million net present value with 56% internal rate of return at $2,500 gold assumptions. At current spot prices around $3,300, the IRR exceeds 100%, showcasing the project's leverage to gold price movements.

New Found Gold benefits from exceptional infrastructure proximity, located one hour from Gander, Newfoundland. The company expects rapid permitting based on government support targeting five mines by 2030, with recent examples showing 10.5-month approval timelines. Additional upside comes from active drill programs at Dropkick and other targets, plus underground development adding 230,000 ounces as a "sweetener" to the open pit operation.

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

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Interview with Kiran Patankar, President & CEO of Maple Gold Mines

Our previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-turnaround-100-ownership-46-leaner-and-agnico-at-its-side-7230

Recording date: 18th July 2025

Maple Gold Mines (TSXV: MGM) has emerged as a compelling exploration story in Quebec's Abitibi Greenstone Belt following the successful completion of its most substantial drilling program in nearly two years. The company's 2025 winter drilling campaign at its flagship Douay Gold Project delivered exceptional results that validate management's strategy to build a multi-million ounce gold district.

The 12,240-meter program achieved a remarkable 100% success rate, with gold mineralization intersected in all 21 holes while coming in under budget at $300 per meter versus $400 budgeted. Standout results included 4.87 g/t gold over 15 meters in the 531 Zone and 2.21 g/t gold over 31 meters in the Nika Zone, representing significant step-outs that extend mineralization 200-600 meters below current resource pit shells.

President and CEO Kiran Patankar emphasized the systematic approach: "When you have consistency, when you hit gold in every hole, when you are doing bolder stepouts... having 100% success rate while executing properly, being under budget, having a great cost saving and safety performance, all that stuff is important when you have a major partner."

Maple Gold currently controls over 3 million ounces of gold resources at Douay, positioning it among fewer than 20 companies that fully own multi-million ounce projects in Canada. The company is targeting expansion to 5 million ounces through continued exploration, with both high-grade zones remaining open in multiple directions.

The development strategy balances scale with economics, envisioning an initial 100,000-150,000 ounce annual operation that leverages current gold prices above $3,300 per ounce. Following restructuring to 100% ownership, Maple Gold maintains strategic partnership benefits with Agnico Eagle while gaining operational control for more efficient capital deployment. With a resource update planned by year-end 2025 and potential preliminary economic assessment by early 2026, the company is well-positioned to advance toward development in Quebec's premier mining jurisdiction.

View Maple Gold Mines' company profile: https://www.cruxinvestor.com/companies/maple-gold-mines-ltd

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Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-maiden-drill-hole-success-validates-district-scale-uranium-potential-7358

Recording date: 18th July 2025

ATHA Energy's technical team has demonstrated exceptional discovery capabilities with consecutive high-grade uranium intersections at the Angilak project, validating their systematic exploration approach in Canada's previously untested Angikuni basin. The company's proven ability to translate geological theory into drill bit success positions it as a standout performer in the uranium exploration sector.

*Proven Track Record of Discovery Excellence*
The exploration team's methodical approach has yielded remarkable results, achieving mineralization in all three initial drill holes along the Rib 9 Iron trend over 400 meters of strike length. This 100% success rate demonstrates the team's ability to accurately target high-probability areas within a previously unexplored basin, a skill that distinguishes experienced explorers from speculative ventures.

Led by CEO Troy Bojlet and supported by former Cameco personnel who brought the Cigar Lake mine into production, the team combines decades of Athabasca basin experience with cutting-edge exploration techniques. Their integrated approach utilizing structural geology, geochemistry, and advanced geophysics has compressed typical exploration timelines from years into months while maintaining discovery success.

The team's expertise extends beyond individual discoveries to systematic regional understanding. Their comprehensive 12-month generative exploration program acquired extensive geophysical and geochemical data, creating three-dimensional models that accurately predicted drill hole intersections. This predictive capability reduces exploration risk while maximizing discovery potential across the expansive land package.

*Technical Innovation Drives Results*
ATHA Energy's technical team employs sophisticated modelling techniques, including Maxwell plate modelling of electromagnetic data, to create three-dimensional representations of conductive structures. This advanced approach enables precise targeting of graphitic fault zones that host uranium mineralization, significantly improving drilling efficiency and success rates.

The team's ability to rapidly integrate real-time drilling observations with existing geological models allows for dynamic exploration decision-making. As CEO Bojlet explains: "Our understanding of the controls on mineralization here is evolving very rapidly. What would take years typically is being condensed into weeks and months." This accelerated learning curve translates directly into faster discovery timelines and reduced exploration costs.

Their systematic de-risking methodology involves ground gravity and electromagnetic surveys before drilling, ensuring high-confidence targets before committing drill budgets. This disciplined approach has produced consistent results, with the recent Lac 50 expansion achieving mineralization in all 25 drill holes during the previous year's program.

*Strategic Advantage Through Team Expertise*
The team's deep understanding of uranium systems enables the identification of district-scale opportunities often missed by less experienced operators. Their recognition of structural controls across multiple target areas within the Angikuni basin demonstrates the ability to think beyond individual prospects toward comprehensive resource development.

Former Cameco personnel bring practical mine development experience rarely found in exploration companies. This operational knowledge provides critical insight into what geological characteristics translate into economic deposits, ensuring exploration efforts focus on commercially viable targets rather than purely academic intersections.

The team's proven ability to execute large-scale drilling programs efficiently positions ATHA Energy for accelerated exploration of the extensive Angikuni basin. With only five holes completed from a planned 10,000-meter program, the demonstrated discovery success creates compelling potential for continued value creation as drilling advances across multiple high-priority targets.

ATHA Energy's technical team has established itself as a premier uranium exploration group through consistent discovery success, innovative targeting methodologies, and systematic approach to regional exploration. Their proven ability to deliver results in challenging exploration environments provides investors with confidence in continued value creation potential.
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View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energy

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Interview with Thomas Lamb, CEO of Myriad Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/us-uranium-sector-gains-under-pro-nuclear-push-7164

Recording date: 15th July 2025

Myriad Uranium Corp (CSE:M) has unveiled significant value enhancement at its flagship Copper Mountain project in Wyoming, where modern chemical assay techniques are revealing substantially higher uranium grades than historical measurements indicated. The discovery represents a major breakthrough for the company's 100+ million pound uranium potential.

CEO Thomas Lamb announced that chemical assays have demonstrated an average 60% grade improvement over 1970s gamma probe measurements, with uranium intervals previously measuring 1,000 parts per million now averaging 1,600+ ppm. This enhancement stems from uranium disequilibrium effects that historical gamma probing methods failed to capture accurately.

The Copper Mountain project benefits from extensive historical validation, built upon 2,000 boreholes drilled by Union Pacific in partnership with California Edison during the 1970s. Originally planned as a large-scale conventional uranium mine, the project encompasses seven distinct deposits plus 12-14 additional prospects. The US Department of Energy estimated the broader area could contain up to 200 million pounds of uranium.

Beyond grade improvements, Copper Mountain offers exceptional metallurgical advantages. Historical testing demonstrated 90-95% uranium recovery rates using standard leaching techniques, with industry veterans describing the processing as remarkably simple.

Myriad's portfolio includes the Red Basin project in New Mexico, featuring high-grade near-surface mineralization ranging from 0.17% to 0.31% uranium. The project sits within a basin the US Geological Survey believes contains up to 45 million pounds of uranium.

The company's strategic positioning aligns with emerging uranium demand from technology companies. AI and data center expansion requirements are driving companies like Microsoft, Google, and OpenAI to secure upstream uranium supplies, creating unprecedented sector interest.
Myriad is currently processing 1,500 additional samples from recent drilling to further validate the disequilibrium advantages, with results expected to inform expanded resource estimates and development planning.

View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uranium

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Interview with Stephen Hanson, President & CEO of Surface Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/acme-lithium-acme-despatches-from-the-lithium-front-line-3054

Recording date: 14th July 2025

Surface Metals (CSE:SUR), formerly Acme Lithium, has successfully executed a strategic transformation that positions the company for value creation across two critical commodity sectors. Under CEO Stephen Hanson's leadership, the company has pivoted from pure lithium exploration to gold development while maintaining its valuable lithium asset foundation.

The strategic shift emerged from pragmatic market realities as lithium prices declined and EV demand slowed over the past 18 months. Rather than abandoning the long-term energy transition thesis, Hanson explained the rationale: "As a board and a management team we started to evaluate our assets and say listen we work for the shareholders. Creating shareholder value is my number one priority."

The centerpiece of this transformation is the April 2025 acquisition of 90% of the Cimarron gold project in Nevada's renowned Walker Lane trend. Located just 14 miles from Kinross's Round Mountain mine, the property boasts impressive historical data from major companies including Newmont and Echo Bay. Historical intercepts include 26 meters of nearly 5 grams per ton gold, with surface samples reaching 120 grams per ton.

The project benefits from Nevada's world-class mining jurisdiction and favorable geology, featuring a shallow epithermal system with mineralization extending to surface. This configuration offers significant cost advantages and exploration potential beyond the existing 50,000-ounce resource, with targets for expansion to over one million ounces.

Surface Metals maintains its lithium portfolio as strategic foundation value, including a 300,000-ton lithium carbonate resource in Clayton Valley and successful partnerships like the Snow Lake Energy joint venture in Manitoba. With holding costs of only tens of thousands annually, the company can maintain these assets through market cycles.

Trading at approximately $5 million Canadian market cap, Surface Metals offers investors dual commodity exposure at an attractive entry point. The company plans drilling at Cimarron by early 2026, following systematic database modernization and permitting processes that typically require 90-120 days in Nevada's streamlined regulatory environment.

View Surface Metals' company profile: https://www.cruxinvestor.com/companies/acme-lithium

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Interview with Niël Pretorius, CEO of DRDGOLD Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/drdgold-nysedrd-gold-recovery-from-historical-tailings-7131

Recording date: 15th July 2025

As gold prices reach unprecedented levels, DRD Gold CEO Niël Pretorius offers a compelling blueprint for mining leadership during turbulent market conditions. His approach combines conservative capital allocation with strategic opportunism, providing valuable lessons for the broader mining sector.

Pretorius identifies a fundamental shift in gold market dynamics over the past four years, where sustained accumulation by non-Western central banks has created new price support mechanisms. This "counter dynamic" has helped gold rebase at higher levels, even during periods of Western market pessimism. For South African producers like DRD Gold, current conditions offer particular advantages through natural currency hedging—producing in rand while selling in US dollars creates what Pretorius calls "a double benefit."

The CEO's capital allocation philosophy emphasizes dividend distribution and operational optimization over speculative expansion. "I believe that a business is there to generate cash flow," he states, advocating for full commodity price exposure rather than revenue protection strategies. This approach prioritizes sustainable growth through extending existing mine life by 18-20 years and modest production increases, rather than pursuing headline-grabbing acquisitions.

Risk management remains central to Pretorius's strategy. Despite favorable market conditions, he maintains skepticism about price sustainability, advocating for accelerated capital investment while conditions remain favorable. "We know it can change overnight," he warns, emphasizing the importance of building resilience for future volatility.

The CEO champions financial transparency, dismissing complex accounting metrics in favor of fundamental questions: profitability, debt levels, and capital coverage capability. His emphasis on practical indicators like insurance coverage demonstrates sophisticated risk assessment beyond traditional financial metrics.

Pretorius's leadership philosophy reveals how successful mining executives balance opportunistic investment with conservative risk management, maintaining operational excellence while adapting to evolving market structures. His approach offers investors a framework for evaluating mining leadership quality during periods of unprecedented market conditions.

View DRDGOLD's company profile: https://www.cruxinvestor.com/companies/drdgold-limited 

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Interview with Brendan Yurik, CEO of Electric Royalties Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/electric-royalties-tsx-v-elec-35-assets-approaching-revenue-potential-in-2025-6322

Recording date: 11th July 2025

The mining royalty sector is undergoing unprecedented transformation, driven by significant consolidation activity and the entrance of non-traditional capital sources that signal a potential turning point for the long-undervalued industry.

The sector's landscape shifted dramatically with Royal Gold's $3.5 billion acquisition of Sandstorm Gold, bringing over 200 royalties under one umbrella and representing a 17 times cash flow multiple. This mega-deal exemplifies the current consolidation wave, with companies seeking diversification benefits through scale rather than single-asset exposure. The transaction contrasts sharply with Franco Nevada's $1 billion investment in the single Cobre Panama asset, highlighting different strategic approaches to risk management.

Perhaps more intriguing is the emergence of alternative capital sources in mining investments. Tether, the digital asset company generating $45 billion in annual revenues, has made strategic investments in Elemental Altus, marking a significant departure from traditional mining finance. Similarly, the Pentagon's $400 million investment in Mountain Pass Rare Earths, providing a 10-year offtake agreement at a 70% premium, represents the first concrete sign of U.S. government action to secure critical mineral supply chains.

These developments come amid a striking valuation disconnect in the mining sector. Despite metal prices doubling in many cases over recent years, mining valuations remain depressed while broader markets hit new highs. This gap is particularly pronounced among smaller royalty companies, where multiples of 8-12 times contrast with the 15-20 times commanded by larger players.

The clean energy metals subsector presents particular opportunity, with companies like Electric Royalties positioning themselves as specialists in battery metals and critical minerals. With minimal competition compared to the crowded precious metals space, these companies benefit from supply scarcity and growing electrification demands.

As governments and corporations increasingly recognize the strategic importance of domestic mineral supply chains, the royalty sector appears poised for significant revaluation, particularly for companies with exposure to critical metals essential for the energy transition.

View Electric Royalties' company profile:  https://www.cruxinvestor.com/companies/electric-royalties

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Interview with Tom Hickey, Managing Director, Kenmare Resources

Recording date: 16th July 2025

Kenmare Resources operates one of the world's most significant titanium dioxide mineral sands mines in Mozambique, establishing itself as the third-largest global producer of ilmenite, zircon, and rutile. With nearly 40 years of in-country presence and 20 years in production, the company's Moma mine represents a cornerstone investment in the critical minerals sector, backed by an extraordinary 80-90 year reserve life.

The company is currently executing its largest capital investment program in history, allocating $340 million to relocate primary mining operations to the Nataka orebody, which contains 70% of total reserves. This strategic transition, including two new $66 million dredgers and enhanced processing capacity, is expected to increase production by 20% while eliminating long-standing capacity constraints. Managing Director Tom Hickey, who brings extensive natural resources experience from his tenure at Tullow Oil, describes this as "the final major investment required to secure the mine's long-term future."

Despite challenging market conditions characterized by oversupply from Chinese concentrate producers, Kenmare maintains exceptional operational resilience. The company achieved 40% EBITDA margins in 2024, demonstrating the effectiveness of its cost optimization strategies and premium product positioning. Market consolidation works in Kenmare's favor, with one customer noting their supplier base contracted from eight to two over seven years, highlighting the value of established, reliable producers.

The company's ESG credentials provide additional competitive advantages, with 95% renewable energy usage delivering products with exceptionally low carbon footprints. This positioning becomes increasingly valuable as industrial customers focus on supply chain sustainability.

Post-capex completion in 2-3 years, Kenmare expects to generate substantial free cash flow, supporting dividend payments and potential shareholder returns. With strong government relationships in Mozambique and a conservative balance sheet carrying net debt of $80-85 million, the company offers investors exposure to a multi-generational asset in the essential materials sector during a cyclical market trough.

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

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Interview with Jason Banducci, VP of Corporate Development & IR of Integra Resources Corp.

Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-nevada-gold-producer-targets-300k-oz-with-60m-war-chest-7268

Recording date: 15th July 2025

Jason Banducci serves as Vice President of Corporate Development and Investor Relations at Integra Resources, where he oversees business growth initiatives and maintains relationships with the investment community. His professional journey began at TD Bank in lending before pursuing an MBA at Queen's University, which led him to mining investment banking at GMP Securities (later acquired by Stiefel Financial). During his nearly five-year tenure in investment banking, he developed expertise in mergers and acquisitions, capital raising, and deal structuring that would prove invaluable in his current role.

Banducci's connection to mining runs deep through his family, as his mother served as CFO of IAMGold for 15 years, exposing him early to the industry's potential and global impact. His transition to Integra Resources came through his work as an investment banker, where he helped former CEO Jason Kosec establish Millennial Precious Metals, raising $24 million for their TSX-V listing. The eventual merger of Millennial Precious Metals with Integra Resources brought Banducci into his current position.

In his dual role, Banducci manages corporate development activities including due diligence, transaction structuring, and strategic acquisitions, while simultaneously handling investor relations responsibilities such as creating corporate materials, organizing conferences, and serving as the external face of the company. His most significant achievement has been spearheading Integra Resources' transformation from an exploration and development company to a producing gold company through the strategic acquisition of Florida Canyon mine from Alamos Gold's spin-off of Argonaut assets.

This acquisition addressed the fundamental challenge facing development-stage mining companies: the constant need for equity financing due to lack of cash flow. The Florida Canyon mine now generates 15-20 million dollars in annual free cash flow, eliminating the need for regular equity raises and providing capital to advance the company's development projects, Delamar and Nevada North. 

Banducci views this strategic positioning in Nevada's mining-friendly jurisdiction as optimal for attracting investment capital, particularly given the current focus on geopolitical stability and simple, low-capital heap leach gold projects that appeal to investors seeking exposure to precious metals in stable jurisdictions.

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View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resources

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Interview with Dan Noone, CEO of G2 Goldfields Inc.

Our previous interview: https://www.cruxinvestor.com/posts/gold-industry-leaders-confident-in-multi-year-bull-market-cycle-7179

Recording date: 17th July 2025

G2 Goldfields (TSX: GTWO) has emerged as a compelling takeover target following exceptional drilling results at its New Oko Discovery in Guyana and the strategic exit of AngloGold Ashanti from its 15% shareholding. The company's transformative drill results and cleared acquisition path have positioned it for a competitive sale process in Q4 2025.

The New Oko Discovery, located 9 kilometers north of existing resources, has delivered some of the region's best drill results, with hole AMD30 intersecting 60 meters at 5.9 g/t Au, including a spectacular 22.5-meter section grading 9.3 g/t Au. These high-grade intersections demonstrate significant potential for underground mining scenarios and have substantially enhanced the company's resource profile.

G2's combined resource base now stands at 3.1 million ounces at 3 grams per tonne across multiple zones. The company is targeting its first preliminary economic assessment (PEA) in Q4 2025, with internal studies suggesting the project could support approximately 350,000 ounces annual production, bringing it within acquisition criteria for most major gold companies.

The recent disposal of AngloGold Ashanti's stake removes what many potential acquirers viewed as a blocking position. CEO Dan Noone noted that "having a corporate in there 15% is a bit of a double-edged sword," as other companies perceived it as an obstacle to transactions. The shares were successfully placed with two major European investors, demonstrating strong institutional interest.

Management maintains strict discipline regarding strategic direction, planning to avoid the "builder trap" where exploration companies attempt project development themselves. The company's strategy centers on its core competency in exploration and discovery, with plans to initiate a competitive bidding process following PEA completion.

G2's positioning aligns with broader gold sector consolidation trends, as major producers seek high-grade, near-term development opportunities in stable jurisdictions. The company's disciplined approach to reaching PEA stage before sale initiation positions it to capitalize on premium valuations driven by competitive acquisition dynamics.

View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfields

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