Company Interviews

Recording date: 2nd July 2025

The conventional wisdom about summer doldrums in mining and resource investing deserves significant reconsideration, according to recent analysis by Derek Mcpherson and Sam Pelaez of Olive Resource Capital. Their examination of historical performance data reveals a market environment far more dynamic and opportunity-rich than traditional seasonal assumptions suggest.

Historical data from major mining indices contradicts expectations of quiet summer markets. The GDXJ (VanEck Vectors Junior Gold Miners ETF) experienced substantial two-month moves ranging from -8% in 2021 to +12% in 2024 during July-August periods. The TSX Venture Materials Index showed similarly significant volatility, with moves far exceeding typical expectations for supposedly dormant seasonal periods. These figures represent meaningful portfolio impacts when considered against annual return expectations.

The summer period's defining characteristic—reduced trading volume—creates unique market dynamics that sophisticated investors can exploit. With fewer market participants active and reduced institutional presence, temporary liquidity gaps can generate attractive entry points for patient investors. Individual selling decisions can create disproportionate price movements, offering opportunities to acquire quality positions at dislocated prices.

Despite reduced market attention, corporate activity continues throughout summer months. Companies still release material information including drill results and corporate developments, but with fewer investors paying attention, good news may not receive immediate market recognition. This creates opportunities for prepared investors to position themselves before broader market awareness occurs.

The slower pace provides optimal conditions for conducting thorough research and due diligence. Enhanced access to management teams and reduced daily market noise allow for comprehensive analysis of potential investments and portfolio repositioning. However, investors must remain vigilant, as summer periods also represent common timing for companies to release negative developments when market attention is minimal.

Rather than a dormant season, summer represents an actively strategic period requiring balanced approach of relaxation, research, and vigilant monitoring for both opportunities and risks.

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Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-district-scale-uranium-discovery-potential-in-untested-basin-7260

Recording date: 27th June 2025

ATHA Energy Corp. (TSXV: SASK) has delivered significant exploration results from its Angilak Uranium Project in Nunavut, Canada, marking a pivotal breakthrough for the uranium exploration company. The results from the first two drill holes of their 2025 exploration program demonstrate both new discovery potential and continued expansion of their established resource base.

The company's maiden drill hole at the KU Discovery Target successfully intersected uranium mineralization within the previously undrilled Angikuni Basin, validating years of systematic geological work. The hole intersected 7.1 meters of composite mineralization, including 0.7 meters of high-grade uranium with radioactivity readings reaching 18,490 counts per second. CEO Troy Boisjoli emphasized the significance: "First hole along a 31 km long trend across a basin with no drilling in it and we hit mineralization in the first hole."

Concurrent with the new discovery, ATHA successfully extended mineralization at their flagship Lac 50 deposit, which hosts a historic resource of 43 million pounds of uranium at 0.69% grade. The drilling extended mineralization approximately 100 meters down-dip, demonstrating the deposit remains open and unconstrained.

The geological features encountered bear striking similarities to the world-class Athabasca Basin, home to some of the highest-grade uranium deposits globally. The drill hole intersected a 23-meter-wide graphitic fault zone with approximately 90 meters of structural offset, conditions historically associated with significant uranium deposits.

ATHA's management team brings proven uranium development experience from Cameco and NexGen operations, providing execution capability for advancing projects through development stages. The exploration success occurs against strengthening uranium market fundamentals, with CEO Boisjoli noting: "The absolute reality is that we do not have enough pounds at a significant scale to meet demand."

The 2025 exploration program comprises approximately 10,000 meters of diamond drilling, focusing on expanding the Lac 50 footprint while systematically testing regional targets along the 31-kilometer trend.

View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energy

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Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.

Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-drill-program-reveals-high-grade-gold-6891

Recording date: 27th June 2025

Omai Gold Mines (TSXV:OMG) is advancing the development of what was once South America's largest primary gold producer, leveraging significant resource expansion and high-grade discoveries to transform the economics of the historic Guyana operation. The company has established a substantial foundation with 2 million ounces indicated and 2.3 million inferred resources, while 30,000 meters of additional drilling since the last estimate positions the project for significant resource growth.

The most compelling development has been the discovery of high-grade zones that substantially exceed historical production grades. Recent drilling has intersected 4.5 g/t over 57 meters and 3.16 g/t over 68 meters, representing a dramatic improvement over the historical reconciled grade of 1.67 g/t. CEO Elaine Ellingham characterized these discoveries as "having a mine within your mine," with systematic grade increases at depth that could fundamentally improve project economics.

Omai's dual development strategy maximizes resource value through both open-pit mining of the Wenot shear deposit and underground mining of the Gilt Creek deposit. Production capacity could scale from the previous 9,000 tons per day assumption to as high as 15,000 tons per day, supported by the expanded resource base and brownfield infrastructure advantages.

The company benefits from significant regulatory progress, having received an interim environmental permit within six months of completing its preliminary economic assessment. The brownfield status provides cleared environmental conditions and established community support, while proximity to major transportation corridors reduces development costs.

With $22 million in cash and recent financing demonstrating strong market confidence, Omai is well-positioned for its near-term catalysts. The updated resource estimate is expected within 6-8 weeks, followed by an enhanced preliminary economic assessment incorporating both deposits and higher throughput scenarios. Trading up 600% since early 2024, the company represents compelling exposure to large-scale gold development in a mining-friendly jurisdiction during a favorable precious metals environment.

View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-mines

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Interview with William Sheriff, Executive Chairman of enCore Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/encore-energy-tsxv-eu-uranium-production-reset-sparks-opportunity-6905

Recording date: 27th June 2025

enCore Energy Corp (TSXV:EU), the leading in-situ recovery uranium producer in the United States, has achieved a dramatic operational transformation following a strategic reorganization implemented in March 2025. The company has nearly doubled its daily uranium extraction rates from below 2,000 pounds to over 3,700 pounds per day while simultaneously reducing production costs by 20%.

The production surge resulted from accelerated drilling operations and expanded capacity. enCore increased its active drilling rigs from approximately 12-14 to 24 rigs while cutting well installation timelines in half. Executive Chairman William Sheriff emphasized that drilling efficiency represents "the single most important metric in terms of our production," as wells generate the uranium-bearing fluid processed at company facilities.

Alongside production gains, enCore achieved significant cost optimization, reducing cash costs from approximately $40.80 per pound to $32 per pound in the latest quarter. Management targets further reductions to the low-$30s range, with an ultimate goal of $30 per pound. However, Sheriff acknowledged inherent economic limitations, noting the company has "a finite ability to go below a certain level" around the $30 range.

The company strengthened its financial position through strategic asset sales, most notably divesting Anfield Energy shares for nearly $20 million during a cash-constrained period. This divestiture provided crucial liquidity to support operational expansion while maintaining contract fulfillment capabilities.

enCore's growth trajectory continues with the Upper Spring Creek satellite facility, which recently received its radioactive materials license and began construction. The facility is expected to commence production by late 2025 or early 2026, significantly expanding the company's capacity beyond current Rosita and Alta Mesa plant operations.

The operational improvements position enCore advantageously within the uranium sector, which faces supply constraints amid growing nuclear energy demand. As one of few active U.S. producers, the company benefits from domestic supply priorities while avoiding the capital intensity of greenfield development projects.

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

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Interview with Peter Akerley, President & CEO of Erdene Resources Development Corp.

Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-mongolia-gold-developer-to-pour-first-gold-by-q3-2025-6815

Recording date: 27th June 2025

Erdene Resource Development (TSX:ERD) is on the verge of becoming Mongolia's newest gold producer, with construction at its flagship Bayan Khundii project reaching 98-99% completion and first gold production targeted for early-to-mid September 2025. The company expects to achieve commercial production by mid-November, marking a significant milestone in Mongolia's emerging mining sector.

The project represents a compelling investment opportunity with projected annual production of 85,000 ounces at 4 grams per ton head grade and 90-95% recovery rates. At current gold prices, management forecasts approximately $200 million CAD in annual after-tax free cash flow, providing substantial returns for investors.

Erdene's financial position remains robust despite total project costs reaching $115 million USD, 15% above the initial $100 million target. The company maintains $45 million in undrawn facilities, creating a comfortable buffer through the transition to cash flow generation. Management plans aggressive debt repayment within 14 months of achieving steady-state production.

Perhaps most attractive for long-term investors is the significant expansion potential within what management characterizes as a new high-grade gold district. Recent drilling has identified exceptional intersections including 40 meters of 7 grams per ton just 200 meters west of the current pit. The company has allocated $10 million annually for exploration to develop multiple targets that could extend mine life beyond 10 years.

Strategic infrastructure investments, including a 240-kilometer transmission line to the Chinese border and comprehensive operational facilities, position Erdene for district-wide development. The company recently completed a 6:1 share consolidation to attract larger institutional investors, coinciding with increased marketing efforts as production approaches.

With proven management execution, strong local partnerships through Mongolian Mining Corporation, and a 5% net smelter royalty providing additional upside from year five, Erdene represents a rare opportunity to invest in an emerging gold producer with significant expansion potential in an underexplored jurisdiction.

View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-development

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Recording date: 25th June 2025

Compass, episode 20

Tether, the company behind the USDT stablecoin, has acquired a 37.8% stake in Elemental Altus Royalties Corp, marking a significant development for the mining royalty sector. The transaction, executed at $1.55 per share through purchases from La Mancha and another shareholder, and grants Tether the right to acquire up to 51.8% of the company.

The investment brings unprecedented financial firepower to the mining space. Tether generates over $5 billion annually in cash flow from its $100+ billion in deposits, which are invested in U.S. treasuries yielding 4-5%. To contextualize this scale, Tether's annual revenue is five times larger than Franco Nevada's $1 billion revenue, positioning it as a potentially transformative force in mining sector capital allocation.

This move aligns with Tether's hard asset philosophy and anti-fiat currency stance. The company already operates a gold-backed stablecoin and holds approximately seven tons of physical gold, making mining royalties a logical expansion area. Importantly, Tether retained Elemental's existing management team, including CEO Frederick Bell and CFO David Baker, signaling a disciplined approach focused on fundamental value creation rather than aggressive growth at any cost.

The market response has been positive, with Elemental's stock price rising from $1.55 to $1.80 following the announcement. Industry observers believe this could trigger broader rerating of mid-tier royalty companies as cryptocurrency-derived capital enters the sector. The transaction represents potential crossover between cryptocurrency and precious metals investors, both sharing anti-fiat currency philosophies.

For the mining industry, this development addresses persistent capital constraints and introduces substantial new liquidity. The investment likely represents the beginning of Tether's mining sector involvement, with potential for additional investments across the value chain as the company seeks hard asset exposure for its massive cash flows.

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Interview with Hugh Agro, President & CEO of Revival Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/gold-copper-developers-disciplined-approach-to-project-advancement-7086

Recording date: 25th June 2025

Revival Gold (TSXV:RVG) is accelerating development of its Mercur gold project in Utah, positioning itself as a near-term producer in response to favorable market conditions and regulatory advantages. The company's strategic decision to prioritize Mercur over its larger Beartrack Arnett asset in Idaho centers on the Utah project's location on private land, which enables a faster two-year permitting timeline compared to federal land requirements.

The Mercur project targets 100,000 ounces of annual gold production through open-pit heap leach operations, with construction planned for early 2028. CEO Hugh Agro emphasized the project's advantages, noting existing infrastructure proximity to a 40,000-person town eliminates the need for worker camps while providing immediate road access and office facilities.

Revival Gold has launched an aggressive 13,000-meter drilling program to convert 40% of Mercur's inferred resources to measured and indicated categories while exploring expansion opportunities. The deposit represents a historically significant Carlin-type system, the first identified in the United States, with artisanal mining previously producing one million ounces at seven grams per ton.

The company's valuation proposition appears compelling, trading at 0.15 times price-to-net asset value with Mercur alone carrying $750 million NAV at $3,000 gold. This represents substantial upside potential, with historical precedent suggesting developer valuations can reach 60-80 cents per dollar of underlying NAV once in production.

Revival Gold's broader strategy encompasses a 6 million ounce resource base across both Utah and Idaho projects, offering organic growth without external acquisitions. The management team brings extensive mining experience from major companies including Hecla and Eldorado, with a demonstrated track record of delivering projects on time and budget.

The favorable gold price environment, driven by central bank diversification away from US dollar reserves, provides additional support for the company's development timeline and project economics as it advances toward production.

View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-inc

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

Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-bc-porphyry-explorer-advances-from-discovery-to-resource-stage-in-2025-6573

Recording date: 25th June 2025

Kodiak Copper Corp (TSXV: KDK) has announced a significant milestone with its maiden mineral resource estimate for the MPD copper-gold project in British Columbia, marking the culmination of six years of systematic exploration. The resource encompasses four of seven identified mineralized zones, revealing 300 million tons of mineralization grading 0.42% copper equivalent for indicated resources and 0.33% for inferred resources.

The scale of the discovery positions MPD among British Columbia's significant copper deposits. Founder and Chairman Christopher Taylor noted that using equivalent cutoff grades to nearby mines, the project contains "between 2 and 3 billion pounds of copper equivalent roughly, and that's worth more than $10 billion in the ground in resource." This substantial resource base provides the foundation for what could become a major mining operation in the region.

Despite the impressive resource scale, Kodiak trades at approximately $50 million market capitalization, presenting what management views as a significant valuation disconnect. President and CEO Claudia Tornquist highlighted this opportunity, noting that comparable British Columbia copper companies with established resources "trade at 150 million, 200 million or more."

The timing appears strategically advantageous given the global copper supply shortage. Tornquist emphasized that "the pipeline of projects, of exploration projects, development projects in the copper sector are at an all-time low," while demand accelerates from AI infrastructure and renewable energy transitions.

Looking ahead, Kodiak expects to complete its full seven-zone resource estimate by year-end, with the remaining southern zones containing significant near-surface, high-grade mineralization. The company has secured funding for 5,500 meters of additional drilling, with results expected through autumn.

Given the project's scale and characteristics, management anticipates eventual acquisition by a major mining company, as porphyry projects of this magnitude typically require major company involvement for development. The maiden resource provides the concrete numbers necessary for institutional evaluation and potential merger and acquisition discussions.

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

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Interview with Barry O'Shea, CEO, Highland Copper

Recording date: 18th June, 2025

Highland Copper Company emerges as one of the most compelling investment opportunities in the U.S. critical minerals sector, operating a fully permitted copper development project positioned to address America's growing strategic mineral shortage. Led by CEO Barry O'Shea, who brings 15 years of mining finance expertise including successful value creation at Fiore Gold, the company's Copperwood project in Michigan's Upper Peninsula represents a rare construction-ready copper mine in domestic U.S. markets.

The project's economics demonstrate exceptional leverage to copper prices. At $4 per pound copper, Copperwood delivers $170 million NPV with 18% IRR, but at $5 copper, NPV jumps dramatically to $510 million—a 300% increase from just 25% higher copper prices. This sensitivity positions Highland Copper to benefit significantly from ongoing copper market tightness and the metal's critical role in electrification and defense applications.

Highland Copper's competitive advantage extends beyond economics to its regulatory position. Unlike competitors facing years of permitting uncertainty, Copperwood holds all seven required Michigan state permits and operates on private land, eliminating federal NEPA process delays. This fully permitted status, combined with 22 formal government resolutions of support and a proposed $50 million state grant, creates unprecedented government backing for a private mining venture.

The company's capital structure reflects institutional confidence, anchored by Orion Mine Finance's 28% equity stake, which provides both patient capital and a clear path to construction financing. With targeting a construction decision by first half 2026 and an 11-year initial mine life producing 30,000 tons of copper annually, Highland Copper addresses the urgent need for domestic copper production.

As O'Shea emphasizes, "What the US needs now is projects that can be built and not ones that are sitting at first drill hole." This construction-ready status positions Highland Copper as a strategic play on America's industrial renaissance and energy security objectives, making it a standout opportunity in the critical minerals space.

Learn more: https://www.cruxinvestor.com/companies/highland-copper

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Interview with Darren Bowden, CEO, Metals Exploration

Our previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-gold-producer-targets-500m-annual-cash-flow-by-2028-6846

Recording date: 18th June, 2025

Metals Exploration is executing a strategic transformation from a single-asset gold producer to a diversified mining company operating across the Philippines and Nicaragua. The company's Runruno mine in the Philippines currently generates $96 million in annual free cash flow while producing 70,000-80,000 ounces of gold, providing the financial foundation for aggressive expansion plans.

The centerpiece of this growth strategy is the January 2025 acquisition of Condor Gold in Nicaragua, where Metals Exploration is rapidly constructing a new gold mine targeting 140,000 ounces annually by Q4 2026. Unlike previous development attempts constrained by external financing requirements, the company is using internal cash flows to optimize mine design, targeting 1.4 million tons annually compared to Condor's original 880,000-ton plan.

CEO Darren Bowden brings 17 years of South American mining experience, positioning the company to navigate challenging jurisdictions where political risk perception creates entry barriers for competitors. The team has quickly established credibility in Nicaragua, securing contracts with the country's four largest companies and demonstrating operational progress that previous management failed to achieve over 12 years.

In the Philippines, Metals Exploration is advancing multiple opportunities to extend operations beyond Runruno's 2026 closure. The most immediate prospect involves a VMS deposit 20 kilometers away containing zinc, copper, and gold mineralization. The company plans to repurpose existing plant infrastructure with a $20 million investment, targeting $1 billion in annual revenue by 2028.

The investment thesis centers on exceptional cash flow generation, production growth from 70,000 to 140,000+ ounces annually, and significant cost advantages in both jurisdictions. Operating debt-free with drilling costs approximately 75% below US levels, Metals Exploration maintains financial flexibility while advancing multiple development pathways.

With gold prices above $3,500 providing substantial margins and the company's self-funded approach eliminating dilution risk, Metals Exploration represents a compelling growth story in underexplored, politically complex markets where operational expertise creates competitive advantages.

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

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