Company Interviews

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

Our previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-52moz-gold-system-with-major-drill-growth-ahead-10207

Recording date: 22nd September 2026

Maple Gold Mines Ltd. (TSXV:MGM) is advancing the 100%-owned Douay/Joutel Gold Project, a 481 km² land package on the Casa Berardi Deformation Zone in Québec's Abitibi Greenstone Belt. The project hosts a combined resource of 905,000 ounces Indicated and 4.3 million ounces Inferred, for about 5.2 million ounces in total. Douay contributes large-scale, lower-grade open-pit and underground mineralisation, with 779,000 ounces Indicated at 1.33 g/t and 3.3 million ounces Inferred at 0.84 g/t. Joutel adds a maiden underground resource of 126,000 ounces Indicated at 4.53 g/t and 992,000 ounces Inferred at 4.11 g/t.

The main development over the past year is a change in the company's focus. According to President and CEO Kiran Patankar, Maple Gold's market value has risen roughly tenfold in twelve months. The company has since completed an internal scoping study that compared processing flowsheets, throughput rates of 5,000 to 40,000 tonnes per day, and whether the deposits justify a standalone mill. Patankar says the study concluded the project could support two mines. The emerging concept is a central mill near Douay, with high-grade Joutel material trucked roughly 25-30 kilometres to lift the overall head grade. Tender processes for PEA engineering firms are under way, and an updated resource and PEA are targeted around mid-2027.

Joutel is the near-term driver. Agnico Eagle mined 1.1 million ounces there at 6.5 g/t between 1974 and 1993, using a 6 g/t cut-off. Patankar says material below that grade was never drill tested. Maple Gold's winter programme hit the target horizon in 19 of 22 holes, including 8.6 g/t over 4.2 metres between the Eagle and Telbel shafts, and extended high-grade mineralisation 450 metres beyond the old workings. None of this drilling is in the current resource. The fully funded C$9 million, 25,000 metre fall programme targets resource conversion, infill and expansion, with a stated goal of doubling the Joutel resource at similar grades.

Management says it has built conservatism into its assumptions. The Joutel resource excludes a 100 metre crown pillar and 10 metre buffers around old stopes. The internal study assumed new shafts rather than reuse of existing ones, and a 77% recovery rate compared with the 90%-plus Patankar says Agnico Eagle achieved. A new metallurgical programme should provide current recovery data.

On valuation, Maple Gold trades near $30 per ounce of resource. Patankar argues that most comparable Canadian projects already have PEAs and trade on NPV multiples, so publishing an economic study is the main route to a re-rating. The company held about C$20 million in cash at the time of the interview and says it is funded through 2027. Agnico Eagle is the largest shareholder at approximately 12.5%.

The key risks are the high proportion of Inferred ounces, the unpublished status of the internal study, reliance on historical metallurgical data and Agnico Eagle's back-in right to a 50% interest. Near-term catalysts include Joutel fall drill results, pending Douay assays, an expansion to four to six rigs this winter, and the mid-2027 resource update and PEA.

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

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Interview with Drew Clark, President & CEO of Summit Royalties

Our previous interview: https://www.cruxinvestor.com/posts/summit-royalties-tsxvsum-secures-us50m-credit-facility-to-fund-cash-flowing-deals-push-11308

Recording date: 22nd September 2026

Summit Royalties (TSXV:SUM, OTCQX:SUMMF) is a precious metals royalty and streaming company that began trading on the TSX Venture Exchange in November 2025. In under a year it has assembled a portfolio of around 46 royalties and streams, completed the Star Royalties acquisition, bought a royalty on Newmont's Saddle North deposit and arranged its first credit facility. President and CEO Drew Clark says Summit has not raised any money since going public.

The investment case rests on a visible production step-up. Four assets currently generate revenue: a 1% NSR on West Red Lake Gold Mines' Madsen mine in Ontario, a 50% silver stream on Orezone Gold's Bomboré mine in Burkina Faso, a 2% royalty on Iwatani's Keysbrook mineral sands operation in Western Australia, and a 0.5% NSR on Denarius Metals' Zancudo mine in Colombia. Bomboré dominates for now, at an estimated 68% of 2026 revenue.

Two development assets are scheduled to enter production in 2027. Copperstone in Arizona, operated by Mining Americas, is permitted, funded and under construction, with first gold targeted for mid-2027. Summit holds a 4% gold stream there, paying 25% of spot per ounce delivered, and a maiden open pit resource is expected in H2 2026. Pitangui in Brazil, operated by Jaguar Mining, pays Summit $80 per ounce on the first 250,000 ounces before converting to a 1.5% NSR. Development is expected to start in H2 2026, subject to an installation licence.

Consensus estimates cited by Clark have revenue doubling in 2027 and again in 2028, with output above 4,000 gold equivalent ounces by 2028. Summit has not issued formal guidance but intends to. Because general and administrative costs run at $1.5 million to $2 million a year and are expected to stay broadly flat, most of that incremental revenue should reach the bottom line.

The funding model is shifting. Summit's $25 million revolving facility from National Bank of Canada, with a $25 million accordion, is undrawn and costs between 6% and 7% when drawn, depending on leverage. Clark's argument is simple. When an acquired asset's revenue exceeds its interest cost, cash flow per share rises immediately and no shares are issued. That matters for a company trading at roughly 0.7 times P/NAV, where equity is an expensive currency.

Valuation is the core of the opportunity. At a market capitalisation of US$109 million, Summit trades at the lowest P/NAV and price-to-2027 cash flow multiples in its presented peer group. Clark believes the market begins treating royalty companies as established players once revenue passes a threshold he now places near $20 million.

Longer-dated optionality comes from AurMac, Banyan Gold's 8.6 million ounce Yukon project where Summit holds 0.5% to 2.0% royalties ahead of a PEA, and from Saddle North, which Clark expects to repay its C$5 million cost within a year of production.

The risks are clear. Revenue is concentrated in Bomboré until 2027, both development assets are pre-production and could face delays, and the portfolio lacks a single cornerstone stream. Investors should track Copperstone construction, the Pitangui installation licence, the first facility drawdown and Summit's maiden guidance.

View Summit Royalties' company profile: https://www.cruxinvestor.com/companies/summit-royalties 

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Interview with Allen Sabet, CEO, Mogotes Metals 

Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxvmog-district-scale-explorer-triples-drilling-to-20000m-through-2027-11919

Recording date: 21st September 2026

Mogotes Metals Inc. (TSXV:MOG, FSE:OY4, OTCQB:MOGMF) has spent 2026 assembling a three-project copper-gold portfolio spanning three continents, and CEO Allen Sabet's pitch to investors rests on a single screening discipline applied consistently across all of them: only advance ground that already carries drilled intercepts of at least 100 metres at 1% copper-equivalent, in a jurisdiction the company can realistically permit and finance.

The flagship remains Filo Sur, in Argentina and Chile's Vicuña district, immediately south of Lundin Mining's Filo del Sol discovery. A 2025–2026 season of 6,208 metres delivered two discoveries on the Macho Muerto Fault Zone — the high-grade Albor breccia and the Cruz del Sur gold-copper porphyry — alongside expanded targets at Cuenca and Luz del Sol. Rio Tinto closed a US$15 million strategic placement in August, taking roughly 5% of the company and 15 months of project-level exclusivity on Filo Sur, ahead of a 2026–2027 season planned at up to 20,000 metres.

Beyond Filo Sur, two option-stage assets add geographic and seasonal diversification. In Montana, Mogotes holds an earn-in over Rio Tinto's Copper Cliffs porphyry: US$16 million of exploration spend buys 51% of the project, with Rio Tinto entitled to pay US$32 million within 90 days of that stage completing to buy back a 2% controlling interest. Drilling of 8,000–9,000 metres is planned pending permits, potentially starting before winter. In Kazakhstan, a three-year option over the Beskauga deposit gives Mogotes access to a historical, unverified resource of several million gold-equivalent ounces at drilling costs the company describes as among the lowest available anywhere — supported by its own on-site sample-preparation lab. Up to 50,000 metres of drilling is planned this year, targeting a preliminary economic assessment within six months.

Sabet frames the three-project structure as intentional rather than opportunistic: Filo Sur drills in the Southern Hemisphere summer, Copper Cliffs and Beskauga in the Northern Hemisphere season, spreading news flow and reducing the single-season, single-catalyst risk that typically affects one-asset explorers. The company reports a treasury of approximately C$75 million, which it says funds the coming year's combined ~80,000-metre programme.

The risks scale with the structure's ambition. Two of the three projects remain contractually contingent — Mogotes must keep meeting staged spending commitments to retain or grow its interest, and Rio Tinto's Copper Cliffs buy-back right could cap Mogotes' ultimate ownership at a minority stake. The Beskauga resource has not been verified under current NI 43-101 standards. And running three permitting and drilling programmes concurrently across Argentina/Chile, the United States and Kazakhstan introduces jurisdictional and currency exposure that a single-asset peer would not carry.

For investors, the near-term catalyst set is unusually dense for a company of this size: Kazakhstan assays within months, a possible Montana drill start in October, and Filo Sur's own season running inside Rio Tinto's 15-month exclusivity clock. Whether that translates into a re-rating depends on whether Mogotes can execute all three simultaneously without diluting shareholders or ceding control of the projects it has spent the past year assembling.

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

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Recording date: 16th September 2026

Olive Resource Capital's Samuel Pelaez and Derek Macpherson used this Compass episode, recorded the day after the Federal Reserve's September rate decision, to address two distinct but connected investor questions: what the Fed's move means for the resource complex, and what the fund is watching for as it heads into the year's two most important precious metals conferences.

The headline takeaway is that neither guest sees the unanimous 25 basis point hike to 3.75-4.00% as a meaningful threat to their long-term commodity thesis. The muted reaction in gold and the US Dollar Index, alongside a US two-year Treasury yield already signalling further hikes, supports their view that the move was fully priced in rather than a genuine surprise to markets, even if it surprised the guests personally. More importantly for positioning, Pelaez's framing of gold's correlation with real rather than nominal interest rates offers a specific, testable lens for investors trying to judge how much further tightening the metal can absorb before its monetary debasement thesis is genuinely challenged. Investors should note the tail risk both guests raised without dwelling on: a hiking cycle aggressive enough to tip the US into recession remains a historical possibility that could force a more disruptive repricing than a single 25 basis point move.

On timing, the pair's read that the Fed is unlikely to hike again at its 27-28 October meeting, a week ahead of the US midterm elections, is a near-term calendar marker worth tracking against actual Fed communication over the coming weeks, rather than treating it as settled.

The conference-season discussion carries the more actionable content for stock-pickers. The core shift the pair identify from a market where companies needed to prove they could raise capital to one where most already have it and now need to prove they can deploy it, this reframes what investors should listen for in company presentations this autumn: tangible project milestones and catalysts, not just balance sheet strength. Olive's specific focus on finding a copper name to replace Arizona Sonoran Copper following its acquisition signals where the fund sees the next wave of M&A activity concentrating, and its continued but qualified conviction in Gladiator Metals offers a concrete example of a name investors may want to benchmark against whatever emerges from Beaver Creek and Colorado Springs.

The Bravo Mining anecdote is worth flagging as a broader behavioural point rather than a stock-specific one: both guests explicitly warn against anchoring too heavily on a name's history, whether that's a story once dismissed as overvalued or one an investor has simply stopped tracking. For a fund with Olive's track record of identifying re-rating candidates before broader market recognition, that openness to revisiting prior "no"s is itself a signal of where they expect this cycle's opportunities to concentrate: not necessarily in new discoveries, but in familiar names whose valuations or fundamentals have shifted enough to warrant a second look.

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Interview with Stephen Mullowney, Director & CEO of TRX Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/trx-gold-tsxtnx-doubling-gold-production-through-expansion-and-re-investment-allocations-4208

Recording date: 16th September 2026

TRX Gold Corporation (TSX:TRX) (NYSE American:TRX) has spent five years turning the Buckreef Gold Project in Tanzania from a stalled exploration asset into a self-funding gold producer, and its preliminary fiscal 2026 results are the clearest evidence yet that the model is working. Full-year gold production reached a record 29,650 ounces, a 57% increase on 2025 and the top end of the company's own guidance range, while Q4 alone delivered 8,173 ounces, up 28% year-on-year. Realised gold prices which rose 46% for the full year to approximately $4,386 per ounce compounded the production gains into a run-rate EBITDA CEO Stephen Mullowney puts at approximately $80 million today, with a stated target of $200-250 million within two to three years.

What differentiates TRX Gold from many junior producers pursuing similar growth is how that growth is being financed. The company is mid-build on a new 3,500 tonnes-per-day (tpd) SAG/ball mill circuit, running alongside its existing, recently upgraded 2,000 tpd plant, for a theoretical combined capacity of 5,500 tpd which is comfortably above the 3,000 tpd envisioned in the company's May 2025 PEA. The roughly $50 million cost is being funded entirely from operating cash flow, with the company carrying zero debt and $30 million of cash on the balance sheet, plus undrawn credit facilities. Management's stated fallback, should more capital be required, is debt rather than equity which is a meaningful distinction in a sector where dilution is often the default financing tool.

The operating jurisdiction adds a further layer to the case. Buckreef sits in Tanzania's Geita Region alongside established operations run by Barrick, AngloGold Ashanti, Perseus and Shanta, giving TRX Gold access to local contractors, supply chains and banking relationships that reduce build risk relative to more frontier settings. The project itself is held through a 55/45 joint venture with Tanzania's state mining company, Stamico, with TRX Gold holding board control and capital recovery preference on its approximately $30 million project loan; management is in discussions to move toward a more standard national resource framework, which would address the currently dilutable nature of the government's 45% interest.

Near-term catalysts include continued ramp-up of the mill upgrades already boosting throughput and recovery, tangible construction progress on the new SAG/ball mill circuit, and an updated PEA expected by early 2027 that should formalise a revised, open-pit-first mine sequence. Exploration capacity is also scaling quickly, from two drill rigs currently to five within four to six months, targeting both resource growth at the existing 1.5-million-ounce-plus resource base and new discoveries across ten geophysical targets and the Stamford Bridge and Anfield zones. Recent addition to the MVIS Global Junior Gold Miners Index adds a structural liquidity catalyst on top of the operational story. The principal risks are the model's sensitivity to a sustained gold-price pullback and the still-unresolved Stamico framework renegotiation which are both worth monitoring though neither appears to threaten the current growth trajectory.

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

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Interview with Rob Bruggeman, Director & CEO of Outcrop Silver

Our previous interview: https://www.cruxinvestor.com/posts/outcrop-silver-gold-tsxvocg-12m-drilling-to-expand-high-grade-silver-resource-7129

Recording date: 16th September 2026

Outcrop Silver & Gold Corporation (TSX:OCG) has repositioned its investment case around a more rigorously classified, and larger, mineral resource at its 100%-owned Santa Ana project in Tolima, Colombia. The September 14, 2026 Updated Mineral Resource Estimate reports 29.9 million ounces silver-equivalent (AgEq) Indicated at 518.7 g/t, plus 27.9 million ounces AgEq Inferred at 368.5 g/t - a combined 57.8 million ounces across 13 vein systems, built on 130,006 metres of drilling. Despite total drilling nearly tripling since the 2023 maiden estimate, Indicated ounces grew a comparatively modest 23.5%, because the company applied a stricter classification standard requiring minimum drill-hole support - evidence, management argues, of a more defensible resource rather than a diluted one.

The update comes under new leadership. Rob Bruggeman, an equities analyst by background who previously chaired Aberra Silver through its growth from under $10 million to over $2 billion in market capitalisation, became President and CEO roughly five months ago. He has been explicit that he prioritised a realistic resource over headline size, and has brought in Colombia-based geologist Carlos Torres as Vice President of Exploration.

Grade remains Santa Ana's standout feature: at 518.7 g/t AgEq Indicated, it compares favourably to publicly disclosed primary silver peers, with individual veins - Las Maras, El Dorado, Paraiso and Guadual - running from roughly 590 to 855 g/t AgEq. Metallurgical recoveries of 96.3% silver and 98.5% gold, from a simple gravity-plus-flotation flowsheet, support management's view that initial capital costs can stay low, aided by existing highway, power and water infrastructure at the site.

The next catalyst is a Preliminary Economic Assessment, starting end of September 2026 and expected in early 2027. Management has sized a preliminary target of roughly 800-1,000 tonnes per day, built from combined Indicated and Inferred resources, with a minimum mining width of one metre reflecting Colombia's cost-effective, labour-intensive cut-and-fill mining methods. A pilot plant, estimated at approximately C$5 million, is planned as an execution proof point ahead of any larger build decision.

Exploration upside remains material: twelve known vein systems are not yet included in the resource, and the 17-kilometre mineralized corridor remains open at both ends. At the company's historical drilling productivity of roughly 445 ounces AgEq added per metre, reaching a stated 100 million ounce target would require an estimated 95,000 further metres of drilling - about two-and-a-half years at the current 35,000 metre annual pace.

Ownership and financing support the story: Eric Sprott holds approximately 20% and Jupiter Asset Management approximately 9%, with C$15 million cash and C$8 million in in-the-money warrants as of August 2026. Colombia's government has also repealed ten restrictive mining resolutions as of September 2026 and targeted $4 billion in mining investment through 2030. Management's explicit near-term goal is to shift the market's valuation approach from a rough in-situ ounce metric toward a discounted cash flow basis - a shift the PEA is designed to enable.

Learn more: https://www.cruxinvestor.com/companies/outcrop-silver-gold

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Interview with Robert Eckford, CEO of Rua Gold

Recording date: 16th September 2026

Rua Gold (TSX:RUA, NZX:RGI) is a New Zealand-focused gold explorer attempting one of the fastest explorer-to-developer transitions in the junior sector. Its strategy is built around New Zealand's Fast-Track Approvals regime, which sets a six-month decision window for listed projects. OceanaGold's Wharekirauponga project has already been approved through this process in under four months.

The company controls more than 120,000 hectares in the Reefton Goldfield, around 95% of a district that historically produced over 2 million ounces of gold at 9-50 g/t. Its focus is Auld Creek, a gold-antimony deposit that early miners avoided because of its antimony content. Mineralisation begins at surface. The February 2026 MRE outlined about 200,000 AuEq ounces, split between 54,000 ounces Indicated at 5.7 g/t AuEq and 148,000 ounces Inferred at 3.7 g/t AuEq.

Rather than drill for years to build scale, management has taken this starter resource straight into permitting. Auld Creek was accepted as a Fast-Track listed project in July 2026. The substantive application is due in October 2026. CEO Robert Eckford expects the six-month clock to start in November, with a decision targeted for Q2 2027.

The April 2026 PEA supports a compact underground operation. It models 5.5 years of production at about 26,665 AuEq ounces a year, with initial capital of $132.6 million and AISC of $1,850/oz. At $3,300/oz gold, the after-tax NPV5% is $42.4 million, with a 17% IRR and 3.3-year payback. At $4,700/oz, the NPV rises to US$113.0 million and the IRR to 36%. Eckford is clear that this starter case exists to secure a permit. The plant is being designed to expand from 250,000 to 500,000 tonnes a year under a hub-and-spoke model, with a second Reefton deposit expected to emerge by Q1 2027.

Drilling continues to strengthen the resource. Rua Gold has completed 19,600 metres at Auld Creek. Recent results include 0.6 metres at 82.9 g/t gold and 24.8% antimony, and the company has reported its first visible gold at the project. The deposit extends over 1,000 metres along strike and more than 500 metres down dip, and remains open in all directions. An updated MRE and PFS are due in Q4 2026.

Antimony is central to the financing plan rather than the valuation. Eckford said metal traders are drawn to the by-product in a way they would not be to a gold-only project. The company is in offtake discussions with around four groups and expects traders to take part in project financing from mid-2027.

The balance sheet is in good shape. A C$33 million raise in January 2026 was heavily oversubscribed. Cash stood at about C$25 million at the time of the interview. That funds the PFS, permitting and a 9,000-metre maiden drill programme at the Glamorgan epithermal project on the North Island, which begins in Q4 2026. Key risks are permitting timing, modest starter-case economics at long-term prices, project financing terms and antimony price volatility.

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Interview with Caitlin Jeffs, President & CEO of Red Metal Resources

Recording date: 16th September 2026

Red Metal Resources Ltd. (CSE:RMES) is a Vancouver-based explorer focused on the Carrizal copper-gold-silver-cobalt property in the coastal cordillera of Chile's Atacama region, near Vallenar. President and CEO Caitlin Jeffs is a geologist who began her career with Placer Dome and later co-founded Fladgate Exploration Consulting. With fellow Red Metal director Michael Thompson, she took Kesselrun Resources from its 2012 founding to a sale to Gold X2 in December 2025.

The company's distinguishing feature is its funding model. Chile allows small operators to mine up to 5,000 tonnes per month on individual concessions and sell ore to state-run ENAMI processing plants. Red Metal rents selected claims to experienced artisanal miners and takes a 10% net sales royalty paid directly by the plant. At the Farellon 1/8 concession, a 1.5% vendor royalty reduces Red Metal's net share to 8.5% until the vendor has received $600,000. The arrangement also gives Red Metal underground access to observe the mineralisation. It has the option to buy bulk samples at the plant price and keeps its exploration rights.

The first operator, Minera KMT SpA, signed in May 2026 with a seven-month development period and a minimum rate of 2,500 tonnes per month thereafter. It delivered about 592 tonnes of copper sulphide ore to ENAMI last August, roughly four months early. Red Metal can cancel the lease if the minimum is missed for three consecutive months. Earlier small-scale mining on the ground averaged 1.87% copper. Jeffs expects similar grades that could produce a royalty of $35,000 to $50,000 a month. Final ENAMI assays and settlement for the first deliveries are pending. A second lease over the Irene and Margarita claims, with operator Catalina, targets the same monthly rate within about six months.

The larger prize is exploration. About 9,000 metres of drilling has tested roughly 1.5 km of a 5 km vein system. It showed continuous mineralisation with better grades and widths towards 200 metres depth. Mapping has traced about 15 km of veining towards the historic Carrizal Alto mine, which flooded in 1891 at around 500 metres depth. A LiDAR survey and a 3D IP survey have followed. The southern IP block produced chargeability anomalies over the drilled zone and over veins mapped at surface. Northern-block results are still to be released. Jeffs is targeting an underground operation grading 1% copper or better across three parallel veins, with a long-term goal of 50 to 100 million tonnes. Drilling is planned for late 2026 at about US$350 per metre. The full path could require 50,000 to 100,000 metres.

Red Metal has 61 million shares outstanding and about 80 million fully diluted, with options and warrants priced between 6 and 15 cents. Cash was about $300,000 at the time of the interview, so new funding is needed before drilling. The key watch items are the first ENAMI settlement, KMT's progress towards 2,500 tonnes per month, northern-block IP results and the first holes of the late 2026 programme.

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Interview with Thomas Lamb, CEO of Myriad Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/made-in-america-myriad-uranium-csem-americas-uranium-gap-the-wyoming-project-closing-it-10614

Recording date: 16th September 2026

Myriad Uranium Corp. (CSE:M) is a US-focused uranium exploration company whose flagship asset, the Copper Mountain Uranium Project in Fremont County, Wyoming, carries one of the largest historical uranium resource bases in the country. The project was extensively drilled in the 1970s by Union Pacific which delineated seven deposits and designed a conventional six-pit mine plan before uranium prices collapsed following the Three Mile Island incident in 1979. Those historical efforts left behind a resource estimate of 26.63 Mlbs eU₃O₈ in 48.95 Mt at 269 ppm, and a separate 1982 U.S. Department of Energy-commissioned study (Bendix Field Engineering) identified an exploration target of up to 655 Mlbs across a wider assessment area. Neither figure is a current, NI 43-101-compliant mineral resource, and Myriad is careful to flag both as historical and, in the case of the exploration target, conceptual.

Myriad has spent the past two years re-testing that legacy. A 34-hole Phase I programme at the Canning deposit, completed in November 2025, found that modern laboratory assays consistently outperformed the historical gamma-probe grades - by 20% at a 200 ppm cut-off, rising to 60% at 1,000 ppm - a pattern the company attributes to radiometric disequilibrium not captured by 1970s-era probe technology alone. That result underpins the current Phase II programme, a roughly 5,000-metre, two-stage effort launched in July 2026 and funded from the company's own cash position (approximately $10 million against a budgeted $6 million spend). Stage 1 is retesting the historic deposits - Gem, Hesitation, Arrowhead, Mint and continued work at Canning - while Stage 2 is testing new ground identified through district-wide radiometric and magnetic surveying, including the Lucky Cliff prospect, where four holes returned 50 mineralised intervals above 100 ppm eU₃O₈ entirely outside the historic resource footprint.

Corporately, Myriad consolidated 100% ownership of Copper Mountain in August 2026 via merger with Rush Rare Metals Corp - the first time the district has had a single owner in nearly 50 years - and is preparing a NASDAQ or NYSE American listing application, described as roughly 80% complete. The company also holds a 23-target breccia pipe exploration portfolio on the Arizona Strip near Energy Fuels' high-grade Pinyon Plain Mine, optioned to Wedgemount Resources on a partner-funded earn-in structure, and retains a 10% free carried interest plus a strategic alliance in the Red Basin Project in New Mexico, sold in May 2026 to technology-investor-backed Subatomic for a better-than-6x cash-on-cash return.

As of September 2026, Myriad had approximately 140.1 million shares outstanding (195.0 million fully diluted) and a market capitalisation near C$67.3 million, with no reported short interest. CEO Thomas Lamb has framed the company's capital approach around avoiding the fate of peers that funded large resource-confirmation drilling programmes without a corresponding re-rating, positioning Copper Mountain's next drill results due through the remainder of Phase II as the key near-term catalyst for the stock.

Learn more: https://www.cruxinvestor.com/companies/myriad-uranium

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Interview with Ron Heeks, Managing Director of Larvotto Resources

Our previous interview: https://www.cruxinvestor.com/posts/larvotto-resources-asxlrv-australias-largest-antimony-mine-enters-construction-phase-8209

Recording date: 3rd September 2026

Larvotto Resources has officially transitioned from developer to producer, commissioning the processing plant at its Hillgrove Antimony-Gold Project in New South Wales on August 31st 2026. The milestone met management’s targeted timeline, positioning the operation to ramp toward full production of 500,000 tonnes of ore annually. Once steady-state operations are reached, Hillgrove is projected to deliver 40,500 ounces of gold and 4,900 tonnes of antimony per year, the latter representing roughly 7% of global antimony supply.

Operational efficiency has exceeded initial projections, with plant operating hours tracking ahead of schedule. By establishing a residential workforce in nearby Armidale instead of a fly-in, fly-out model, Larvotto reduced required personnel from 250 to approximately 180. The project also benefits from locked-in offtake agreements exceeding 12 months, sending gold concentrate to Glencore and antimony concentrate to Wogen Resources.

Substantial exploration and metallurgical upside have further bolstered the asset. Larvotto recently identified the Midas zone, a new gold lode located just 50 metres from current underground workings. Midas holds a conceptual exploration target of 223,000 to 2.95 million ounces of gold equivalent, offering low-capital near-term integration into the mine plan. Concurrently, metallurgical testing has demonstrated 90% recovery of tungsten into the rougher float. With global tungsten prices climbing sharply, Larvotto plans to commercialize the metal as an unmodeled third revenue stream.

Despite delivering the project on time, fully funded, and amid surging commodity prices with gold doubling price and antimony roughly tripled since acquisition, Larvotto’s share price has posted a comparatively modest 25% gain. Backed by $87.9 million in cash as of mid-2026, management remains focused on securing "Modification 5" regulatory approvals for full-scale capacity, advancing its Mt Isa copper tenure, and proving up the Midas discovery as Western demand for critical minerals intensifies.

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

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