Company Interviews

Recording date: 18th June, 2025 

The platinum group metals (PGMs) sector is experiencing a significant rally driven by fundamental supply-demand imbalances and emerging physical demand from China. Since May 1st, platinum has surged 33% while palladium has gained 12.5%, marking a notable shift in markets that had been in deficit for years without corresponding price appreciation.

According to investment firm Olive Resource Capital, both platinum and palladium have operated in substantial deficits exceeding 500,000 ounces annually since 2022-2023, representing approximately 5% of their respective markets. The global palladium market totals roughly 9 million ounces annually, while platinum demand reaches about 7 million ounces, making these concentrated markets particularly sensitive to supply-demand shifts.

The current catalyst appears to be genuine physical demand from China, where investors are substituting PGMs for gold purchases, creating actual warehouse drawdowns rather than paper trading. This physical buying is removing metal from available supply, creating tangible market tightness. The substitution effect extends beyond investment to jewelry markets, where platinum's discount to gold attracts price-conscious consumers.

Supply-side pressures are intensifying structural constraints. South Africa, which produces 56% of global platinum, faces ongoing mine rationalization as deep, labor-intensive operations struggle with profitability at recent price levels. Meanwhile, Russia, contributing 26% of palladium supply, has been liquidating inventory to fund military operations, creating near-term oversupply but longer-term supply concerns.

Industrial demand remains robust despite electric vehicle growth. Hybrid vehicles actually require more PGM content than traditional engines due to thermal management needs, while broader industrial applications for emissions reduction continue expanding.

The combination of persistent deficits, Chinese physical demand, South African supply rationalization, and stable industrial consumption has created conditions for sustained price appreciation. With only 18 months of above-ground platinum inventory and mine development timelines extending 7-10 years, supply response capabilities appear limited, potentially supporting a multi-year bull market in PGMs.

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Interview with Tim Moody, President & CEO of Pan Global Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-advancing-towards-maiden-copper-resource-7130

Recording date: 20th June 2025

Pan Global Resources (TSXV:PGZ) has delivered impressive operational and market performance in 2025, with CEO Tim Moody reporting a 50% share price increase driven by significant exploration breakthroughs at the company's Spanish copper-gold projects. The Vancouver-based mining company has strategically positioned itself in Spain's prolific Iberian Pyrite Belt, where recent drilling results are reshaping investor perceptions of the portfolio's potential.

The company's most notable achievement centers on the Cármenes project in northern Spain, where initial drilling at the Providencia target has uncovered previously unknown gold mineralization extending well beyond historical mining operations. The discovery includes impressive intersections of 46 meters at 1.1 grams per tonne gold, alongside high-grade copper-cobalt-nickel zones approaching 3% copper equivalent over 4-meter intervals.

"All three holes have hit gold, which wasn't known before, wasn't extracted before, but over quite wide intervals," Moody explained, emphasizing the unexpected nature of the discovery. The geological system appears to be extensive, with one intersection spanning 110 meters of consistent gold mineralization, indicating significant scale potential for future resource development.

Pan Global has dramatically expanded its exploration opportunity through helicopter-borne geophysical surveys, identifying 20-30 additional targets across a 3-4 kilometer area around the initial discovery. This systematic approach has multiplied the company's prospects at minimal incremental cost, creating a robust pipeline for continued exploration.

Meanwhile, the flagship Escacena copper project continues advancing toward a maiden resource estimate in the second half of next year. The project offers superior metallurgical characteristics compared to regional peers, with higher recoveries and concentrate grades translating to enhanced per-unit value.

The company's strategic positioning has been further validated by the recent mining permit approval for neighboring Grupo Mexico's project, reinforcing Spain's supportive regulatory environment. With multiple near-term catalysts including drilling results expected within 6-8 weeks, Pan Global appears well-positioned to capitalize on favorable copper market fundamentals and European Union strategic mineral initiatives.

View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resources

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Interview with Keith Boyle, CEO of New Found Gold

Recording date: 13th June, 2025

New Found Gold Corporation has undergone significant leadership changes and adopted a development-focused approach under new management. The company appointed Keith Boyle as CEO in January 2025, following a complete board changeover in December 2024. Boyle brings four decades of mining experience and a track record of developing eight previous projects, describing his team as "mine builders."

The company's flagship asset spans 110 kilometers in Newfoundland, containing 1.4 million ounces of indicated gold resources and 600,000 ounces of inferred resources. What sets this deposit apart is its exceptional grade distribution, with 75% of ounces concentrated in just 25% of the tonnage. This characteristic enables selective mining approaches that can prioritize high-grade material early in the mine life, supporting rapid cash flow generation.

New Found Gold recently secured $63 million through a bought-deal financing led by major shareholder Eric Sprott, who maintained his 19% stake and committed an additional $20 million. This financial backing provides adequate capital to advance through development studies and supports the company's 80/20 capital allocation strategy - directing 80% toward project advancement and 20% toward high-grade exploration targets.

The company benefits from strong government support, with Newfoundland targeting five new mines by 2030, and enjoys robust community backing through quarterly stakeholder meetings. Located just 15 kilometers from Gander, the project has access to skilled labor, with 80,000 people living within an hour's drive, many of whom are experienced mining professionals currently working fly-in/fly-out rotations elsewhere.

A preliminary economic assessment due by June 2025 will provide the first comprehensive economic evaluation, examining various development scenarios including toll milling arrangements and optimal mine sequencing. The deposit's surface accessibility and visible high-grade zones reduce geological uncertainty, while multiple vein clusters offer flexibility in development approaches. This combination of proven management, high-grade accessible resources, and supportive operating environment positions New Found Gold to capitalize on favorable gold sector dynamics.

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

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Interview with Bo Sears, CEO of Helix Exploration

Our previous interview: https://www.cruxinvestor.com/posts/helix-exploration-lsehex-strategic-producer-targets-us-helium-supply-gap-6513

Recording date: 18th June, 2025

Helix Exploration presents a compelling investment opportunity as a self-funded helium producer positioned to begin commercial production by end of summer 2025. CEO Bo Sears leads a company with 355 million cubic feet of recoverable helium reserves in Montana's Rudyard Field, demonstrating a perfect drilling success rate with three productive wells from three attempts. The company's processing plant is two-thirds complete with critical membrane units arriving from Europe, positioning Helix to capitalize on helium's unique market characteristics where "there is no substitute for most of helium's applications by virtue of its atomic properties," as Sears explains.

Unlike typical resource companies requiring continuous equity raises, Helix maintains a self-funding growth model that eliminates dilution risk while providing operational flexibility. The company projects $4 million gross annual revenue per well at $500 per thousand cubic feet helium pricing, with substantial margins driven by efficient drilling operations and low variable costs primarily related to compression power. This economic model supports organic expansion through cash flow generation rather than dilutive financing, a significant advantage in today's challenging capital markets.

The strategic value of North American helium production has increased due to geopolitical tensions affecting major supply sources. With ongoing conflicts near Qatar's North Pars Field, US-based production offers supply security that supports long-term pricing stability. Helium's applications span from MRI machines to semiconductor manufacturing, creating inelastic demand that provides pricing power unavailable in substitutable commodities. As Sears notes, "you can't replace helium with hydrogen for obvious purposes. Think Hindenburg, right? On up the food chain to the MRI machines and the semiconductor manufacturing, there is no other element that can do what Helium does."

Helix demonstrates operational excellence through strategic well spacing that allows one well to drain an entire square mile section, minimizing development costs while maximizing recovery. The company's partnerships with established operators Wacoda and Treasure State Drilling provide operational expertise while maintaining cost control. Infrastructure advantages include reliable power access, excellent road networks, and proximity to end markets, with a gathering system design that allows efficient integration of additional wells as production scales.

Traditional exploration risks have been substantially reduced through proven reserves, successful drilling results, and an immediate production timeline. Management's 25+ years of industry experience and focus on operational benchmarks differentiate Helix from competitors facing execution challenges. The combination of immediate production timeline, self-funded growth capability, proven reserves, and exposure to a strategic commodity with inelastic demand creates a unique value proposition for investors seeking commodity exposure with limited downside and substantial upside potential in an essential but underappreciated sector.

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Learn more: www.cruxinvestor.com/companies/helix-exploration

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Interview with Colin Healey, CEO, Premier American Uranium

Our previous interview: https://www.cruxinvestor.com/posts/premier-american-uranium-tsxvpur-on-uraniums-future-in-powering-the-clean-energy-transition-6793

Recording date: 17th June, 2025

Premier American Uranium has announced a transformative acquisition of Nuclear Fuels, expected to close in mid-to-late August 2025, that more than doubles the company's Wyoming exploration footprint and positions it as a major pure-play uranium exploration company focused on US assets. The strategic combination creates 20-42 million pounds of combined exploration targets, representing a 150-250% increase in the company's resource potential.

The acquisition brings together complementary assets with significant operational synergies. Nuclear Fuels' flagship Kaycee property contains 12-30 million pounds of exploration targets, while Premier's Great Divide Basin Cyclone project holds 8-12 million pounds. Both properties benefit from strategic positioning near existing processing facilities, including proximity to Ur-Energy's Lost Creek project and Energy Fuels' Nichols Ranch, enabling potential toll processing agreements once critical mass of 7-10 million pounds is achieved.

A unique aspect of the transaction is the existing enCore Energy buyback option on the Kaycee project. Once Premier delivers a 15 million pound measured and indicated resource, enCore can acquire 51% of the resource for 2.5 times exploration costs, providing attractive downside protection. CEO Colin Healey noted that with an estimated $20 million exploration cost, the reimbursement would be "$50 million for 51% of 15 million pounds - an extremely attractive takeout valuation."

The combined entity will exceed $100 million market capitalization, qualifying for major US exchange listing and URA ETF inclusion, significantly enhancing market access and liquidity. With Nuclear Fuels already conducting 100,000 feet of drilling at Kaycee ($3-4 million budget) and Premier planning 20,000 feet at Cyclone ($750,000), the companies maintain a healthy combined cash position supporting multi-year exploration programs.

This acquisition comes amid unprecedented bipartisan US government support for domestic uranium production, with federal goals including quadrupling nuclear capacity by 2050 and adding 10 new reactors by 2030, creating a favorable backdrop for US-focused uranium developers.

Learn more: https://cruxinvestor.com/companies/premier-american-uranium

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Interview with Gregory Martyr, Executive Chairman of Capital Metals PLC

Our previous interview: https://www.cruxinvestor.com/posts/capital-metals-lsecmet-unlocking-value-in-high-grade-sri-lankan-mineral-sands-6384

Recording date: 16th June 2025

Capital Metals (LSE:CMET) has secured a transformative partnership for its Taprobane mineral sands project in Sri Lanka, marking a significant milestone in the company's path to production. The AIM-listed developer announced a 14% investment from Ambeon Capital, a Sri Lankan investment group that brings crucial local expertise and government connections to the high-grade deposit on the country's east coast.

The Taprobane project distinguishes itself through exceptional resource quality, featuring 17% grade mineral sands among the world's highest concentrations. Recent aircore drilling has revealed even greater potential, with visual inspections indicating grades exceeding 60% in some areas at depths previously inaccessible through conventional hand auger methods. Executive Chairman Gregory Martyr emphasized the project's economics, noting mining costs of $20 per ton against revenue of $40 per ton, delivering a compelling 100% markup.

The strategic value of the Ambeon partnership extends beyond capital injection. Founded by Australian-educated principals combining local market knowledge with international business experience, Ambeon provides direct access to Sri Lankan regulatory channels through its chairman's position on the Board of Investment. This connection proves critical as Capital Metals navigates government requirements for initial raw concentrate exports followed by mandatory value-added processing within two years.

Capital Metals plans to commence operations with a $20.9 million concentrate facility utilizing 48 gravity spirals, targeting 125,000 tons of annual production. The company has structured a comprehensive $20 million funding strategy through a Sri Lankan exchange listing, with Ambeon contributing $10 million in equity and arranging $10 million in corporate debt through its banking relationships.

The project benefits from established, low-risk processing technology requiring no blasting or chemicals, while the shallow 1.6-meter average depth minimizes operational complexity. With significant drilling inventory yet to be incorporated into resource calculations, the current 10-year mine life could potentially double, supporting the $155 million base case net present value and positioning Capital Metals advantageously in the mineral sands sector.

View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metals

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Interview with Mark Selby, CEO, Canada Nickel

Our previous interview: https://www.cruxinvestor.com/posts/nickel-market-shows-signs-of-strength-after-period-of-volatility-7156

Recording date: 17th June, 2025

Canada Nickel Company has successfully upsized its brokered private placement from C$8 million to C$11 million, pricing units at $0.85 with half-warrants exercisable at $1.20. CEO Mark Selby attributed the strong institutional investor interest to the strategic value of the company's flagship Crawford Nickel Sulphide Project, despite ongoing market volatility from shorting activity affecting the broader sector.

The Crawford project represents a substantial $2.5 billion development opportunity, with financing structured to minimize dilutive equity requirements. The comprehensive funding package includes $1.5 billion in debt financing, with Export Development Canada serving as mandated lead arranger, and $600 million in government tax credits covering 60% of equity requirements. Samsung SDI holds an option to acquire 10% of the project for $100 million US, while multiple government funding mechanisms provide additional support.

Beyond Crawford, Canada Nickel continues expanding across the Timmins district, with Mann West delivering over one billion tons of initial resource containing two million tons of nickel. The company plans to publish nine separate resources by year-end, targeting development of what could become the world's largest nickel sulfide district. Selby emphasized the scalability potential: "Being able to take what we build at Crawford and simply cut and paste it four or five times."

The company's accelerated development timeline significantly outpaces industry standards, targeting federal permit approval within six years of the fifth drill hole and production by 2027-2028, compared to typical 17-25 year development cycles. This acceleration benefits from favorable infrastructure conditions and supportive local communities.

Selby presented a contrarian outlook on Indonesian market dynamics, suggesting the dominant producer will transition from market disruptor to price supporter, acting as "OPEC of nickel" through production controls. Recent ore price strength in Southeast Asia supports this thesis, potentially catalyzing broader sector rerating as supply discipline takes effect across global nickel markets.

Learn more: https://cruxinvestor.com/companies/canada-nickel

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Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-strengthened-financial-position-deleveraged-and-developing-6319

Recording date: 16th June 2025

Santacruz Silver Mining (TSXV:SCZ) has reported exceptional Q1 2025 financial results, demonstrating the success of its operational turnaround strategy. The multi-metal producer generated revenues north of $70 million with EBITDA of $27 million, representing a dramatic gross profit increase of nearly 7,000% year-over-year.

Executive Chairman Arturo Préstamo Elizondo attributed the strong performance to multiple factors, including favorable metal prices, strategic investments in mining operations, and beneficial currency movements in Bolivia. "Metal prices is helping us indeed, and also we have a few things that contribute to our gross margins. One has been the result of previous year's investments into our mines which have improved our margins," Préstamo explained.

The company has made significant progress reducing its debt obligations, paying down $17.5 million of its Glencore consideration. With $22.5 million remaining to be paid in three monthly installments of $7.5 million each, the final payment is scheduled for late October 2025. The company maintains a strong treasury position with over $60 million in cash reserves.

Strategic capital investments have focused on the Mexican Zimapán mine, particularly the development of Level 960, which management considers "the future of this mine." The company has acquired over 15 pieces of underground equipment over the past 18 months, with Level 960 now contributing 40,000 tons monthly out of the mine's total 75,000 tons per month throughput.

While these investments temporarily elevated all-in sustained cash costs to $34.32 per silver equivalent ounce in Q1, management expects costs to normalize to $22-23 per ounce by Q4 2025 as operations transition from development ore to more efficient stope mining.

The company maintains its commitment to community investment, allocating approximately $4 million annually to development programs while focusing on operational excellence rather than acquisitions for 2025.

View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-mining

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Interview with
Alex Black, Executive Chairman of Rio2 Ltd.
Frederick H. Earnest, President & CEO of Vista Gold

Recording date: 13th June 2025

Two prominent gold development companies are pioneering a new approach to mine development, scaling down their flagship projects to achieve self-funded construction rather than waiting for major mining company buyouts despite gold prices reaching historic highs above $3,200 per ounce.

Rio2 Limited and Vista Gold Corp have both restructured their development strategies, prioritizing buildable projects over large-scale operations requiring external financing. Rio2's Fenix Gold project in Chile has been redesigned for initial production of 100,000 ounces annually from a 20,000 tons-per-day operation, while Vista Gold's Mount Todd project in Australia targets 150-200,000 ounces annually from 15,000 tons per day – a significant reduction from previously contemplated 50,000 tons-per-day operations.

The strategic shift reflects a fundamental change in market dynamics. Major mining companies are showing minimal interest in acquiring development-stage projects, preferring to purchase producing assets despite having record cash levels. "Gone are the days where you build a story up and tell everybody that you're going to flip the company and sell it to somebody," explained Rio2 CEO Alex Black. "The chances of somebody coming along and buying you out is very slim in this market."

Both companies have simplified their technical approaches to reduce capital expenditure. Rio2 eliminated crushing circuits in favor of run-of-mine operations, while Vista Gold reduced ore sorting from two stages to one, accepting marginally lower recovery rates for significantly reduced upfront costs.

The companies have incorporated future expansion capabilities into their designs, with Rio2 planning eventual expansion to 80,000 tons per day and Vista maintaining flexibility for larger operations. However, both emphasize proving operational capability first before pursuing growth capital.

This self-reliant development model represents a paradigm shift in the gold sector, where companies must demonstrate cash generation and operational success before attracting premium valuations or strategic partnerships, fundamentally altering the traditional development-to-acquisition timeline.

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Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-gold-producers-800m-cash-new-production-coming-7050

Recording date: 11th June 2025

Perseus Mining Limited (ASX: PRU) has released comprehensive five-year guidance targeting 2.5 million ounces of gold production at all-in sustaining costs of $1,400-1,500 per ounce, with an impressive 93% of production backed by JORC-compliant reserves rather than speculative resources. The Australian-listed company, which operates exclusively across African gold mining jurisdictions, aims to address persistent market misconceptions about its asset quality and longevity.

CEO Jeff Quartermaine attributes the company's undervaluation to two primary factors: an "African discount" applied by investors wary of continental operations, and incorrect market perceptions about short mine lives. The reality demonstrates Perseus's exceptional ability to extend operational lifespans - the Edikan mine has been extended from its original nine-year life in 2011 to 2031, while Sissingué has grown from 4.5 years in 2018 to the same 2031 timeline.

Perseus differentiates itself through a cash-focused strategy rather than chasing production volumes. "What we do at Perseus is that the goal for us is to maximise cash production," Quartermaine explained. With $801 million in cash reserves and daily production of 1,300-1,400 ounces at approximately $1,200 per ounce, the company generates substantial operating cash flow.

The growth trajectory includes the Nyanzaga project in Tanzania, Perseus's fourth operation requiring $520 million in capital expenditure and targeting first gold production in January 2027. The company employs sophisticated risk management through zero-cost collar hedging, providing downside protection at $2,600 per ounce while maintaining upside exposure to $4,600 per ounce.

Perseus has committed to organic greenfield exploration for the first time, representing a 10-year investment horizon enabled by improved financial positioning. The company's exclusive African focus, combined with proven operational excellence and strategic cash generation, positions it to capitalise on the continent's mining renaissance while many Western competitors have retreated from these markets.

View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-mining

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