Company Interviews

Interview with Ian Cockerill, CEO of Endeavour Mining PLC

Our previous interview: https://www.cruxinvestor.com/posts/endeavour-mining-tsxedv-expanding-margins-and-quality-growth-4531

Recording date: 7th May 2025

Endeavour Mining, one of West Africa's premier gold producers, is reporting exceptional performance under CEO Ian Cockerill, who took the helm in January 2024. The company generated $411 million in free cash flow in Q1 2025, marking its fifth consecutive quarter of improved results.

Cockerill has implemented a streamlined "4E" strategy—Employees, Excellence, Exploration, and Expansion—focusing on operational efficiency and disciplined cost management. Despite industry-wide inflation, Endeavour has maintained stable costs over six quarters through initiatives like centralized procurement.

The company offers investors a rare combination of high yield and substantial growth potential. With a dividend yield of approximately 6% and planned production growth of 30-35% by 2030, Endeavour appeals to both income-focused and growth-oriented investors. In 2024, the company returned $277 million to shareholders and has already guaranteed a $225 million dividend for 2025, with additional share buybacks expected.

Driving Endeavour's growth strategy is the Assafou project in Côte d'Ivoire, described as "the best discovery in West Africa over the last decade." This tier-one asset holds 4.3 million ounces in reserves with a 15-year mine life and is expected to produce over 350,000 ounces annually at an all-in sustaining cost below $1,000 per ounce.

Exploration remains central to the company's approach, having discovered nearly 20 million ounces in the past eight years at under $25 per ounce. Current production stands at approximately 1.2 million ounces annually from five mines across three West African jurisdictions, with plans to reach 1.5 million ounces per year by 2030.

While acknowledging perceived risks in West Africa, Cockerill emphasizes Endeavour's long-standing local relationships and operational stability. The company's valuation gap has been narrowing since Q4 2024 as market confidence grows in both its current performance and future prospects.

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

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Interview with Gwen Preston, VP Communications of West Red Lake Gold Mines Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/actual-gold-mine-builders-discussing-the-reality-vs-theory-of-getting-into-economic-production-7040

Recording date: 7th May 2025

West Red Lake Gold Mines (TSXV: WRLG) is poised to restart production at its flagship Madsen gold mine in Red Lake, Ontario by mid-2025. After a comprehensive two-year turnaround effort, the company has successfully validated its mining plan through a 15,000-tonne bulk sample that closely matched predicted grades and tonnage.

Mining operations are already underway with stockpiles being accumulated to ensure a smooth production launch. The company plans to begin at 600 tonnes per day, ramping up to 800 tonnes per day by the end of 2025, with future expansion potential given the mill's 1,100 tonne per day capacity.

The bulk sample generated over $8 million USD in revenue while confirming the accuracy of the company's geological model. This success comes after WRLG completed 90,000 meters of definition drilling since 2023, addressing issues that led to the mine's previous operational failure under different ownership.

Current elevated gold prices, now significantly higher than the $1,680/oz used in previous planning, have allowed the company to expand stope sizes and reduce cut-off constraints. This improved economics has shifted mining preferences toward more cost-efficient long-hole stoping methods.

The project boasts strong metallurgical performance with 95% gold recovery rates and competent host rocks that reduce geotechnical risks. Regular updates, including drill results every six weeks, are planned as the company progresses toward full production.

West Red Lake Gold Mines represents an attractive investment opportunity as a near-term producer with a validated resource model, strong gold price tailwinds, low technical risk, scalable infrastructure, visible cash flow, and compelling valuation. The company is strategically positioned to deliver ounces into a favorable gold price environment while competitors face capital constraints and project delays.

View West Red Lake Gold Mines' company profile: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-inc

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Compass, episode 14

Our previous interview: https://www.cruxinvestor.com/posts/gold-stocks-show-strong-growth-as-markets-pause-7048

Recording date: 6th May 2025

Olive Resource Capital has reported a strong start to 2025, achieving a net portfolio gain of approximately 23–24% through April. The performance is attributed to significant gains in key gold and copper holdings, with standout contributions from Omai Gold Mines and Troilus Gold, both of which have nearly doubled in value. Arizona Sonoran, a copper-focused investment, also added to the momentum with a 30% gain, supported by rising investor interest and developments such as Hudbay’s strategic involvement.

The firm maintains over 50% of its portfolio in precious metals, favoring advanced-stage assets with clear paths to production or acquisition. Their investment strategy distinguishes between two categories: fundamental holdings, like Omai and Arizona Sonoran, which are held based on valuation and long-term potential; and liquid positions, consisting of larger-cap gold equities that can be adjusted in response to market conditions.

A significant portion of the recent episode of Compass, the firm’s investor show hosted by Executive Chair Derek Mcpherson and CEO Sam Pelaez, focused on sector-wide trends—particularly consolidation and capital flows. The duo discussed Gold Fields’ $2.4 billion acquisition of Gold Road Resources. While the transaction’s ~$600/oz valuation appears above historical averages, they noted that the quality of the Gruyere project and the premium jurisdiction of Western Australia may justify the pricing, especially in a potentially rising gold price environment.

Equally notable was the discussion around Southern Cross Consolidated’s C$120M+ equity financing. As a pre-resource exploration company, such a capital raise is rare and considered a strong signal of renewed appetite for high-grade gold systems. Sunday Creek, Southern Cross’s flagship asset in Victoria, has delivered encouraging exploration results and now has the funding runway for aggressive drilling over the next two years. Olive had previously held shares in Mawson Gold, Southern Cross’s predecessor, and exited with a 100% return.

Finally, the team highlighted Australia’s increasingly dominant role in mining market activity. With major takeovers, robust fundraising, and strong equity performance across top producers, the pace of development there contrasts with a slower environment in Canada.

For investors, the message is clear: the resource sector is experiencing renewed momentum. Strategic positioning in advanced-stage projects, particularly in strong jurisdictions, may offer the most resilient upside as capital re-engages with the sector.

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Interview with Lon Shaver, President of Silvercorp Metals and Michael Konnert, President & CEO of Vizsla Silver Corp.

Recording date: 7th May 2025

The silver market is experiencing its fifth consecutive year of structural deficit, creating a compelling investment case as demand continues to outpace supply. This imbalance stems from the challenges inherent in developing new silver mines—including permitting hurdles, financing difficulties, and extended development timelines—while production costs rise at roughly 8% annually.

Unlike many commodities, silver benefits from dual demand drivers. Industrial usage, particularly in solar energy applications, continues to grow alongside global decarbonization efforts. Simultaneously, investment demand is rising, with the World Silver Survey projecting a 7% increase this year as investors seek alternatives amid economic uncertainty and following gold's upward trajectory.

Primary silver producers like Silvercorp Metals and developers such as Vizsla Silver are capitalizing on these favorable conditions. Vizsla's Copala Panuco project in Mexico demonstrates exceptional economics with a projected payback period under six months at current prices, while Silvercorp is leveraging its cash flow from Chinese operations to construct a second project in Ecuador, slated for commissioning in late 2026.

Both companies emphasize disciplined capital allocation and operational excellence. Despite having robust growth pipelines, they maintain conservative balance sheets while pursuing strategic expansions. This approach has enabled them to secure financing on favorable terms as investor sentiment shifts positively toward the sector.

Geopolitical trends are increasingly favorable to mining in key jurisdictions like Mexico, Ecuador, and Canada, where governments recognize the economic benefits of resource development. Vizsla notes that its operations could eventually support up to 1,000 direct and indirect jobs, highlighting mining's contribution to local economies.

While ESG considerations are less headline-grabbing than in recent years, they have become standard practice for well-managed companies. Both Silvercorp and Vizsla integrate sustainable operations and community engagement as core business functions, improving their appeal to institutional investors.

Despite the favorable macro environment, silver equities have not yet fully priced in the underlying commodity dynamics, suggesting potential upside for investors. As broader capital markets reengage with the commodity sector, silver equities—offering both industrial utility and monetary potential—represent an underappreciated opportunity for investors seeking fundamentally supported long-term growth.

Learn more: https://cruxinvestor.com/categories/commodities/silver

https://cruxinvestor.com/companies/vizsla-silver-corp

https://cruxinvestor.com/companies/silvercorp-metals

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Interview with Justin Reid, President & CEO of Troilus Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-700m-debt-secured-for-quebec-gold-copper-mine-6856

Recording date: 6th May 2025

Troilus Gold stands at the forefront of copper-gold development in Canada, with the company making remarkable strides toward production at its flagship project in Quebec. The company has secured a game-changing $700 million US debt package backed by export credit agencies and led by SOCGEN, KFW, and Export Development Canada. This financing structure, relatively rare for junior miners, leverages Troilus Gold's strategic position as the only near-term copper concentrate producer in Eastern Canada at a time when global smelters face severe supply constraints following the closure of major operations like Cobre Panama.

Recent high-grade drill results have enhanced confidence in the project's first five years of production, with CEO Justin Reid noting that "the higher grade is larger than we thought," providing greater certainty for both lenders and shareholders. The company is progressing through Quebec's permitting process with anticipated approval by mid-2026, targeting construction by early 2027. Significantly, Troilus isn't waiting for final permits, having already begun early works under existing exploration permits to de-risk the timeline and reduce future capital expenditures.

The project benefits from its history as a previously producing mine with 14 years of successful operation, substantially reducing technical risk. This historical performance provides valuable data on metallurgy, processing, and geotechnical aspects that new developments typically lack. The company has assembled an exceptional leadership team, including VP Operations Andy Fortin, who worked at the original Troilus operation and built major Quebec mines including Meadowbank, and construction leader Denis Rivard, who recently completed Montreal's REM rail project on time and on budget.

Troilus Gold has established strong partnerships with the Cree Nation, whose traditional territory hosts the project. With 25% of the current workforce from Cree communities and three major contracts with Cree partners already in place, the company has built a genuine relationship that goes beyond mere consultation. This partnership represents a significant advantage in a time when indigenous relationships are increasingly recognized as essential to successful mine development in Canada.

From a market perspective, Troilus offers investors exposure to both copper and gold – combining industrial demand from electrification trends with monetary hedge characteristics. The company's market capitalization has grown to approximately $250 million, aligning with historical valuations of other major Quebec gold developments at similar stages. With copper fundamentals particularly strong due to global supply constraints and multiple near-term catalysts including offtake agreement finalization and environmental assessment filing, Troilus Gold presents a compelling opportunity for investors seeking exposure to critical minerals in a tier-one jurisdiction with a clear path to production.

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View Troilus Gold's company profile: https://www.cruxinvestor.com/companies/troilus-gold

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Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-what-us-automotives-want-7028

Recording date: 2nd May 2025

Energy Fuels is emerging as a standout player in the critical minerals sector, with its unique dual focus on uranium and rare earth elements production. The company recently demonstrated its operational capabilities by producing 151,400 pounds of uranium in April 2025 from its Pinyon Plane mine, achieving higher-than-expected grades of approximately 1.6%.

Led by industry veteran Mark Chalmers, who brings 49 years of global uranium production experience, Energy Fuels has strategically positioned itself to capitalize on growing supply constraints in the uranium market. Chalmers offers a sobering assessment of the global uranium supply situation, noting that the best deposits worldwide are depleting while new discoveries remain limited, unpermitted, and undeveloped.

The company's White Mesa Mill represents a significant competitive advantage, with the flexibility to switch between uranium and rare earth processing based on market conditions. This capability allows Energy Fuels to respond with unusual agility to customer demands and price fluctuations.

Beyond current production, Energy Fuels is advancing multiple mining projects including Roca Honda in New Mexico, Bullfrog, and potential restarts at the La Sal Complex, Energy Queen, and Whirlwind mines. The company emphasizes "pounds above the ground" rather than just theoretical resources.

Energy Fuels has positioned itself to potentially provide 50-100% of US demand for multiple critical minerals, aligning perfectly with governmental priorities for secure domestic supply chains. Despite strong federal support, regulatory and permitting challenges remain significant barriers to rapid industry expansion.

Chalmers believes uranium prices must rise "well into the hundreds" per pound to incentivize new production and ensure long-term industry sustainability. With uranium currently trading around $70/lb and production costs at approximately $40/lb, Energy Fuels stands to benefit substantially from this anticipated price appreciation while executing its unique strategy in critical minerals.

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

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Interview with Matthew Hayes, Executive Director of James Bay Minerals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/james-bay-minerals-asx-jby-two-pronged-approach-near-surface-gold-high-grade-skarn-upside-6312

Recording date: 28th April 2025

James Bay Minerals is advancing its strategic 1.4 million ounce gold resource in Nevada toward potential near-term production. The project features a high-grade component of 980,000 ounces grading 6.67 g/t gold and a surface oxide component of approximately 400,000 ounces at nearly 4 g/t.

Located adjacent to Nevada Gold Mines' Phoenix operation, described as "the largest gold mine in the world," JBY's asset shares identical geology with a proven neighbor that has produced 9 million ounces over 40 years. The project benefits from existing infrastructure including power, paved roads, and secured water rights, with just a 15-minute drive to the established mining town of Battle Mountain.

Executive Director Matthew Hayes, who holds approximately 15% of the company, highlighted their production-focused strategy: "We've got advanced heap leach permitting in place. And within 8-12 months we could be in production." This heap leach approach could enable operations to begin at a relatively modest capital cost compared to conventional mining.

JBY acquired the asset in a distressed situation for less than $4 per ounce (now effectively under $2 per ounce at current share prices) and maintains a healthy treasury with $7.3 million cash. The company is currently conducting a 4,000-meter drill program targeting significant resource expansion, including previously undrilled high-grade outcrops with samples up to 42 g/t gold.

Metallurgical studies demonstrate favorable recoveries of 79% for oxide material, exceeding the neighboring operation's 68% recovery despite processing much lower grades (0.32 g/t).

Management's substantial ownership (approximately 33% collectively) aligns interests with shareholders and supports their anti-dilutive approach, with Hayes noting: "We'll most likely be looking to do it majority through debt financing."

In the current strong gold price environment, JBY represents a compelling opportunity for investors seeking exposure to a potential near-term gold producer in a premier mining jurisdiction.

View James Bay Minerals' company profile: https://www.cruxinvestor.com/companies/james-bay-minerals

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Interview with Paul Barrett, CEO of Rome Resources

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-tin-resource-update-in-the-coming-months-6874

Recording date: 29th April 2025

Rome Resources (LSE) has announced the resumption of exploration drilling in the Democratic Republic of Congo (DRC) following improved security conditions in the region. CEO Paul Barrett confirmed that helicopter support has mobilized back to the country, with drilling operations expected to restart by the end of this week.

The improved situation stems from M23 rebels retreating from the company's operational area back to the Kivu region, along with ongoing peace talks between Rwanda and DRC. While currently operating from Kisangani, the company plans to eventually return to Goma, which would streamline logistics with shorter helicopter flight times.

Rome Resources is focusing exclusively on the Mont Agoma deposit, having already collected sufficient data from the Kalayi deposit. The strategic drilling program targets a specific data gap in the deeper part of Mont Agoma, based on their geological model suggesting increased tin grades at depth. The company also plans to drill exploratory holes on the southern fringe to determine the deposit's lateral extent.

Mont Agoma represents a more complex opportunity than the pure tin Kalayi deposit, featuring additional copper and zinc mineralization. This multi-metal potential could provide significant value streams for the project, with the company exploring combined processing options for all three metals.

A key near-term catalyst is the planned resource estimate expected by the end of May 2025, pending assay results from holes 24 and 26. The estimate will require independent verification to comply with AIM listing rules.

Financially, Rome Resources maintains a strong position with $2.7 million in cash and a tightly controlled drilling budget of $1.6 million. The company operates with a lean structure, directing 90% of expenditures toward drilling activities.

The company is also exploring collaboration opportunities with neighboring miner Alphamin for shared helicopter and fixed-wing facilities, potentially improving operational efficiency in the remote region.

View Rome Resources' company profile: https://www.cruxinvestor.com/companies/rome-resources

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

Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-gold-operations-deliver-22-profit-growth-6748

Recording date: 29th April 2025

Perseus Mining Limited (ASX/TSX: PRU) has emerged as one of Africa's most compelling gold investment opportunities, demonstrating exceptional financial strength and a clear growth trajectory. With its March 2025 quarter results revealing cash and bullion reserves of US$801 million, zero debt, and an additional US$300 million in undrawn credit facilities, Perseus stands on remarkably solid financial footing among mid-tier gold producers.

The company's operational excellence continues to impress, with quarterly production of 121,605 ounces at a competitive all-in site cost (AISC) of US$1,209 per ounce. This efficiency, combined with strong gold prices averaging US$2,462 per ounce during the quarter, has generated substantial cash margins of US$1,253 per ounce and a notional operating cashflow of US$152 million. Such robust margins highlight Perseus's ability to maximize value from its existing asset base.

Most significantly, Perseus has now taken the Final Investment Decision to develop the Nyanzaga Gold Project in Tanzania. This strategic expansion represents a US$523 million investment to develop a large-scale, wholly open-pit operation expected to produce first gold in Q1 2027. Over its initial 11-year mine life, Nyanzaga is projected to produce 2.01 million ounces of gold, with production averaging over 200,000 ounces annually from FY28 to FY35 and peaking at 246,000 ounces. The project's strong economics are reflected in its pre-tax NPV10% of US$404 million and IRR of 26%, figures that improve dramatically at higher gold prices.

Complementing the Nyanzaga development is Perseus's commitment to the CMA Underground project at its flagship Yaouré operation in Côte d'Ivoire. This development will make history as Côte d'Ivoire's first mechanized underground mine while extending Yaouré's operational life until at least 2035. With Byrnecut appointed as the specialized underground mining contractor and mobilization already underway, the project is advancing rapidly toward portal development in July 2025.

Despite these significant capital commitments, Perseus continues to prioritize shareholder returns through its ongoing A$100 million share buyback program, which was approximately 33% complete at quarter-end. This balanced approach to capital allocation demonstrates management's commitment to creating both immediate and long-term value for investors.

Perseus Mining has clearly positioned itself for sustainable growth beyond this decade. CEO Jeff Quartermaine's strategy of building "a sustainable, geopolitically diversified but African-focused gold business involving 3-4 operating mines that produce between 500-600koz of gold per annum" is now coming to fruition. With its exceptional financial position, strong operational performance, and two major growth projects underway, Perseus offers investors exposure to a well-managed gold producer with significant upside potential in a favorable gold price environment.

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

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Compass, episode 13

Our previous interview: https://www.cruxinvestor.com/posts/why-smart-money-is-chasing-mining-royalty-companies-7032

Recording date: 28th April 2025

The investment landscape has settled into a period of relative calm following an eventful first quarter marked by new tariff policies from the Trump administration. Markets currently appear to be in a holding pattern, waiting for the next significant catalyst, according to recent discussions between Samuel Pelaez and Derek Macpherson of Olive Resource Capital.

This temporary market lull provides an opportunity for investors to reassess positioning, particularly in the gold sector, which is demonstrating remarkable strength. Q1 reporting reveals impressive performance from leading gold producers, with Agnico Eagle generating $6.7 million in daily free cash flow during Q1 at an average gold price of $2,900. With gold now trading around $3,400, daily free cash flow could potentially exceed $10 million, showcasing the significant operating leverage gold producers have to metal prices.

The fundamentals driving gold stocks are increasingly attractive to professional investors. Agnico Eagle posted year-over-year revenue growth of 36% in Q1, outpacing even successful tech companies that typically grow at around 20% annually. Despite this strong performance, valuations remain compelling, with Agnico Eagle estimated to be trading at a free cash flow multiple of 10-15 times.

Generalist investors are beginning to take notice, with Newmont ranking as the third-best performing stock in the S&P 500 year-to-date, up approximately 45%. This investment cycle typically begins with generalists purchasing large-cap gold producers, followed by capital flowing to mid-caps, developers, and eventually explorers – a pattern that appears to be in its early to middle stages currently.

Several macroeconomic factors continue to support gold, including upcoming debt ceiling negotiations and budget discussions in Congress, which could drive market volatility in the coming months. Additionally, the U.S. dollar, described as "significantly oversold," may experience a temporary rebound that could create short-term volatility in gold prices, potentially offering buying opportunities.

Olive Resource Capital maintains approximately 50% of its assets in gold and platinum group metals (PGMs), focusing on highest-conviction names. The company also sees potential in PGMs, which are currently out of favor but face fundamental supply constraints with production dominated by South Africa and Russia.

With ongoing fiscal challenges, potential monetary policy adjustments, and geopolitical uncertainties likely to persist through 2025, the fundamental case for gold as both a portfolio diversifier and growth opportunity remains compelling. Investors who can look beyond short-term price movements to focus on quality assets and management teams are well-positioned to benefit from this developing investment cycle.

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