Company Interviews

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

Our previous interview: https://www.cruxinvestor.com/posts/maple-gold-mines-tsxvmgm-abitibi-project-targets-5moz-resource-post-100-consolidation-6496

Recording date: 16th April 2025

Maple Gold Mines has announced impressive drill results from its Douay gold project in Quebec, highlighted by a 300-meter step-out hole at the Nika zone that produced what CEO Kiran Patankar described as "spectacular intercepts" over thick, continuous sections. The notable intercept included approximately 100 meters grading 2 g/t gold, with higher-grade sections of 56 meters at 3 g/t and 17 meters at 5 g/t.

These results come from the first five holes of the company's ongoing 10,000-meter drill program, representing the first meaningful drilling at the property in over two years. The market has responded positively with sustained share price appreciation following the announcement.

Maple Gold currently controls a 3-million-ounce resource at Douay, with management expressing confidence in expanding this to 5 million ounces. The Nika zone, which currently accounts for less than 100,000 ounces of the overall resource, shows significant growth potential based on recent drilling.

The company has undergone substantial transformation since Patankar became CEO in August 2023, including restructuring its joint venture with Agnico Eagle, rebuilding its technical team, and implementing new exploration methodologies. Rather than pursuing what Patankar calls "fluke-style moonshot drilling," the company has adopted a systematic approach involving extensive relogging of historical drill core, rebuilding geological models, and creating new structural interpretations.

"We've changed our corporate culture, we've instilled exploration and site management and corporate management best practices," said Patankar. "A CEO's job in my view is simple: we're here to build lasting value for shareholders, not just to manage the share price."

Despite gold prices appreciating approximately 20% in 2025 to record levels above $3,000 per ounce, Maple Gold trades at a discount to peers at approximately $6-7 per ounce on an enterprise value basis. The company is fully funded for its current exploration program and is operating on time and under budget.

Looking forward, Maple Gold has outlined a $6.3 million budget for 2025, described as "one of the biggest programs" undertaken on the project. The company aims to update its resource estimate and potentially advance toward preliminary economic studies, considering both open-pit and underground mining scenarios.

Additionally, Maple plans to explore its Joutel project later this year, which includes the past-producing Eagle Mine (the namesake of Agnico Eagle) and represents further upside potential not currently reflected in the company's valuation.

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-compelling-junior-unlocking-value-in-south-australian-copper-cobalt

Recording date: 15th April 2025

Coda Minerals is making significant progress on its Elizabeth Creek copper-cobalt-silver project in South Australia, positioning the resource for development amid growing global demand for critical minerals. Located six hours north of Adelaide and adjacent to BHP's Carrapateena Copper Project, Elizabeth Creek hosts substantial mineral resources including approximately 800,000 tons of copper, 30,000 tons of cobalt, and 28 million ounces of silver.

The project consists of three primary deposits - two open pits (MG14 and Windabout) that will provide early production, and the larger Emmie Bluff underground deposit. With a resource grade of approximately 1.9% copper equivalent, CEO Chris Stevens believes the project compares favorably to competitors, noting that "some of the really large projects that you see kicking around in terms of contained tonnage have a lower head grade going into the mill than our waste dump."

A completed scoping study demonstrates strong economics with a pre-tax NPV of $1.2 billion ($802 million post-tax) based on a copper price of $4.20 per pound. Capital expenditure is estimated at approximately A$680 million, with annual production projected at 26,000-27,000 tons of copper and 1,300 tons of cobalt.

The company is currently focused on metallurgical optimization to reduce capital costs significantly by investigating alternatives to conventional flotation and Albion processing circuits. Stevens emphasized that these changes "have the potential to be game-changing for the project."

Elizabeth Creek benefits from excellent infrastructure, including proximity to the Stuart Highway, a 133 KVA electrical substation on the property, and access to the BHP haul road. Stevens highlighted South Australia's streamlined mining regulations and the project's ESG advantages, particularly for cobalt production, creating "a compelling alternative to DRC-sourced cobalt."

With $4.5 million in cash, Coda is taking a disciplined approach to capital deployment in the current challenging market, focusing on critical path items such as approvals and optimization studies. The project qualifies for the Australian government's 'Future Made in Australia' policy, potentially providing approximately $25 million in benefits.

Looking ahead, Stevens expressed confidence in copper market fundamentals, noting that new discoveries are increasingly rare while existing mines face declining grades and rising costs. Coda's combination of grade, scale, and jurisdiction positions it well to capitalize on the growing structural supply deficit in the copper market as global demand continues to accelerate.

View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltd

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dev Randhawa, Chairman & CEO of F3 Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-high-grade-jr-zone-exploration-continues-with-5m-program-in-2025-6716

Recording date: 16th April 2025

F3 Uranium has announced a significant new uranium discovery in Canada's Athabasca Basin, featuring 33 meters of mineralization with radiation counts exceeding 37,000 CPS (counts per second). This discovery represents the company's fourth major find in the region and is approximately 50% larger than their previous JR zone discovery, which spans 22 meters.

CEO Dev Randhawa explained the significance of the find: "We found 23 meters of highly radioactive material and in it there were parts over 37,000 counts per second. So we know we've hit something. The mineralization is over 33 meters and JR zone is only 22 meters."

Located at a depth of approximately 400 meters, the new discovery is situated about 56 miles from the Triple R and Arrow deposits being developed by Paladin Energy and NexGen Energy. This positioning is considered favorable compared to competitors' projects at 800 meters or deeper.

Randhawa highlighted the unique aspects of uranium exploration, noting that unlike gold or copper, uranium discoveries can be immediately identified through physical characteristics. "The unique thing about uranium drilling is you don't need assays to know if you've hit something. When you first look at it, you can smell it. It's a bad smell. It's black pitch blend."

Despite the significance of the discovery, market reaction has been muted, which Randhawa attributes to broader uncertainties around uranium tariffs and geopolitical factors. "I just think the time we're in right now... the bigger issue is that the tariffs, people have this idea first of all overall market is spooked."

F3 Uranium is financially well-positioned with approximately $17 million in cash and is considering additional fundraising to support exploration through the summer. The company plans to drill additional holes to confirm findings before the seasonal "breakup" period when thawing conditions temporarily halt exploration.

The company operates on a clear business model of discovering uranium deposits, developing them to a certain stage, and then selling them to larger mining companies. This strategy has proven successful multiple times, with Randhawa noting: "We're not in the business of mining. We find it and sell it."

Amid growing demand for nuclear power from traditional utilities and tech companies like Microsoft and Amazon, Randhawa emphasized the fundamental supply-demand imbalance in the uranium market, making this discovery particularly timely. "We need lots of power, and there's nothing cleaner than nuclear power."

View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corp

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Cmrlec, Chief Operating Officer of Vizsla Silver.

Our previous interview: https://www.cruxinvestor.com/posts/vizsla-silver-tsxvzla-aiming-for-production-h2-2027-6651

Recording date: 16th April, 2025

Vizsla Silver represents one of the most compelling pure-play silver investment opportunities in the market today, with a clear path to becoming Mexico's next significant silver producer by late 2027. Under the leadership of Simon Cmrlec, former COO of respected mining engineering firm Ausenco, the company is methodically advancing what Cmrlec describes as "one of the greatest undeveloped silver projects" in his career. The Sinaloa, Mexico project stands out for its exceptional grade profile, with a total resource of over 360 million ounces of silver equivalent and measured and indicated resources of 222 million ounces – significantly exceeding the 170 million ounces planned for production in the company's preliminary economic assessment (PEA).

What sets Vizsla apart from many development-stage mining companies is its rare combination of high-grade mineralization and exceptional infrastructure. The project is positioned between two major highways with high-voltage power lines running directly across the property and adequate water resources. This infrastructure advantage dramatically reduces capital requirements and development risks compared to peers developing resources in remote locations. As Cmrlec notes, the ability to "make a discovery right here on a highway" was immediately apparent as a significant competitive advantage.

The company's engineering approach demonstrates a conservative methodology focused on risk mitigation while preserving upside potential. The metallurgical testing program has progressed through four comprehensive phases, with over 40 composite samples tested. Recent drilling success has not only increased resource confidence but also improved grades by approximately 5% across the property and 10% in the critical early mining areas at Copala. This combination of resource growth and grade improvement positions the upcoming feasibility study to potentially outperform the already robust PEA projections.

With permitting underway, financing discussions advancing, and a test mine already in construction using permanent infrastructure specifications, Vizsla is effectively in the early construction phase. The company's careful approach to mining methods and tailings management demonstrates a thoughtful balance between operational efficiency and environmental considerations. Importantly, the relatively modest scale of operations – processing 3,300 to 4,000 tonnes per day – creates a manageable development path without the capital intensity of larger operations.

For investors seeking exposure to silver – a metal with increasingly favorable supply-demand dynamics driven by both industrial applications and monetary demand – Vizsla offers a compelling proposition. The company combines the exploration upside of continued resource growth with the defined development timeline of an advancing project. With experienced technical leadership, a clear production pathway targeting late 2027, and a high-grade resource in a jurisdiction with established mining infrastructure, Vizsla Silver represents a differentiated opportunity in the precious metals space. The company has consistently delivered on milestones over the past two years, building credibility for its execution capability and increasing confidence in its development timeline.

—

Learn more: https://www.cruxinvestor.com/companies/vizsla-silver-corp

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Van Alphen, President & CEO of Nuvau Minerals Corp.

Recording date: 11th April 2025

Nuavu Minerals is set to transform the historic Matagami mining camp in Quebec, Canada through a dual strategy of near-term production and extensive exploration across its substantial 1,300 square kilometer property. Under the leadership of President and CEO Peter van Alphen, the company is nearing completion of an earning agreement with Glencore that will grant them 100% ownership of this past-producing base metal asset.

The company plans a two-phase production approach, beginning with restarting the recently closed Bracemac McLeod mine, which contains approximately one million tons of resource with a potential to expand to two million tons. This "starter mine" would provide roughly three years of production while the company develops the Caber complex on the western side of the property. The Caber complex contains approximately 10 years of defined resources across three deposits, representing the first significant development on the western portion of the property in the camp's 60-year production history.

A key advantage for Nuavu is the relatively modest capital requirement of approximately $50 million to restart operations, including refurbishing the existing 3,000-ton-per-day mill, which they have the option to acquire for $5 million. Van Alphen estimates the total infrastructure value included in the deal at $300-400 million.

The exploration potential is equally compelling, with over 80 VMS-style deposit targets identified across the property. Perhaps most intriguing is the recently discovered gold potential, which includes what may be the highest gold grain count ever found in the Abitibi region, with over 2,000 grains of pristine gold particles per 10kg sample. The property sits on the Sunday Lake deformation zone, which hosts major gold deposits along strike.

Van Alphen brings valuable experience from FNX Mining, Lake Shore Gold, Tahoe Resources, and Premier Gold, with a track record of revitalizing past-producing mines through hands-on management. "This could be the FNX of Quebec," he notes, drawing parallels to previous successful mine restarts.

With strong community support in Matagami, a mining-friendly jurisdiction in Quebec, and a targeted production start in 2027, Nuavu is positioning itself at the intersection of near-term production potential and significant exploration upside in both base metals and gold, creating multiple potential value drivers for the company as it works to revitalize this historic mining region.

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Spring, President & CEO of Kincora Copper Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/kincora-copper-tsxvkcc-explorer-advances-12-project-portfolio-through-major-partnerships-6580

Recording date: 7th April 2025

Kincora Copper has strategically shifted to a project generator business model, securing six asset-level deals that could unlock over $110 million in partner funding for exploration. This approach allows the company to advance its portfolio while minimizing shareholder dilution during challenging market conditions.

The company's flagship partnership with AngloGold Ashanti consolidates a 100-kilometer strike with potential $100 million earn-in funding. Active exploration is underway, with the 12th drill hole currently in progress. The relationship extends beyond mere funding, with Spring describing it as "a real partnership and collaboration" that includes knowledge-sharing and technical expertise.

Kincora's core objective is to manage approximately $10 million in annual partner-funded exploration, earning a 10% management fee to cover general and administrative expenses. This would create a self-sustaining business model that eliminates the need for regular dilutive financings.

While AngloGold Ashanti is a key partner, Kincora has diversified its relationships with partners including Fleet Space, which provides ambient noise tomography technology; Earth AI, which is earning into an NSR royalty only if they make a discovery; and OB1 for their Mongolian assets.

The company maintains a portfolio of 14 projects, primarily focused on porphyry copper-gold exploration in New South Wales, Australia. They're particularly interested in the undercover northern extensions of the Macquarie Arc, a region that has already produced world-class deposits and seen $16 billion in M&A activity.

For more advanced projects like Trundle, Fairholme, and Jemalong, Kincora is being selective with partnerships, preserving these assets for potentially more favorable deals. CEO Sam Spring explained, "We're not going to go out there and do a cheap deal for Trundle. We know it's got existing large mineral systems."

Despite the strategic progress, Kincora's share price has faced pressure, trading down from "six, six and a half" to "the twos." Spring attributes this partly to a significant shareholder offloading shares, a situation he suggests is nearing resolution.

Looking ahead, Kincora has multiple potential value catalysts, including ongoing drilling results, new exploration initiatives, and potential new partnerships. The company aims to reach $10 million in annual partner-funded exploration while creating significant upside exposure to discovery potential in one of Australia's premier porphyry copper-gold districts.

View Kincora Copper's company profile: https://www.cruxinvestor.com/companies/kincora-copper-limited

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Hodgson, CEO of Serabi Gold PLC

Our previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-38000-oz-gold-production-by-year-end-with-expansion-upside-6452

Recording date: 11th April 2025

Serabi Gold has kicked off 2025 with impressive momentum, delivering 10,013 ounces of gold production in Q1 – maintaining the strong rhythm established in Q4 2024 and exceeding budget expectations by approximately 800 ounces. The company is firmly on track to meet its 2025 production guidance of 44,000 - 47,000 ounces, with quarterly production expected to increase throughout the year, reaching 12,000 - 13,000 ounces by Q4.

The financial transformation of Serabi over the past year has been remarkable. Cash reserves grew from just $5 million in Q1 2024 to $22.2 million by year-end, and have further increased to approximately $27 million following Q1 2025 results. This substantial improvement stems from both operational excellence and favorable market conditions, with high gold prices and a beneficial Brazilian Real exchange rate creating what CEO Michael Hodgson describes as "a great time to be a Brazilian gold producer."

Serabi's growth trajectory is clearly defined, with production expected to increase from the current 44,000 - 47,000 ounces in 2025 to 60,000 ounces in 2026. The company has even more ambitious plans beyond this, with a goal of reaching 70,000-75,000 ounces in 2027 and potentially 100,000 ounces by 2028. Notably, management believes this growth can be funded entirely from operating cash flow, avoiding dilution to existing shareholders.

Underpinning this growth strategy is a significant $10 million investment in brownfield exploration, split equally between the Palito and Coringa operations. This program aims to expand the current resource base from 1 million ounces to at least 1.5 million ounces, and potentially up to 2 million ounces. Recent drilling at São Domingos has already yielded promising results, with early estimates suggesting a resource of around 100,000 ounces at impressive grades of 10-12 grams per ton.

Serabi is implementing an innovative hub-and-spoke model, where satellite operations employ crushing and ore-sorting technology to produce high-grade pre-concentrates that are then transported to the central Palito processing facility. This approach maximizes processing efficiency and enables increased production without major plant expansions.

With substantial free cash flow generation expected to continue throughout 2025, management is actively considering mechanisms for shareholder returns, including dividends and share buybacks. As Hodgson stated, "We know we can't sit on this amount of cash. That's the bottom line."

For investors seeking exposure to gold with strong growth prospects and potential shareholder returns, Serabi Gold presents a compelling opportunity. The combination of increasing production, expanding resources, innovative processing technology, and robust cash generation creates a foundation for both capital appreciation and potential income in a favorable gold price environment.

—

Learn more: https://cruxinvestor.com/companies/serabi-gold

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick Bell, CEO, Elemental Altus Royalties Corp

Our previous interview: https://www.cruxinvestor.com/posts/elemental-altus-royalties-tsxvele-consolidating-cash-flowing-gold-royalty-portfolio-6093

Recording date: 9th of April, 2025

Elemental Altus Royalties Corp is positioning itself for a transformative 2025, projecting to nearly double its revenue amid favorable gold prices and strategic acquisitions. The company anticipates revenue to reach approximately $45 million in 2025, up from $21.6 million in 2024, representing a 100% increase.

CEO Frederick Bell recently outlined the company's evolution from a private million-dollar entity to a fast-growing gold and copper royalty company with a market capitalization over $200 million. Two major factors driving this growth are the consolidation of the AlphaStream portfolio, expected to contribute an additional $7-8 million in revenue, and the startup of the Karlawinda royalty with Allied Gold.

"This year Q1 is going to be a record, Q2 is going to be a record by a large margin," Bell stated, noting that unlike previous years, much of the revenue growth is weighted toward the first half of 2025.

The company has strengthened its board with three significant additions: Prashant Francis from AlphaStream (a 14% shareholder), Matthieu Bos of Falcon Energy Materials, and Sandeep Singh, former CEO of Osisko Gold Royalties. These appointments enhance the company's North American market presence and deepen its royalty sector expertise.

Financially, Elemental Altus has paid down all $30 million of its previously drawn debt, leaving it with an undrawn credit facility and the strongest balance sheet in its history. With a fixed cost structure of approximately $10 million (including $6 million in G&A and $4-4.5 million in taxes), the growing revenue directly improves margins.

Bell believes the company presents compelling value, trading at approximately 6.5 times projected 2025 revenue compared to junior peers at 10x, mid-tiers at 15x, and majors at 20x. The company offers diversified exposure to 10 producing assets and 60-70 exploration/development royalties covering 13,500+ square kilometers.

The royalty model provides unique advantages in the current inflationary environment, as royalties come off top-line revenue. "For the royalty company, you have more downside protection... you don't have the inflation side of it and you have all the exposure to the upside," Bell explained.

With $15-20 million in cash expected to build on the balance sheet, management is evaluating various capital allocation strategies, including potential acquisitions (ranging from $1 million to $50-60 million), share buybacks through its newly established normal course issuer bid, and potentially introducing a dividend.

Learn more: https://www.cruxinvestor.com/companies/elemental-altus-royalties

Sign up for Crux Investor: https://cruxinvestor.com

Recording date: 9th April 2025

Compass, episode 10. 

Recent tariff announcements have sent shockwaves through global markets, creating what market experts describe as a "race to liquidity." While this volatility has dragged down most asset classes, gold has demonstrated remarkable resilience, maintaining values above $3,000 per ounce and reinforcing its status as a premier safe haven during uncertain times.

This market turbulence presents both challenges and opportunities for strategic investors. The immediate aftermath of the tariff news triggered widespread selling pressure as institutional funds faced redemption requests, forcing portfolio managers to liquidate positions regardless of conviction. This pattern of forced selling creates a self-reinforcing cycle but ultimately leads to pricing dislocations that astute investors can exploit.

What makes the current situation particularly compelling for gold investors is the disconnect between stock prices and business fundamentals in the gold mining sector. As Derek Macpherson astutely observes, "The two days that gold spent below 3000 didn't make Agnico Eagle less profitable as part of that process." This fundamental reality creates an attractive entry point for high-quality gold producers whose share prices have declined despite their underlying businesses remaining highly profitable.

Historical patterns suggest gold typically leads market recoveries following liquidity-driven selloffs. In previous cycles, including March 2020, gold and subsequently gold equities rallied first and most aggressively as investor sentiment stabilized. This rotation pattern provides a potential roadmap for portfolio positioning during the current volatility.

Beyond tactical considerations, strategic investors should recognize that short-term market disruptions don't fundamentally alter long-term commodity trends. The tariff situation, while creating immediate volatility, doesn't eliminate structural supply deficits in metals like copper or change the long-term monetary dynamics supporting gold. Maintaining this perspective allows investors to distinguish between market noise and fundamental value.

The potential resolution to current market tensions will likely come from either Federal Reserve policy shifts or some form of trade agreement with China. Until either materializes, volatility will likely persist, creating ongoing opportunities for discerning investors to establish or increase positions in quality companies at attractive valuations.

When evaluating investment opportunities during this volatile period, balance sheet strength becomes particularly crucial. Companies requiring near-term financing may face significant challenges if market turbulence persists. Focusing on well-funded operations provides an additional margin of safety during uncertain periods.

Perhaps most importantly, investors should remain cautious about attempting to perfectly time market bottoms. As Sam Pelaez warns, "Once the rebound happens, things tend to rebound aggressively and they won't really give you enough time to get back into them." This reality argues for maintaining market exposure to quality companies rather than moving entirely to cash in hopes of perfect re-entry timing.

For investors seeking both protection and opportunity in the current environment, gold's combination of defensive characteristics and ongoing monetary tailwinds makes it uniquely positioned to weather continued volatility while maintaining significant upside potential should geopolitical and economic uncertainties persist.

—

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Kevin Das, Senior Technical Consultant of Frontier Minerals Ltd.

Recording date: 8th April 2025

New Frontier Minerals, dual-listed on the London and Australian Stock Exchanges, is strategically positioning itself in Australia's critical minerals sector with a focused approach to exploration and development. The company is advancing two key projects: the Harts Range project near Alice Springs and a copper development in Northwest Queensland.

The Harts Range project has generated significant interest following recent airborne geophysical surveys that identified 46 potential targets, exceeding management expectations. The company's exploration focus centers on high-value heavy rare earth elements, particularly dysprosium and terbium, which are primarily sourced from China and are essential for defense applications and electric vehicles.

"What we have at Harts Range which makes it different to all the other rare earth projects is we have their high value heavy rare earths," explains Kevin Das, Senior Technical Consultant for New Frontier Minerals. "These high value heavy rare earths can only be found really in China and there's probably another handful of companies around the world that have these valuable and highly critical minerals."

The company has identified two promising prospects at Harts Range, named "Bobs" and "Cusp," where surface sampling has yielded consistently high grades. An interesting feature of the mineralization is that rare earths, uranium, and niobium occur together, creating efficiency in exploration.

Simultaneously, New Frontier is advancing its copper project in Northwest Queensland's Mount Isa region. The project includes the "Big One" deposit, containing approximately 2.2 million tons of copper at 1.1% grade. In January, the company signed an MOU with Austral Resources to potentially process ore at their nearby Mount Kelly facility, creating a pathway to production without substantial capital investment.

"That gives us a real clear pathway to production because we don't have to go to markets to raise $100 million to build a processing facility," Das notes.

To fund its exploration activities, New Frontier has divested three non-core assets over the past six months, generating sufficient working capital for planned activities. This approach demonstrates capital discipline and allows the company to focus on its most promising assets without immediate dilution to shareholders.

Near-term plans include validating targets at Harts Range, conducting trial processing of copper stockpiles, and drilling at Harts Range later this year. The company's presence in a region attracting major mining companies like Glencore, Anglo America, Rio Tinto, and FMG also creates potential for future M&A activity.

Sign up for Crux Investor: https://cruxinvestor.com