Company Interviews

Interview with Dan Noone, CEO of G2 Goldfields Inc.

Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-guyana-gold-explorer-preps-strategic-split-asset-sale-6550

Recording date: 10th March 2025

G2 Goldfields has announced a significant achievement with its latest mineral resource estimation showing over 3 million ounces of gold at its Oko-Aremu project in Guyana. This marks the company's third resource update, steadily growing from just over 1 million ounces in its first estimation to now exceeding 3 million ounces.

The company completed 59,000 meters of drilling last year, primarily at the Ghanie deposit, successfully connecting previously separate zones into a continuous 2.5-kilometer mineralized shear zone. The project features two distinct mineralization styles: the high-grade OKO Main Zone, where shears 3, 4, and 5 contain approximately 960,000 ounces averaging 9 g/t gold, and the Ghanie deposit with both high-grade footwall zones (7 g/t) and disseminated hanging wall mineralization (1 g/t).

CEO Dan Noone highlighted the project's robust nature regardless of cut-off grade parameters, stating, "The deposit isn't sensitive to cut-off grade... The ounces always seem to be there; it doesn't really matter what parameters we put in."

The project demonstrates excellent metallurgical performance with gold recoveries averaging 98.5% at OKO Main Zone and 94.2% at Ghanie, with no problematic elements present in the mineralization. This clean metallurgical profile makes the deposit well-suited for gravity recovery methods, potentially reducing both capital and operating expenses.

G2 Goldfields is currently operating two drill rigs targeting higher-grade zones at depth and along strike. Recent drilling has shown promising results, with visible gold observed in step-out holes. The company is also exploring additional targets including OKO North and an area called Birdcage.

With approximately $37 million in cash, G2 is well-funded for continued exploration without requiring additional financing. AngloGold Ashanti holds nearly 15% ownership in the company, and multiple mining companies have reviewed their data room under active non-disclosure agreements, suggesting potential acquisition interest.

The proximity to G Mining's neighboring project creates potential synergies that could be attractive to acquirers. Noone noted, "It's obvious to anybody that this is really one big 5-kilometer long deposit... not much different to the Kalgoorlie Super Pit which had three mines on it, or Red Lake, or Kirkland Lake. And so there's obvious synergies here."

Looking ahead to 2025, Noone hopes to see gold prices remain strong above $3,000 per ounce and make additional discoveries along the main shear trend comparable to OKO Main Zone or Ghanie.

View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfields

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Interview with Rhylin Bailie, VP of Investor Relations, Equinox Gold

Recording date: 3rd of March, 2025

Equinox Gold and Calibre Mining have announced a transformative merger expected to close by the end of May 2025, creating one of the top 15 gold producers globally. The combined entity will produce approximately 950,000 ounces of gold in 2025, with potential to exceed one million ounces as additional operations come online.

The transaction originated from casual discussions between Equinox's chairman Ross Beaty and Calibre's leadership, who recognized the strategic benefits of combining their complementary assets. The merger will create the second-largest gold producer from Canada, with the Greenstone and Valentine mines together delivering 600,000 ounces annually—a significant advantage as Canadian producers typically trade at premium valuations.

Structured as a "merger of equals," the deal brings together complementary teams, with Calibre's President and CEO Darren Hall joining Equinox as President and Chief Operating Officer alongside CEO Greg Smith. This dual leadership approach aims to distribute responsibilities effectively across the expanded organization.

The transaction delivers immediate production benefits to both companies' shareholders while providing exceptional cash flow generation in the current high gold price environment. Consensus estimates suggest EBITDA could more than quadruple over the next 12 months, accelerating debt reduction plans. The company aims to pay down at least $200 million in 2025 and reach a debt-to-EBITDA ratio of 1x by early 2026, enabling dividend payments and share buybacks.

Despite its increased scale, the combined company maintains substantial growth opportunities, including the Castle Mountain expansion in California (+200,000 oz/year) and Los Filos expansion in Mexico (+150,000 oz/year). These projects contribute to an expected 60% production growth over the next few years, distinguishing Equinox from larger producers that struggle to meaningfully increase output.

Post-merger integration will include evaluating the combined portfolio of 11 mines, with potential rationalization to focus on larger operations producing 150,000-200,000 ounces annually at competitive costs. Equinox has previously demonstrated willingness to optimize its portfolio, having sold smaller mines and spun out non-core assets.

The transaction elevates the company from the crowded mid-tier space to the elite senior producer category, potentially attracting increased investment from generalist investors and index funds that require larger market capitalization. With strong leadership, premium assets, exceptional cash flow, and substantial growth opportunities, the combined Equinox-Calibre entity is well-positioned to create significant long-term shareholder value in the gold mining sector.

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

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Interview with David Cates, President & CEO of Denison Mines

Our previous interview: https://www.cruxinvestor.com/posts/denison-mines-tsxvdml-bullish-fundamentals-set-stage-for-denison-to-thrive-4876

Recording date: 6th March 2025

Denison Mines (TSX: DML, NYSE American: DNN) is making significant progress on its Wheeler River Project, positioning the Phoenix deposit to become Canada's first in-situ recovery uranium mine with production targeted for the first half of 2028.

The company has completed substantial technical de-risking work and is now in the final regulatory stages. Canadian Nuclear Safety Commission hearings are scheduled for October and December 2025, with potential approval expected in early 2026, which would allow construction to begin shortly thereafter.

According to CEO David Cates, the Phoenix deposit is projected to produce 7-9 million pounds of uranium annually during its first five years of operation, decreasing to 3-5 million pounds in the latter five years of its 10-year mine life. Beyond Phoenix, Denison's Gryphon deposit at Wheeler River could extend the combined mine life to approximately 15 years, maintaining an average annual production of 7-9 million pounds.

Denison distinguishes itself from competitors through its debt-free status and strong balance sheet. Cates indicated the financing strategy would focus on "credit-related instruments" rather than equity raises, aiming for "minimal to no equity dilution" for shareholders.

The CEO expressed skepticism about many announced uranium projects in the sector, emphasizing the challenges in assembling qualified teams and securing necessary permits. Having worked on Phoenix since 2019, Cates believes many competitor timelines are unrealistic: "I'm not sure how you go from being a staff of two people or three people in a company to all of a sudden having the team that can engineer and build and then execute one of these projects and do it in the next two years."

While the uranium spot price has experienced recent volatility, Cates emphasized that most uranium volumes are traded in the long-term market, which has maintained strength. He views the current market conditions as creating potential buying opportunities, with equity valuations showing a "massive disconnect" from the fundamental supply-demand imbalance.

Beyond Phoenix, Denison is advancing other projects, including a partnership with Orano on the Midwest project and work with Korea Hydro & Nuclear Power on the Waterbury Lake THT deposit. The company aims to position itself as a "high-margin intermediate producer" in the 5-10 million pound annual production range, focusing on quality projects in the Athabasca Basin rather than pursuing market share through lower-margin assets.

View Denison Mines' company profile: https://www.cruxinvestor.com/companies/denison-mines-corp

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Interview with George Salamis, President & CEO of Integra Resources Corp.

Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxv-itr-three-project-strategy-targets-quarter-million-ounces-of-gold-6326

Recording date: 10th March 2025

Integra Resources has successfully transformed from a development-stage company to a gold producer through its strategic acquisition of the Florida Canyon mine. This $63 million stock transaction has proven immediately accretive, with the company ending 2024 with over $50 million in treasury and record gold production of 72,000-75,000 ounces.

The Florida Canyon acquisition addresses a critical challenge facing junior miners – the cycle of dilutive capital raises. As CEO George Salamis notes, "We were stuck in this loop as so many are... we figured the best way to break that would be to look for a producing asset that will pay the bills." This cash flow now funds development activities at the company's DeLamar and Nevada North projects without returning to capital markets.

A distinctive advantage is Integra's regional focus, with all three assets located within three hours of each other in the western US. This proximity creates significant operational synergies, allowing for shared expertise, equipment, and personnel. The company's growth pathway is clearly defined, with the potential to increase production from current levels to approximately 300,000 ounces annually once all assets are operational.

Valuation presents a compelling opportunity, with Integra trading at roughly 0.25x NAV compared to peer averages of 0.5x NAV. This discount reflects the market's lag in recognizing the company's producer status – a gap that should narrow as Florida Canyon demonstrates consistent cash generation.

The regulatory environment has improved significantly under the current administration, creating a favorable window for permitting new projects. With DeLamar entering the federal NEPA process this year and benefiting from streamlined procedures, timing appears advantageous for Integra's development pipeline.

Key catalysts include quarterly production results from Florida Canyon, the DeLamar feasibility study expected mid-2025, and exploration programs aimed at extending Florida Canyon's six-year mine life. Management is strengthening its team with key hires in operations and permitting, positioning the company for execution across its portfolio.

For investors seeking exposure to gold in a stable jurisdiction with both current production and significant growth potential, Integra Resources offers a compelling risk-reward proposition at its current valuation.

View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resources

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Interview with Dan Blondal, CEO at Nano One Materials Corp.

Our previous interview: https://www.cruxinvestor.com/posts/nano-one-materials-tsxnano-taking-advantage-of-disruption-to-chinese-battery-supply-chain-6524

Recording date: 5th March 2025

Nano One Materials, led by CEO Dan Blondal, is positioning itself as North America's leading alternative to Chinese lithium iron phosphate (LFP) battery cathode materials. The company has strategically transformed its financial structure by selling $22 million in real estate assets while retaining crucial operational capabilities, converting from property owner to tenant to strengthen its balance sheet without shareholder dilution.

With approximately $60 million in non-dilutive funding secured through government grants, strategic partnerships, and asset sales, Nano One has created a strong financial foundation to execute its plans despite challenging market conditions. This funding approach has effectively turned their initial $10 million investment in the Johnson Matthey facility in Quebec into a $60 million war chest.

The company's competitive advantage lies in its proprietary "one-pot" technology, which combines multiple cathode production steps into a single process. Unlike traditional Chinese manufacturing methods that generate substantial wastewater, Nano One's approach produces zero wastewater discharge while reducing capital costs and operating expenses. This technology can utilize North American iron sources rather than relying on Chinese supply chains.

Nano One's Quebec facility serves dual roles as both a production platform and demonstration site for potential licensing partners, with an estimated capacity of 1,600 tons annually. The company is initially targeting defense and aerospace customers who require non-Chinese supply chains, establishing credibility before expanding to automotive and energy storage markets.

Despite fluctuations in EV market growth, Nano One sees strong fundamentals across multiple applications including entry-level EVs, hybrid vehicles, and energy storage systems for renewable energy and data centers. The growing demand for energy to power AI and data centers is driving unprecedented need for battery storage, primarily using LFP technology.

For 2025, Nano One is focused on expanding capacity at its Quebec facility and validating materials with customers, with the goal of progressing from initial agreements to formal sales contracts by year-end. The company has attracted strategic partners including Rio Tinto, Sumitomo Metal Mining, and Worley, prioritizing relationships with organizations that share their long-term vision.

As geopolitical tensions highlight supply chain vulnerabilities, Nano One's technology addresses critical national security priorities by enabling North American battery material production independent from Chinese suppliers.

View Nano One Materials' company profile: https://www.cruxinvestor.com/companies/nano-one-materials

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Interview with Alberto Orozko, CEO of Capital Silver Corp.

Recording date: 5th March 2025

Capitan Silver (TSXV:CAPT) is advancing a dual-focus exploration project in Durango, Mexico, strategically positioned in the heart of Mexico's prolific silver belt. Led by CEO Alberto Rasco, the company is exploring property that hosts both high-grade silver veins and a separate oxide gold deposit.

The company's primary silver asset features impressive mineralization with intercepts showing up to 3 kg/ton silver within broader 10-meter zones averaging 300+ g/ton silver. What distinguishes this project is that high-grade zones are contained within continuous mineralized envelopes, creating more mining-friendly geometry than typical narrow veins.

The project involves an intermediate sulfidation deposit system similar to those acquired by major companies. Capitan has confirmed mineralization along 1.3 kilometers of a 2.6-kilometer surface trend, with a significant advantage being that mineralization starts right at surface – unlike many competing deposits that begin hundreds of meters underground.

Recently, Capitan Silver raised $5.3 million at a premium to market price, attracting Jupiter Asset Management as a strategic investor alongside continued support from existing investors including Michael Gentile. This funding supports a 10,000-meter drill program targeting extensions of their Jesus Maria vein system, the "Gully Fault" zone featuring gold-silver mineralization, and potential parallel vein structures.

The company's unique dual asset strategy includes both the high-grade silver vein system and a separate oxide gold deposit currently estimated at 300,000 ounces in the inferred category. The gold deposit resembles mines previously operated by team members during their time at Argonaut Gold and could potentially be developed as an open-pit, heap-leach operation. This could provide a low-capital starter project generating cash flow to fund the more complex underground silver development.

The property includes three historical mines that operated from the late 1800s until the Mexican Revolution disrupted operations. It remained fragmented until 2022, when Capitan acquired the final piece from Fresnillo, completing their land position along the silver trend.

With Mexico potentially becoming more mining-friendly under President Claudia Sheinbaum's administration, Capitan Silver appears well-positioned with necessary permits already secured. The company's management brings significant regional experience, recently strengthened by adding Fernando Alanís, former CEO of Peñoles and president of the Mexican Chamber of Mines, to their board.

As global demand for silver continues to grow for both industrial applications and as a monetary metal, Capitan Silver offers exposure to a high-grade, scalable project in the world's largest silver-producing country.

Learn more: https://www.cruxinvestor.com/companies/capitan-mining

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Interview with Frederick H. Earnest, President & CEO, Vista Gold Corp

Our previous interview: https://www.cruxinvestor.com/posts/vista-gold-tsxvgz-smaller-scale-strategy-to-enhance-economics-5520

Recording date: 4th of March, 2025

Vista Gold Corp is transforming its approach to developing the Mount Todd gold project in Australia, one of the world's largest undeveloped gold resources with over 9 million ounces. The company is shifting from an ambitious large-scale operation to a more financially viable smaller project that better aligns with current market realities.

The original development plan called for a 50,000 tons per day operation with capital expenditure requirements of approximately $1 billion. The revised strategy reduces the scale to 15,000 tons per day with a targeted capital requirement of under $400 million—a 60% reduction in upfront investment costs.

"For years we talked about Mount Todd as this big project... but a billion dollars US is still a big check to write," explained Fred Earnest, President and CEO of Vista Gold, in a recent interview at the PDAC convention.

While the smaller operation would produce 150,000-200,000 ounces of gold annually compared to the original plan's 500,000 ounces, the economics remain compelling. The all-in sustaining costs are estimated at $1,300 per ounce for the smaller operation, compared to $960 per ounce for the larger version, still offering substantial margins at current gold prices.

A key advantage of Mount Todd is its advanced permitting status, with all necessary environmental licenses and operating permits already secured. "Literally, I think we could write a letter and we could be in construction in two or three months' time," Earnest noted.

The company is well-positioned financially to advance the project, ending 2024 with approximately $17 million in cash—providing a two-year runway without additional funding. This financial stability allows Vista Gold to complete the feasibility study for the smaller-scale approach, which is expected by mid-2025.

For eventual project development, Vista Gold is exploring multiple funding avenues, including Australian debt sources like the Northern Australia Infrastructure Fund and equity financing through its North American listings.

The strategic pivot comes at a time when the gold mining sector faces challenges in developing new large-scale projects in safe jurisdictions. By focusing on a more manageable development approach, Vista Gold aims to position Mount Todd as an attractive opportunity for mid-tier producers seeking growth through acquisition or partnership.

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

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Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.

Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-copper-gold-discovery-in-tier-1-pgm-project-in-brazil-5938

Recording date: 4th March 2025

Bravo Mining Corp represents an exciting opportunity for investors to gain exposure to the clean energy transition through a world-class platinum group metals (PGM), copper, and gold asset in the heart of Brazil's mining industry. The company's 100%-owned Luanga project, located in the renowned Carajás Mineral Province, has rapidly emerged as one of the largest and highest-grade palladium-platinum deposits globally, with a resource that has tripled to over 15 million ounces in just two years. Even more tantalizing is Luanga's copper-gold potential, with Bravo recently discovering bonanza-grade mineralization reminiscent of the IOCG deposits that built mining giants like Vale and Anglo American.

The Luanga project boasts a number of key attributes that enhance its economic and development potential. First and foremost is the sheer scale and grade of the PGM resource. At 15 million ounces and growing, Luanga already ranks among the largest PGM deposits in South America. Importantly, the resource starts right at surface, with 86% of the ounces sitting in the first 250 meters depth. This suggests a low-cost, open-pit operation could be in the offing. Furthermore, with less than 10% of this massive land package systematically explored, Luanga likely has much more to give.

While the PGM story alone would merit serious investor attention, the recent copper-gold discovery at Luanga makes Bravo impossible to ignore. Drill results like 11 meters of 14.5% copper and 3 g/t gold would be the envy of any major miner. The exploration model of choice for such mineralization are IOCG deposits, which are responsible for the bulk of Brazil's copper and gold production. These deposits are prized for their large size and polymetallic nature, often hosting economic quantities of copper, gold, silver, PGMs, and rare earths. With a land package of nearly 9,000 hectares, Bravo has an opportunity to consolidate a new copper-gold district in the heart of the Carajás.

To advance these exceptional assets, Bravo has assembled a topnotch technical team with an unparalleled track record of discovery and development in Brazil. CEO Luis Azevedo and his colleagues were involved in several major discoveries in the country, giving them keen insights into the local geology and what it takes to operate there. 

Bravo also enjoys strong support from both the government and local community, a social license that is absolutely critical in today's mining industry. The Brazilian government has thrown its weight behind Luanga, placing it in an accelerated permitting program to bring the critical metals to market as quickly as possible.

Lastly, Bravo has the financial strength to deliver on its ambitious plans. With $25 million in the bank, the company is fully funded to expand the PGM resource, advance engineering studies, and aggressively explore the copper-gold discovery. Major shareholders like Blackrock, Tembo, Franklin, and RCF have thrown their support behind management, recognizing the immense value creation potential at Luanga. As the company hits key milestones and proves out the polymetallic nature of the project, investors can look forward to a steady stream of catalysts.

As the world electrifies and decarbonizes, metals like palladium, platinum, and copper will become ever more critical. Already, the Brazilian government is taking steps to secure its own supply of these vital elements. For investors, Bravo Mining offers a unique opportunity to participate in this generational megatrend, through an exceptional asset with a world-class team behind it. With drills turning, permits in hand, and a historic bull market for green metals ahead, Bravo has all the ingredients to become a major player in the industry.

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

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Interview with Peter Akerley, President and CEO, Erdene Resource Development

Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-mongolia-gold-producer-with-130m-annual-cash-flow-potential-6179

Recording date: 4th of March, 2025

Erdene Resource Development (TSX: ERD, MSE: ERDN) is in the final stages of bringing its high-grade Bayan Khundii gold project in southwestern Mongolia into production. Construction is expected to complete in April 2025, with commercial production anticipated by September-October 2025.

The open-pit Bayan Khundii project boasts an exceptional grade of 4 grams per ton gold, positioning it to produce approximately 85,000 ounces annually with a current reserve-based mine life of six years. At current gold prices, the operation is projected to generate after-tax cash flows exceeding $100 million per year, providing significant economic resilience even during the startup phase.

"The high-grade nature of this deposit - four grams per ton - sets ourselves far apart from most in the open pit world. It gives us a buffer on the economic side," notes Erdene's President and CEO Peter Akerley.

In 2023, Erdene entered a strategic alliance with Mongolia Minerals Corporation (MMC), formalized in January 2024 as a 50/50 joint venture. Importantly, Erdene retained a 5% net smelter return royalty that begins after production of 400,000 ounces, effectively giving the company a 60/40 economic split once this threshold is reached. The partnership provided $40 million in equity and an $80 million shareholder loan repayable over five years.

Recent drilling programs have shown promising results for potential grade improvements, with ongoing exploration work focused on extending the mine life. Erdene has identified opportunities to optimize the processing plant, potentially increasing production to 95,000-100,000 ounces annually with minimal capital investment.

Beyond Bayan Khundii, Erdene controls the Zuun Mod molybdenum-copper project, which has gained improved prospects due to enhanced infrastructure and strengthening molybdenum markets. The company plans to allocate over $10 million annually to exploration starting in 2026-2027, focusing on expanding resources around Bayan Khundii and advancing other deposits in their Khundii Minerals District.

Mongolia's strategic location adjacent to China provides advantages for resource development, allowing Erdene access to both Western capital markets and Asian consumer markets, particularly valuable in today's fragmenting global economy.

Learn more: https://www.cruxinvestor.com/companies/erdene-resource-development

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Interview with Thomas Lamb, CEO of Myriad Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-exceeding-expectations-at-wyomings-high-grade-copper-mountain-project-6300

Recording date: 4th March 2025

Myriad Uranium Corp is an emerging leader in the resurgent U.S. uranium sector, offering investors a unique opportunity to participate in the global shift towards clean, reliable nuclear energy. With two high-potential projects in the heart of America's most prolific uranium districts, Myriad is perfectly positioned to capitalize on the growing demand for domestically sourced uranium as the U.S. prioritizes energy security and carbon-free baseload power.

Under CEO Thomas Lamb's direction, Myriad has assembled a world-class team of geologists and mining professionals who are united in their mission to unlock the vast potential of the company's projects. With a lean, efficient corporate structure and a disciplined approach to capital allocation, Myriad is able to rapidly advance its projects and create meaningful value for shareholders.

Myriad's flagship Copper Mountain project in Wyoming hosting a large historical uranium resource of 15 to 30 million pounds with tantalizing exploration upside. Recent drilling has confirmed the presence of high-grade uranium mineralization, with some truly outstanding intercepts of more than 8,000 ppm uranium and Myriad has only scratched the surface of this expansive mineralized system. With multiple untested prospects and the potential for deeper, high-grade uranium discoveries, Copper Mountain has all the makings of a world-class uranium district.

Myriad has also secured a second high-grade uranium project in New Mexico with the recent acquisition of the Red Basin project. This shrewd move added an impressive 1.5 to 6.5 million pounds of high-grade, near-surface uranium resources to Myriad's already substantial portfolio. The company's geological team is eager to sink their teeth into the wealth of historical data at Red Basin and unlock the full potential of this exciting project.

As the global push towards clean energy gains momentum, the long-term fundamentals for the uranium market have never looked better. With nuclear power playing a vital role in decarbonizing the world's energy supply, demand for uranium is set to soar in the coming years. At the same time, supply is tightening as years of underinvestment in the sector take their toll. This creates a perfect storm for uranium prices to rise, and Myriad is ideally situated to ride this powerful wave.

For investors seeking exposure to the coming uranium boom, Myriad Uranium Corp stands out as a compelling choice. With its top-tier U.S. projects, exceptional management team, efficient business model, and attractive valuation, Myriad offers unparalleled leverage to rising uranium prices. As the company continues to advance its projects and expand its resources, the upside potential is truly extraordinary. For investors who share this vision, Myriad Uranium Corp is a rare opportunity to power their portfolios with the bright future of American nuclear energy.

View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uranium

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