Company Interviews

Interview with Keith Boyle, Director & CEO of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-hammerdown-the-path-to-production-10604Recording date: 23rd June 2026New Found Gold (TSXV:NFG) is advancing through a critical transition period, moving from an exploration-focused company toward one with near-term production cash flow and a fully funded development plan for its flagship Queensway project. Director and CEO Keith Boyle outlined a clear set of operational milestones, regulatory updates, and a funding position that together describe a company actively de-risking its path from discovery to production.The company's Hammerdown project represents the nearest-term catalyst. Boyle confirmed the company expects to declare commercial production in the second half of 2026, targeting steady-state annual output of 20,000 to 25,000 ounces at an all-in sustaining cost of approximately $2,500 per ounce, figures consistent with the project's published Preliminary Economic Assessment. This represents New Found Gold's first source of internally generated cash flow, a meaningful shift for a company that has historically relied on equity markets to fund its activities.Queensway, the company's flagship high-grade project, remains subject to an Environmental Assessment decision that Boyle expects by early July 2026, following a routine two-week extension to the standard 45-day review period. Boyle characterised the extension as a function of higher application volumes at the regulatory body rather than any project-specific concern. Once the EA is approved, the company anticipates progressing to an early works permit, clearing the way for construction activity to accelerate.A central element of the investment case is the operational continuity between Hammerdown and Queensway. By acquiring the Hammerdown mine and the Pine Cove mill through its earlier Corvus acquisition, New Found Gold gained an already-operating production team and processing facility. Boyle explained that this team's experience bringing a 700-ton-per-day mine into production at Hammerdown is now being applied directly to Queensway, which is being developed at a similar scale. Rather than constructing new milling infrastructure, the company is expanding an existing, operating facility, a structural advantage relative to many development-stage peers building from a standing start.Boyle also detailed the company's funding position, confirming a $220 million capital raise dedicated specifically to the Queensway development plan. This leaves the company fully funded for early works currently underway at Pine Cove, including the ordering of long-lead-time equipment, while it awaits regulatory clearance. Boyle noted that acquiring existing infrastructure brought Queensway's production timeline forward by approximately three years compared with developing the project independently, while also reducing reliance on further equity issuance and associated shareholder dilution.Exploration remains an active component of the story alongside development. The company has expanded its 2026 drilling program to 90,000 metres, with 45% allocated to new discoveries and resource growth rather than confirmation drilling. Boyle outlined a longer-term production growth profile targeting more than 100,000 ounces per year in the near-to-medium term, scaling toward approximately 200,000 ounces per year by around 2031 following the planned Queensway expansion.Taken together, New Found Gold presents a defined near-term catalysts, a funded development plan, and continued exploration upside to weigh against standard regulatory and execution risks inherent to development-stage mining equities.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Patrick Cruickshank, Director & CEO of Nine Mile MetalsOur previous interview: https://www.cruxinvestor.com/posts/nine-miles-metals-csenine-record-copper-gold-grades-drive-2026-expansion-drilling-9179Recording date: 24th June 2026Nine Mile Metals Ltd. (CSE:NINE) is in an active phase of exploration at its Wedge project in the Bathurst Mining Camp, New Brunswick, a region with a substantial mining history but, in the company's view, considerable untested potential. The Wedge deposit was partially mined decades ago before falling commodity prices and operational constraints brought work to a halt, and historic records suggest only a fraction of the deposit was ever extracted. Nine Mile's current strategy is built on testing the ground that was left behind, both laterally and at depth.The company is midway through its largest drill programme to date, a 10,000-metre campaign that follows smaller efforts in the falls of 2024 and 2025. The current phase targets the eastern extension of the deposit, the western flank beyond a fault structure that disrupted earlier drilling, and the system's depth potential, alongside two additional target areas known as West Wedge and TriBag. Two completed holes have already returned long intervals of visible copper-bearing mineralisation, at 234 metres and 130 metres respectively, including a horizon at depth that does not appear in any historic record for the property. This is a meaningful distinction for investors: the company is exploring genuinely new ground rather than reinterpreting previously known mineralisation.Beyond these results, Nine Mile has identified three separate mineralised lenses within the Wedge system, including a high-grade copper zone that returned grades between 5% and 8% copper before a fault structure interrupted the original hole. The current programme is designed to re-approach that zone from the opposite side of the fault, with deeper holes planned to test both its lateral extent and how far the broader system continues at depth. The deposit's mineralogy varies across these lenses, with the company reporting a lead-zinc-rich zone, a high-grade copper zone, and intervals of elevated silver and gold, along with reported occurrences of antimony and indium. This polymetallic character is typical of VMS systems generally, though it also adds complexity to eventual resource estimation, since grade and metal mix differ from lens to lens.On the resource question, historic operators are understood to have extracted around two million tonnes from Wedge, with approximately half a million tonnes believed to remain. Nine Mile's own geophysical and 3D modelling work suggests the true figure may be larger, particularly given that current drilling sits outside historic mining areas entirely. Apex Geoscience, the company's technical advisor, is expected to deliver an updated NI 43-101 technical report by autumn 2026, incorporating the 2024 through 2026 drill programmes and potentially including indicated and inferred resource categories for the first time.On funding, the company states that its 2025 programme, which produced several of the high-grade intercepts referenced above, was completed on a modest budget, and that it does not currently require additional capital to execute the 2026 campaign, while remaining open to strategic investment. For investors, the combination of new discovery zones, a forthcoming resource update, and a stated funded position offers several catalysts to monitor over the coming months with all current results remain preliminary pending certified assay confirmation.View Nine Mile Metals' company profile: https://www.cruxinvestor.com/companies/nine-mile-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Lindsay, CEO, US Operations of Resolution MineralsRecording date: 24th June 2026Resolution Minerals Limited (ASX:RML) is advancing its Horse Heaven project in Idaho at a moment when US policymakers are actively prioritising domestic supply chains for antimony and tungsten which are of limited substitutes and outsized exposure to Chinese supply concentration. China currently processes approximately 80% of global antimony supply and mines around 60% of it, a dynamic that has previously resulted in export restrictions to North America and has elevated supply security to a national policy concern.Horse Heaven sits directly adjacent to Perpetua Resources' Stibnite project, a permitted Idaho gold mine valued at ~$4 billion that has drawn US government and military attention partly due to its antimony content. Resolution's differentiation lies in grade: its antimony veins, ranging from a few inches to a couple of feet thick, average approximately 40%, against Stibnite's sub-1% grade. Because Stibnite's antimony will be recovered only as a byproduct of gold production, Resolution's near-surface, standalone veins may offer a more direct and capital-efficient route to extraction.Craig Lindseay, CEO of US Operations, has overseen approximately $47 million raised over the past six months, predominantly from Australian investors, and the company is now progressing toward a NASDAQ listing intended to broaden access to deeper US capital markets. Resolution is also engaging directly with federal policymakers and the Department of War, and is a member of the Defense Industrial Base Consortium, a channel for accessing critical minerals supply chain funding. Grant applications have been submitted, though outcomes remain undisclosed.Notably, management has been explicit that government capital is not treated as a precondition for project viability. Lindsay stated that the project's high grades and near-surface mineralisation should allow it to function as a standalone development, with government support sought primarily through permitting assistance rather than direct funding dependency. This is reflected in the company's recent award of Fast-41 status, a federal designation that subjects the US Forest Service's permitting process to defined timelines via the Permitting Council, addressing what is widely regarded as the principal bottleneck across the mining sector.On infrastructure, Resolution has acquired a 25-acre private parcel containing the historic Johnson Creek Tungsten Mill, offering more permitting flexibility than public land. The company is pursuing a phased strategy toward early revenue: existing tungsten stockpiles would be sold to third-party processors in the near term, while a bulk sample extraction permit application for a minimum of 500 tons of high-grade antimony material which is roughly equivalent to two years of US military demand is also in progress.A 45,000-foot drill programme is underway, with results expected from late July through year-end and a maiden resource estimate targeted for Q1 2027. The project remains pre-resource and pre-permit for full-scale production, and funding, listing, and permitting outcomes remain pending.View Resolution Minerals' company profile: https://www.cruxinvestor.com/companies/resolution-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Farhad Abasov, Chairman, Millennial PotashOur previous interview: https://www.cruxinvestor.com/posts/millennial-potash-tsx-vmlp-the-worlds-next-low-cost-potash-producer-6383Recording date: 15th June 2026Millennial Potash is advancing a large-scale potash project in Gabon that it positions among the world’s largest undeveloped deposits. The company has defined an estimated 6 billion tonnes of measured, indicated, and inferred resources from drilling across just 4% of its 1,500 square kilometer licence area, leaving significant potential for further expansion. This scale, combined with a relatively low projected cost structure and proximity to key agricultural markets, underpins the project’s investment appeal.A central component of the project’s development is support from the US International Development Finance Corporation (DFC), which has provided a $3 million grant for feasibility work and may offer construction debt financing, subject to project milestones. Additional backing from US government entities reflects growing strategic interest in diversifying global potash supply, which is currently concentrated among a small number of countries. Millennial aims to complete feasibility and environmental studies by early 2027, secure full financing by mid-2027, and begin construction later that year using solution mining, a lower-capex method than traditional underground mining.The company is targeting a capital structure with 60–65% debt to limit equity dilution and is seeking off-take agreements tied to upfront financial participation rather than simple purchase contracts. At the same time, management is exploring strategic partnerships or acquisition opportunities, drawing on its track record of selling previous potash projects to major industry players.Infrastructure development, including access to an existing port and a proposed deepwater facility, could support scaling production from an initial 800,000 tonnes annually to as much as 4–5 million tonnes over time. Positioned near underserved African markets and major importers like Brazil, the project aligns with broader trends toward supply diversification in the global fertilizer sector.Learn more: https://www.cruxinvestor.com/companies/millennial-potash-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Harrison, Managing Director, Ionic Rare Earths Our previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earth-asxixr-advanced-recycler-targets-china-free-heavy-rare-earth-supply-7871Recording date: 16th June 2026Ionic Rare Earths is advancing its position in the rapidly evolving global rare earth supply chain, driven by Western efforts to reduce reliance on China following export restrictions imposed in 2025. At the center of its strategy is a demonstration-scale recycling and separation facility in Belfast, which processes end-of-life magnets and manufacturing waste into separated rare earth oxides. A key milestone has been the successful validation of these recycled materials in a Ford motor—an industry first for a recycler—alongside a commercial supply agreement with US-based Advanced Magnet Lab, which serves defense-related applications.Although the Belfast plant currently produces only about 10 tonnes of separated oxides annually, it has demonstrated the ability to recover a broad range of elements, including high-value heavy rare earths such as dysprosium, terbium, and yttrium. Prices for these materials have surged sharply since China’s restrictions, in some cases increasing multiple times over, significantly strengthening the project’s economic outlook.A 2024 feasibility study for a larger £85 million Belfast facility projected annual output of 400 tonnes, with a post-tax net present value exceeding $500 million and an internal rate of return above 40%. Management believes current market conditions could further enhance these returns, though updated figures have not yet been released. The company has secured a £12 million UK government grant and is targeting a final investment decision by September 2026, contingent on completing funding and securing supply and offtake agreements.Looking ahead, Ionic plans to replicate its modular recycling model internationally, prioritizing the United States, where significant investment in domestic magnet manufacturing is expected to generate substantial recyclable waste. The company favors joint ventures to retain control over its technology and material flows. While promising, key risks remain, including scaling production, securing full project financing, and finalizing commercial agreements.Learn more: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-undervalued-investment-series-with-alan-carter-9745Recording date: 16th June 2026Cabral Gold is nearing production at its phase one heap leach operation in the Cuiu Cuiu gold district in northern Brazil, with construction more than 70% complete and on track for commissioning in the third quarter of 2026 and commercial output in the fourth quarter. The project is fully funded through a 353 kg gold loan (approximately $45 million) from its largest shareholder, carrying a 39-month term and 10% interest, with repayments beginning at the end of 2026.The operation is designed to process 3,000 tons of ore per day from near-surface, free-digging oxide material, which avoids the need for drilling, blasting, and complex processing. This contributes to relatively low operating costs and strong projected economics. Despite rising diesel prices and a stronger Brazilian real, the company estimates margins of $3,000 per ounce at current gold prices, with first-year production expected to reach 25,000 ounces.Infill drilling across approximately 160 holes has largely confirmed the resource model outlined in the 2025 preliminary feasibility study, with some higher-grade results, including an intercept of 25 metres at 7.5 g/t gold from surface. Early mining grades are expected to exceed life-of-mine averages, further supporting near-term profitability.Beyond initial production, Cabral is advancing a broader district-scale strategy. The company now controls six known deposits, up from three in 2022, and is actively drilling with six rigs to expand its resource base, targeting an updated estimate by the end of 2026. Notably, around 75% of the district’s gold is believed to lie in hard rock beneath the oxide layer, forming the basis for a larger phase two development.Cabral’s approach emphasizes self-funded growth, using cash flow from phase one to support expansion, reducing reliance on equity dilution while maintaining exposure to significant exploration upside.Learn more: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Gavin Ferrar, CEO of Central Asia MetalsOur previous interview: https://www.cruxinvestor.com/posts/central-asia-metals-lsecaml-beats-cash-forecasts-pays-dividends-9808Recording date: 12th June 2026Central Asia Metals (CAML) has announced the proposed acquisition of ASX-listed Cygnus Metals in an all-share transaction aimed at strengthening its project pipeline and adding a development-stage asset to its portfolio. The deal, expected to complete in September, will see Cygnus shareholders receive approximately 0.06 CAML shares per share, resulting in ownership of about 30% of the combined entity, with existing CAML shareholders retaining 70%. The structure preserves CAML’s debt-free balance sheet and allows continued funding of operations, exploration, and dividends.The acquisition centers on the Chibougamau copper-gold project in Quebec, Canada, a brownfield asset comprising five deposits and an existing processing facility. Under Cygnus’s ownership, the project’s measured and indicated resource increased by 78% to 6.4 million tonnes at roughly 3% copper equivalent, with over 8 million tonnes of inferred resources and significant exploration potential across an 18-kilometre strike length. Existing infrastructure, including an idle mill and permitted tailings facilities, is expected to reduce development costs and timelines compared to a greenfield project.CAML plans to advance the project through an updated preliminary economic assessment followed by a feasibility study, targeting a construction decision within four to five years. The company intends to leverage its operational and tailings management expertise from its Sasa mine, while retaining Cygnus’s local management team and community relationships to support permitting and development.Strategically, the acquisition fills a long-standing gap between CAML’s exploration assets and producing operations in Kazakhstan and North Macedonia. These existing mines are performing strongly, supporting ongoing dividends of 30–50% of free cash flow. The transaction also reflects a broader industry trend of larger, cash-generative miners acquiring development-stage assets from smaller explorers to unlock value and accelerate project timelines.Learn more: https://www.cruxinvestor.com/companies/central-asia-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Kyle Floyd, CEO of Vox Royalty Corp.Our previous interview: https://www.cruxinvestor.com/posts/from-one-asset-to-eight-how-vox-royalty-tsxvoxr-is-building-a-cash-generating-royalty-powerhouse-7187Recording date: 10th June 2026Vox Royalty Corp reported a record-setting first quarter in 2026, underscoring a period of accelerating growth driven by both strategic acquisitions and a strong gold price environment. The company generated $16 million in royalty receipts, alongside record operating cash flow and earnings per share exceeding $0.30. Management attributed this performance largely to a $60 million portfolio acquisition completed in September 2025, which added high-quality royalty assets that have since benefited from operational improvements and rising commodity prices.Building on this momentum, Vox introduced its first long-term financial outlook, projecting annual royalty receipts of approximately $66 million by 2030—nearly double its current guidance range of $32–$37 million. Notably, this forecast is based բացառively on existing assets, excluding potential upside from future acquisitions or the resolution of ongoing litigation related to the Red Hill royalty.A central element of Vox’s investment case is its perceived valuation gap. The company currently trades at roughly $300 per gold equivalent ounce (GEO), significantly below peers such as Triple Flag and Franco-Nevada, which trade closer to $1,200 and $1,800 per GEO, respectively. Management argues this discount is difficult to justify given Vox’s reported 28% return on invested capital and growing production base.Financially, the company remains well positioned, with no debt, available credit of up to $75 million, and a disciplined acquisition strategy focused on under-the-radar, pre-production royalties. Near-term catalysts include potential mine life extensions, ongoing drilling activity across its portfolio, and the possible unlocking of the Los Filos stream—acquired for a nominal cost but potentially worth up to $50 million.Overall, Vox Royalty presents a growth profile anchored in existing assets, with management emphasizing both operational execution and valuation re-rating potential.View Vox Royalty's company profile: https://www.cruxinvestor.com/companies/vox-royaltySign up for Crux Investor: https://cruxinvestor.com