Podcast
Company Interviews
Hosted by Crux Investor · EN
An insight into junior mining and opportunities to invest.
Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster.
Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.
137episodes
Episodes
Newest firstAll episodes
Elemental Royalty (TSX:ELE) - Scale, Catalysts & A Path to $100M in Annual Revenue
4d ago00:23:04Tap to summarizeInterview with David Cole, CEO of Elemental Royalty Corp.Our previous interview: https://www.cruxinvestor.com/posts/tether-to-assume-33-stake-in-transformational-royalty-merger-of-emx-royalty-elemental-altus-8002Recording date: 11th June 2026Elemental Royalty Corporation has emerged as a major player in the global mining royalty sector, following the merger of Elemental Altus and EMX Royalty. The combined entity now holds over 300 mineral property interests across 23 countries, positioning itself as a diversified, billion-dollar company with projected annual revenues nearing $100 million. Its commodity exposure is balanced, with approximately 60% derived from gold and silver, 30% from copper, and the remainder from base metals such as zinc, lead, and molybdenum.The company operates on a royalty model, enabling it to benefit from mining revenues without bearing operational or capital costs. Its portfolio is structured like a pyramid, combining producing assets for immediate cash flow, development-stage projects for medium-term growth, and exploration-stage properties that offer long-term upside. This structure supports steady revenue generation alongside asset value appreciation.A key factor in Elemental’s growth is its strategic partnership with Tether, which holds a 32% equity stake and has injected $100 million into the company. This backing lowers Elemental’s cost of capital and provides financial flexibility for acquisitions without relying heavily on equity dilution.Elemental has also significantly improved its market presence, increasing trading liquidity after listing on the NASDAQ and positioning itself for inclusion in major indexes such as the Russell 2000, Russell 3000, and potentially the GDXJ ETF. These developments are expected to attract institutional investment.Future growth is driven by major projects such as the Timok copper deposit in Serbia and the pending Vizsla silver-gold royalty acquisition in Mexico. With strong exposure to both precious metals and energy-transition commodities, Elemental is well positioned to benefit from global demand trends while maintaining a low-risk, capital-efficient business model.View Elemental Royalty's company profile: https://www.cruxinvestor.com/companies/elemental-altus-royaltiesSign up for Crux Investor: https://cruxinvestor.com
Transcribe →Vox Royalty Corp (TSX:VOXR) - 'Undervalued?' Investment Series, with Kyle Floyd
4d ago00:25:23Tap to summarizeInterview 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
Transcribe →Made In America | Myriad Uranium (CSE:M) - America's Uranium Gap & The Wyoming Project Closing It
1w ago00:40:28Tap to summarizeInterview with Thomas Lamb, CEO, and George Van Der Walt, Senior Geologist, of Myriad Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-from-historical-data-to-drill-confirmed-resource-the-phase-2-plan-10192Recording date: 10th June 2026Myriad Uranium Corp (CSE:M) is an early-stage uranium developer with three projects located entirely within the United States, at a moment when domestic uranium supply has become a stated federal priority. The company's flagship Copper Mountain project in central Wyoming is the primary investment case: a large-scale conventional uranium asset that was within two years of production before the Three Mile Island accident shut down the US uranium sector in 1979, and which has since sat largely dormant while the geopolitical and policy environment has shifted decisively in favour of domestic producers.The foundation of the Copper Mountain investment case rests on an unusually well-documented technical record. Union Pacific Railroad and Southern California Edison invested approximately $125 million in today's dollars across the property during the 1970s, drilling 2,000 holes and identifying seven discrete uranium deposits with a combined historical resource of 27 million pounds. In 1982, Bendix Engineering commissioned by the US Department of Energy assessed the broader district and estimated a potential uranium endowment of up to 655 million pounds. While the figure is not a current NI 43-101 compliant resource estimate, but it is an independent government study, and it frames the scale of what Myriad is working to define.More recently, Myriad's own Phase One drill programme at the Canning Deposit returned laboratory assay grades 50–60% higher than the historical gamma probe measurements on which prior resource estimates were based. The practical implication is that those historical figures were likely conservative a conclusion that Phase Two drilling is now designed to test across all seven deposits. The company has also completed a district-wide airborne magnetic and radiometric survey that identified significant uranium signatures in an eastern zone of the project area, entirely beyond the historical drilling footprint, representing a material exploration upside that has not yet been reflected in the market.Phase Two drilling begins shortly, funded by a cash position of approximately $12–13 million which is sufficient to advance the programme without near-term dilutive pressure. The pending acquisition of Rush Rare Metals will deliver 100% ownership of Copper Mountain, simplifying the asset structure. A planned uplisting to the TSX Venture Exchange and subsequent US exchange listing is expected to broaden the investor base.The two secondary assets, Red Basin in New Mexico, where Myriad retains a 10% free-carried interest following a sell-down to a well-capitalised technology-backed consortium, and the Breccia Pipe project in Arizona, optioned to Wedgemont Resources at no cost to Myriad provide additional optionality without requiring capital deployment.The United States currently consumes approximately 50 million pounds of uranium per year and produces roughly one million. That structural gap, combined with an executive policy framework explicitly supporting domestic uranium development and the prospect of floor pricing for US-produced uranium, creates a favourable environment for developers with permitted, drill-ready US assets. Myriad's current market capitalisation of approximately $40 million reflects its CSE-listed junior status more than the scale of the asset it is advancing. As Phase Two results begin to flow, that disconnection may not persist.View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com
Transcribe →New Found Gold (TSXV:NFG) - Hammerdown & the Path to Production
1w ago00:17:38Tap to summarizeInterview with Keith Boyle, CEO & Director of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-fully-funded-drill-program-for-2026-10527Recording date: June 9th 2026New Found Gold Corp (TSXV: NFG | NYSE-A: NFGC) is advancing two gold projects in Newfoundland and Labrador, Canada. Its flagship Queensway Gold Project hosts a NI 43-101 resource of 1.39 million ounces of indicated gold at 2.40 g/t and 0.608 million ounces of inferred gold at 1.77 g/t. The Hammerdown Gold Project, acquired in 2025, provides access to the Pine Cove Mill, a fully permitted, operational processing facility that will receive Queensway Phase 1 ore from Q4 2027, with commercial production targeted for 2028.Hammerdown is in the final stages of its ramp-up to commercial production, defined as sustained 700 tonne-per-day throughput with consistent grade from the open pit. At steady state, the operation is projected to generate $40 to $50 million per year in free cash flow at an AISC of approximately $2,500 per ounce - sufficient to cover corporate overhead and fund the exploration program. The Pine Cove Mill is being doubled in throughput capacity as part of the Phase 1 capital program, removing the need for a separate processing facility at Queensway. A $220 million financing package closed in April 2026 funds Phase 1 construction, with $148 million in cash and marketable securities held as of May 2026.Queensway Phase 1 targets approximately 100,000 ounces per year in the first two years at grades of 12 to 12.5 g/t and an AISC of around $1,300 per ounce. The PEA's base case at US$2,500 gold shows an after-tax NPV of C$743 million, an IRR of 56%, and payback of under two years. The operational team being assembled at Hammerdown, including newly promoted General Manager of Mines Mark Ross, will transfer directly to Queensway.A 90,000-metre drill program is underway across a 110-kilometre land package, with the Dropkick zone, returning intercepts of up to 42.79 g/t Au over 14.95 metres and excluded from the current MRE, among the key targets. An updated resource estimate incorporating Dropkick is expected in 2026.—Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com
Transcribe →GoGold Resources (TSX:GGD) - Los Ricos South Permit Secured, Fully Funded Mine Build Begins
1w ago00:19:11Tap to summarizeInterview with Bradley Langille, President & CEO of GoGold Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/gogold-resources-tsxggd-awaiting-final-permits-and-green-light-for-227m-silver-mine-6812Recording date: 9th June 2026GoGold Resources has secured the long-awaited environmental permit for its Los Ricos South silver-gold project in Mexico, clearing the final regulatory hurdle and enabling a formal construction decision. The company expects to begin mobilizing within weeks, marking a major transition from development to build. Backed by a strong financial position, GoGold holds approximately $280–285 million in cash against a total project capital requirement of $227 million, allowing it to fully fund construction without raising equity or taking on debt. This funding strength is supported by steady annual free cash flow of $70–80 million from its producing Parral mine.The project is already well advanced, with roughly 75% of detailed engineering completed and key long-lead equipment, including the SAG mill and filter presses, secured. Major contractors have been engaged, and critical infrastructure such as a 36-kilometre power line is under construction. This level of preparation reduces execution risk and could accelerate the estimated 24-month build timeline.Los Ricos South is expected to produce 7.3 million silver-equivalent ounces annually at a low all-in sustaining cost of $12 per ounce, positioning it as a high-margin operation. Notably, the mine’s design prioritizes early access to high-grade ore, which is projected to generate around $400 million in after-tax free cash flow within the first 18 months of full production—nearly double the initial capital investment.At the same time, GoGold is advancing the nearby Los Ricos North project, located 18 kilometres away, with plans to align its permitting and development timeline to follow South. Together, the two projects form a broader district strategy that could support long-term production growth.With a fully funded build, strong cash flow, and a clear expansion pipeline, GoGold is positioned as a financially resilient and operationally prepared player in the silver mining sector.View GoGold Resources' company profile: https://www.cruxinvestor.com/companies/gogold-resourcesSign up for Crux Investor: https://cruxinvestor.com
Transcribe →East Star Resources (LSE:EST) - Partner-Funded Copper Production and $25M Gold Search in Kazakhstan
1w ago00:42:56Tap to summarizeInterview with Alex Walker, Director & CEO of East Star Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-endeavour-xinhai-deals-transform-2026-outlook-8740Recording date: 9th June 2026East Star Resources (LSE:EST) is a London-listed mining company with a focused strategy: identify, advance, and partner world-class copper and gold assets in Kazakhstan, one of the world's most mineral-rich but systematically underexplored countries. The company has moved well beyond its origins as a conventional junior explorer. It now holds two major joint ventures — one with Xinhai Mining on its Verkhuba copper deposit, and one with Endeavour Mining across two Kazakh gold belts alongside a portfolio of 100%-owned projects led by the Rulikha copper deposit.The core investment proposition rests on a simple structural advantage: East Star has secured the funding, operational capability, and technical resources of two large, credible mining companies to advance its assets, whilst retaining material economic interests without bearing the associated capital costs. At Verkhuba, Xinhai is funding the project through to production in exchange for 70% of the asset. East Star keeps 30%, free-carried. With a mining licence application targeted for submission this year, construction planned for end-2027, and first cash flow anticipated by end-2028, Verkhuba represents a defined, near-term pathway to copper production cash flow for East Star shareholders without a single further dilutive equity raise required on their part.The Endeavour Mining joint venture operates on a different but equally compelling logic. Endeavour is committing up to $25 million across two exploration programmes in the Stepnogorsk and Karaganda regions, targeting a minimum 2-million-ounce gold discovery. East Star is free-carried at 20% through to prefeasibility. The company's CEO, Alex Walker, has been explicit about the scale of potential value: a 20% interest in a major gold deposit developed by a FTSE 100 operator could be worth, in his assessment, a billion dollars for East Star's share alone. That outcome is speculative and dependent on exploration success but the structure means East Star reaches the point of knowledge without paying for it.Underpinning both JVs is a proprietary competitive advantage that is difficult to replicate. East Star's geological database combined with years of in-country relationship-building with local authorities, communities, and regional officials, gives the company an informational and operational edge in a jurisdiction where most international explorers are only beginning to establish a presence. Walker describes Kazakhstan in terms that evoke Western Australia a generation ago: a province of extraordinary endowment, with the majority of its mineral belts still available for systematic modern exploration.Beyond the JVs, the 100%-owned pipeline including Rulikha at 23 million tonnes and 2.4% copper equivalent, alongside Rulikha North, Telescope, Picket, and Snowy, all provide additional optionality. Each asset carries independent discovery and JV potential, creating multiple pathways to value creation that are not dependent on any single outcome.For investors seeking exposure to copper and gold in a structure that limits dilution risk, provides near-term production catalysts, and offers meaningful upside from major-company-funded exploration, East Star Resources warrants serious consideration.View East Star Resources' company profile: https://www.cruxinvestor.com/companies/east-star-resourcesSign up for Crux Investor: https://cruxinvestor.com
Transcribe →Silver Tiger Metals (TSXV:SLVR) - El Tigre Build Advances Toward 2027 First Pour With $800M NPV
1w ago00:27:15Tap to summarizeInterview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silvers-designation-opens-support-pathways-as-advanced-projects-target-2026-milestonesRecording date: 6th June 2026Silver Tiger Metals has reached a major milestone at its El Tigre project in Sonora, securing the first Mexican construction permit granted to a foreign mining company since 2019. Now over three months into building a high-margin heap leach silver and gold mine, the project is fully funded by a recent USD 60 million financing round. With earthworks underway and a 50-person camp operational, the build currently remains ahead of schedule. Management anticipates the first doré pour by December 2027, officially transitioning the firm from a development-stage company into a near-term producer.The financial projections for El Tigre are highly compelling. At current spot prices, the surface heap leach mine boasts a standalone after-tax net present value of roughly USD 800 million, an internal rate of return of 92 percent, and generates USD 100 million annually over an initial 10-year life. Crucially, the company also released an assessment for an adjacent underground mine featuring a 15-year lifespan and a USD 830 million valuation. Unlike many Mexican epithermal deposits where surface mining blocks deeper extraction, El Tigre’s underground ore body lies entirely outside the surface footprint. This spatial advantage allows both operations to run concurrently, sharing infrastructure and drastically reducing the initial capital expenditure for the underground expansion.Beyond the established plan, Silver Tiger is aggressively pursuing exploration upside. Drilling has resumed on northern veins located 700 meters away, targeting an additional three million tonnes of silver equivalent. This expansion could nearly double the underground resource. Despite a recent dip in share price, the company views its current valuation as a massive discount to the combined theoretical project value of up to USD 1.8 billion. As the December 2027 production target approaches and debt providers actively compete to offer favorable financing terms, Silver Tiger is uniquely positioned to capitalize on a generational peak in precious metal prices.Learn more: https://www.cruxinvestor.com/companies/silver-tiger-metalsSign up for Crux Investor: https://cruxinvestor.com
Transcribe →Santacruz Silver (TSXV:SCZ)- Bolivar Recovery and TSX Uplisting Drive 2026 Growth Strategy
1w ago00:28:19Tap to summarizeInterview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-mining-tsxvscz-undervalued-investment-series-with-arturo-prestamo-10185Recording date: 9th June 2026Santacruz Silver Mining entered 2026 with improving operations, rising financial strength, and a clearer path to growth across its Bolivian and Mexican assets. In the first quarter, the company produced about 2.3 million silver-equivalent ounces, including 1.3 million ounces of silver and roughly 21,000 tonnes of zinc, alongside smaller lead and copper output. Stronger silver prices and better operating performance helped drive a solid financial quarter, with management expecting production to rise further in the second quarter.The company’s most important near-term focus is the Bolivar mine in Bolivia, where excess water in key mining zones has limited access to high-grade silver areas. Santacruz is carrying out a dewatering program to restore output from the Pomabamba and Nena veins, with a goal of returning to budgeted production levels by the fourth quarter of 2026. Management believes this recovery will not only lift silver volumes but also lower mining costs at one of its most important assets.Despite more than a month of political unrest in Bolivia tied to tensions between President Luis Arce and former President Evo Morales, Santacruz says its operations have remained on budget and uninterrupted. The company has reduced risk by storing key supplies in advance and using rail for most concentrate shipments, limiting exposure to road blockages.Santacruz is also positioning itself for the next phase of growth. It expects to move from the TSX Venture Exchange to the TSX main board within weeks, a step intended to improve liquidity and attract a broader investor base. Management also plans to launch a share buyback, signaling confidence that the market undervalues the business. Beyond Bolivar, the company is advancing Soracaya, a brownfield Bolivian asset with a strong silver profile, as its main medium-term growth project in a silver market supported by persistent supply deficits.View Santacruz Silver Mining's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com
Transcribe →Made in America | Pulsar Helium (TSXV:PLSR) - The Case for Domestic US Helium Development
1w ago00:32:00Tap to summarizeInterview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxvplsr-building-americas-primary-helium-supply-9105Recording date: 8th June 2026Pulsar Helium (TSXV:PLSR) sits at the intersection of a structural commodity supply crisis and an accelerating domestic US critical minerals agenda. The company is developing the Topaz helium project in northern Minnesota, a primary helium resource that does not depend on natural gas production economics, carries an average helium concentration of 8.1% across seven drilled wells, and is now backed by a completed regulatory framework, a major US engineering partner, and production-ready drilling scheduled for September 2026.More than 95% of global supply is produced as a byproduct of natural gas processing, which means output cannot be increased in response to price signals. When a major production node goes offline, the market has no rapid self-correcting mechanism. Two major nodes are now offline simultaneously. The closure of the Strait of Hormuz to container shipping has cut Qatar's export route — Qatar historically supplying approximately 35% of global helium. Russia, contributing a further 10%, has introduced export controls. The combined disruption has removed approximately 45% of global helium supply from the market. The CEO of QatarEnergy has indicated that restoring full production capacity could take three to five years. US customers are already reporting order allocations of 50% of typical volumes, with premiums on top.Against this backdrop, Topaz's geological profile is genuinely differentiated. The project was identified following an accidental discovery during nickel and copper exploration drilling, when a drill hole returned helium concentrations between 10-12% and is among the highest ever recorded. Since listing via IPO in the third quarter of 2023, Pulsar has drilled seven wells across the project area. All seven encountered gas. The current average concentration of 8.1% places Topaz in an entirely different grade regime from conventional byproduct production and makes primary extraction commercially viable as a standalone helium operation.The regulatory picture has materially improved. Minnesota had no prior framework for gas production. In 2024, the state legislated helium as a regulated commodity. In June 2026, the operational regulations were finalised — a process driven substantially by Pulsar's own work at Topaz. The removal of this non-geological risk represents a meaningful de-risking event for the project's development timeline.The confirmation of Helium-3 at Topaz adds a longer-horizon dimension. Helium-3 has applications in quantum computing and fusion research and is currently transferred between US government agencies at approximately US$18.7 million per kilogram. No commercial separation process exists at scale yet, and management has been measured in how it frames characterising Helium-3 as the cherry on top whilst keeping Helium-4 production as the operational priority. That framing is appropriate, but the optionality is real.The risk profile is consistent with a development-stage company. The resource has not yet been independently quantified at full scale. The economic assessment is pending. Production-ready well drilling has not yet commenced. Investors should size positions accordingly. But for those with the risk appetite for early-stage resource exposure, the combination of a 100% drilling success rate, a completed regulatory framework, a confirmed supply crisis with a multi-year recovery horizon, and an engineering partner already at work makes the near-term catalyst pathway unusually clear.View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-heliumSign up for Crux Investor: https://cruxinvestor.com
Transcribe →Marimaca Copper (TSX:MARI) - Pampa Medina Shows Tier-One Potential with 5.7% Copper Hits
1w ago00:17:21Tap to summarizeInterview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-tier-one-discovery-potential-alongside-mod-growth-10320Recording date: 8th June 2026Marimaca Copper’s Pampa Medina discovery in Chile’s Antofagasta region is emerging as a potentially world-class copper asset, with drilling confirming both exceptional grades and expanding scale. Recent results from key drill holes have defined an ultra high-grade bornite-rich core, including intersections such as 16 metres at 5.7% copper and 62.6 g/t silver. These findings sit within a broader mineralised column that can reach up to 100 metres in thickness at average grades around 1.2% copper, significantly enhancing the project’s economic potential.Drilling has now confirmed mineralisation across an area exceeding 2 square kilometres, with the system remaining open along a northeast–southwest trend and at depth. Based on early geometric assumptions, the deposit could host between 120 million and 500 million tonnes of ore, depending on true thickness. The presence of mineralisation in multiple geological units, including newly identified zones in basement rocks, further supports the potential for substantial expansion.These developments are prompting a shift in mining strategy. Rather than a selective underground approach, Marimaca is evaluating bulk mechanised mining methods that could lower costs and allow extraction of a larger portion of the mineralised column. This shift could materially increase recoverable tonnage and improve project economics.While the Marimaca Oxide Deposit remains the company’s near-term development priority—and is considered valuable enough to justify the current market valuation on its own—Pampa Medina is increasingly seen as a standalone tier-one opportunity. Ongoing drilling, a forthcoming maiden resource estimate, and strong copper market fundamentals position the discovery as a potentially significant asset in a supply-constrained global market, with the scale and location likely to attract interest from major mining companies.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com
Transcribe →