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Interview with Stephen Soock, VP Investor Relations & Development, Heliostar MetalsOur previous interview: https://www.cruxinvestor.com/posts/heliostar-metals-tsxvhstr-self-funded-growth-fuels-push-to-300000-gold-ounces-per-annum-9450Recording date: 20th May 2025Heliostar Metals is advancing a multi-phase strategy to transform itself into a mid-tier gold producer, targeting annual output of 300,000 ounces by the end of the decade. The company’s recent performance highlights both operational momentum and financial strengthening, supported by three producing assets and a growing development pipeline.In the first quarter of 2026, Heliostar produced 11,743 ounces of gold at all-in sustaining costs of $1,996 per ounce, generating $14 million in net income. Working capital increased significantly from $40 million to $70 million, reflecting strong cash flow even as the company continued investing in exploration and development. While costs benefited from temporary by-product credits, full-year guidance remains around $2,100 per ounce.San Agustin has returned to production and is expected to deliver 50,000 to 55,000 ounces annually, with potential to extend its current 14-month mine life through ongoing drilling. At La Colorada, the company is transitioning to higher-grade sources while using innovative leaching techniques to extract additional value from existing material.Heliostar’s flagship Ana Paula project in Mexico is central to its long-term growth. The underground development is advancing toward a feasibility study in mid-2027, with a construction decision to follow. The project targets annual production of 100,000 ounces by late 2028 and benefits from strong local support and existing infrastructure.The recent acquisition of the Goldstrike project in Utah adds one million ounces of measured and indicated resources, enhancing future production optionality while preserving near-term capital through deferred payments.Heliostar expects to generate approximately $150 million in internal cash flow over the next 2.5 years, funding much of its development pipeline. Combined with disciplined execution and selective financing, the company is positioning itself for sustained, self-funded growth.Learn more: https://www.cruxinvestor.com/companies/heliostar-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Gary Lohman, COO & VP Exploration, and Patrick J. Cruickshank, President & CEO of Thistle ResourcesRecording date: 20th May 2026Thistle Resources Inc., a recently listed explorer on the TSX Venture Exchange, is positioning itself at the crossroads of rising demand for gold and critical minerals through a diversified portfolio in Canada’s Bathurst Mining Camp. The company controls five projects, with a strategic focus on three key assets: the Middle River Gold deposit, a large volcanogenic massive sulfide (VMS) target, and the high-grade Brunswick Antimony project. This multi-commodity approach reduces reliance on a single resource while offering multiple pathways for value creation.The flagship Middle River Gold project demonstrates strong scale potential. It hosts two distinct zones: a near-surface system extending to 130 meters depth with approximately 7 kilometers of mineralized folding—largely untested—and a deeper zone at 400 meters that exhibits one of the strongest geophysical conductive responses recorded in the region. Early drilling has confirmed consistent gold mineralization, while advanced surveys by two independent geophysical firms have significantly improved targeting confidence. The company is aiming to define a resource of up to 2 million ounces through systematic drilling.Equally compelling is the Brunswick Antimony project, որտեղ exceptionally high-grade mineralization occurs at surface, including antimony exceeding 10%, along with significant silver and gold values. Located near historic producing mines, the project benefits from existing infrastructure and growing geopolitical interest in securing non-Chinese sources of critical minerals. Antimony prices have surged in recent years, enhancing the project’s economic potential even at modest scale.Operationally, Thistle benefits from a favorable jurisdiction with rapid permitting, strong infrastructure, and low drilling costs of roughly CAD 100 per meter. Fully funded for two years and equipped with active drill programs through 2026, the company is well positioned to advance its assets. With multiple catalysts ahead and exposure to both precious and critical minerals, Thistle represents a diversified exploration opportunity in a proven mining district.View Thistle Resources' company profile: https://www.cruxinvestor.com/companies/thistle-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Allen Sabet, CEO of Mogotes Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxvmog-drilling-filo-sur-along-filo-del-sol-trend-results-in-may-june-9532Recording date: 19th May 2026Mogotes Metals has reported a significant high-grade copper-gold discovery at its Filo Sur project in Argentina, marking a pivotal step in advancing the largely underexplored property. Drilling at the Albor target intersected 86 meters grading 0.7% copper, 0.55 g/t gold, 2.7 g/t silver, and 169 ppm molybdenum, including a higher-grade core of 43 meters at 1.1% copper and 0.82 g/t gold. These results exceed all previous drilling on the property and confirm the presence of robust mineralisation near surface, a key factor for potential open-pit development.The project lies directly adjacent to the Filo del Sol deposit, one of the most important copper discoveries in recent decades. Geological features at Albor, including multiple mineralisation phases and hypogene epithermal overprinting, closely resemble those observed at Filo del Sol. Mineral assemblages and alteration patterns suggest proximity to a porphyry center, indicating potential for a much larger system.Despite this progress, the property remains in an early exploration stage. Mogotes has drilled only 6,800 meters across an 8-kilometer strike length, with approximately half of assay results still pending. Multiple additional targets identified through geophysical and geochemical surveys remain untested, highlighting substantial upside potential.The company is well funded, with $42 million in cash to support aggressive follow-up drilling. A new campaign is scheduled for November 2026, allowing rapid advancement of priority targets once remaining results are received. Beyond Argentina, Mogotes has also acquired projects in Kazakhstan and Montana to enable year-round exploration and reduce reliance on a single asset.Overall, the discovery at Albor strengthens the company’s geological thesis and positions Mogotes Metals as an emerging player in a highly prospective copper district at a time of growing global demand for the metal.View Mogotes Metals' company profile: https://www.cruxinvestor.com/companies/mogotes-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Keith Boyle, Director & CEO of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-205m-package-funds-queensway-to-production-9927Recording date: 5th May 2026New Found Gold has secured a total of $220 million in financing, combining a $105 million facility and a $115 million equity raise backed by prominent investors such as Eric Sprott. This funding fully covers the development of its flagship Queensway Gold project in Newfoundland, exceeding the $155 million capital expenditure outlined in its preliminary economic assessment. Importantly, the company does not need to draw the optional second tranche of financing, giving it additional financial flexibility as it advances toward production targeted for late 2027.Queensway stands out for its high-grade ore, averaging 10 to 12 grams per ton in the शुरुआती years, which is significantly above industry norms. The project is expected to produce around 100,000 ounces of gold annually, with all-in sustaining costs estimated at $1,300 per ounce. At current gold prices, this translates into more than $2,300 in free cash flow per ounce, positioning Queensway as a high-margin operation with strong economic resilience.In parallel, New Found Gold is progressing its Hammerdown mine toward commercial production in the second half of 2026. Ore from Hammerdown is processed at the Pine Cove mill, which is currently operating at 700 tons per day and is being expanded to 1,400 tons per day to support future Queensway output. This use of existing infrastructure reduces both development risk and capital requirements.Key milestones include groundbreaking for the Pine Cove expansion by mid-2026 and securing an early works permit for Queensway by the third quarter of 2026. With minimal financing restrictions, strong investor backing, and a clear development roadmap, the company has established a well-defined and largely de-risked path to becoming a multi-asset gold producer.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Clarke, CEO, CanCambria EnergyRecording date: 14th May 2026CanCambria Energy, a Canadian exploration and production company, is advancing a large-scale natural gas project in Hungary aimed at addressing Europe’s growing energy security concerns. As the European Union moves to eliminate reliance on Russian gas by the end of 2027, Hungary—currently importing up to 80% of its supply—faces a significant supply gap. CanCambria’s Kiskunhalas concession offers a potential domestic solution.The company has identified approximately 750 billion cubic feet of recoverable natural gas within a deep tight gas formation, alongside 25 million barrels of oil in shallower conventional reservoirs. Its land position spans 247,000 acres, supported by modern 3D seismic data that has significantly reduced exploration risk and improved well targeting compared to earlier drilling efforts.Economically, the project is highly attractive under European gas pricing conditions. Individual wells cost between $15 million and $18 million but can generate over $20 million in revenue within the first year at $10/MMBtu gas prices—well below current European levels of $14–15/MMBtu. Over their lifespan, wells are expected to yield $35–50 million in after-tax netbacks, with a breakeven price near $4/MMBtu, providing a strong margin of safety.To accelerate development, CanCambria is finalizing a joint venture to fund its initial wells, with drilling expected to begin in late 2026 or early 2027. The project is designed to reach cash-flow positivity within the first few wells and scale to significant production levels.In addition to deep gas, shallower oil targets offer quicker, lower-cost returns, enhancing overall project flexibility. With favorable fiscal terms, existing infrastructure access, and strong market demand, CanCambria is positioning itself as a key contributor to Europe’s transition toward more secure and diversified energy supplies.Sign up for Crux Investor: https://cruxinvestor.com

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Recording date: 14th May 2026The first quarter of 2026 marked a high point for the global mining sector, particularly for gold producers, which benefited from record production levels and strong cash flows. This performance was largely driven by a surge in gold prices, which averaged करीब $4,900 per ounce—up roughly 15% from the previous quarter. Major mining companies capitalized on these favorable conditions through share buybacks and acquisitions, signaling confidence in sustained profitability. However, this strong start is unlikely to persist.By mid-May, gold prices had already declined by about $200 per ounce, while input costs—especially fuel—rose sharply. Analysts now expect margin compression in the second quarter, as rising operational expenses begin to outweigh the benefits of still-elevated commodity prices. Fuel costs, in particular, have increased between 50% and 100% in some regions, creating uneven impacts across mining operations.The degree of exposure depends heavily on mine type and location. Underground, grid-connected mines face relatively minor cost increases, with fuel accounting for only 4–5% of expenses. In contrast, remote open-pit mines, which rely on diesel and other fuel-intensive processes, may see 30–40% of their cost structure affected. This creates significant disparities in profitability across the sector.Geographically, Australia stands out as the most vulnerable major mining jurisdiction due to its reliance on imported fuel, which accounts for 91% of its refined product consumption. Other at-risk regions include Chile, Peru, and parts of Africa. Meanwhile, copper prices have reached record highs, likely reflecting market concerns about supply disruptions caused by rising energy costs and operational challenges.Industry consolidation is also accelerating, highlighted by the Orla Mining–Equinox Gold merger. This trend reduces the number of mid-sized acquisition targets and underscores a growing scarcity of high-quality development projects, reshaping the competitive landscape for investors.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Lock, Managing Director, Flagship Minerals Our previous interview: https://www.cruxinvestor.com/posts/flagship-minerals-asxflg-gold-copper-potential-in-chile-7407Recording date: 13th May 2026Junior exploration company Flagship Minerals has announced a maiden mineral resource estimate (MRE) for its Isidora Gold project, located in Chile’s premier Maricunga gold belt. The update effectively doubles the project's resource to 2.1 million ounces of gold (115.2 million tons at 0.56 g/t) without a single meter of new exploration drilling.The dramatic resource expansion was achieved entirely through economic remodeling. Flagship optimized the cutoff grade from 0.3 g/t to 0.16 g/t in the oxide zones to reflect modern, elevated gold prices. Managing Director Paul Lock noted that the original 2010 NI 43-101 resource was calculated in a $1,000/oz gold environment, whereas the updated figures use a conservative modern baseline. Approximately 80% of the pit-constrained resource is now classified in high-confidence measured and indicated categories.Flagship is targeting a mine life of over 10 years, with a production profile of 125,000 to 150,000 ounces per year. The development strategy heavily reduces upfront capital expenditure by deploying low-cost heap leach processing for oxide and mixed materials during the first 5 to 6 years, before transitioning to sulfide treatment.The project's economics are heavily benchmarked against Rio2's neighboring Fenix project. Flagship projects all-in sustaining costs (AISC) to sit comfortably below $1,500/oz, positioning Isidora in the bottom third of the global cost curve.Learn more: https://www.cruxinvestor.com/companies/flagship-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Greg Martyr, Executive Chairman, Capital MetalsOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-lsecmet-172-grade-mineral-sands-project-targets-fid-by-year-end-2025-8088Recording date: 12th May 2026Capital Metals is advancing the Taprobane mineral sands project in Sri Lanka, positioning it as one of the highest-grade deposits globally, with an average heavy mineral grade of 17.6% compared to a global average below 5%. Located on the country’s east coast, the project has gained momentum following Sri Lanka’s 2026 approval of its first national minerals policy in over two decades, which prioritizes mining as a key driver of foreign investment after the country’s debt restructuring.The regulatory overhaul includes shifting oversight of mining to the Ministry of Industry and introducing standardized procedures to improve transparency and reduce corruption risks. Capital Metals has already secured two mining licenses and deployed a 30-person team, with construction targeted for the fourth quarter of 2026 pending final approvals.The project’s phased development strategy is designed to minimize upfront capital while enabling rapid production. Stage 1 requires approximately $25 million in funding, largely financed through debt and offtake agreements, and is expected to generate around $40 million in annual revenue with strong margins. The projected internal rate of return exceeds 75%, significantly above industry norms. A straightforward wet concentration process further supports low-cost operations.Taprobane also offers scalability, with plans to expand production in three stages and optional investment in a $10 million mineral separation plant to produce higher-value refined products. Beyond organic growth, the company is exploring consolidation opportunities within Sri Lanka’s emerging mineral sands sector.With only a small portion of its 60-kilometer strike length explored, the project also presents substantial upside potential. Combined with favorable policy reforms and rising global demand for mineral sands used in industrial applications, Taprobane represents a strategically timed development in a rapidly evolving mining jurisdiction.Learn more: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, Executive Vice President of Corporate Development, Americas Gold & SilverOur previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-productivity-gains-drill-growth-antimony-upside-9947Recording date: 12th May 2026Americas Gold & Silver is emerging as a significant player in the global silver market, driven by a combination of operational transformation, strong institutional interest, and favorable industry dynamics. Once a relatively illiquid stock with daily trading volumes of $400,000 to $500,000, the company now sees $70–75 million in daily turnover, reflecting growing participation from major investors, including BlackRock UK and European institutions. This shift highlights increasing demand for exposure to silver, which is gaining recognition not only as a precious metal but also as a critical industrial resource.At the center of the company’s growth strategy is the Galena mine in Idaho, one of the highest-grade silver mines in the world, with average grades of 500 grams per ton and a resource base exceeding 200 million ounces. Following years of underinvestment, a comprehensive modernization program has significantly improved performance. Production has already increased from 270 to 410 tons per day, with further expansion targets of 650 tons per day in the near term and over 1,000 tons per day within two years. Advanced mining methods such as longhole stoping have delivered productivity gains of over 300%.The broader market backdrop further strengthens the company’s outlook. Silver demand is rising due to its critical role in solar panels, AI infrastructure, and next-generation batteries, while supply remains constrained. The market has recorded persistent annual deficits of 150–200 million ounces, and with 70% of silver produced as a byproduct, supply cannot easily scale.Despite these favorable fundamentals, Americas Gold & Silver trades at roughly 0.6 times net asset value, significantly below recent peer acquisition multiples near 2 times. With strong cash reserves, ongoing operational improvements, and exposure to U.S.-based critical minerals policy support, the company is positioned for continued growth and potential valuation re-rating.Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporationSign up for Crux Investor: https://cruxinvestor.com