Interview with Dan Wilton, CEO of First Mining Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-approaching-key-permitting-milestone-6790

Recording date: 4th December 2025

First Mining Gold is approaching a pivotal moment in its development of two major Canadian gold projects, with CEO Dan Wilton outlining a clear pathway toward industry partnership and construction decisions over the next several years.

The company's flagship Springpole project in Ontario, containing approximately 5 million ounces, awaits environmental assessment approval targeted for late Q1 or early Q2 2026. This milestone represents the culmination of an eight-year permitting process and addresses longstanding investor concerns about developing a deposit located in a lake bay. The recently updated prefeasibility study demonstrates robust economics with $2.1 billion after-tax NPV at $3,100 gold, rising to $3.8 billion at current spot prices of $4,200.

Wilton emphasizes the project's exceptional gold price sensitivity, noting that "every hundred bucks the gold price goes up, that's $250 million of after tax NPV." Following environmental approval, the company plans to pursue an industry partnership modeled on Australia's Gold Road Resources, which retained 50% ownership while a partner built the mine, ultimately leading to a $2.5 billion acquisition.

The company's second major asset, Duparquet in Quebec, contains 3.5 million ounces of measured and indicated resources and represents one of Canada's highest-grade open pit projects. Unlike Springpole, First Mining intends to advance Duparquet independently toward a potential 2030-31 construction decision, with the company currently expanding resources through ongoing drilling.

First Mining has systematically monetized non-core assets, including recent partnerships on the Cameron project and retained interests in the high-grade Pickle Crow project. Trading at approximately $30 per ounce of resources compared to Canadian peer averages of $150-200 per ounce, Wilton frames the environmental assessment approval as "the biggest catalyst that we will see in this company probably from the time that it was formed."

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Interview with Jeff Swinoga, CEO of Exploits Discovery Corp.

Our previous interview: https://www.cruxinvestor.com/posts/exploits-discovery-csenfld-new-found-gold-deal-unlocks-10m-treasury-value-7947

Recording date: 5th December 2025

Exploits Discovery Corp (CSE:NFLD) is a resource-stage gold exploration company focused on advancing properties with established historic resources in premier Canadian mining jurisdictions including Quebec and Ontario. Today it has completed a transformational deal with New Found Gold, receiving 2.8 million shares now valued at over $11 million plus a 1% royalty on properties along the Appleton fault. CEO Jeff Swinoga discusses how the company has strategically repositioned from grassroots exploration to resource-stage development.

Key Highlights:
- New Found Gold Transaction: 2.8M shares valued at $11M+ (up from $7M at announcement) with 1% NSR royalty on Bullseye and other properties adjacent to Keats discovery.
- Enhanced Treasury: Approximately $3.6M in working capital against $11M market cap - analyst Brian Lundin notes company is "trading at cash value" with investors getting "the gold for free"
- Resource Portfolio: Acquired three Quebec properties and one district-scale Ontario asset containing ~700,000 ounces of historic gold resources.
- January 2026 Drilling: Fenton property programme targeting high-grade gold along magnetic corridors intersecting diabase dykes, following extensive geophysical work
- Strategic Backing: Eric Sprott holds ~14% ownership stake

Swinoga explains: "We wanted our shareholders to benefit from a rising gold price by having resources in the ground."

The company is at an inflection point, transitioning from transaction completion to operational execution with immediate drilling catalysts and systematic technical work designed to improve targeting beyond previous operators' efforts.

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Interview with Jon Deluce, Founder & CEO of Abitibi Metals Corp.

Our previous interview: https://www.cruxinvestor.com/posts/abitibi-metals-cseamq-high-grade-copper-expansion-project-in-canada-7823

Recording date: 4th December 2025

Abitibi Metals Corp. (CSE:AMQ) is rapidly emerging as a compelling copper-gold story in Quebec's prolific mining belt, with CEO Jon Deluce outlining a disciplined growth strategy centered on the company's flagship B26 deposit. After drilling over 25,000 meters in 2025, the company is targeting a substantial resource update to 25-30 million tons in 2026, up from the current 2+ million ounce gold equivalent resource.

The drilling program has delivered exceptional results, including intercepts of 18% copper equivalent over 6.3 meters with 6 grams per ton gold, and 4.5% copper equivalent over 21 meters. These world-class grades demonstrate the deposit's polymetallic nature and draw comparisons to the historic Selbaie mine located just 7 kilometers away, which produced 53 million tons over two decades.

Strategic capital management has been central to Abitibi's approach. The company recently completed a bought deal financing through BMO at 35 cents per share—a 65% premium to the September market price—with no warrants attached. This structure attracted institutional investors and built the treasury to $23-24 million, funding 45,000 meters of drilling through 2027 while maintaining a clean capital structure.

With a market capitalization of $65 million and an enterprise value of just $40 million, Deluce believes the company remains undervalued relative to its resource potential. The 2026 exploration strategy balances systematic resource expansion through 150-meter infill drilling with aggressive 600-meter step-outs designed to test whether B26 could reach tier-one scale comparable to Selbaie's 60-million-ton endowment.

Management has assembled an experienced advisory board including Victor Cantore, Craig Parry, and Shane Williams, positioning the company for Quebec's active M&A environment. Rather than accepting dilutive 20% strategic investments, Abitibi is selectively pursuing a 5% partnership with a Quebec producer that would provide validation without eliminating competitive tension or capping shareholder upside as the copper market potentially enters a sustained bull phase.

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Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.

Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-tsxvabi-new-quebec-producer-positioned-for-growth-cash-flow-buybacks-8051

Recording date: 3rd December 2025

Abcourt Mines (TSXV:ABI) has successfully transitioned from exploration to production at its Sleeping Giant mine in Quebec, representing an increasingly rare case study in debt-financed mine development that avoids the severe shareholder dilution typical of traditional equity-financed builds. The company secured $12 million in financing from Nebari—including C$8 million initial tranche, $2 million follow-on, and $2 million used to buy down the Triple Flag NSR royalty from 2% to 1.5%—and commenced gold production.

October 2025 production reached 475 ounces whilst operating at conservative staffing levels and building mill circuit inventory. Management projects cash flow positivity by Q2 2026 at approximately 700 ounces monthly production, with current monthly burn rate below $1 million. The Nebari credit facility includes a two-year interest-only period until July 2027, providing critical runway to demonstrate operational consistency and build cash reserves before principal repayments commence.

The operational leverage inherent in Abcourt's asset base is substantial. The company operates an 800-tonne-per-day mill (permitted for 950 tonnes per day) currently running at less than 45% capacity. Management targets 350 tonnes per day by autumn 2025, with the mill processing all current mine production in approximately eight hours on day shift only. Plans include expanding to two shifts in early 2026 and eventually four shifts as production scales, providing a clear pathway to meaningful production growth without major capital investment.

The constraint on production growth is labour availability rather than geological or metallurgical factors. CEO Pascal Hamelin explicitly stated: "It's not the feed, it's the people, that's the problem you're trying to solve for." The company has invested in infrastructure to address recruitment challenges, including a sleep camp commissioned in September 2024 with Phase Two expansion pending permit approval.

The current mine plan supports seven years producing 25,000–33,000 ounces annually, with variation driven by grade. Management's strategic priority centres on extending mine life to 10+ years through three underground drill rigs at Sleeping Giant, then increasing mining fronts to utilise full mill capacity. This narrow-vein, high-grade mining approach—room-and-pillar methods targeting veins 30 centimetres to one metre wide—inherently limits tonnes but maximises grade, with underground samples showing visible gold exceeding 300 g/t.

The Flordin discovery adds significant exploration upside. Systematic work exposed 300 metres of strike length grading 5 g/t gold over 15–20 metres width at surface, located 138 kilometres from existing mill infrastructure within a potential two-kilometre mineralised corridor. Abcourt has planned 20,000 metres of drilling for 2026—winter programmes targeting the eastern extension towards Agnico Eagle's adjacent property boundary, spring/summer/autumn programmes targeting northwestern extensions—entirely funded from operating cash flow.

Management and directors hold approximately 30% ownership, having consistently supported development through equity investments. Shareholders have expressed preference for share buybacks over dividends once balance sheet permits, with capital allocation decisions driven by financial strength rather than arbitrary timelines.

Sustained gold prices above US$4,000 per ounce have fundamentally improved narrow-vein deposit economics. Every US$100 increase translates to approximately US$2.5–3.3 million in additional annual revenue at current production guidance. The investment case depends on execution during the 18-month ramp-up period, successful miner recruitment, and drilling success at both assets to extend mine life and confirm district-scale potential at Flordin.

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Interview with Nick Smart, CEO of ValOre Metals Corp.

Our previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-pitch-perfect-november-2025-8623

Recording date: 3rd December 2025

ValOre Metals is executing an ambitious transformation from single-asset platinum-palladium explorer into an integrated precious metals producer operating across Brazil. Under CEO Nick Smart—an Anglo American veteran with 21 years of experience building and commissioning operations globally—the company is pursuing a dual-track strategy: advancing the flagship Pedra Branca PGM project towards production whilst acquiring near-term cash-flowing assets to accelerate transformation into a diversified producer.

The platinum-palladium market has shifted dramatically from anticipated decline to structural deficit. Contrary to earlier predictions that electric vehicles would eliminate PGM demand, hybrid vehicles—now representing a larger automotive segment than pure EVs—actually require higher loadings of platinum and palladium in autocatalysts due to smaller engines operating at lower temperatures. This has created steady demand whilst years of low prices discouraged new supply investment.

South Africa holds 90% of global PGM resources, but ageing deep-level operations face mounting operational challenges and costs. With relatively few development-stage projects globally and extended timelines for new supply even once financed, the supply deficit appears structural. Global platinum production approximates 6 million ounces annually—a fraction of gold's 120 million ounces—meaning modest demand shifts drive significant price impacts. Industrial catalyst applications and jewellery substitution for record-priced gold provide additional demand support.

ValOre's Pedra Branca project in Ceará State, Brazil, offers compelling economics compared to traditional PGM operations. Most significantly, mineralisation extends to surface, enabling open-pit mining rather than the expensive 600-800 metre deep underground operations characterising South African production. This provides substantial cost advantages—open-pit mining is cheaper and faster to develop than underground operations requiring massive shaft infrastructure investment.

The Pedra Branca project holds a 2.2 million ounce inferred resource at 1.08 grams per tonne, with higher-grade ore near surface providing advantages for early production economics. The asset spans 50,000 hectares with mineralisation extending over 80 kilometres, suggesting expansion potential. Infrastructure advantages—stable jurisdiction, excellent access, supportive government policies—compound the geological benefits.

Accelerated Development Pathway
ValOre is leveraging Brazil's trial mining licensing programme, which allows demonstration-scale operations at approximately one-tenth of planned full capacity. For Pedra Branca, targeting eventual production of 150,000 ounces annually, the trial mining phase would operate at approximately 15,000 ounces per annum. Following a preliminary economic assessment by end-2026 and an 18-month construction period, the company expects H2 2028 production. This phased approach reduces capital intensity, enables operational refinement, and generates cash flow supporting subsequent expansion.

ValOre is actively pursuing Brazilian precious metal projects (particularly gold assets) that have completed trial mining but require capital for full production. The company targets acquisitions in early 2026 that would provide production that same year, ramping through 2027-2028 as Pedra Branca advances. As a Discovery Group-backed entity with North American capital access, ValOre can provide financing that Brazilian-domiciled companies struggle to secure.

Acquiring projects with existing operational teams, completed engineering work, and functioning demonstration plants accelerates production whilst building internal capability. This dual-track approach—near-term production via M&A alongside Pedra Branca development—aims to transform ValOre from explorer to diversified producer within compressed timeframes across multiple Brazilian operations, establishing production profile whilst maintaining leverage to potential PGM price recovery.

View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metals

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Interview with Chief Executive Officer, Keith Boyle

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-explorer-to-producer-8484

Recording date: 3rd December 2025

New Found Gold Corporation is executing a capital-efficient development strategy that combines near-term cash flow from the recently acquired Hammerdown mine with advancement of the flagship Queensway Gold Project in Newfoundland, Canada. The November 2025 Maritime Resources acquisition delivered two critical assets: a producing underground mine that poured first gold one day before closing, and the fully permitted Pine Cove mill that eliminates major infrastructure requirements for Queensway's planned 700-ton-per-day operation.

Management's appointment of Cutfield Freeman to structure project financing for Queensway's $155 million initial capital requirement signals progress toward a debt-heavy capital structure, with Hammerdown cash flow serving as the equity portion to minimize shareholder dilution. Recent grade control drilling at five-meter spacing confirms exceptional grades at the Keats zone, with only 20% of results released from the 70,000-meter 2025 program. These dense drill patterns reduce estimation uncertainty in nuggety gold deposits and support anticipated resource upgrades in the 2026 technical report. Discovery of high-grade mineralization at Dropkick, located 11 kilometers from existing resources, demonstrates district-scale exploration potential beyond current mine plans.

The company targets Q1 2026 permit submission for Queensway with approval expected in H2 2026, enabling development commencement toward late 2027 commercial production. Hammerdown is ramping to steady-state operations during H1 2026, providing cash generation that de-risks Queensway financing while maintaining exploration programs across both properties that could extend mine life and improve project economics.

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Interview with Nolan Peterson, CEO, Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-all-known-questions-answered-november-2025-8553

Recording date: 2nd December 2025

Atlas Salt is advancing the Great Atlantic Salt project on Newfoundland's west coast to supply North America's deicing road salt market. The project targets production of 4 million tons annually by 2030-2033, representing approximately 10% of the northeastern US and eastern Canada market that consumes 30-36 million tons each year.

The company offers rare public market exposure to a recession-proof commodity with stable demand fundamentals. CEO Nolan Peterson emphasizes the project's competitive advantages, particularly its three-day delivery capability compared to foreign competitors requiring approximately one month for vessel chartering and transit. This logistical edge proved critical during last winter's severe cold snaps when municipalities faced supply shortages and paid premium spot market prices.

Total capital requirements reach C$590 million, phased over four to five years leading to 2030 production start. The financing structure reflects the project's low-risk profile, with Atlas Salt working to secure at least 60% debt financing from sovereign wealth funds, export development credit agencies, and major infrastructure banks. Recent working capital raises included a major Canadian pension fund, signaling institutional validation of the project's infrastructure-like characteristics.

The deposit contains over one billion tons of reserves grading 96% pure salt, eliminating the metallurgical complexity that plagues most mining projects. Unlike conventional mines, operations simply extract product without chasing veins or managing tailings. Remaining project risks center on execution and financing rather than resource uncertainty.

The project will create 200 direct jobs in rural Newfoundland with strong indigenous and local community support. Many potential employees currently fly to mines elsewhere in Canada and have expressed interest in repatriating for local employment opportunities. This stakeholder alignment distinguishes Atlas Salt from Canadian resource projects facing opposition, positioning it as what Peterson calls "a mine that everybody wants built" with profitability comparable to medium-sized gold operations.

Learn more: https://www.cruxinvestor.com/companies/atlas-salt

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Interview with Victor Cantore, CEO, Amex Exploration

Our previous interview: https://www.cruxinvestor.com/posts/high-grade-projects-target-2026-production-to-take-advantage-of-4200-gold-price-8291

Recording date: 2nd December 2025

Amex Exploration is advancing a gold development project in Quebec's Abitibi Greenstone belt that eliminates traditional mining financing challenges through a carefully structured phased approach. President and CEO Victor Cantore outlined how the company plans to bring its Perron property into production while maintaining an aggressive exploration program across more than 500 square kilometers of prospective ground.

The company controls over 70 kilometers of strike length on one of the world's most prolific gold-producing regions. The Perron project hosts 831,000 ounces of gold at approximately half an ounce per ton, located adjacent to hydroelectric power, an available workforce, and supportive communities including local First Nations groups.

Amex has structured a self-funding development model that avoids the capital-raising challenges facing most junior miners. Starting in 2027, the company will begin toll milling operations targeting 112,000 ounces annually at all-in sustaining costs around $1,100 per ounce. Pre-production revenue of $68 million combined with over $100 million from initial production phases will internally fund the $146 million capex requirement before any major construction begins.

"By 2027, when you're getting your first ore from there, even if gold is at $5,000 Canadian, which we're well above that today, that's over $100 million that's going to come in," Cantore explained. At gold prices exceeding $3,200 per ounce, the operation could generate margins of approximately $2,000 per ounce pre-tax.

The phased approach deliberately avoids two common mining failures: tailings management facilities and incorrect mill sizing. After four years of toll milling providing operational data, Amex will invest $191 million in growth capital to build its own processing infrastructure. The company has already secured $25 million in exploration funding through 2026, supporting over 100,000 meters of drilling across existing properties and recently acquired Ontario assets. Future exploration will be funded from operating cash flow, eliminating shareholder dilution while expanding the resource base across this highly prospective land package.

Learn more: https://www.cruxinvestor.com/companies/amex-exploration

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