Interview with Alberto Orozco, CEO, Capitan Silver

Our previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-triples-exploration-target-at-historical-cruz-de-plata-silver-district-8232

Recording date: 20th January 2026

Capitan Silver is entering 2026 with significant momentum following a transformative year that repositioned its Cruz de Plata silver project in Durango, Mexico. CEO Alberto Rosco outlined an ambitious exploration program backed by a recent $29 million financing that will fund 60,000 meters of drilling across what the company now recognizes as a complete mineral system rather than a simple silver trend.

The strategic shift came through property consolidation that expanded the project from 7 kilometers to 20 kilometers of vein targets. Through systematic mapping and sampling, the geological team identified that high-grade silver mineralization sits near the contact between an intrusive body and sedimentary rocks, with this controlling structure extending westward and northward in a circular pattern. The company also eliminated a significant royalty and increased gold resources at the adjacent Capitan Hill deposit by 115% to 525,000 ounces.

Rosco emphasized that Cruz de Plata's outcropping nature provides substantial cost advantages throughout exploration and potential development. Most previous drilling remained in the top 150 meters, with the 2026 program designed to extend testing to 150-300 meters depth on the advanced Jesus Maria trend while using reverse circulation rigs for rapid, cost-effective testing of new targets to the west, north, and within the intrusive itself.

Management remains focused on building an operating mine rather than pursuing early monetization, drawing on the team's experience developing and operating projects in Mexico through their previous work at Argonaut Gold. "We're developing this for the long haul. We see a very big system here and we're very excited about it," Rosco stated, comparing Cruz de Plata to successful intermediate sulfidation deposits like Penasquito and MAG Silver's Juanicipio.

With approximately 50 unreleased drill holes from the previous program and multiple rigs operating simultaneously in 2026, investors can expect consistent news flow as Capitan Silver works to demonstrate the scale of its expanded mineral system.

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

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Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/hawk-resources-asxhwk-december-drilling-targets-five-prospects-in-historic-copper-district-8487

Recording date: 20th January 2026

Hawk Resources has successfully raised A$5 million to fund an aggressive exploration campaign across two high-potential critical minerals projects, with the capital raise closing within an hour of opening due to strong investor demand. The oversubscribed raise demonstrates market confidence in the company's dual-pronged strategy targeting near-term copper-gold catalysts in Utah alongside a potentially transformational scandium opportunity in Western Australia.

Managing Director Scott Caithness confirmed drilling has commenced at the company's flagship Cactus copper-gold project in Utah, with a 4,000-meter program testing six previously undrilled targets. The project carries significant historical pedigree, having been mined between 1905 and 1920 at grades of 2% copper with meaningful gold credits. Recent verification drilling by Hawk intersected 30 meters at 1.8% copper from surface, confirming the presence of high-grade mineralisation that remains accessible for modern exploration techniques.

The company has allocated approximately A$3 million toward the Cactus drilling campaign, with results expected to flow from March 2026 onwards. Hawk's systematic approach integrates geophysical data, historical drilling records, and the first-ever project-wide soil sampling program to identify high-priority targets. The Copperopolis target exemplifies this methodology—a large chargeability anomaly with encouraging surface geochemistry that has never been drill-tested, despite a 1974 hole nearby intersecting 30 meters at 2% copper.

Complementing the Utah copper focus, Hawk has reserved A$1-1.5 million to advance its recently acquired scandium project in Western Australia. The asset features a 4 kilometer by 7 kilometer soil anomaly with scandium grades exceeding 500 parts per million, reaching peaks of 1,200 ppm in a commodity currently worth $3,400 per kilogram. Historical shallow drilling intersected significant scandium mineralisation, though verification through laboratory assays remains the immediate priority.

Caithness positions Hawk as a critical metals company with copper focus, offering investors exposure to supply-constrained commodities essential for electrification and advanced manufacturing while maintaining strategic optionality through its diversified project portfolio.

View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resources

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Interview with Alex Dorsch, MD & CEO of Chalice Mining

Recording date: 20th January 2026

Chalice Mining is developing the Western world's leading palladium-nickel-copper project at Gonneville, discovered in 2020 near Perth, Australia. The project has advanced from discovery to prefeasibility study (PFS) stage, with Final Investment Decision (FID) and construction planned for 2028-29.

The project's exceptional economics stem from open-pit mining starting at surface level, delivering all-in sustaining costs of $370/oz compared to $900-1,800/oz for South African competitors operating deep underground mines. This positions Gonneville in the second quartile of the global cost curve. The PFS demonstrates a 23-year mine life with NPV8 of A$3.3 billion at current prices and 40% IRR, producing 170,000 oz/year initially and scaling to 250,000 oz/year in stage two.

Palladium prices have surged 105% from $880/oz to $1,800/oz over seven months, driven by supply constraints with over 90% production concentrated in Russia and South Africa. Demand remains resilient as electric vehicle adoption progresses slower than anticipated, supporting hybrid vehicles that require palladium catalytic converters.

Chalice's two-stage development strategy balances ambition with capital discipline. Stage one requires A$820 million capex, fundable through 50-70% debt financing given strong project margins and abundant critical minerals financing from sovereign wealth providers. The company has invested A$325 million in technical work, including A$15 million on metallurgical testing—significantly more than typical junior miners at this stage.

A simplified flowsheet redesign produces three standard products processable by conventional smelters, eliminating downstream technology risk. The project's Perth location provides infrastructure advantages and residential workforce access, reducing capital requirements to A$200-250 million versus multi-billion dollar bills for remote projects.

With regulatory approvals expected in early 2028, Chalice offers rare exposure to palladium development outside Russian and South African dominance in a structurally constrained supply market.

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

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Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-agnico-backed-junior-targets-mining-camp-scale-gold-discovery-8319

Recording date: 19th January 2026

Cartier Resources represents a compelling investment opportunity in Canadian gold exploration, combining exceptional drilling economics, strategic backing from Agnico Eagle Mines, and systematic execution of a mining camp-scale discovery programme across 15 kilometres of Quebec's prolific Cadillac Fault.

The investment thesis centres on resource growth from the current 3.2 million ounce baseline at the flagship Chimo Mine toward 4-5 million ounces by year-end 2026, with longer-term potential for 12-15 million ounces across multiple deposits. Independent consultants have formally identified exploration targets for an additional 1.1 million ounces achievable through disciplined drilling, validating management's systematic approach to proving up a mining camp rather than a single-asset development story.

Cartier's operational advantages stem directly from location within Val-d'Or's established mining infrastructure. The company has secured all-in drilling costs of C$105-110 per metre—from site preparation through assay results to press release—representing exceptional value in the current inflationary environment. This cost structure enables an aggressive 250,000-metre programme with two rigs currently operating 24/7 and plans to deploy four to six additional rigs, matching in one year the total drilling accomplished over the previous decade.

Strategic validation from Agnico Eagle, which holds a 27% stake acquired through its O3 Mining purchase, provides both financial support and technical credibility. Monthly technical committee meetings enable rapid reallocation of drilling resources based on emerging results, whilst Agnico's involvement significantly enhances Cartier's profile amongst institutional investors who view major mining company participation at the exploration stage as validation of project quality and future acquisition potential.

The company has initiated critical de-risking studies that progressively enhance project economics. Independent metallurgical testwork targets 96-97% gold recovery rates versus historic 93% recoveries, whilst evaluating toll-milling opportunities at four different processing facilities within 60 kilometres. Establishing toll-milling arrangements could reduce capital expenditure by approximately C$120 million by eliminating dedicated mill construction requirements. Environmental baseline studies and a preliminary economic assessment scheduled for 2026 delivery provide the technical foundation for various development scenarios.

Cartier's recent surpassing of C$100 million market capitalisation represented a critical threshold that unlocked institutional investor access previously unavailable. The company has traded over 80 million shares since July 2025, representing complete shareholder base rotation toward sophisticated investors with longer time horizons and larger position sizes. This evolution provides improved liquidity, reduced volatility, and establishes the foundation for additional institutional participation as exploration objectives are achieved.

Management has demonstrated disciplined capital allocation by optioning three non-core Windfall District projects to Exploits Discovery for C$2 million cash, nearly 10 million shares, and retained royalties whilst maintaining singular focus on the Cadillac Project. Integration of AI-driven targeting methodologies has already validated discoveries like the Contact zone, accelerating exploration timelines by six to eight months compared to traditional approaches.

With C$10 million in treasury supporting aggressive drilling without near-term dilution, gold prices sustained above US$4,600 per ounce dramatically improving project economics, and multiple catalysts including ongoing drill results, metallurgical studies, and year-end PEA delivery, Cartier offers substantial upside leverage at current valuations. The company trades at significant discount to peers with comparable resource bases despite superior jurisdictional advantages, strategic backing, and cost structure. For investors seeking exposure to Abitibi gold discovery potential with clearly defined catalysts and multiple value realisation pathways, Cartier Resources represents a compelling core holding within precious metals portfolios during a critical value inflection period.

View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-inc

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Interview with Nolan Peterson, CEO of Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-rare-public-salt-play-targets-10-of-north-americas-de-icing-market-8676

Recording date: 16th January 2026

Atlas Salt is positioning itself to address a critical infrastructure need in North America through the development of the Great Atlantic Salt project on Newfoundland's west coast. The company targets the deicing road salt market, where demand consistently outstrips domestic supply by 30-40%, forcing North American buyers to source from Egypt and Chile with significantly longer lead times and higher costs.

CEO Nolan Peterson, who joined the company in June 2025, explained the market dynamics: "There is a salt shortage year-over-year when you're balancing domestic production versus domestic needs. And domestically, I'm grouping Canada and the United States as one market." The timing appears particularly opportune, with Ontario currently experiencing severe shortages despite having a full year to prepare following last year's supply crisis.

The project's geographic advantage is substantial. Located in Newfoundland with direct port access, Atlas Salt can deliver product to the same markets served by foreign producers in 15 to 20% less time and cost, according to Peterson. This proximity enables rapid response to spot market opportunities and provides supply chain stability that foreign sources cannot match.

The updated feasibility study demonstrates robust economics with total capital requirements of approximately $600 million CAD. The project generates an NPV of $920 million CAD with a 21.3% after-tax IRR and $188 million in annual after-tax free cash flow over a 25-year mine life. "Our contrast is that we have steady stable cash flow year after year kind of like a dividend or a bond if you will once you get over that initial hurdle," Peterson explained.

Construction activities are beginning imminently following financing completed in October 2025, with the company targeting Q2 2026 for a finalized debt package covering 60-80% of capital needs from sovereign wealth funds and infrastructure banks. Atlas Salt has already signed an MOU with Scotwood Industries, the largest distributor of packaged retail deicing salt in North America, while pursuing additional commercial partnerships and potential vertical integration opportunities.

View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-salt

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Interview with Luke Norman, Executive Chairman of US Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-feasibility-study-imminent-with-major-20262028-catalysts-8678

Recording date: 16th January 2026

US Gold Corp has distinguished itself within the junior gold sector by securing full mining permits for its CK Gold project in Wyoming whilst maintaining an exceptionally tight share structure of just 16.5 million shares outstanding. The company completed a $31.2 million financing in December 2025 with participation from major institutional investors including VanEck, Goehring & Rozencwajg, and Libra Capital, marking a validation milestone that complements its established retail shareholder base.

The CK Gold project represents one of the few fully permitted, shovel-ready gold-copper developments in North America. Having received final non-conditional mining permits in December 2024, US Gold Corp has eliminated a significant source of timeline uncertainty that affects competing projects. This permitting achievement, combined with the project's location just 20 miles from Cheyenne, Wyoming, provides practical advantages in accessing established infrastructure, skilled labour, and contractor services that should translate into lower capital and operating costs.

The company expects to release its Definitive Feasibility Study (DFS) in late January or early February 2026, establishing the pathway to project finance. Executive Chairman Luke Norman outlined an 18-month timeline from financing to production, with first-year output forecast at 130,000 ounces gold and 24 million pounds copper. With gold prices exceeding $4,600 per ounce, project economics benefit materially compared to earlier technical assessments conducted at lower metal price assumptions.

Management has identified multiple financing pathways reflecting strong global demand for gold-copper concentrates. The preference for debt financing aims to preserve the company's tight share structure, which provides significant operating leverage with a $330 million market capitalisation against a 1.7 million ounce reserve base. Potential financing structures include forward sales arrangements, concentrate offtake agreements, and traditional project debt, creating optionality in capital structure.

Beyond the permitted reserve, US Gold Corp plans to commence drilling targeting an additional one million ounces below the current resource. With 80% of historical drilling bottoming in mineralisation, management estimates this exploration programme could add approximately one billion dollars in net present value. This drilling represents a strategic shift toward value optimisation now that economic viability and permitting have been established.

The investment proposition centres on scarcity value within North American gold development opportunities. As major producers face declining reserve grades and extended permitting timelines, fully permitted projects in tier-one jurisdictions command premium valuations. US Gold Corp's combination of permits, institutional validation, infrastructure advantages, and tight share structure positions the company for potential multiple reratings throughout 2026 as it advances through definitive feasibility release, project financing, and construction commencement.

The straightforward metallurgical flowsheet—crush, grind, flotation, and tri-stack processing—reduces technical execution risk, whilst the Wyoming location provides jurisdictional certainty and operational advantages. With institutional capital flowing into the gold sector and concentrate demand characterised as "insatiable," US Gold Corp offers investors exposure to near-term North American gold production with significant exploration upside and multiple catalysts ahead.

View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corp

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Interview with Richard Young, CEO, i-80 Gold

Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-production-path-to-200000-ounces-8586

Recording date: 16th January 2026

Nevada-based i-80 Gold is executing an ambitious three-phase development plan to transform from a small producer into a mid-tier gold company, targeting production growth from under 50,000 ounces annually to over 600,000 ounces within six years. All five projects are brownfield developments at historic Nevada mines, offering reduced execution risk through existing permits and infrastructure.

The company delivered five preliminary economic assessments in Q1 2025 and has raised approximately $300 million toward a targeted $900 million to $1 billion recapitalisation. Management expects to complete balance sheet restructuring by end of Q1 2026, which will enable full construction approval for the critical Lone Tree autoclave refurbishment project.

The Lone Tree facility refurbishment represents a cornerstone investment, with total capital costs of approximately $430 million and completion scheduled for end of 2027. Once operational, the facility is projected to produce 200,000 ounces annually and generate $200-400 million in EBITDA at current gold prices. i-80 Gold will be one of only two companies operating an autoclave in Nevada.

Project economics have improved substantially with higher gold prices. At $3,000 gold, the net asset value of the five projects was approximately $5 billion versus the company's current market capitalization of $1.3 billion fully diluted. At current gold prices above $4,600, NAV is estimated between $8-10 billion, with all-in sustaining costs averaging approximately $1,400 per ounce.

The company has significantly strengthened its technical team and is advancing feasibility studies for multiple underground mines including Archimedes and Granite Creek. Management is also accelerating work on Mineral Point, the flagship asset capable of producing 300,000 ounces over a 17-year mine life, pulling development forward by approximately two years.

Operating exclusively in Nevada provides advantages including world-class geology, skilled workforce, supportive regulatory environment, and the current macro environment featuring high gold prices without corresponding input cost inflation.

Learn more: https://www.cruxinvestor.com/companies/i-80-gold

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Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-multi-jurisdictional-uranium-portfolio-8580

Recording date: 15th January 2026

IsoEnergy Ltd. (TSX:ISO) differentiates within the uranium sector through near-term production advancement at the Tony M project in Utah while maintaining exposure to ultra-high-grade exploration upside at the Hurricane deposit in Saskatchewan's Athabasca Basin. The company has commenced bulk sampling operations at Tony M, extracting approximately 2,000 tons of material for processing at the White Mesa Mill. This program validates three critical decision criteria for full-scale production restart: current operating costs for mining, trucking, and processing; updated capital requirements; and scalability of beneficiation techniques tested on smaller samples that could substantially reduce waste material sent to mill.

The strategic toll milling arrangement with Energy Fuels' White Mesa Mill—the only operational conventional uranium mill in the United States—eliminates processing infrastructure capital while providing established metallurgical pathway, as the mill historically processed ore from Tony M during previous 2007-2008 production period. Tony M's existing surface and underground infrastructure substantially reduces restart capital intensity compared to greenfield mine development, positioning the project as IsoEnergy's primary near-term production opportunity.

CEO Philip Williams emphasized the competitive advantage: "In our market cap range, there's not so many of them so we want to be one of those producers and be able to deliver material into a rapidly rising uranium price environment which we think is coming in the United States."

Concurrently, IsoEnergy has mobilized two drill rigs to Hurricane for a winter campaign exceeding 5,000 meters. The program tests expansion potential within and adjacent to known ultra-high-grade mineralization, extending up to 3 kilometers along structural trend. Hurricane ranks among the world's highest-grade uranium deposits, with exceptional grade concentration reflected in small physical footprint relative to contained uranium. The exploration strategy follows the Athabasca Basin geological model where high-grade deposits form as multiple lenses along structural corridors, suggesting discovery potential for additional proximate ore zones.

Portfolio diversification spans multiple development stages and top-tier jurisdictions. Beyond Tony M and Hurricane, IsoEnergy maintains the Coles Hill project in Virginia—a large-scale development opportunity potentially benefiting from federal policy support for domestic production—plus a 50% joint venture with Purepoint Energy exploring additional Athabasca Basin targets. The pending acquisition of Toro Energy, expected to close April 2026, adds Western Australian exposure and development-stage assets.

IsoEnergy operates within a bifurcated uranium market where large-cap producers trade at premiums to net asset value while smaller companies trade at substantial discounts, creating consolidation conditions. The company's mid-tier market capitalization provides optionality as both potential acquirer of discounted junior assets and potential target for larger producers seeking high-grade Athabasca Basin exposure. NextGen Energy's 30% ownership provides strategic shareholder stability, while IsoEnergy maintains approximately $60 million in equity positions in smaller uranium companies.

Management reports accelerating institutional investor engagement as the production timeline clarifies and uranium market fundamentals strengthen. The recent addition of commercial and marketing expertise signals preparation for uranium sales as production approaches. Near-term catalysts include the Tony M production restart decision following bulk sampling results, Hurricane drilling outcomes, Toro acquisition closure, and potential uranium import policy changes under the Section 232 investigation.

Williams acknowledged uranium equity performance ultimately depends on physical price movement despite strong fundamentals: "The space can get ahead of the price for some period of time, but the price has to also move." However, when utility contracting accelerates—whether driven by policy changes, supply disruptions, or other factors—price movements can occur rapidly given concentrated uranium market structure.

View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergy

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