Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-bolivar-recovery-and-tsx-uplisting-drive-2026-growth-strategy-10585

Recording date: 24th September 2026

Santacruz Silver Mining Ltd. (TSX:SCZ, NASDAQ:SCZM) is a multi-asset silver and zinc producer with four producing mines in Bolivia and Mexico, an ore feed sourcing business and a development asset. Higher silver prices have transformed its financial profile. The company realised an average of $76.33 per silver ounce sold in the first half of 2026, more than double the prior-year figure. First-half revenue rose 68% to $241.0 million and adjusted EBITDA rose 64% to $89.2 million.

The near-term operating story rests on three assets. At Bolivar, recovery from the May 2025 flood is progressing. Q2 2026 silver output rose 32% on the previous quarter, and management expects full dewatering in Q4 2026. A review of historical records identified two blocks grading 400 to 500 g/t silver. These have been drilled and modelled, and production is planned for early 2027. Management estimates they could add 8% to 10% to Bolivar's output.

At San Lucas, the company has acquired a dedicated mill in the Potosí district. This removes the conflict between third-party ore processing and the company's own mines. Management said the move frees around 500 tonnes per day of capacity on average, equivalent to roughly 15-20% at Porco.

At Zimapan in Mexico, drilling in a previously untested area has found zones grading around 200 g/t silver and 7% zinc. From 2027 this material should raise head grades toward 100 g/t silver and lift throughput from 74,000 to 80,000 tonnes a month. Combined, the three assets are expected to deliver around 10% production growth in 2027.

Soracaya is the main development catalyst. It hosts an Inferred Resource of 4.14 million tonnes at 260 g/t silver. Permits are expected within weeks and first production is targeted for December 2026. Management said the mine could produce close to 2.5 million ounces at full capacity. Because the resource is Inferred only, execution risk is higher than at the producing mines.

The balance sheet is strengthening quickly. Cash and marketable securities were $72.8 million at 30 June 2026, and the CEO said the figure was close to $120 million near the end of the third quarter. All organic growth is being funded from cash flow.

Capital allocation is the key strategic question. Management has ruled out a dividend for now and is seriously reviewing two acquisitions. Its criteria are a producing asset with more than 3 million ounces of silver or gold equivalent output, located in the Americas, preferably underground and narrow-vein. A precious metals acquisition would also reduce the company's reliance on zinc, which contributed 40.3% of first-half revenue.

Bolivar and Porco operate under a joint operation with state miner COMIBOL that runs until 2028, under which Santacruz receives 45% of profits. Bolivia carries political and regulatory risk, and earnings remain highly sensitive to the silver price. Near-term milestones include the Q3 production release, the Soracaya permit decision, the Bolivar dewatering and any announcement on the two potential acquisitions.

View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-mining

Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Patrick Cruickshank, Director & CEO of Nine Mile Metals

Our previous interview: https://www.cruxinvestor.com/posts/nine-mile-metals-csenine-234m-of-visual-copper-and-a-horizon-never-seen-in-historic-records-10758

Recording date: 24th September 2026

Nine Mile Metals Ltd. (CSE:NINE) is a Canadian junior explorer focused on copper-rich volcanogenic massive sulphide deposits in the Bathurst Mining Camp of New Brunswick. Its lead asset is the Wedge, a deposit that Cominco mined in the 1960s. According to the company's presentation, historic production was approximately 1.5 million tonnes at 2.88% copper.

The company is midway through a 10,000-metre Phase 3 programme, its largest to date. CEO and Director Patrick J. Cruickshank said 22 holes and roughly 5,500 metres had been completed at the time of the interview, with only five holes reported. Assay turnaround of about a month, and the need to rebuild each hole from anonymously numbered samples, explains the gap. Certified results to date includes 24.55 metres of 3.49% copper equivalent over true width and another 14.15 metres at 5.09% copper equivalent.

The geological picture has become more complex and potentially more valuable. Drilling has identified three lenses rather than one. One is a polymetallic lens with lead, zinc, silver, copper and gold. Another, to the east, carries high-grade copper and gold over roughly 40 metres. The lenses dip steeply, so reported intercept widths reflect drill angle rather than true lens size.

The next step is methodical rather than aggressive. Because the upper third of the deposit has collapsed and historic plans of the workings are unavailable, Nine Mile is running a borehole electromagnetic survey across eight holes. The survey should produce a 3D map of old workings and remaining conductors. The company will then complete the programme by drilling to depth on the northwest side of a fault that cuts the deposit. Historic mining did not test below about 150 to 300 metres.

Apex Geoscience is consolidating historic and modern data into a live model. An updated NI 43-101 technical report is expected in the first quarter, followed by a maiden mineral resource estimate. Management's stated mandate is to demonstrate a footprint of up to 10 million tonnes. That target remains untested until the resource estimate is published.

Beyond the Wedge, a new rig is heading to Tribag, four kilometres west along the same trend, to test six targets at 350 to 400 metres depth over about 3,000 metres. At Nine Mile Brook, where the company drilled 10.12% copper over 15.10 metres, a second rhyolite cap found this summer will be drilled next spring.

Financially, the company is in its strongest position in several years. It holds about C$5 million in cash and says it is funded for two to almost three years without needing to raise. Management reports inbound interest from companies about joint ventures and acquisitions, although no agreement has been announced.

The principal risks are typical of pre-resource exploration. These include laboratory delays, unverified historic data, copper equivalent figures that differ in methodology between holes and the absence of any defined resource. Investors should watch pending Phase 3 assays, the borehole survey results, the Tribag programme and the first-quarter technical report as the key near-term markers.

View Nine Mile Metals' company profile: https://www.cruxinvestor.com/companies/nine-mile-metals

Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Nolan Peterson, CEO of Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-streamlines-permitting-as-financing-process-accelerates-10969

Recording date: 23rd September 2026

Atlas Salt Inc. (TSXV:SALT) is developing the Great Atlantic Salt Project in western Newfoundland, a planned 4 Mtpa underground rock salt mine aimed at de-icing markets in Eastern Canada and the US Northeast. CEO Nolan Peterson outlined how changes in the road salt market, a proprietary distribution model and a growing base of lender interest are shaping the project's next phase.

The most striking change is in pricing. Road salt has historically been sold to municipalities and governments through annual tenders, with prices rising 2% to 3% a year. In 2026 that pattern broke. The company's presentation cites US tenders clearing at US$155-175 per ton against roughly $88 per ton a year earlier, with some jurisdictions receiving no bids in initial rounds. Peterson attributes the shift to depleted inventories after two hard winters, existing mines operating at capacity with limited expansion scope, and higher costs for diesel and ocean freight that affect both domestic producers and importers.

Atlas Salt intends to compete through proximity and analytics. The site sits near a deep-water port, and the company states that shipping to Boston takes about three days compared with more than 14 days from Egypt or Chile. Its in-house Meridian model maps demand across North American jurisdictions and calculates the least-cost supply route for each, allowing the company to target markets where its delivered cost gives it the widest margin. Peterson said back-testing has matched historical tender prices closely. He also noted that an unconstrained run shows profitable demand of up to 6.5 million tons, although this figure has not been studied at feasibility level.

On financing, the 2025 Feasibility Study sets initial capex at C$589 million. Atlas Salt is targeting approximately C$350 million to C$400 million of senior secured debt and holds non-binding LOIs above C$300 million. These include up to C$150 million from EDC, up to C$75 million from a second export credit agency and approximately C$79 million of equipment financing from Sandvik. Peterson sees these LOIs as anchors that make it easier for commercial banks to join with smaller tickets. The equity component has yet to be determined.

On site, early construction is under way, focused on low-cost site preparation during the summer season. The team is expanding, with new site, permitting and safety roles and a new COO. Peterson identified drift development as the main cost and schedule risk, estimating that a 10% slower advance rate could add $10 million to $20 million.

The study outlines a C$920 million after-tax NPV8, a 21.3% IRR and approximately C$188 million in average annual free cash flow. Against an enterprise value of C$174.7 million, the market is pricing in substantial financing and execution risk. The key watch-items are conversion of LOIs into binding terms, the size of any equity raise and early underground ground conditions. Positive progress on those fronts would test whether the current valuation gap begins to close.

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

Sign up for Crux Investor: https://cruxinvestor.com/subscribe