Interview with Andrew Dennan, CEO of Halo Minerals

Recording date: 16th June 2026

Halo Minerals has emerged as a unique opportunity within the junior mining sector by focusing on the reprocessing of historical mine tailings rather than pursuing conventional greenfield mine development. Its flagship Playa Verde Project in Chile aims to recover copper and gold from legacy tailings deposits while simultaneously addressing a long-standing environmental liability.

The company's most important achievement to date is securing approval of the project's Environmental Impact Assessment (EIA). For mining projects in Chile, permitting is often one of the largest barriers to development, creating uncertainty around timelines and project viability. With the EIA approved and formal written resolution received, Halo has substantially reduced a key project risk and can now focus on financing, engineering, and execution.

The economics outlined in the recently published Competent Person's Report are compelling. The Playa Verde Project contains ore reserves of 32.2 million tonnes grading 0.25% copper, representing approximately 80,000 tonnes of contained copper. Using assumptions of US$5.30 per pound copper and US$4,300 per ounce gold, the project generates a post-tax NPV10 of approximately US$154 million and an estimated IRR of around 51%. These metrics compare favorably with the company's current valuation and suggest meaningful leverage to successful project development.

Importantly, Halo is not relying on experimental technology. Management intends to utilize well-established dredging, flotation, and SX-EW processing methods that have been deployed successfully across the mining industry for decades. This reduces technical uncertainty and may improve financing prospects compared with projects dependent on novel extraction technologies.

The broader copper market also provides supportive macroeconomic conditions. Demand continues to rise due to electrification, electric vehicle adoption, renewable energy infrastructure, and the expansion of AI-related data centres. At the same time, many industry analysts forecast structural supply deficits over the coming decade as permitting challenges and capital intensity limit the pace of new mine development. Tailings reprocessing projects such as Playa Verde offer a potentially faster route to supplying additional copper to the market.

Another notable aspect of the investment case is management's financing strategy. Rather than relying heavily on equity issuance, Halo intends to pursue a combination of offtake agreements, vendor financing, royalty and streaming transactions, and project debt. If successfully executed, this approach could reduce shareholder dilution relative to many junior mining peers.

Investors should nevertheless recognize the risks. The company remains pre-FID and must still secure financing and operating partners. Playa Verde currently represents the primary source of near-term value, creating concentration risk. Commodity price volatility, financing market conditions, and execution challenges could all affect outcomes.

Looking ahead, the most important catalysts include completion of the updated feasibility study, finalization of financing arrangements, selection of operating partners, and progress toward a final investment decision targeted for late 2026. Success on these fronts would move Halo closer to its goal of first production in 2028 and provide a clearer indication of whether the project's attractive economics can be translated into shareholder value.

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Interview with Alan Carter, President & CEO of Cabral Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-undervalued-investment-series-with-alan-carter-9745

Recording date: 16th June 2026

Cabral Gold is nearing production at its phase one heap leach operation in the Cuiu Cuiu gold district in northern Brazil, with construction more than 70% complete and on track for commissioning in the third quarter of 2026 and commercial output in the fourth quarter. The project is fully funded through a 353 kg gold loan (approximately $45 million) from its largest shareholder, carrying a 39-month term and 10% interest, with repayments beginning at the end of 2026.

The operation is designed to process 3,000 tons of ore per day from near-surface, free-digging oxide material, which avoids the need for drilling, blasting, and complex processing. This contributes to relatively low operating costs and strong projected economics. Despite rising diesel prices and a stronger Brazilian real, the company estimates margins of $3,000 per ounce at current gold prices, with first-year production expected to reach 25,000 ounces.

Infill drilling across approximately 160 holes has largely confirmed the resource model outlined in the 2025 preliminary feasibility study, with some higher-grade results, including an intercept of 25 metres at 7.5 g/t gold from surface. Early mining grades are expected to exceed life-of-mine averages, further supporting near-term profitability.

Beyond initial production, Cabral is advancing a broader district-scale strategy. The company now controls six known deposits, up from three in 2022, and is actively drilling with six rigs to expand its resource base, targeting an updated estimate by the end of 2026. Notably, around 75% of the district’s gold is believed to lie in hard rock beneath the oxide layer, forming the basis for a larger phase two development.

Cabral’s approach emphasizes self-funded growth, using cash flow from phase one to support expansion, reducing reliance on equity dilution while maintaining exposure to significant exploration upside.

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Interview with Lon Shaver, President, Silvercorp Metals

Our previous interview: https://www.cruxinvestor.com/posts/silvercorp-metals-nysesvm-377m-cash-el-domo-build-drive-growth-in-silver-dominant-producer-8056

Recording date: 15th June 2026

Silvercorp Metals has reported a strong performance over its most recent two quarters, with sharp increases in net income and free cash flow largely driven by higher prices for silver, gold, and zinc rather than significant production growth. While output rose modestly, the primary driver of improved margins was the favorable pricing environment, which allowed more revenue per ton of ore without major new capital investment. Seasonal weakness typically seen in the March quarter was mitigated by expanded capacity at the company’s flagship Ying Mining District in China.

Despite these results, Silvercorp continues to trade at a valuation discount relative to peers. Management attributes this gap to its historical reliance on a single asset in a single jurisdiction, which has limited investor interest, particularly among those less familiar with operating conditions in China. To address this, the company is actively pursuing diversification across both geography and commodities.

Key growth initiatives include the El Domo project in Ecuador, currently under construction and expected to begin production by mid-2027, and the Condor gold project, which is being advanced as a potentially low-cost underground mine. In addition, Silvercorp has acquired two gold projects in Kyrgyzstan, providing exposure to more than 6 million ounces of gold. These projects are central to a broader strategy to expand revenue from approximately $400 million today to over $2 billion within five to six years.

The company plans to fund this expansion primarily through internal cash flow, supported by an unused $220 million credit facility. It is also seeking a secondary listing on the Hong Kong Stock Exchange to broaden its investor base. Alongside growth, Silvercorp continues to focus on cost control through electrification, off-peak energy use, and increased automation, reinforcing its position as a low-cost producer in a rising metals price environment.

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Interview with Gavin Ferrar, CEO of Central Asia Metals

Our previous interview: https://www.cruxinvestor.com/posts/central-asia-metals-lsecaml-beats-cash-forecasts-pays-dividends-9808

Recording date: 12th June 2026

Central Asia Metals (CAML) has announced the proposed acquisition of ASX-listed Cygnus Metals in an all-share transaction aimed at strengthening its project pipeline and adding a development-stage asset to its portfolio. The deal, expected to complete in September, will see Cygnus shareholders receive approximately 0.06 CAML shares per share, resulting in ownership of about 30% of the combined entity, with existing CAML shareholders retaining 70%. The structure preserves CAML’s debt-free balance sheet and allows continued funding of operations, exploration, and dividends.

The acquisition centers on the Chibougamau copper-gold project in Quebec, Canada, a brownfield asset comprising five deposits and an existing processing facility. Under Cygnus’s ownership, the project’s measured and indicated resource increased by 78% to 6.4 million tonnes at roughly 3% copper equivalent, with over 8 million tonnes of inferred resources and significant exploration potential across an 18-kilometre strike length. Existing infrastructure, including an idle mill and permitted tailings facilities, is expected to reduce development costs and timelines compared to a greenfield project.

CAML plans to advance the project through an updated preliminary economic assessment followed by a feasibility study, targeting a construction decision within four to five years. The company intends to leverage its operational and tailings management expertise from its Sasa mine, while retaining Cygnus’s local management team and community relationships to support permitting and development.

Strategically, the acquisition fills a long-standing gap between CAML’s exploration assets and producing operations in Kazakhstan and North Macedonia. These existing mines are performing strongly, supporting ongoing dividends of 30–50% of free cash flow. The transaction also reflects a broader industry trend of larger, cash-generative miners acquiring development-stage assets from smaller explorers to unlock value and accelerate project timelines.

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Interview 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-8002

Recording date: 11th June 2026

Elemental 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.

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Interview 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-7187

Recording date: 10th June 2026

Vox 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.

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Interview 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-10192

Recording date: 10th June 2026

Myriad 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.

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Interview with Keith Boyle, CEO & Director of New Found Gold

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-fully-funded-drill-program-for-2026-10527

Recording date: June 9th 2026

New 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.

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