Interview with Philip Williams, CEO, IsoEnergy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-production-advancement-with-exploration-upside-commencing-winter-drill-program-8967

Recording date: 1st of March 2026

IsoEnergy is a diversified uranium developer and near-term producer operating across Canada, the United States, and Australia — three jurisdictions deliberately chosen for their strong regulatory and mining track records. The company is gaining significant attention from institutional investors as the uranium sector enters what many believe is a sustained structural bull market.

Earlier in 2026, IsoEnergy raised $50 million in a capital round that attracted over $300 million in demand — more than six times oversubscribed — from 45 global institutional investors, roughly half of whom were new to the company. CEO Philip Williams, speaking at PDAC 2026, described it as a signal of a meaningful shift: where uranium investing was once the domain of a handful of specialists, generalist funds and large institutions are now actively deploying capital into quality names. IsoEnergy's scale and track record position it to capture that wave.

IsoEnergy's flagship asset, the Hurricane deposit in Saskatchewan's Athabasca Basin, holds 48.6 million pounds of U₃O₈ at an average grade of 34.5% — the highest-grade uranium resource on earth. The deposit sits adjacent to Cameco and Orano's Dawn Lake project, whose operators have publicly confirmed high-grade mineralisation comparable to Cigar Lake and McArthur River, the two largest uranium mines in the world. IsoEnergy is currently running an expanded winter drill program and believes significant additional pounds remain to be discovered.

The Tony M Mine in Utah is the company's most advanced production asset. A bulk sample program is currently underway underground, generating the data needed for a final restart decision. With approximately $150 million in cash, the company is fully funded for that decision without needing new equity or debt.

IsoEnergy stages its portfolio deliberately — advancing Tony M first, then Daneros and Rim in Utah, then its Australian assets — allowing a core technical team to transfer expertise sequentially rather than spreading it thin. This matters because experienced uranium mine builders are globally scarce. The company is also well-positioned to access US government capital, with agencies including the Department of Energy and the Export-Import Bank actively advertising critical minerals funding at industry events.

With multiple catalysts converging in 2026 — Hurricane drill results, a Tony M production decision, and broad institutional tailwinds — IsoEnergy is structurally positioned as one of the uranium sector's most compelling development stories.

Learn more: https://www.cruxinvestor.com/companies/isoenergy

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Interview with Wesley Whymark, Director & CEO of Inventus Mining

Recording date: 1st March 2026

Inventus Mining is doing something most junior gold companies cannot: generating cash from its asset before it has a formal resource estimate, and using that cash to fund its own growth. At its Pardo Paleoplacer project in Ontario, Canada, the company extracts gold-bearing conglomerate from surface, crushes it on-site, and trucks it to McEwen Mining's nearby mill under a pre-sale arrangement. The first bulk sample returned approximately two dollars for every dollar invested. That single data point separates Inventus from the majority of its peers, who depend entirely on shareholder capital to advance their projects.

The geology underpinning this model is straightforward and well-understood. The Pardo Paleoplacer project targets a conglomerate reef averaging 2 metres thick and grading 2.5 to 3.5 grams per tonne gold, sitting at or near surface. Drilling costs are low — a single rig can complete two to three holes per day at the current target depths of 0 to 50 metres. Gold recoveries at McEwen's mill are running in the mid-90% range, with 70% of gold captured in the gravity concentrate alone. The metallurgy is not a question mark here. It has been tested at scale through the bulk sampling program itself.

The company has now completed 30,000 of its permitted 50,000 tonnes of bulk sample. With 20,000 tonnes remaining, management is prioritising grid drilling to define a maiden mineral resource estimate, targeted for Q3 2026. That resource estimate is the most important near-term event for investors. It will be the first time the market has a formal, independently verified number to attach to the asset, and it will form the basis of the subsequent production permit application targeting 200,000 tonnes of material. Ontario's permitting framework is efficient — once a third-party environmental report is submitted, Ministry approval can come within 45 days. A permit submission is targeted for late 2026, with production potentially commencing in early 2027.

The shareholder base adds a further layer of conviction. Eric Sprott holds 16%. McEwen's founder personally holds 17%. McEwen Inc. holds approximately 10%. Together, these three positions account for roughly 43% of the company. These are not passive holders — McEwen's mill is the processing partner, and Sprott has been involved since approximately 2013. Their continued presence signals that those closest to the asset continue to believe in its scale and economic potential.

Ore sorting represents the most significant unpriced optionality in the story. A 2018 scoping study showed XRF particle sorting could recover 93% of the gold from just 40% of the mined material — a 160% uplift in mill feed grade and a meaningful reduction in trucking and processing costs. Modern XRF sorters can now process 40 to 120 tonnes per hour, making commercial-scale deployment viable in a way it was not when the study was first conducted. Bulk-scale testing is planned, and the results will be a key secondary catalyst.

The risks are real but manageable. McEwen's mill pace has been slower than hoped. The resource remains undefined. Modest additional capital may be needed. But for investors looking for gold exposure through a near-production junior that funds itself, operates in a top-ranked jurisdiction, and carries endorsement from two of the resource sector's most credible names, Inventus Mining presents a case worth examining closely.

View Inventus Mining's company profile: https://www.cruxinvestor.com/companies/inventus-mining-corp

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Interview with Tara Christie, President & CEO of Banyan Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-76moz-gold-project-advances-toward-2026-pea-8866

Recording date: 1st March 2026

Banyan Gold Corp. (TSXV:BYN) enters 2026 as one of the more substantive junior gold development stories in Canada's Yukon Territory. With a 7.7-million-ounce gold resource at its AurMac project, a fully funded 40,000-metre drill program underway, and a maiden Preliminary Economic Assessment scheduled for the second half of the year, the company has a clear and near-term catalyst pipeline.

The 2025 drill program of approximately 43,000 metres targeted two high-grade zones—Airstrip and Powerline—which are expected to anchor the starter pit economics in the upcoming PEA. Intercepts of 16 metres at 9 g/t and 40 metres at 4 g/t at Airstrip, and multiple 2–3 metre intervals at 16 g/t at Powerline, represent above-average grades relative to the broader deposit. Assay results from the full 2025 campaign remain pending, with a resource update to follow. Step-out drilling has extended the deposit's surface expression by approximately one kilometre in both directions along Airstrip, reinforcing management's view that AurMac is a substantially larger system than legacy models indicated.

A separate high-grade silver discovery—18 drill hits across six shallow veins, with grades exceeding 13,000 g/t at depths as shallow as 65 metres—adds a layer of optionality not yet captured in any economic study. The most significant external data point for valuing AurMac is Franco-Nevada's February 2026 acquisition of the project royalty for $52.2 million. The royalty carries a buydown provision reducing it to 1% for $10 million—meaning Franco-Nevada effectively paid approximately $42 million for a 1% net smelter royalty. At Banyan's current market capitalisation, this implies the equity market is ascribing a fraction of the value to the full project that a leading royalty company paid for just one percent of it. That gap is the central valuation argument for the stock.

Despite a share price increase of approximately 350% in 2025, Banyan trades at under US$50 per ounce of resource. Yukon development peers trade at US$60 to US$300 per ounce. Christie noted that comparable companies were achieving the US$50/oz valuation at US$1,800 gold—implying the current per-ounce value has not kept pace with the commodity. Three investor misconceptions resolved in October 2025—heap leach versus mill, legacy shareholding overhang, and partial property ownership—had suppressed the stock relative to peers and have now been corrected.
Execution risk is reduced by full funding secured in October 2025, an early season start with five drills operating by mid-March, and contracts with senior field personnel signed ahead of competitors. The company is not seeking additional capital and is focused on delivering value from existing resources.

The PEA in H2 2026 is the defining event. It will establish the first public economic framework for AurMac and provide the foundation for any subsequent corporate transaction, partnership, or development financing discussion. For investors positioned ahead of that catalyst, the combination of resource scale, jurisdictional quality, external royalty validation, and a measurable per-ounce discount to peers represents a specific and trackable investment case.

View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-inc

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Interview with Joseph Ovsenek, President & CEO of P2 Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/p2-gold-tsxvpgld-all-known-questions-answered-february-2026-9351

Recording date: 1st March 2026

P2 Gold Inc. is entering a milestone-driven phase as it advances its Gabbs Project in Nevada through drilling, feasibility work, and permitting. The company’s stated objective is to complete a feasibility study by the end of 2026 and position the project for potential construction in 2027.

Gabbs is located in Nevada, one of the most established gold-producing jurisdictions globally. The state offers regulatory predictability, developed infrastructure, and a long history of mine development. For investors, jurisdictional stability remains a central consideration, particularly at a time when permitting delays and regulatory changes have affected projects in other regions.

Operationally, 2026 is expected to deliver several key catalysts. The company has expanded its drill program to approximately 25,000–30,000 metres, supporting both infill and step-out objectives. Results to date have been reported as consistent with expectations, and the data will feed into an updated mineral resource estimate anticipated by the end of summer 2026. This updated resource will underpin the feasibility study.

The 2025 Preliminary Economic Assessment outlined a 9 million tonne per year operation producing roughly 110,000 ounces of gold and 33 million pounds of copper annually over a 14-year mine life. Management is currently evaluating increasing throughput to 12 million tonnes per year. If supported by resource growth and economic analysis, this could lift annual gold production toward 150,000 ounces, with copper output potentially rising to 45–50 million pounds per year.

Permitting is recognized as the project’s critical path. The company has filed its Mining Plan of Operations with the U.S. Bureau of Land Management and has initiated baseline environmental studies in advance of final requirements. This proactive approach is intended to reduce schedule risk and align permitting timelines with feasibility completion.

From a valuation perspective, P2 Gold’s market capitalization of approximately C$225–250 million reflects its status as a mid-stage developer. Successful delivery of a feasibility study, continued de-risking, and measurable permitting progress may support valuation reassessment, particularly given the limited number of advanced-stage development projects of comparable scale in Nevada.

Investors evaluating P2 Gold should monitor the delivery of the updated resource estimate, feasibility cost assumptions relative to prevailing gold and copper prices, and permitting progress. As the project transitions from development toward construction readiness, execution against stated milestones will be central to investment performance.

Overall, P2 Gold’s investment case rests on advancing a scalable Nevada gold-copper project through defined technical and regulatory milestones within a supportive commodity environment.

View P2 Gold's company profile: https://www.cruxinvestor.com/companies/p2-gold

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Interview with Colin Healey, CEO of Premier American Uranium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/premier-american-uranium-tsxvpur-advances-towards-pea-studies-for-235-mlbs-uranium-resource-7900

Recording date: 1st March 2026

Premier American Uranium enters 2026 in a structurally improved position relative to the prior year, with financing secured, ETF-driven selling pressure resolved, and a clearly articulated operational roadmap. For investors evaluating junior uranium developers, the company now presents a more defined catalyst calendar and capital structure than it did through most of 2025.

The company’s flagship Cebolleta project in New Mexico anchors the investment case. A 2025 preliminary economic assessment outlined a single-source uranium operation producing approximately 1.4 million pounds per year over a 13-year mine life. The base-case after-tax net present value (NPV) was estimated at $84 million, based on an 80% uranium recovery assumption. That recovery rate now represents the central lever for potential value creation in 2026.

Management has initiated a metallurgical test work program designed to determine whether recovery can be increased to 90%. The projected economic impact is significant: at 90% recovery, after-tax NPV is estimated at $159 million, implying a $75 million increase relative to the base case. The cost of this metallurgical program is approximately $1 million, including drilling and laboratory analysis. If results confirm the higher recovery rate, a revised PEA is expected in late 2026 or early 2027.

From a capital markets perspective, the resolution of the URNM ETF rebalancing is equally important. In 2025, a change in minimum free float requirements triggered forced selling across several uranium equities, including Premier American Uranium. That selling was completed by December 2025. The company subsequently closed an upsized $15 million bought deal financing, providing sufficient capital to execute its planned 2026 programs without near-term dilution risk.

In addition to Cebolleta, the Kaycee project in Wyoming provides an in-situ recovery (ISR) exploration pipeline. A substantial drill program was conducted in 2025, and further drilling is expected in 2026. While earlier results were not optimally disseminated due to concurrent corporate transactions, management anticipates more consistent news flow this year.

Strategically, the company remains focused exclusively on U.S.-based assets. This geographic concentration aligns with broader federal efforts to reduce reliance on imported uranium, as the United States currently produces less than 5% of the uranium required for its civil nuclear fleet. While direct upstream subsidies remain limited, regulatory reforms aimed at streamlining permitting could benefit domestic developers over time.

At a market capitalization of approximately C$90 million, the company trades at a level that does not fully reflect the potential NPV uplift at Cebolleta, nor does it attribute material value to the Kaycee exploration pipeline. The central investment question for 2026 is therefore execution: whether metallurgical testing confirms improved recovery and whether operational milestones are met on schedule.

For investors comfortable with commodity price volatility, permitting timelines, and development-stage technical risk, Premier American Uranium offers a clearly defined catalyst framework and a capital-efficient pathway to potential valuation expansion over the next 12 to 18 months.

View Premier American Uranium's company profile: https://www.cruxinvestor.com/companies/premier-american-uranium

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Recording date: 25th February 2026

The gold mining sector stands at a critical juncture as major producers generate unprecedented free cash flow while consolidation activity remains notably absent. Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair at Olive Resource Capital, discussed this disconnect during their February 25, 2026 industry commentary.

The BMO Capital Markets conference in Hollywood, Florida concluded without the major corporate announcements typically expected at such gatherings, bringing only B2 Gold's leadership transition instead of the anticipated mega mergers or strategic acquisitions. This surprised both executives given the industry's exceptionally strong financial position.

Major producers are now generating extraordinary cash flow. Agnico Eagle reported approximately $11 million in daily free cash flow during Q4 2025, while AngloGold Ashanti posted similar figures. With gold prices having climbed to above $5,000 per ounce, these companies could potentially generate an additional $7-8 million daily. Pelaez characterized the industry as becoming "over capitalized," with substantial cash accumulating on producer balance sheets faster than it can be deployed through dividends and buybacks alone.

The executives emphasized that M&A activity must eventually materialize, noting that producer stocks have appreciated approximately 5x since the Great Bear Resources acquisition. This suggests $10 billion takeouts are now mathematically feasible, compared to the $2 billion Great Bear precedent. However, both acknowledged being wrong about timing, with developer valuations remaining "long overdue" to catch up with producers.

The key signal they're monitoring is competitive bidding situations with multiple parties pursuing single assets. Once this dynamic emerges, a "herd mentality" should drive rapid consolidation as companies move quickly to secure remaining quality targets.

Looking ahead to the PDAC conference in Toronto, both executives plan to identify new opportunities, particularly in copper development assets and Argentina's emerging mining sector. The conference represents a key test of whether the industry will finally deploy its substantial cash reserves toward strategic acquisitions.

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