Interview with Dan Barnholden, CEO of Luca Mining Corp.

Our Previous Interview: https://www.cruxinvestor.com/posts/luca-mining-tsxvluca-growing-significant-value-in-mexico-in-the-new-gold-bull-market-6317

Recording date: 25th July 2025

Luca Mining has emerged as a compelling turnaround story in the precious metals sector, transforming from financial distress to robust cash generation under CEO Dan Barnholden's leadership. The company operates two mines in Mexico: the Tahuehueto gold-silver mine in northwest Durango and the Campo Marado polymetallic VMS deposit in Guerrero State.

The financial transformation has been remarkable. "When I joined we had a million in the bank and we had $18.2 million in debt. Today we sit with almost $25 million cash in the bank and $7.7 million in debt," Barnholden explained, representing a $40 million balance sheet improvement. The company generated $11.7 million in free cash flow during Q1 2025, positioning it to achieve annual forecasts of $30-40 million.

Recent exploration success at Campo Marado has validated the company's strategic pivot toward high-grade gold zones. Surface drilling at the La Reforma zone intercepted 15.12 meters of 5.5 grams per ton gold, 150 grams per ton silver, and 8.5% zinc—significantly higher grades than current mining areas. This represents the first surface drilling into La Reforma since 2010, unlocking 15 years of untested potential.

Operational improvements have been equally impressive. Campo Marado's mill capacity utilization increased from 60% to near-optimal levels at 2,100 tons per day, while Tahuehueto achieved commercial production in Q1 2025, producing 30,000-35,000 ounces of gold annually.

The company's share price has tripled over 12 months, reflecting successful execution and favorable precious metals market conditions. Management is working on mill upgrades to double gold recovery from the current 25-30%, while exploring tailings reprocessing opportunities containing an estimated billion dollars worth of gold.

With institutional ownership at just 6%, Luca Mining targets growth to 20% near-term, capitalizing on renewed investor appetite for precious metals exposure during what Barnholden describes as "a bull market for precious metals companies."

Learn more: https://www.cruxinvestor.com/companies/luca-mining-corp

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Interview with Justin van der Toorn, President & CEO of Greenheart Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/greenheart-gold-tsxvghrt-target-rich-cash-backed-and-ready-to-drill-7095

Recording date: 28th July 2025

Greenheart Gold presents a compelling investment opportunity in one of the world's most underexplored yet highly prospective gold regions. The company has rapidly established itself as a systematic explorer across five projects in Suriname and Guyana, advancing three to drill-ready status within just one year of operations. This accelerated development timeline demonstrates both the quality of the geological targets and management's execution capabilities in challenging frontier environments.

CEO Justin van der Toorn brings proven Guiana Shield expertise, having previously contributed to projects now employing 400-500 people in active construction phases. This direct regional experience provides invaluable operational knowledge and stakeholder relationships essential for success in these jurisdictions. Vanatorne's hands-on leadership approach, including extended field presence at exploration camps, ensures real-time decision-making and intimate understanding of geological developments across the portfolio.

The company's financial position provides significant strategic advantages with approximately $41 million in treasury funding multi-year systematic exploration programs. This substantial cash position eliminates near-term dilution risks and enables patient capital deployment based on geological merit rather than financing constraints. Management has demonstrated disciplined capital allocation, committing to systematic work programs while maintaining flexibility to optimize the project portfolio through selective advancement or divestment.

Greenheart Gold's projects are strategically positioned within proven gold districts of the Guiana Shield, including areas proximate to operating mines and historical workings. The company implements rigorous technical standards including comprehensive QAQC protocols, modern analytical techniques, and systematic geological modeling to maximize discovery probability. With diamond drilling commencing at Miura Dam and multiple projects advancing toward drilling phases, the company offers leveraged exposure to discovery potential in a region experiencing renewed exploration interest from major mining companies. The convergence of experienced management, strong financial backing, and systematic technical approach positions Greenheart Gold for value creation through methodical exploration advancement in this highly prospective geological province.

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

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Interview with Hugh Agro, President & CEO of Revival Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-fast-tracked-for-100k-production-by-2028-7341

Recording date: 28th July 2025

Revival Gold Inc. (TSXV: RVG) has successfully completed a $29 million Canadian financing round, marking a significant milestone for the gold developer as it advances two major projects in the western United States. The strategic investment was led by EMR Capital, a respected Australian mining investment firm founded by former Rio Tinto executives, who acquired a 12% stake in the company alongside Dundee Corporation's 5% position.

The financing structure stands out for its investor-friendly terms, consisting entirely of straight equity without warrants, royalties, or debt instruments. This clean approach preserves Revival Gold's operational flexibility while providing governance benefits through EMR Capital's board representation. CEO Hugh Agro emphasized the significance of attracting such sophisticated investors, noting that EMR Capital "typically buys private assets privately" but was drawn to Revival Gold's team and western US prospects.

The capital immediately funds an aggressive 50,000-foot drilling campaign across Revival Gold's flagship projects. At the Mercur project in Utah, the company plans 40,000 feet of drilling focused on converting inferred resources to measured and indicated categories to support a preliminary feasibility study. The program will deploy up to three drill rigs, with metallurgical testing building on previous results that achieved 84% average heap leach recoveries.

Revival Gold has established a clear production timeline, targeting Mercur production by 2028 with formal permitting beginning in early 2026. The project benefits from private land ownership and Utah's favorable permitting jurisdiction, factors that attracted the strategic investors seeking "gold in good geography" with a "capital efficient" production model.

The successful financing positions Revival Gold among well-funded North American gold developers, raising its pro-forma market capitalization to approximately $150 million Canadian and enhancing institutional accessibility. With substantial resources totaling 4.6+ million ounces across both projects and significant expansion potential, the company is well-positioned to capitalize on strong gold market fundamentals while advancing toward near-term production.

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

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