Interview with Elaine Ellingham, President & CEO of Omai Gold Mines

Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-19m-funded-pea-in-2026-targets-multi-generational-40-year-mine-life-8052

Recording date: 25th November 2025

Omai Gold Mines has executed a dramatic transformation of its flagship Guyanese project in 2025, expanding its mineral resource by 51% from 4.3 million ounces to 6.5 million ounces through an aggressive drilling campaign. This growth trajectory positions the company among the developers of the world's largest undeveloped gold projects, achieved through a strategic pivot that CEO Elaine Ellingham describes as capitalizing on unexpected geological success.

The turning point came in early January 2025 when assay results revealed exceptionally wide, high-grade intercepts at the Wenot deposit - 4.5 grams per tonne over 57 meters and 3.2 grams per tonne over 68 meters. "These are the widest, best intercepts ever for Wenot," Ellingham explained. "When you're seeing things like that you can add the ounces quickly." The company immediately redeployed drilling resources to pursue these zones, ultimately deploying up to four rigs focused on expansion rather than incremental resource conversion.

The results exceeded internal expectations. "We even surprised ourselves," Ellingham noted following the August 2025 resource update that added 2.2 million ounces. The company is now advancing an integrated preliminary economic assessment targeting 12,000-15,000 tonnes per day processing capacity - substantially larger than the previous 9,000 tpd concept - combining the Wenot open pit (averaging 1.5+ g/t) with the nearby Gilt Creek underground mine.

Perhaps most significant for future growth, deep drilling 700 meters below known mineralization successfully intersected the shear structure with seven distinct gold zones, proving the system continues at depth. If the 2.5-kilometer strike length extends downward, Ellingham suggested the deposit "could potentially double in size."

With $40 million in recent financing completed at four times earlier pricing, five operating drill rigs, advancing permitting including scheduled community consultations, and strong government support following September's decisive election results, Omai has positioned itself for continued newsflow and development progress in a favorable gold price environment. The company expects substantial assay results through early 2026 as laboratories process samples from the intensive drilling campaign.

View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-mines

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Interview with David Cataford, CEO of Champion Iron Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-champion-iron-tsxcia-playbook-for-success-7198

Recording date: 24th November 2025

Champion Iron stands at a compelling inflection point for investors seeking exposure to steel industry decarbonisation. After seven years and over $2 billion of capital investment, the Canadian iron ore producer is weeks away from completing its transformation into one of the world's premier ultra-high-grade concentrate suppliers, with the major expenditure cycle ending December 2025 and material free cash flow generation beginning 2026.

The company just delivered its strongest quarterly performance in two years, generating approximately $175 million EBITDA with record sales of 4 million tonnes. This operational momentum comes as Champion works through a 3-million-tonne stockpile of premium 66.2% concentrate that provides near-term cash generation visibility as inventory converts to sales over coming quarters. Management owns over 10% of the business, ensuring strong alignment with shareholder interests.

Champion's most significant catalyst arrives with December 2025 completion of its $500 million DR Pellet Feed project, over 80% complete with remaining work focused on piping and electrical systems. This upgrade transitions half of production – approximately 7-12 million tonnes annually – to up to 69% iron ore concentrate, positioning Champion amongst the world's highest-grade producers with first commercial shipments expected early 2026.

The strategic rationale extends beyond grade premiums. Current production ships approximately 9 million tonnes annually to China, incurring freight costs of $23-25 per tonne whilst competing against proximate Australian and Brazilian suppliers. The DR Pellet Feed material targets North Africa, Middle East, and European customers where Champion's Canadian location becomes proximity advantage, reducing freight costs whilst commanding premiums for material essential to Direct Reduction Iron processes central to steel decarbonisation.

Champion's ore stability provides critical competitive advantage. The company maintains an unblemished on-specification delivery record, enabling long-term contracts with sophisticated buyers who cannot tolerate specification risk in DRI feedstock. Whilst premiums for high-grade material currently sit at historical lows, Champion has witnessed premiums reaching $45 per tonne during previous periods of tight supply, suggesting significant upside potential as steel industry decarbonisation accelerates.

The valuation disconnect presents compelling opportunity. Champion trades at market capitalisation under $2 billion against over $6 billion in replacement costs – approximately 70% discount to asset replication value. This gap exists despite management's unblemished track record of delivering three consecutive major projects on time and on budget since 2017. Management is now evaluating share buybacks as value-creating strategy given this substantial discount.

Iron ore pricing resilience stems from Chinese domestic production economics. China produces over 450 million tonnes at relatively high cost, creating natural price support as high-cost producers curtail output when prices decline. This dynamic has provided consistent support around $100 per tonne despite analyst forecasts of lower pricing since 2015.

Beyond current operations, Champion secured attractive growth optionality through its Kami project – potential 9-million-tonne-per-year development with 49% sold to Nippon Steel and Sojitz. Partner equity contributions fund several years of permitting and feasibility work without requiring Champion shareholder capital, with construction decision possible in 2027.

With capital expenditure cycle ending December 2025, Champion maintains four-year track record of semi-annual dividend payments (10 cents per share) whilst evaluating enhanced returns as free cash flow materialises. Multiple value drivers converge through 2026: working capital release, cost improvements, premium product sales, and enhanced capital returns at compelling valuation for investors believing in iron ore price stability and steel decarbonisation trends.

View Champion Iron's company profile: https://www.cruxinvestor.com/companies/champion-iron-limited

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Interview with Chad Peters, President & CEO of Ridgeline Minerals Corp.

Our previous interview: https://www.cruxinvestor.com/posts/partnership-driven-mining-exploration-reducing-risk-maximizing-returns-8307

Recording date: 21st November 2025

Ridgeline Minerals (TSXV:RDG) presents investors with an unusual proposition: leveraged exposure to a Nevada carbonate replacement deposit discovery that South32 publicly compares to its $2 billion Taylor acquisition, yet trades at valuations suggesting significant market scepticism. Understanding this disconnect requires examining both the technical merits of the Selena discovery and the strategic value of Ridgeline's partner-funded business model.

The company's second drill hole at Selena intersected multiple massive sulphide horizons including 17 metres of 6% zinc with 30-40 g/t silver plus copper, gold, and antimony credits. Using metallurgical recovery rates from South32's Taylor feasibility study (79-95% across all metals), this intercept grades approximately 30% higher on a metal equivalent basis than Taylor's resource grade. The hole validated a 2-kilometre-long magnetotelluric anomaly comparable in scale and intensity to Taylor, which South32 is spending US$3 billion to develop as one of the world's largest silver-lead-zinc deposits.

South32's Chief Development Officer publicly congratulated Ridgeline on the discovery and compared it to Taylor's early days, providing external validation from a major miner with global CRD expertise. The partnership structure requires South32 to spend US$10 million over five years to earn 60% of Selena, with Ridgeline earning 10% of every dollar spent. An optional phase two allows South32 to spend another US$10 million over three years to reach 80%, automatically triggering Ridgeline's fully carried interest to commercial production on the remaining 20% stake.

CEO Chad Peters emphasised the significance: "Taylor to build is publicly announced US$3 billion. So what is our 20% free carry worth? US$600 million - that's US$600 million less of dilution to Ridgeline shareholders." Even if South32 stops at 60% ownership, Peters noted that "if we own 40% of what might be a world-class CRD, we can fund that all day long" through project financing or third-party investment.

The market's muted response to technically strong drill results reflects the challenge of valuing polymetallic deposits where zinc, silver, copper, gold, antimony, and lead contribute simultaneously to economics. Peters acknowledged this communication difficulty, noting that antimony alone - averaging 0.1% in the discovery hole - "is five times as valuable as copper," making that byproduct credit equivalent to 0.5% copper over 17 metres. For investors capable of conducting independent metallurgical and economic analysis, this complexity may create information arbitrage opportunities.

Ridgeline's business model eliminates near-term financing pressure through US$60 million in total partner commitments across three Nevada projects with South32 and Nevada Gold Mines. The company anticipates approximately US$12 million in partner-funded exploration for 2026, the largest budget in its history, whilst requiring no equity financing to advance core projects. With drill hole 54 testing the heart of the Selena magnetotelluric target (results expected January 2026), pending Swift project assays, and only 18 months elapsed in South32's five-year phase one earn-in, the company sits at maximum exploration leverage where each subsequent hole materially impacts valuation.

The investment thesis centres on whether South32's demonstrable commitment and public comparison to Taylor signals world-class potential that the market has failed to recognise, or whether current valuations appropriately reflect the substantial execution risk inherent in translating one discovery hole into a viable mining operation. Investors with appropriate risk tolerance and capability to evaluate complex polymetallic deposit economics may find current entry points attractive ahead of multiple near-term catalysts, whilst recognising that CRD discoveries require 7-10 years minimum from discovery to production and significant additional drilling to validate system scale and grade continuity.

View Ridgeline Minerals' company profile: https://www.cruxinvestor.com/companies/ridgeline-minerals

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