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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Interview with Jean-Marc Lulin, President & CEO of Azimut Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/azimut-exploration-tsxvazm-kghm-funds-nickel-hunt-as-quebec-explorer-weighs-gold-asset-options-6611

Recording date: 21st November 2025

Azimut Exploration (TSXV:AZM) is executing a strategic transformation from prospect generator to focused development company, concentrating resources on three 100%-owned gold discoveries in Quebec's prolific mining districts. Jean-Marc Lulin, president and CEO with 40 years of global exploration experience, outlined the company's evolution and provided comprehensive project updates in a recent interview.

The flagship Wabamisk property hosts two significant discoveries separated by 15 kilometers of underexplored ground. The Fortin Zone represents one of Canada's largest antimony systems, spanning at least 1.8 kilometers of strike length with mineralized envelopes reaching 50 meters in width. Drilling across 86 holes totaling 12,000 meters has tested the system to 250 meters depth, where strong mineralization continues with the deposit remaining open in multiple directions. Metallurgical testing with SGS is underway, with preliminary results described as encouraging—critical validation for economic viability during a period of elevated antimony prices driven by critical mineral supply constraints.

The Rosa Zone emerged as an unexpected breakthrough in terrain explored for 90 years by 11 previous companies. Systematic prospecting revealed 300 meters of outcropping high-grade gold with abundant visible gold—both coarse and fine dust—that correlates strongly with a 1.4-kilometer induced polarization anomaly. Initial drilling intersected visible gold in 11 of 26 holes, with assay results expected by year-end 2025 or early January 2026.

The company's third focus, Elmer-Patwon, represents the most advanced asset with an existing resource that benefits from gold prices substantially above the $1,800 per ounce used in the original definition. A scoping study is well advanced, with clear expansion targets identified along strike.

Azimut maintains strategic leverage through partnerships, notably with KGHM on the Kukamas nickel-copper-PGE project, where drilling delivered grades up to 19.6% nickel and 15 grams per ton platinum-palladium in a kambalda-type system. KGHM is funding advancement toward a preliminary economic assessment while Azimut retains operator status with no funding obligations.
Lulin emphasized the company's technical discipline: "We want to advance as quickly as possible but in a rational way." Detailed 2026 program guidance is expected in Q1 following receipt of critical assay results that will shape resource expansion strategies across the portfolio.

View Azimut Exploration's company profile: https://www.cruxinvestor.com/companies/azimut-exploration

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Interview with Richard Young, Chief Executive Officer of i-80 Gold

Our previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-pitch-perfect-november-2025-8431

Recording date: 19th November 2025

i-80 Gold (TSX: IAUX) is executing a methodical three-phase development plan designed to transform the company from a marginal Nevada gold producer into a profitable mid-tier operator generating 200,000 ounces annually by 2028 with projected EBITDA of $200 million to $300 million. The company's third quarter 2025 results marked a critical inflection point, delivering the strongest financial performance in company history whilst completing permanent dewatering infrastructure that had previously constrained access to higher-grade mineralisation at the flagship Granite Creek underground mine.

President and CEO Richard Young confirmed that permanent dewatering systems installed during Q3 2025 will enable accelerated underground development over the next six months into zones where "grades get better, ground conditions get better, and we expect mining rates to rise." A 47-hole infill drilling programme scheduled for completion in mid-December 2025 is yielding results that Young characterised as "consistently solid. Very good grades over very good widths," with a feasibility study incorporating these results expected at the end of Q1 2026 showing "materially better" economics than previous assessments.

Construction of the Archimedes underground mine commenced in Q3 2025, providing the second production centre necessary to justify the strategic refurbishment of i-80 Gold's Lone Tree autoclave facility. The autoclave refurbishment represents the pivotal value creation opportunity in management's development thesis. With current toll milling costs ranging between $1,000 and $1,500 per ounce, i-80 Gold is effectively surrendering $200 million to $300 million in annual EBITDA at the 2028 production target of 200,000 ounces. Young stated unequivocally: "Strategically and economically, that refurbishment is very important for us to move forward with."

Engineering firm Hatch has largely completed engineering work on the approximately $400 million autoclave refurbishment, with the board approving a $25 million limited notice to proceed authorising detailed engineering, long-lead equipment orders, and permitting initiation. The company expects to commence pouring gold through the refurbished autoclave before the end of 2027, creating an 18 to 24 month payback period on the capital investment at current gold prices.

Beyond Granite Creek and Archimedes, i-80 Gold completed infill drilling at its Cove underground project during Q3 2025, with results showing the total mineralised envelope up between 10 and 20 percent compared to previous estimates. A feasibility study is scheduled for Q1 2026, with permitting targeted for completion before the end of 2028. The company will release three major feasibility studies between Q1 2026 and Q1 2027 covering its core underground operations, each expected to show material improvements over preliminary economic assessments.

Management has received six term sheets from financing partners and is advancing toward recapitalisation completion by Q2 2026 to fund both phase one and phase two of the development plan. The company has successfully recruited experienced technical teams across mining engineering, metallurgy, and geology disciplines, a critical leading indicator of execution capability as i-80 Gold transitions from single-asset operator to multi-mine producer.

For investors evaluating Nevada-focused gold producers, i-80 Gold offers substantial leverage to successful execution and higher gold prices, with the 2028 target of 200,000 ounces production and $200-300 million EBITDA generation providing a concrete benchmark for measuring management's progress toward transformational value creation.

Learn more: https://cruxinvestor.com/companies/i-80-gold

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Interview with Thomas Lamb, CEO, Myriad Uranium

Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-200-million-pound-potential-as-rush-merger-delivers-100-project-control-7894

Recording date: 19th November 2025

Myriad Uranium Corp. is unlocking significant value at its Copper Mountain uranium project in Wyoming through modern analytical techniques that reveal substantially higher uranium grades than historic exploration indicated. CEO Thomas Lamb recently outlined how the company's systematic chemical assaying program has discovered radiometric disequilibrium that shows 50-60% more uranium than conventional gamma probe readings detected during Union Pacific Railway's $85 million exploration campaign in the 1970s.

The company recently completed a bought deal financing that raised C$8.6 million, exceeding its C$6 million target, led by Research Capital and Red Cloud Securities. This brings Myriad's cash position to approximately C$10 million, providing capital to expand land holdings, convert historic resources to NI 43-101 compliance, and aggressively drill high-priority targets that remained untested during previous exploration.

Central to Myriad's investment thesis is a 1982 U.S. Department of Energy Bendix report identifying a 655 million pound uranium endowment across the broader Copper Mountain area, with 245 million pounds in a core zone where Myriad controls 70% of the acreage. Critically, these estimates only extend to 600 feet depth, while Myriad's recent drilling has encountered uranium mineralization as deep as 1,495 feet with assays exceeding 800 ppm.

The chemical assay breakthrough transforms project economics by revealing that much of what Union Pacific classified as waste rock actually contains economic uranium grades. Myriad submitted nearly 800 samples from zones where probes detected little or no uranium, with results showing significant uranium content that expands grade shells while increasing contained metal.

Myriad is also pursuing a merger with Rush Rare Metals Corp. to achieve 100% ownership of Copper Mountain, currently owned 50-50, and advancing plans for a U.S. exchange listing to unlock institutional investment. The company has permitted 222 new drill holes and bonded 70 of them, targeting underexplored areas where favorable geological structures suggest multiple additional deposits comparable to Copper Mountain's largest known resource.

Learn more: https://www.cruxinvestor.com/companies/myriad-uranium

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Interview with Oliver Turner, Vice President of Corporate Development, Americas Gold & Silver

Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-triples-ore-production-targets-5moz-annually-8137

Recording date: 18 November 2025

Americas Gold & Silver is rapidly executing a growth and consolidation strategy in Idaho's historic Silver Valley, highlighted by its recent $65 million acquisition of the Crescent Mine and an oversubscribed $150 million capital raise. The company's strategic moves have attracted significant institutional interest, with ownership increasing from just 7% to over 63% as top-tier global mining institutions recognize the value proposition.

The Crescent Mine acquisition represents a calculated move to utilize spare milling capacity at the flagship Galena complex. Located just 9 miles from Galena, Crescent historically produced over 25 million ounces of silver at grades averaging 900 grams per ton and can be restarted within six months. The mine's ore is metallurgically identical to Galena's tetrahedrite, enabling seamless integration into existing processing facilities. With Crescent's average grade of 655 grams per ton silver exceeding Galena's blended average of 466 grams per ton, the acquisition provides immediate high-grade feed while Galena ramps underground production.

Management aims to restore Galena to historical production levels of 5+ million ounces annually potentially within 36 months, up from current levels. The operation currently utilizes only one of four available shafts and has ramped throughput from 300 tons per day to over 410 tons per day, yet still maintains spare mill capacity of 750-1,050 tons per day. Key catalysts include the paste backfill plant commissioning in Q3 2026 and formal production guidance expected in February-March.

Beyond silver, Americas Gold & Silver has emerged as the largest active antimony producer in the United States, producing 450,000 pounds year-to-date. Management is pursuing development of a domestic antimony processing circuit with potential government support, addressing critical mineral security while potentially adding significant margin expansion at minimal incremental cost. Trading at 0.7-0.8x NAV versus peer average near 2x NAV, the company offers compelling value as it transforms into a major silver producer with exceptional byproduct credit potential.

Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation

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Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-inside-isoenergys-strategic-play-on-uraniums-supply-demand-revolutiont-7872

Recording date: 19th November 2025

IsoEnergy is building an institutional-scale uranium platform spanning Canada, the United States, and Australia through strategic acquisitions and targeted exploration spending. CEO Philip Williams recently announced the acquisition of Toro Energy, which adds the 75-million-pound Wiluna project in Western Australia to what the company calls its "Core Four" assets. This portfolio includes Canada's Hurricane deposit, described as the world's highest-grade uranium resource, along with near-term production capabilities at past-producing Utah mines and the 160-million-pound Coles Hill resource in Virginia, the largest uranium deposit in the United States.

The company is prioritizing exploration capital in Canada's Athabasca Basin, where its PurePoint joint venture recently made the Dorado discovery, validating the consolidation strategy. Additional programs target the LaRocque East project and US properties in Utah's Henry Mountains district, where IsoEnergy sees accessible near-term discovery potential from historically productive areas that haven't been systematically explored in decades.

Williams emphasized the company's positioning to benefit from US government initiatives to rebuild domestic uranium supply chains, including the Strategic Uranium Reserve. With uranium demand fundamentally outstripping supply through 2040 and governments deploying multiple support mechanisms, from direct purchases to project investments and accelerated permitting, IsoEnergy's diversified portfolio provides multiple value realization pathways across different development timelines and jurisdictions.

The diversification strategy deliberately mirrors industry leader Cameco, reducing single-asset risk while maintaining the technical teams and financial strength to advance projects simultaneously. Management maintains flexible capital allocation responsive to jurisdictional developments and market conditions, with plans for significant project milestones across all Core Four assets in 2026.

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

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