Company Interviews

Interview with William Sheriff of Manhattan Metals
Recording date: 22nd May 2026
Manhattan Metals Corp is a pre-IPO gold and silver company with a business model that is straightforward in concept but rare in practice: acquire small, high-grade gold deposits in Nevada that major mining companies overlook, and process them through a centrally owned mill to generate near-term cash flow. The company was founded by Bill Sheriff, a veteran geologist with decades of exploration experience in Nevada and a track record of executing this exact model in the Yukon.
The core insight behind Manhattan Metals is that Nevada, one of the most gold-rich states in the US, with more than 300 identified gold districts, contains hundreds of viable deposits that sit idle because they do not meet the scale requirements of major producers. A deposit of 250,000 ounces of gold is worth over one billion dollars at current prices. Yet without a mill and without institutional-scale tonnage, it generates nothing. Manhattan Metals is positioning itself as the entity that provides the missing infrastructure.
The company has already acquired a 400-ton-per-day gravity flotation mill which is a tangible hard asset that distinguishes it from the majority of junior mining companies whose primary asset is a future promise. The mill needs to be relocated and repermitted, a process expected to take approximately two years, and site selection is the near-term priority before a public listing proceeds. A smaller 20-to-25-ton-per-day circuit is also planned for exceptionally high-grade, low-tonnage material.
Manhattan Metals currently controls seven Nevada properties, including one with a historic resource of several hundred thousand ounces and an underexplored high-grade vein system with only three drill holes completed. Beyond its owned assets, the company has identified more than 50 additional candidate deposits and owns an in-house reverse circulation drilling rig to validate them cost-effectively. The technical team includes a senior metallurgist with international milling and heap-leach experience which Sheriff acknowledges is in short supply across the industry.
The investment case rests on several distinct pillars. First, the strategy addresses a segment of the market with no meaningful competition, as both major miners and conventional juniors are oriented toward different scale targets. Second, the model is designed to generate revenue relatively quickly compared to traditional junior mining timelines, reducing the dilution risk that characterizes most early-stage resource companies. Third, management has signaled a long-term intention to pay dividends, an unusual and investor-friendly commitment in this sector.
The primary risks are permitting timeline uncertainty, the pre-revenue nature of the company, and the operational complexity of moving and reestablishing a milling facility. These are real and material considerations. However, the combination of a proven operator, owned infrastructure, an in-house drilling capability, and a clearly defined pipeline of assets positions Manhattan Metals as one of the more substantively prepared pre-IPO mining companies currently approaching public markets.
For investors seeking gold exposure grounded in operational execution rather than speculative exploration, Manhattan Metals represents a proposition worth evaluating closely as it moves toward its public listing.
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Interview with Janet Lee Sheriff, Director & CEO of Verdera Energy
Our previous interview: https://www.cruxinvestor.com/posts/verdera-energy-tsxvv-premium-uranium-portfolio-with-20m-to-spend-9385
Recording date: 22nd May 2026
Verdera Energy is emerging as a uranium development company focused on unlocking the potential of New Mexico, a jurisdiction that management believes could play an increasingly important role in future US uranium supply. At a time when energy security, nuclear power expansion, and artificial intelligence-driven electricity demand are becoming major investment themes, the company is positioning itself to benefit from a growing emphasis on domestic uranium production.
The foundation of the investment case is the company's substantial resource base at approximately 88 million pounds of historic and known uranium resources across multiple projects in New Mexico. The flagship West Largo project is currently undergoing modernization through an updated NI 43-101 technical report, while additional work is being completed to evaluate resource expansion opportunities and future development pathways.
A key differentiator for the company is its focus on in-situ recovery (ISR) uranium projects. ISR has become one of the preferred uranium extraction methods due to its potential for lower capital requirements and reduced environmental disturbance compared to conventional mining techniques. Management believes West Largo represents one of the most attractive ISR opportunities in the United States and could become a significant asset as domestic uranium demand grows.
Beyond its resource base, Verdera possesses a potentially valuable strategic asset in the form of historical geological information. According to management, the company controls more than 90% of the proprietary uranium exploration data available in New Mexico. This extensive database, accumulated from previous operators including Kerr-McGee and URI, may help reduce exploration risk, improve targeting efficiency, and accelerate project advancement.
The broader opportunity extends beyond individual projects. Management believes New Mexico remains an underappreciated uranium jurisdiction despite hosting substantial uranium resources and important nuclear-related infrastructure. As the United States seeks to reduce dependence on imported uranium and strengthen domestic supply chains, jurisdictions capable of supporting large-scale uranium production may receive increasing attention from investors, industry participants, and policymakers.
Another important aspect of Verdera's strategy is its emphasis on community engagement and social licence. The company recognizes that historical uranium mining activities created concerns among local communities and Indigenous groups. CEO Janet Lee Sheriff brings approximately three decades of experience working with Indigenous communities in Canada's Yukon and is applying a similar relationship-based approach in New Mexico. Through educational initiatives, stakeholder engagement, and industry conferences, management is seeking to build trust and support for future development activities.
Looking ahead, investors should monitor several potential catalysts. These include updated resource estimates, technical studies, permitting milestones, drilling programs, infrastructure planning, and potential strategic partnerships. The company is also evaluating opportunities involving central processing facilities and possible joint ventures that could support future project development.
As nuclear energy continues to gain support as a reliable, low-carbon power source and as electricity demand rises from emerging technologies such as artificial intelligence, domestic uranium production is becoming increasingly important. With a large resource base, significant proprietary data holdings, experienced leadership, and exposure to a strategic uranium jurisdiction, Verdera Energy offers investors a way to participate in the evolving US  uranium development story.
View Verdera Energy's company profile: https://www.cruxinvestor.com/companies/verdera-energy
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Interview with 
Hugh Agro, President & CEO of Revival Gold Inc.
Debra Struhsacker, US Permitting & Public Policy Advisor
Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-funded-to-2028-decision-targets-2029-output-up-to-350m-cash-flow-10284
Recording date: 27th May 2026
Revival Gold, a Canadian-listed junior mining company, is advancing two gold projects in the United States—Mercur in Utah and Beartrack-Arnett in Idaho—with a combined resource of approximately 6 million ounces. Despite an estimated net asset value of around $1.3 billion, the company’s market capitalization remains near $200 million, highlighting a significant valuation gap that underpins its investment case.
The Mercur project is the company’s primary near-term focus and is positioned as a potential low-cost, high-cash-flow operation. Located on private land in Utah, Mercur benefits from simplified permitting under state jurisdiction, reducing regulatory complexity and timelines. The project also has strong infrastructure advantages, including existing power, road access, and water resources. Revival Gold is targeting a preliminary feasibility study by the first quarter of 2027, followed by a full feasibility study by year-end and a construction decision in early 2028. At current gold prices, Mercur is to generate annual free cash flow of $300–$350 million.
The broader regulatory environment in the United States has become increasingly supportive of domestic mining. Recent reforms to the National Environmental Policy Act, alongside federal policy shifts prioritizing mineral security, have streamlined permitting processes and improved project visibility. These changes are expected to benefit companies like Revival Gold operating in mining-friendly jurisdictions.
Beartrack-Arnett, the company’s second asset in Idaho, already has a completed feasibility study and existing infrastructure. However, management believes it is largely unrecognized in the current valuation, offering additional upside potential as exploration continues to expand the resource at depth.
With a clear development timeline, favorable jurisdictional dynamics, and significant leverage to rising gold prices, Revival Gold represents a leveraged play on U.S.-based gold development, with substantial re-rating potential as key milestones are achieved.
View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-inc
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Recording date: 26th May 2026
Olive Resource Capital views the current phase in commodity markets as a healthy, seasonal consolidation following a strong start to the year. While metals and mining equities have largely moved sideways, this reduced volatility is seen as constructive rather than concerning. According to President and CEO Samuel Pelaez and Executive Chair Derek Macpherson, calmer market conditions often create a gradual upward bias, even as broader investor attention shifts toward high-performing sectors like technology.
Olive Resource adjusted its portfolio to reflect rising geopolitical risks, particularly those linked to supply disruptions in the Strait of Hormuz. As a result, exposure to Australia and Asia-Pacific mining equities has been significantly reduced, with capital redirected toward cash or regions offering stronger supply-chain reliability. This shift reflects a broader conviction that deglobalisation is accelerating, increasing the strategic importance of mining assets located in politically aligned and stable jurisdictions.
Deglobalisation trends driven by pandemic-era disruptions, geopolitical conflicts, and export restrictions on critical minerals are reshaping investment priorities. Assets in Western countries, even for commodities once considered uneconomic to produce domestically, are gaining value due to their security of supply.
Within this context, Olive Resource Capital is emphasizing company-specific opportunities over macro-driven bets. Recent portfolio additions, including White Gold Corp, Prospector Metals, Goldsky Resources, Valhalla Metals, and ValOre Metals, were selected for strong management teams and near-term catalysts such as drill results, resource estimates, and project advancements.
Macpherson and Pelaez also highlighted a consistent seasonal strategy in junior mining equities: accumulating positions in the spring as exploration begins, and trimming exposure in the fall when results are released and financing activity increases. Overall, the firm’s approach centers on jurisdictional reliability, operational catalysts, and disciplined timing in a market where broad momentum remains limited.
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Interview with Stephen Soock, VP Investor Relations & Development, Heliostar Metals
Our previous interview: https://www.cruxinvestor.com/posts/heliostar-metals-tsxvhstr-self-funded-growth-fuels-push-to-300000-gold-ounces-per-annum-9450
Recording date: 20th May 2025
Heliostar Metals is advancing a multi-phase strategy to transform itself into a mid-tier gold producer, targeting annual output of 300,000 ounces by the end of the decade. The company’s recent performance highlights both operational momentum and financial strengthening, supported by three producing assets and a growing development pipeline.
In the first quarter of 2026, Heliostar produced 11,743 ounces of gold at all-in sustaining costs of $1,996 per ounce, generating $14 million in net income. Working capital increased significantly from $40 million to $70 million, reflecting strong cash flow even as the company continued investing in exploration and development. While costs benefited from temporary by-product credits, full-year guidance remains around $2,100 per ounce.
San Agustin has returned to production and is expected to deliver 50,000 to 55,000 ounces annually, with potential to extend its current 14-month mine life through ongoing drilling. At La Colorada, the company is transitioning to higher-grade sources while using innovative leaching techniques to extract additional value from existing material.
Heliostar’s flagship Ana Paula project in Mexico is central to its long-term growth. The underground development is advancing toward a feasibility study in mid-2027, with a construction decision to follow. The project targets annual production of 100,000 ounces by late 2028 and benefits from strong local support and existing infrastructure.
The recent acquisition of the Goldstrike project in Utah adds one million ounces of measured and indicated resources, enhancing future production optionality while preserving near-term capital through deferred payments.
Heliostar expects to generate approximately $150 million in internal cash flow over the next 2.5 years, funding much of its development pipeline. Combined with disciplined execution and selective financing, the company is positioning itself for sustained, self-funded growth.
Learn more: https://www.cruxinvestor.com/companies/heliostar-metals
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