Company Interviews

Recording date: 13th October 2026
SSR Mining has agreed to acquire Roxmore Resources for C$6.75 per share in cash, plus shares in a new exploration SpinCo that will hold Roxmore’s other properties and US$10 million in cash. The cash consideration values Roxmore’s equity at roughly US$464 million. The transaction remains subject to approval by at least two-thirds of votes cast by Roxmore securityholders and by the court, with completion expected in Q4 2026.
The prize is the Converse gold project in Nevada, which holds roughly 5.2 million ounces across indicated and inferred categories at an average grade of about 0.5 g/t. Converse lies around 6 km from Marigold, one of SSR’s flagship operations. SSR expects Converse to add 150,000 to 170,000 ounces a year over a mine life of more than 10 years, with first production targeted for 2033. Initial capital is guided at US$800 million to US$900 million, with no material spending expected until the early 2030s.
Derek Macpherson, Executive Chairman of Olive Resource Capital, estimates the price at roughly US$95 per resource ounce including the SpinCo. He contrasts this with around US$400 per ounce for two other recent large developer takeovers. Two factors explain the gap in Olive’s view. First, SSR will re-estimate the resource using more conservative gold price assumptions than Roxmore’s US$3,000 per ounce pit shells, which is likely to reduce the ounce count. Second, the list of realistic buyers was short. Converse works best as a tuck-in to Marigold, and the only other nearby operator with obvious synergies, i-80 Gold, is in the middle of a restructuring.
The cash premium of 47% to the 20-day volume-weighted average price was respectable but not exceptional. Macpherson notes that Roxmore’s share price held up through September and October. He suggests negotiations were likely well advanced by the time the industry gathered at the Beaver Creek and Denver conferences, given the typical 30 to 60 days of exclusivity between a letter of intent and a definitive agreement.
Samuel Pelaez, Olive’s President, CEO and Chief Investment Officer, places the deal within a broader trend. Producers are upgrading the quality of their jurisdictions and concentrating on North America, Guyana and Australia. SSR’s own history illustrates the point. It completed the sale of its 80% stake in the Çöpler mine in Türkiye in June 2026, following a major heap leach failure there, and refocused on the Americas.
The partners agree that SSR’s acquisition appetite is not exhausted. The company reported around US$1.78 billion in cash at the end of Q2 2026, and Macpherson estimates it will retain more than US$1 billion in working capital after the deal. Pelaez expects further transactions from SSR, Centerra, Lundin Gold and Kinross within months. Liberty Gold’s Black Pine project in Idaho, in which Centerra already holds a strategic investment, is one asset both partners see as likely to draw interest.
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Interview with Dr. Rebecca Hunter, President & CEO of Geiger Energy
Our previous interview: https://www.cruxinvestor.com/posts/geiger-energy-tsxvbeep-targets-district-scale-uranium-discovery-in-canadas-thelon-basin-9519
Recording date: 15th October 2026
Geiger Energy Corp. (TSXV:BEEP) is a uranium explorer focused on the Aberdeen Project in Nunavut’s Thelon Basin. The basin shares the geological ingredients of Saskatchewan’s Athabasca Basin but has been far less explored. Geiger’s 2026 season produced two grassroots discoveries that give the company its strongest technical case to date.
Both discoveries sit on the Andrew Lake Fault, a northeast-trending structure that runs through Orano’s Kiggavik-area deposits. Orano reports a historical estimate of about 127.3 million pounds of U₃O₈ Indicated and 5.4 million pounds Inferred at Kiggavik. The fault extends about 17 km across the Aberdeen Project.
Late in the season, CEO Dr. Rebecca Hunter moved both of the company’s drills to two targets that had never been tested. At Fox, the first hole returned elevated radioactivity over roughly 50 m from just below the overburden. One hole intersected five zones over 89.8 m from 41.0 m depth. Its strongest zone peaked at 15,022 cps on the downhole probe. The three Fox holes together test only about 50 m of a 1.3 km gravity anomaly.
At Apollo, 10 km along strike, the discovery hole returned localised readings above 400 cps. A bold 100 m step-out intersected 45 m of elevated radioactivity from about 40 m to 85 m depth. Readings are lower than at Fox. Hunter argues that the thickness of low-level radioactivity, combined with the right alteration and host rocks, points to a fertile system. Only one of Apollo’s three gravity anomalies has been drilled.
The Thelon’s practical advantage is cost. Geiger’s presentation puts typical target depths at about 250 m, compared with about 800 m in the Athabasca. Testing a target costs about C$200,000 against roughly C$480,000, and Hunter’s track record adds credibility. She was with Cameco when its team made the Tatiggaq and Qavvik discoveries, the last new finds in the basin before Fox and Apollo.
The company is now in the off-season. Assays from Fox and Apollo are expected later this autumn, with results from Tatiggaq and Loki to follow. These assays will provide the first laboratory confirmation of grade. The presentation outlines a projected 2027 programme of about 25,000 m, using four to five rigs on a budget of about C$20 million. That programme is not yet funded.
Corporate figures in the presentation show a share price of C$0.22, 88.1 million shares outstanding and a basic market capitalisation of about C$20 million. The board is discussing how to focus the company on Aberdeen and possible distribution or sale of its Athabasca assets.
View: https://www.cruxinvestor.com/companies/geiger-energy
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Interview with Alex Walker, Director & CEO of East Star Resources PLC
Our previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-secures-2nd-copper-jv-agreement-with-rulikha-project-in-kazakhstan-11740
Recording date: 14th October 2026
East Star Resources (LSE:EST) is a London-listed copper and gold explorer in Kazakhstan. Its main appeal is the deal structure, not any single deposit. CEO Alex Walker has put partners in place who fund the most expensive and dilutive stages of mine development. East Star keeps a fixed share of each project in return.
The most advanced asset is Verkhuba, a JORC inferred resource of 20.3 Mt at 1.16% copper, 1.54% zinc and 0.27% lead. Hong Kong Xinhai Mining Services Limited is funding the project to production. East Star would then own 30% of a planned 1 Mtpa operation, with no debt repayment, capital payback or waterfall. Xinhai has given an indicative capital cost of about $65 million for the plant. Under East Star’s structure, a cost overrun does not change its percentage. Two rigs are drilling to upgrade resource confidence, and the programme is expected to pass 5,000 metres before winter. The results will feed a mine plan and the mining licence application, which is already in preparation. Metallurgical test work is starting, replacing recovery data from around 1990.
Rulikha is the second copper project. It is a VMS exploration target of up to 23 Mt at 2.4% copper equivalent, based on historical drilling. East Star has signed a binding Heads of Agreement with Kazakh partner Nova Ltd. The definitive JV agreement is still under negotiation. If the partner builds the mine without debt repayment, East Star keeps 25%. If the partner chooses a debt structure, East Star receives 12.25% of allocated revenue until the debt is repaid, then 35%. A five-hole, roughly 1,500-metre programme began on October 2026 to verify the historical intersections. A resource drill-out would follow if they are confirmed.
The third leg is gold where Endeavour Mining is funding exploration across two Areas of Interest in northern Kazakhstan. It earns 51% by spending US$5 million during a two-year Stage 1, followed by a US$20 million phase. After a PFS, Endeavour would hold 80% and East Star 20%. The JV targets a discovery of 3 million ounces or more. It has applied for more than 930 square kilometres of licences focused on intrusion-related gold systems. Endeavour is also East Star’s largest shareholder.
Walker estimates the shares trade at less than 10% of future NAV, assuming both copper projects reach production. He argues that Kazakhstan’s low labour, power and fuel costs, its infrastructure and its long mining history support strong project margins. He also points to drilling costs of a third to a half of those in Chile or Australia.
Over the next year, catalysts include Verkhuba drilling results, the Rulikha verification results and execution of the definitive JV agreement, and Endeavour licence grants. Walker’s stated goal is for Verkhuba to be in construction by the end of 2027.
View East Star Resources' company profile: https://www.cruxinvestor.com/companies/east-star-resources
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Interview with Keith Boyle, Director & CEO of New Found Gold
Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxnfgc-producing-now-pine-cove-the-critical-path-12056
Recording date: 13th October 2026
New Found Gold Corp. (TSX: NFGC | NYSE-A: NFGC) has reported preliminary third quarter 2026 results from its Hammerdown Gold Mine in Newfoundland and Labrador, the first quarterly figures since the mine declared commercial production on August 19, 2026. Hammerdown produced 4,863 ounces of gold and sold 6,035 ounces at an average realized price of US$4,310 per ounce. Mill feed grade averaged 2.76 g/t and recovery 85%.
The results sit just below the quarterly equivalent of the company’s life-of-mine run rate of 20,000 to 25,000 ounces per year at an AISC of approximately US$2,500 per ounce, during the final stages of ramp-up. Mined material is reconciling to within 5% of the resource model, and recoveries have improved from the high 50s at start-up to the mid-80s set out in the economic study. A permanent crusher and sorter is scheduled for substantial completion by the end of 2026, with commissioning in the first quarter of 2027, and is expected to reduce crushing costs and deliver higher-grade feed to the mill.
The Pine Cove Mill is being converted to a Gravity-CIL circuit in parallel with production, with completion targeted for the fourth quarter of 2027. Management expects the new circuit to improve Hammerdown recoveries by around five percent, and plans to apply to expand capacity from 700 to 1,400 tonnes per day following the Queensway environmental assessment release. The mill work forms the critical path for first Queensway feed, scheduled for the fourth quarter of 2027.
New Found Gold held approximately C$167 million in cash at September 30, 2026, against C$70 million in debt, and management describes Queensway Phase 1 as fully funded. Queensway is planned to produce 70,000 to 100,000 ounces per year initially, rising to 175,000 to 200,000 ounces per year after expansion. An updated Queensway technical report is expected shortly.
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Interview with Dan James, CEO of Prospective Resources
Recording date: 13th October 2026
Prospectiva Resources (TSXV:PSVA) is a newly listed, Brazil-focused copper-gold explorer whose investment case centres on a single question: can a historically drilled copper discovery be reframed and expanded into a commercially relevant VMS deposit within roughly 18 months?
The asset is the São Francisco Copper-Gold Project in the Borborema Province of northeastern Brazil. Yamana Gold discovered it in 2019 from an outcropping rock-chip sample of about 5% copper and followed up with thousands of rock and soil samples, 5,900 metres of diamond drilling and a 29 line-kilometre IP survey. The project passed to Pan American Silver in 2023 and was never actively marketed. Prospectiva acquired 100% in January 2026 on staged terms. The initial payment has been made, a US$350,000 payment is due early in 2027, and a US$3 million payment falls due only on reaching 1 million ounces gold equivalent. A 1% NSR royalty applies.
Prospectiva’s contribution is interpretive. CEO Dan James says Yamana gathered high-quality data but never put a structural or mineral-system model in place. With input from technical advisers, the company now classifies São Francisco as a VMS system in which folding has concentrated mineralisation into a fold hinge. That gives drilling a clear vector. Because VMS deposits tend to cluster, it also raises the possibility of further deposits nearby. A fixed-loop EM survey shows a strong correlation between conductors and historical intercepts, and those conductors outline a target corridor of roughly 3 km.
The current programme of about 2,500 metres is fully funded. It is designed to fill 200-metre gaps between historical holes, confirm the link between conductors and mineralisation, and step out along the trend. Six holes had been completed by mid-October, with assays expected imminently. A follow-up programme of about 5,000 metres is planned for early 2027, bringing total drilling to roughly 13,000 metres. Management believes this could support a maiden resource around mid-2027, targeting a 5 to 10 million tonne core at 1% to 2% copper with gold and silver credits. James benchmarks that against recent VMS acquisitions of deposits of around 15 million tonnes. Low drilling costs of about C$300 per metre help stretch the company’s capital.
The risks are clear and largely time-bound. Prospectiva raised about C$3.6 million on listing and will need further funding early in 2027, so near-term results will shape the terms of that raise. No metallurgical testwork has been done, though James says assay data shows no deleterious elements of concern and preliminary results are expected early in 2027. Management does not intend to build a mine, which points to an eventual sale or partnership as the exit path.
Two regional gold projects, Pico do Jabre and Desterro, receive 10% to 20% of exploration spending. Recent rock chips returned up to 9.72 g/T Au and 6.09 g/T Au respectively. These offer optionality but are secondary to São Francisco.
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