Company Interviews

Interview with Darren Bowden, CEO of Metals Exploration PLC
Our previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-doubling-gold-output-as-build-on-track-on-budget-9180
Recording date: 8th July 2026
Metals Exploration (LSE:MTL) presents a self-funded gold development story entering its most consequential phase, with a newly acquired copper optionality layered on top. The company's flagship growth asset, La India in Nicaragua, is roughly 50% built and remains on schedule for first gold production in December 2026. CEO Darren Bowden confirmed that a previously flagged risk, the power transmission to the construction site, has now been substantially resolved through a revised delivery arrangement with the Nicaraguan government, under which the state handles design and the company handles construction.
Construction progress is tangible: front-end processing infrastructure is complete, the CIL tanks are half-erected, and both mills are currently being installed. Some equipment deliveries such as an elution circuit from Australia and high-voltage cabling have slipped by a few weeks, but management maintains that the December 2026 target is intact, aided by a stockpiling strategy designed to bank four to five months of processing feed ahead of commissioning.
The build is being funded entirely from Runruno's operating cashflow. The Philippines-based mine delivered record FY2025 results - $208.4 million in revenue and $115.3 million in free cashflow - leaving the company debt-free. FY2026 Runruno guidance of 40,000-48,000oz represents a step down from FY2025's 65,287oz, reflecting the mine's advancing age rather than any operational issue, as La India is designed to take over as the group's primary cashflow generator from late 2026.
La India's underlying economics remain strong: a pre-tax NPV6 of $882 million at $2,500/oz gold (rising to $1,378 million at $4,000/oz), targeting 145,000oz of annual production over a mine life of 12-plus years, at an initial capital intensity of $1,138/oz - the lowest among the development-stage peer group Crux tracks for comparison.
Layered on top of this near-term gold catalyst is a newly signed set of agreements over the Batong Buhay copper-gold porphyry project in the Philippines, announced 15 June 2026. The 440-hectare licence hosts two historically drill-tested porphyry systems and a high-sulphidation gold vein system, with a historical (non-JORC) resource at the Dickson porphyry of 86.9 million tonnes at 0.60% copper and 0.25 g/t gold. Crucially, the licence sits with the state-owned Philippine Mining Development Corporation, which satisfies local ownership requirements automatically and gives the project government backing that makes it a very different prospect. Initial exploration is underway, with a drill programme targeted for H2 2026.
For investors, the near-term case rests on execution through La India's remaining construction and commissioning phases - watch particularly for confirmation of the final capital figure, which has moved slightly across recent company materials - alongside early drill results from Batong Buhay and the company's existing Abra and Cacao exploration targets, both expected in H2 2026.
View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plc
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Interview with Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/pacific-ridge-exploration-tsxvpex-2026-drilling-campaign-eyes-500-mt-resource-expansion-9972
Recording date: 8th July 2026
Pacific Ridge Exploration Ltd. (TSXV:PEX) closed the final tranche of an C$8.5 million financing and in doing so secured its largest corporate strategic shareholder: Peruvian mining group Minsur S.A., which through its subsidiary Cumbres del Sur now holds approximately 13.8% of the company. For a junior explorer that has spent recent years working to close a persistent valuation gap with peers, this is a meaningful development heading into the 2026 field season.
The financing directly funds Pacific Ridge's 2026 exploration programme: approximately 2,500 metres of drilling each at the flagship Kliyul copper-gold project and the RDP copper-gold project, both located in British Columbia's Toodoggone district. Mobilisation is underway, with drilling expected to begin by late July and a second rig arriving mid-August to accelerate the Kliyul programme.
At Kliyul, Pacific Ridge already holds a maiden resource of 334 million tonnes at 0.33% copper equivalent - roughly 2.42 billion pounds of copper equivalent, or 5.7 million ounces of gold equivalent. Rather than simply expanding this resource, management is directing drilling toward three untested porphyry targets along a 6-kilometre mineralised trend, starting with the M39 target in the property's southeast corner. Only three of the roughly 36 holes drilled at Kliyul to date have tested ground outside the existing main zone, leaving significant untested potential. Management's rationale is straightforward: nearby discoveries at Amarc Resources' Freeport-backed JOY district and Kingfisher Metals' HWY 37 project in the Golden Triangle have both driven multi-fold share price re-ratings, and a fresh discovery is seen as more likely to move Pacific Ridge's valuation than incremental tonnage growth.
At RDP, the 2026 programme is concentrated on testing an interpreted porphyry centre nestled between two known mineralised magnetic lobes, the same zone that Minsur specifically negotiated technical access rights to as part of its investment. CEO Blaine Monaghan has described RDP's grades as among the highest-grade porphyry copper-gold mineralisation seen in the province, distinguishing it from the larger but lower-grade Kliyul resource.
Minsur's investment carries structural significance beyond the capital itself. The company has been granted an investor rights agreement covering participation and top-up rights in future financings, along with a nine-month right of first refusal to acquire the RDP project and an agreement to negotiate a potential strategic transaction in good faith. This creates a defined, time-bound window in which Minsur can act on this season's drilling results - a specific catalyst investors can track rather than an open-ended thesis.
With more than C$9 million now in treasury and a share count that has grown from roughly 63 million to approximately 97 million following the raise, management argues the company's dilution overhang is largely behind it, pointing to roughly 160 million shares traded since September 2025 as evidence that legacy sellers have been substantially absorbed. Separately, Pacific Ridge's Yukon gold properties, Mariposa and Eureka Dome, remain under a non-dilutive option to Labrador Gold Corp, adding optionality without competing for Pacific Ridge's own exploration capital this season.
View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-exploration
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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-tsx-graduates-to-the-tsx-10811
Recording date: 7th July 2026
New Found Gold Corp (TSX: NFG | NYSE American: NFGC) has confirmed that its flagship Queensway Gold Project will undergo an additional environmental review step, while construction at its Pine Cove mill continues uninterrupted. Newfoundland and Labrador's Minister of Environment, Conservation and Climate Change notified the company on July 3, 2026 that an Environmental Preview Report is required for Queensway Phase 1, a standard requirement for a greenfield project sited near the communities of Appleton and Gander. CEO Keith Boyle has described the request as an expected part of advancing a project of this nature so close to populated areas, and has emphasized a collaborative working relationship with the provincial government throughout the process.
On the regulatory timeline, New Found Gold will receive EPR completion guidelines within 60 days of the Minister's letter. Once the EPR is submitted, a 35-day public review and the Minister's 45-day decision period run concurrently, with the decision period carrying a possible two-week extension that has already been exercised once during this project's review. Taken together with however long the company needs to prepare and submit the EPR itself, a realistic overall timeline to a final decision is six to nine months.
Importantly, Boyle has stated that none of the current engineering, procurement, or construction work has been affected by the review. The company has received the permit amendment needed to convert its 100%-owned Pine Cove mill from a 700 tonne-per-day flotation circuit to a 1,400 tonne-per-day gravity-carbon-in-leach circuit, and construction on that conversion is already underway. New Found Gold continues to target sending first Queensway Phase 1 material to the mill in the fourth quarter of 2027, with Phase 1 commercial production targeted for the second half of 2028.
The company is also using its Hammerdown Gold Project, targeted for commercial production in the second half of 2026, as an operational rehearsal for Queensway, with lessons on drilling, blasting, and mine start-up expected to transfer directly across. An updated NI 43-101 Technical Report covering all three planned phases of Queensway is expected in the second half of 2026, which should give investors a clearer picture of updated resource, design, and cost estimates.
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Interview with Matt Manson, President & CEO of Radisson Mining Resources Inc.
Our previous interview: https://www.cruxinvestor.com/posts/radisson-mining-tsxvrds-delivers-82-gold-resource-jump-from-just-25-of-140000m-drill-program-9475
Recording date: 2nd July 2026
Radisson Mining Resources is rapidly advancing its O’Brien Gold Project in Quebec’s Abitibi region, one of the world’s most established gold camps, as it transitions from exploration toward potential development. Since 2023, the project’s resource has grown from 900,000 ounces to approximately 2.3 million ounces by March 2026, with particularly strong expansion in inferred resources. Management now targets a significantly larger deposit of 3 to 4 million ounces or more, supported by ongoing drilling success.
This growth is driven by an extensive 140,000-metre drill program launched in October 2025, with eight rigs operating continuously through the first half of 2027. The program focuses both on extending known mineralized zones at depth and testing previously unexamined gaps between them. Results so far suggest strong geological continuity, with an 80–85% success rate in the core resource area and encouraging deep intercepts that reinforce confidence in the deposit’s scale.
A key strategic advantage is the project’s proximity to major mining infrastructure, including Agnico Eagle’s LaRonde and Iamgold’s Westwood-Doyon Complex. This allows Radisson to consider either building a standalone mine or leveraging existing mills, shafts, and tailings facilities, potentially reducing capital costs and development timelines. Recent financing of C$25 million has strengthened the company’s balance sheet to over C$50 million, fully funding exploration through at least late 2027 and enabling drilling to extend deeper, now targeting up to 2.5 kilometres.
Despite these advances, Radisson’s valuation has declined amid a broader pullback in gold equities, with its implied value falling to roughly US$110–120 per ounce—well below recent regional acquisition benchmarks of US$500–600 per ounce. This gap highlights potential upside if the company continues to expand resources and de-risk development. Overall, O’Brien is emerging as a fast-growing, infrastructure-advantaged gold project with increasing strategic flexibility.
View Radisson Mining's company profile: https://www.cruxinvestor.com/companies/radisson-resources
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Interview with Dan Wilton, CEO of First Mining Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-undervalued-investment-series-with-dan-wilton-9757
Recording date: 2nd July 2026
First Mining Gold has secured federal environmental assessment approval for its Springpole gold project in Ontario, marking a major milestone after an eight-and-a-half-year regulatory process that began in 2018. The approval removes a key uncertainty that had weighed on the project and the company’s valuation, positioning Springpole as one of the more advanced undeveloped gold assets in Canada.
The company has also made progress on securing social license, announcing term sheets and clear paths to agreements with three First Nations communities: Cat Lake, Lac Seul, and Slate Falls. Finalizing these agreements is a near-term priority and is expected to proceed alongside the remaining regulatory steps. The Ontario provincial environmental assessment is still underway, with a decision anticipated by the end of summer 2026 following a public comment period.
Economically, the project appears robust. A November 2025 pre-feasibility study estimated a 40 percent after-tax internal rate of return and a net present value of $2.1 billion (US) at a gold price of $3,100 per ounce. The project could produce more than 300,000 ounces of gold annually, with a payback period of under two years. Management expects to reach a final investment decision within approximately 18 months, following a feasibility study targeted for mid-2027 and subsequent financing discussions.
Despite these developments, CEO Dan Wilton argues the company remains significantly undervalued. First Mining trades at roughly $50–60 per ounce of resource, compared to $120–150 for early-stage projects and $300–400 for advanced-stage developers. He attributes this gap partly to historical permitting risk and suggests a re-rating could follow as approvals are completed.
Springpole’s scale, location in a tier-one jurisdiction, and advanced permitting status also make it strategically attractive in a gold sector facing declining reserves and limited large-project pipelines.
View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-gold
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