Company Interviews

Interview with Keith Boyle, CEO & Director of New Found Gold
Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-fully-funded-drill-program-for-2026-10527
Recording date: June 9th 2026
New Found Gold Corp (TSXV: NFG | NYSE-A: NFGC) is advancing two gold projects in Newfoundland and Labrador, Canada. Its flagship Queensway Gold Project hosts a NI 43-101 resource of 1.39 million ounces of indicated gold at 2.40 g/t and 0.608 million ounces of inferred gold at 1.77 g/t. The Hammerdown Gold Project, acquired in 2025, provides access to the Pine Cove Mill, a fully permitted, operational processing facility that will receive Queensway Phase 1 ore from Q4 2027, with commercial production targeted for 2028.
Hammerdown is in the final stages of its ramp-up to commercial production, defined as sustained 700 tonne-per-day throughput with consistent grade from the open pit. At steady state, the operation is projected to generate $40 to $50 million per year in free cash flow at an AISC of approximately $2,500 per ounce - sufficient to cover corporate overhead and fund the exploration program. The Pine Cove Mill is being doubled in throughput capacity as part of the Phase 1 capital program, removing the need for a separate processing facility at Queensway. A $220 million financing package closed in April 2026 funds Phase 1 construction, with $148 million in cash and marketable securities held as of May 2026.
Queensway Phase 1 targets approximately 100,000 ounces per year in the first two years at grades of 12 to 12.5 g/t and an AISC of around $1,300 per ounce. The PEA's base case at US$2,500 gold shows an after-tax NPV of C$743 million, an IRR of 56%, and payback of under two years. The operational team being assembled at Hammerdown, including newly promoted General Manager of Mines Mark Ross, will transfer directly to Queensway.
A 90,000-metre drill program is underway across a 110-kilometre land package, with the Dropkick zone, returning intercepts of up to 42.79 g/t Au over 14.95 metres and excluded from the current MRE, among the key targets. An updated resource estimate incorporating Dropkick is expected in 2026.
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Learn more: https://cruxinvestor.com/companies/new-found-gold
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Interview with Bradley Langille, President & CEO of GoGold Resources Inc.
Our previous interview: https://www.cruxinvestor.com/posts/gogold-resources-tsxggd-awaiting-final-permits-and-green-light-for-227m-silver-mine-6812
Recording date: 9th June 2026
GoGold Resources has secured the long-awaited environmental permit for its Los Ricos South silver-gold project in Mexico, clearing the final regulatory hurdle and enabling a formal construction decision. The company expects to begin mobilizing within weeks, marking a major transition from development to build. Backed by a strong financial position, GoGold holds approximately $280–285 million in cash against a total project capital requirement of $227 million, allowing it to fully fund construction without raising equity or taking on debt. This funding strength is supported by steady annual free cash flow of $70–80 million from its producing Parral mine.
The project is already well advanced, with roughly 75% of detailed engineering completed and key long-lead equipment, including the SAG mill and filter presses, secured. Major contractors have been engaged, and critical infrastructure such as a 36-kilometre power line is under construction. This level of preparation reduces execution risk and could accelerate the estimated 24-month build timeline.
Los Ricos South is expected to produce 7.3 million silver-equivalent ounces annually at a low all-in sustaining cost of $12 per ounce, positioning it as a high-margin operation. Notably, the mine’s design prioritizes early access to high-grade ore, which is projected to generate around $400 million in after-tax free cash flow within the first 18 months of full production—nearly double the initial capital investment.
At the same time, GoGold is advancing the nearby Los Ricos North project, located 18 kilometres away, with plans to align its permitting and development timeline to follow South. Together, the two projects form a broader district strategy that could support long-term production growth.
With a fully funded build, strong cash flow, and a clear expansion pipeline, GoGold is positioned as a financially resilient and operationally prepared player in the silver mining sector.
View GoGold Resources' company profile: https://www.cruxinvestor.com/companies/gogold-resources
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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-endeavour-xinhai-deals-transform-2026-outlook-8740
Recording date: 9th June 2026
East Star Resources (LSE:EST) is a London-listed mining company with a focused strategy: identify, advance, and partner world-class copper and gold assets in Kazakhstan, one of the world's most mineral-rich but systematically underexplored countries. The company has moved well beyond its origins as a conventional junior explorer. It now holds two major joint ventures — one with Xinhai Mining on its Verkhuba copper deposit, and one with Endeavour Mining across two Kazakh gold belts alongside a portfolio of 100%-owned projects led by the Rulikha copper deposit.
The core investment proposition rests on a simple structural advantage: East Star has secured the funding, operational capability, and technical resources of two large, credible mining companies to advance its assets, whilst retaining material economic interests without bearing the associated capital costs. At Verkhuba, Xinhai is funding the project through to production in exchange for 70% of the asset. East Star keeps 30%, free-carried. With a mining licence application targeted for submission this year, construction planned for end-2027, and first cash flow anticipated by end-2028, Verkhuba represents a defined, near-term pathway to copper production cash flow for East Star shareholders without a single further dilutive equity raise required on their part.
The Endeavour Mining joint venture operates on a different but equally compelling logic. Endeavour is committing up to $25 million across two exploration programmes in the Stepnogorsk and Karaganda regions, targeting a minimum 2-million-ounce gold discovery. East Star is free-carried at 20% through to prefeasibility. The company's CEO, Alex Walker, has been explicit about the scale of potential value: a 20% interest in a major gold deposit developed by a FTSE 100 operator could be worth, in his assessment, a billion dollars for East Star's share alone. That outcome is speculative and dependent on exploration success but the structure means East Star reaches the point of knowledge without paying for it.
Underpinning both JVs is a proprietary competitive advantage that is difficult to replicate. East Star's geological database combined with years of in-country relationship-building with local authorities, communities, and regional officials, gives the company an informational and operational edge in a jurisdiction where most international explorers are only beginning to establish a presence. Walker describes Kazakhstan in terms that evoke Western Australia a generation ago: a province of extraordinary endowment, with the majority of its mineral belts still available for systematic modern exploration.
Beyond the JVs, the 100%-owned pipeline including Rulikha at 23 million tonnes and 2.4% copper equivalent, alongside Rulikha North, Telescope, Picket, and Snowy, all provide additional optionality. Each asset carries independent discovery and JV potential, creating multiple pathways to value creation that are not dependent on any single outcome.
For investors seeking exposure to copper and gold in a structure that limits dilution risk, provides near-term production catalysts, and offers meaningful upside from major-company-funded exploration, East Star Resources warrants serious consideration.
View East Star Resources' company profile: https://www.cruxinvestor.com/companies/east-star-resources
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Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.
Our previous interview: https://www.cruxinvestor.com/posts/silvers-designation-opens-support-pathways-as-advanced-projects-target-2026-milestones
Recording date: 6th June 2026
Silver Tiger Metals has reached a major milestone at its El Tigre project in Sonora, securing the first Mexican construction permit granted to a foreign mining company since 2019. Now over three months into building a high-margin heap leach silver and gold mine, the project is fully funded by a recent USD 60 million financing round. With earthworks underway and a 50-person camp operational, the build currently remains ahead of schedule. Management anticipates the first doré pour by December 2027, officially transitioning the firm from a development-stage company into a near-term producer.
The financial projections for El Tigre are highly compelling. At current spot prices, the surface heap leach mine boasts a standalone after-tax net present value of roughly USD 800 million, an internal rate of return of 92 percent, and generates USD 100 million annually over an initial 10-year life. Crucially, the company also released an assessment for an adjacent underground mine featuring a 15-year lifespan and a USD 830 million valuation. Unlike many Mexican epithermal deposits where surface mining blocks deeper extraction, El Tigre’s underground ore body lies entirely outside the surface footprint. This spatial advantage allows both operations to run concurrently, sharing infrastructure and drastically reducing the initial capital expenditure for the underground expansion.
Beyond the established plan, Silver Tiger is aggressively pursuing exploration upside. Drilling has resumed on northern veins located 700 meters away, targeting an additional three million tonnes of silver equivalent. This expansion could nearly double the underground resource. Despite a recent dip in share price, the company views its current valuation as a massive discount to the combined theoretical project value of up to USD 1.8 billion. As the December 2027 production target approaches and debt providers actively compete to offer favorable financing terms, Silver Tiger is uniquely positioned to capitalize on a generational peak in precious metal prices.
Learn more: https://www.cruxinvestor.com/companies/silver-tiger-metals
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Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-mining-tsxvscz-undervalued-investment-series-with-arturo-prestamo-10185
Recording date: 9th June 2026
Santacruz Silver Mining entered 2026 with improving operations, rising financial strength, and a clearer path to growth across its Bolivian and Mexican assets. In the first quarter, the company produced about 2.3 million silver-equivalent ounces, including 1.3 million ounces of silver and roughly 21,000 tonnes of zinc, alongside smaller lead and copper output. Stronger silver prices and better operating performance helped drive a solid financial quarter, with management expecting production to rise further in the second quarter.
The company’s most important near-term focus is the Bolivar mine in Bolivia, where excess water in key mining zones has limited access to high-grade silver areas. Santacruz is carrying out a dewatering program to restore output from the Pomabamba and Nena veins, with a goal of returning to budgeted production levels by the fourth quarter of 2026. Management believes this recovery will not only lift silver volumes but also lower mining costs at one of its most important assets.
Despite more than a month of political unrest in Bolivia tied to tensions between President Luis Arce and former President Evo Morales, Santacruz says its operations have remained on budget and uninterrupted. The company has reduced risk by storing key supplies in advance and using rail for most concentrate shipments, limiting exposure to road blockages.
Santacruz is also positioning itself for the next phase of growth. It expects to move from the TSX Venture Exchange to the TSX main board within weeks, a step intended to improve liquidity and attract a broader investor base. Management also plans to launch a share buyback, signaling confidence that the market undervalues the business. Beyond Bolivar, the company is advancing Soracaya, a brownfield Bolivian asset with a strong silver profile, as its main medium-term growth project in a silver market supported by persistent supply deficits.
View Santacruz Silver Mining's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-mining
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