Company Interviews

Interview with Aaron Revelle, MD & CEO of Pursuit Minerals
Recording date: 5th August 2026
Pursuit Minerals is advancing a small-scale lithium development strategy in Argentina while preparing to test a newly defined gold-silver exploration system. The company’s flagship Rio Grande Sur project, located on the Rio Grande Salar in Salta province, is supported by a completed Pre-Feasibility Study for an initial 5,000-tonne-per-year lithium carbonate operation.
The study outlines a net present value of approximately $364 million, estimated capital costs of $120 million to $157 million and an internal rate of return of about 22%. With forecast operating costs of roughly $6,500 per tonne, the project is positioned in the lower quartile of the global cost curve. Pursuit has also produced technical-grade lithium carbonate with 99.5% purity from its pilot plant, providing practical validation of the proposed processing flowsheet.
The company is relocating the pilot plant to Rio Grande Sur to test the process using site brine and local operating conditions. It has also expanded its landholding by 1,362 hectares through an acquisition from REMSA, bringing the project’s total tenement area to approximately 10,595 hectares. Diamond drilling is now underway at the Mito target, where geophysical surveys identified a deep, basin-scale conductive anomaly.
Pursuit is assessing larger production scenarios through Stage 2 Pre-Feasibility Study addendums, including lithium carbonate and lithium chloride options. Its proposed development model is to secure an offtake partner, use project debt to fund the initial operation and expand production after the base plant generates cash flow.
The company’s second asset, the Sascha Marcelina gold-silver project in Santa Cruz province, has advanced following geological mapping that identified five priority targets. An induced polarisation survey is underway, with maiden drilling expected to begin from September 2026.
Pursuit held $3.068 million in cash at 30 June 2026 and owned a $4.82 million stake in Kendrick Resources. While its modest market capitalisation and low-capex strategy may offer leverage to improving lithium demand, securing construction finance remains the critical challenge.
View Pursuit Minerals' company profile: https://www.cruxinvestor.com/companies/pursuit-minerals-limited
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Interview with Philip Williams. Director & CEO of IsoEnergy Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-toro-acquisition-adds-75-mlbs-of-uranium-to-portfolio-growth-plan-10865
Recording date: 5th August 2026
IsoEnergy Ltd. (NYSE American: ISOU; TSX: ISO) has entered into a definitive agreement with DISA Technologies to form DISA Uranium Corporation, a new technology-enabled uranium company combining IsoEnergy's Utah mine portfolio with DISA's proprietary ore-processing and remediation businesses. Under the agreement, IsoEnergy will contribute its Utah Portfolio, comprising the Tony M Mine, Daneros Mine, Rim Mine, Sage Plain Project, and Flatiron Project, in exchange for 1,677,350 shares of common stock in the new entity.
DISA Uranium has secured commitments for a US$105 million private placement led by Tembo Capital, with strategic participation from BHP Ventures, Galvanize Climate Solutions, Valor Equity Partners, Evok Innovations, Halliburton Labs, and Veriten. IsoEnergy is contributing US$33 million to that round and will emerge as DISA Uranium's largest shareholder, holding approximately 33% on a fully diluted basis alongside two board seats. The financing implies a pro forma fully diluted equity value of roughly US$505 million for the new company.
At the core of the platform is DISA's High-Pressure Slurry Ablation technology, which preliminary testing at Tony M suggests can reduce feedstock volumes by around 78% while recovering approximately 88% of contained uranium, materially improving the economics of trucking and processing. DISA Uranium also holds the only US Nuclear Regulatory Commission license authorising uranium recovery from legacy mine waste across multiple sites, giving it access to more than 15,000 identified abandoned uranium mine locations across the western United States.
For IsoEnergy shareholders, the transaction crystallises value from a previously standalone asset base while preserving meaningful upside through continued ownership and governance influence. Management has also flagged early-stage plans to explore a new domestic uranium processing mill, the first of its kind built in the US in more than four decades, subject to feedstock consolidation. The transaction is expected to close in August 2026.
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Learn more: https://cruxinvestor.com/companies/isoenergy
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Recording date: 3rd August 2026
The royalty and streaming sector rarely moves this fast, yet seven structurally distinct transactions closed or were announced in barely two months—ranging from a US$1.9 billion uranium-and-land merger to a $132.5 million iron ore royalty tied to America's critical minerals push. The pace signals a sector adapting to a new reality: capital is increasingly pricing time-to-production risk, not just geological risk.
Uranium Royalty Corp's combination with Sweetwater Royalties dominates by headline value, implying a US$1.9 billion enterprise value for the Orion- and Ontario Teachers'-backed platform. Unlike conventional single-commodity deals, Sweetwater bundles uranium royalties with substantial land and trona-royalty positions in Wyoming. At the opposite end of the risk spectrum sits LunR Royalties' all-equity silver stream on Lundin Gold's Fruta del Norte mine in Ecuador—a deal with a payback period stretching into decades, reflecting how buyers must reach to compete with Silver Wheaton for scarce, high-quality silver assets.
Between these extremes lie diverse structures: Triple Flag Precious Metals' US$440 million gold stream on Queensland's newly restarted Ravenswood mine; Elemental Royalty Corp's C$327 million acquisition of Vizsla Royalties' district-scale Panuco NSR in Mexico; a zero-cost reserve expansion on Elemental's Karlawinda royalty expected to lift annual payments toward $12.3 million; The Metals Royalty Company's $132.5 million Mesabi iron ore royalty in Minnesota; and Canadian Copper Inc's $44 million project-finance package with OR Royalties.
Electric Royalties CEO Brendan Yurik warns that headline percentages mask critical buried terms. Automatic thresholds can halve or zero out payments once milestones are hit; net profits interests (NPIs) pay nothing if operators aren't profitable; and buyback clauses create asymmetric risks. Yurik's own firm holds 43 royalties across eight or nine metals in safe jurisdictions—a diversification strategy deliberately avoiding the single-asset concentration of $300 million-plus deals.
Underpinning the activity is a demand picture investors are only beginning to model. Five years ago, copper forecasts assumed linear EV adoption; today, AI-driven demand alone could add roughly 50% to consumption over coming decades, with robotics poised to rival that impact. Supply remains equally constrained: ore deposits take millions of years to form, permitting runs a decade or more, and many producing mines are in their final years. The royalty surge reflects capital positioning for a structural gap between demand nobody has fully modelled and supply that cannot expand on anything but a multi-decade timeline.
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Interview with Rodrigo Roso, Director & CEO of Scotia Metals
Recording date: 30th July 2026
Scotia Metals Corp has emerged as a significant new player in Canada’s lithium sector, positioning itself as the largest lithium landholder in Nova Scotia with 37,268 hectares across 43 licences. Formed through a July 2026 business combination, the company controls a land package extending more than 80 kilometres along a प्रमुख geological corridor, directly adjacent to the Brazil Lake spodumene deposit, which hosts an estimated 10 million tonnes grading 1.20% Li₂O.
Early exploration at Scotia’s flagship Green Wolf target has produced encouraging results, including more than 30 spodumene-bearing boulder samples grading between 1% and 3.40% Li₂O. The size, distribution, and angular nature of these boulders suggest multiple nearby pegmatite sources, indicating strong potential for bedrock mineralisation within the company’s claims.
Scotia Metals is led by CEO Rodrigo Roso and a management team with experience in building and exiting resource companies, including roles at Galaxy Resources, Allkem, and K92 Mining. The company raised approximately $5.8 million alongside its listing and maintains a tightly held share structure, with about 50% owned by insiders and 40% by long-term backers, aligning interests toward sustained project development.
The company plans to begin scout drilling in the third quarter of 2026, followed by more extensive resource-definition drilling aimed at supporting a maiden resource estimate. However, timelines for this milestone remain unclear, with guidance ranging from late 2026 to 2027.
Scotia benefits from strong infrastructure, including proximity to ports, highways, and power, as well as supportive provincial policies for critical minerals. With lithium prices rebounding sharply after a recent downturn and long-term demand driven by electric vehicles and energy storage, Scotia Metals is positioning itself to capitalize on a strengthening market while advancing one of Atlantic Canada’s most prospective new lithium districts.
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Interview with Chris Eger, CEO & Managing Director of Resolute Mining.
Our previous interview: https://www.cruxinvestor.com/posts/resolute-mining-lsersg-gold-turnaround-reaches-inflection-point-5324
Recording date: 30th July 2026
Resolute Mining is executing a multi-year transformation from a single-jurisdiction Mali gold producer into a diversified, four-country West African miner, and CEO Chris Eger's message to investors is that the market hasn't yet caught up with the progress made in 2026.
The near-term production base remains Syama (Mali) and Mako (Senegal), guided to a combined 250,000-275,000oz in 2026 at an AISC of $2,000-2,200/oz. Syama is completing a sulphide conversion project this year that lifts processing capacity to 4.0Mtpa, while Mako is bridging toward its next production phase via satellite deposits at Tomboronkoto and Bantaco, expected to extend that operation's life to 2033.
The growth story sits in Côte d'Ivoire. Doropo, acquired from AngloGold Ashanti in 2025, is now under construction and tracking toward first gold in H2 2028. At a US$4,000/oz gold price, the project's post-tax NPV is US$2,543 million with a 72% IRR and a 1.1-year payback — economics that look, on paper, difficult to ignore. Construction is well underway: 74 hectares cleared, 20km of access roads built, and key long-lead equipment packages awarded. Reserves of 2.5 million ounces sit within a 4.4 million ounce resource base that Eger expects to grow toward 3.5-4 million ounces of reserves over time.
A second Côte d'Ivoire asset, the ABC project, saw its inferred resource expanded to over 3.0 million ounces in July 2026, up from 2.2 million ounces, following an aggressive 31,000m drill programme. Management is positioning ABC as Resolute's potential fourth mine, targeting feasibility study completion by the end of 2027.
Financially, the company is in a strong position to fund this pipeline without near-term equity dilution: $317 million in net cash, $426 million in available liquidity, and freshly secured local bank facilities of $155 million (with $105 million more expected) to supplement Doropo's construction financing.
The key risk factor, and the one Eger addressed most directly, is Mali's evolving fiscal and security environment. Royalty rates have risen materially since 2024, shifting the government-operator cash split from roughly 50/50 toward 60-65% in the government's favour, a trend Eger frames as a broader African pattern rather than Mali-specific resource nationalism. Security incidents in late 2025 and April 2026 disrupted operations temporarily, though Eger describes the situation as improving as of his most recent site visit.
Valuation-wise, Resolute trades at the bottom of its West African peer group: 0.4x P/NAV, US$172/oz on reserves and US$63/oz on resources, all below the peer averages and, in several cases, the lowest in the comparable set. Management's thesis is straightforward: as Doropo comes online and the portfolio's geographic concentration in Mali falls from its current ~60% share of value, the valuation discount should narrow. For investors, the catalysts to watch over the next 12-18 months are Doropo construction milestones, ABC's feasibility progression, and any further developments in Mali's fiscal or security environment.
Learn more: https://www.cruxinvestor.com/companies/resolute-mining
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