Company Interviews

Interview with Robin Dunbar, President & CEO of Grid Metals Corp.
Our previous interview: https://www.cruxinvestor.com/posts/grid-metals-tsxvgrdm-positioning-for-near-term-production-in-the-ultra-rare-cesium-market-9448
Recording date: 6th August 2026
Grid Metals Corp. is advancing the Falcon West project in southeastern Manitoba toward a maiden mineral resource estimate for cesium and lithium. The company has commissioned SGS Canada Inc. to prepare a NI 43-101-compliant estimate for the Lucy South pegmatite, with results expected in fall 2026. The announcement represents a potentially important milestone because pollucite, the primary cesium-bearing mineral targeted at Lucy South, is exceptionally rare. Only three pollucite deposits worldwide have ever reached production.
Lucy South is located approximately 130 kilometres east of Winnipeg, directly beside the Trans-Canada Highway. Its mineralisation is shallow, occurring from less than two metres to roughly 40 metres below surface. Drilling has outlined a cesium-rich zone measuring approximately 120 by 50 metres. Recent results included an intercept grading 5.44% cesium oxide and 1.52% lithium oxide over 2.75 metres, including 1.55 metres grading 8.49% cesium oxide.
Grid believes the project could be developed using a relatively simple processing approach. The proposed flowsheet involves crushing and X-ray transmission ore sorting, without water, flotation, milling, or a tailings facility. Management has estimated total project capital costs at less than C$10 million, comparing the concept more closely to a quarry than a conventional mine.
The project is supported by Avenir Minerals, a wholly owned subsidiary of Agnico Eagle Mines. Avenir invested C$3.75 million for an initial 15% interest in Falcon West, while Grid retains 85% and operatorship. Avenir also holds options linked to the Lucy South resource, a future preliminary economic assessment, and mine-plan milestones.
Beyond cesium, Grid offers exposure to a broader Manitoba portfolio. Teck Resources is funding work at the Makwa nickel project, Boliden can earn an interest in Thompson East, and Grid also holds the Mayville copper and Donner lithium projects.
The Lucy South resource estimate is therefore both a technical milestone and a potential valuation catalyst, while the company’s partner-funded portfolio provides diversification across several critical minerals.
View Grid Metals' company profile: https://www.cruxinvestor.com/companies/grid-metals-corp
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Recording date: 6th August 2026
Olive Resource Capital posted a modest decline in July, with its portfolio down just over 1% for the month. Management characterizes the result as effectively flat, given the heightened volatility that defined the period and the fund's favorable performance relative to its internal peer benchmark.
Oil and copper led commodity markets higher during July. Oil rebounded on renewed tensions around the Strait of Hormuz, while copper climbed to fresh yearly highs as Chinese warehouse inventories drew down faster than anticipated and production disruptions hit major Chilean mines. Together, these factors created a constructive supply-demand backdrop that management expects to persist in the near term.
Precious metals staged a late-month recovery, supported by a US dollar reversal tied to the Federal Open Market Committee's July meeting. Despite gains in gold and silver, precious metals equities broadly lagged, with some declining even as underlying metal prices rose. This divergence between commodity prices and related stocks has been a recurring theme through the first half of 2026.
Olive Resource Capital used the month's volatility strategically. Management deployed capital during risk-off periods and leveraged thinner summer liquidity to add positions in energy, uranium, copper, and gold. Notable additions included new buying in CANEX Metals following its consolidation with Gold Basin Resources, and continued accumulation in Prospector Metals, which has moved into the fund's top ten holdings.
Looking ahead, management is watching for early drill results from Prospector Metals in early September as a key near-term catalyst. The fund is also positioning for a seasonal pickup in news flow and financing activity through the autumn, consistent with its historical pattern of using the July-August window for accumulation ahead of stronger market conditions in the fall.
The Strait of Hormuz situation remains the dominant macro driver, though management notes the market appears to be growing less sensitive to individual headlines as investors conclude the current level of aggression is unsustainable for all parties involved.
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Interview with Hugh Agro, President & CEO of Revival Gold Inc.
Our previous interview: https://www.cruxinvestor.com/posts/made-in-america-revival-gold-tsxvrvg-the-case-for-us-based-gold-development-10516
Recording date: 6th August 2026
Revival Gold Inc. (TSXV:RVG) is a Toronto-headquartered gold developer advancing two brownfield, pure-gold assets in the western United States: the Mercur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho. Both sit on historically productive ground with existing infrastructure, which the company argues reduces development risk and capital intensity relative to greenfield alternatives.
Mercur, at the preliminary economic assessment (PEA) stage, is the company's near-term production driver. The May 2025 PEA outlined a 66 Mt resource grading 0.60 g/t gold for 1.275 million ounces contained, average annual production of 95,600 ounces over a 10-year mine life, initial capex of $208 million, a 56% after-tax internal rate of return, and an after-tax NPV of $741 million at a 5% discount rate and $3,000 gold (rising to $1,270 million at $4,000 gold). The company is roughly halfway through an 18,000-metre drilling programme aimed at converting inferred resources to measured and indicated categories, with a Preliminary Feasibility Study targeted for completion by the end of Q1 2027 and construction decision expected in 2028.
Beartrack-Arnett is further along, at Preliminary Feasibility Study (PFS) stage for its first-phase open-pit heap leach restart, with a 2023 PFS outlining 65,300 oz gold per year over eight years at $1,248/oz all-in sustaining cost, $109 million pre-production capex, and an after-tax NPV of $484 million (80% after-tax IRR) at $3,000 gold. Behind that sits a second-phase, higher-grade underground opportunity at the Joss zone, currently an inferred resource of 877,000 ounces at 4.05 g/t. A 5,500-metre 2026 drilling programme targeting expansion of that underground resource recently returned one of the project's strongest intercepts to date: 3.43 g/t gold over 131.7 metres, including 6.56 g/t gold over 42.5 metres, at hole BT26-255D, extending known continuity to roughly 850 metres of vertical extent. The zone remains open along strike and at depth.
Combined, the two projects represent an after-tax NAV of $1.225 billion at a 5% discount rate and $3,000 gold price, against a basic market capitalisation of approximately C$211 million, a 0.11x price-to-NAV ratio that the company positions against a 0.35x average for US developer peers, citing S&P Global Market Intelligence data. Estimated cash of C$27.8 million is stated to fund both projects through to Mercur's construction decision.
Ownership is institutionally weighted, with institutions and corporates representing 59% of the capital structure, including EMR Capital, Konwave, and Dundee Corporation among named holders. Basic shares outstanding stand at 319.4 million, with 359.6 million fully diluted.
Key near-term catalysts include the Mercur PFS (end of Q1 2027), pending Joss wedge-hole assay results, initial Mercur metallurgical column test results (expected before the end of August 2026), and continued Mercur infill and expansion drilling results through the remainder of 2026.
View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-inc
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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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