Company Interviews

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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Interview with Drew Clark, CEO, Summit Royalties
Our previous interview: https://www.cruxinvestor.com/posts/summit-royalties-tsxvsum-new-royalty-player-fills-sub-1b-market-gap-with-accretive-ma-9472
Recording date: 29th June 2026
Summit Royalties, a newly listed precious metals royalty company led by CEO Drew Clark, has taken a significant step in scaling its business with the acquisition of Star Royalties for approximately CAD $50 million. The transaction adds a high-grade, permitted, and currently under-construction gold stream at the Copperstone project in Arizona, strengthening the company’s near-term production profile and shifting its portfolio toward more advanced assets.
Following the deal, Summit has doubled its projected cash flow to roughly USD $20 million once all assets reach full production, up from an earlier estimate of $10 million. The company is targeting a production run rate of about 4,000 gold ounces by 2028, which could generate more than USD $15 million in annual revenue at current gold prices. These projections are anchored by two key assets: the Copperstone stream and a royalty linked to a Jaguar Mining project, both operated by well-capitalized, established mining companies. This reduces reliance on speculative development and lowers execution risk compared to early-stage projects.
Summit is also evolving its funding strategy. While early growth relied on equity financing, the company is now pursuing a revolving credit facility with a major bank, enabling it to use debt alongside equity to fund future acquisitions and potentially limit shareholder dilution.
Management emphasizes disciplined growth, noting that over USD $250 million in potential deals have been reviewed and rejected to maintain quality and value. Insider ownership stands at approximately 12%, aligning management with shareholders.
Overall, Summit Royalties is positioning itself as a rapidly growing but selective player in the royalty sector, focusing on low-risk, near-term production assets while expanding its financial flexibility to support continued portfolio growth.
Learn more: https://www.cruxinvestor.com/companies/summit-royalties
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Interview with Layton Croft, President & CEO, Carolina Rush
Our previous interview: https://www.cruxinvestor.com/posts/carolina-rush-tsxvrush-testing-deep-porphyry-potential-in-americas-first-gold-district-9470
Recording date: 1st July 2026
Carolina Rush has completed the first deep drilling program at its Brewer Gold-Copper project in South Carolina, confirming the presence of a copper-gold porphyry system beneath its historic near-surface gold mine. The program, consisting of three deep holes totaling 3,500 metres, marks a significant shift in the company’s exploration focus from shallow gold mineralisation to a larger, deeper target.
Results from hole 37 provided early indications of a porphyry system, including elevated copper levels, the presence of chalcopyrite, and characteristic quartz veining. More importantly, hole 38 delivered a breakthrough by intersecting copper-gold mineralisation beneath the lithocap for the first time. The hole returned multiple mineralised intervals, including 60 metres grading 681 ppm copper and 0.24 g/t gold within potassic alteration, a zone typically associated with the core of porphyry deposits.
A revised geological model, developed with porphyry expert Dr. Richard Sillitoe, suggests the system is tilted 20–30 degrees to the northwest rather than vertical. This interpretation implies that the mineralised core may lie at a shallower and more economically accessible depth than previously assumed.
The project is being advanced through an earn-in agreement with OceanaGold, which must invest US$8 million by the end of 2027 to earn a 50% stake. Carolina Rush remains the operator, while OceanaGold brings funding and regional infrastructure, including its nearby Haile gold mine.
With a defined near-surface resource of approximately 500,000 ounces of gold and growing evidence of deeper porphyry potential, Brewer represents a dual-opportunity asset. Assay results from the third hole are pending, and further drilling is planned to test the system along its interpreted northwest extension.
Learn more: https://www.cruxinvestor.com/companies/carolina-rush
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Interview with Philip Williams. Director & CEO of IsoEnergy Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-ltd-tsxiso-sequential-build-out-anchored-by-us-uranium-restart-9432
Recording date: 1st July 2026
IsoEnergy has moved through a period of significant portfolio development, anchored by the completed acquisition of Toro Energy, encouraging exploration results in Saskatchewan, and continued technical work toward a potential production restart in Utah. Together, these developments position the company across three of the jurisdictions most favoured by uranium investors: Canada, the United States, and Australia.
The Toro acquisition brought the Wiluna project into IsoEnergy's portfolio, adding three near-surface deposits containing an estimated 75 million pounds of uranium. The project's shallow depth, from surface to approximately 10 metres, and its history of federal and state permitting make it a comparatively advanced addition. Management has outlined a six-to-twelve-month plan to update Wiluna's resource estimate and economic study to current Canadian reporting standards, alongside additional infill drilling intended to improve confidence in the resource.
In Saskatchewan, drilling at the Hurricane deposit's "south trend" produced results that exceeded internal expectations. An area previously modelled to contain grades of 1–1.5% uranium instead returned intersections above 10%, including a best result of 11.6%, with a follow-up hole grading 2.75% roughly 550 metres from the existing resource. Hurricane already ranks among the highest-grade uranium deposits globally, with an indicated resource of 48.6 million pounds at 34.5% uranium. The south trend results suggest that high-grade mineralisation may extend beyond the boundaries of the current resource model, and the company plans to continue testing this trend as its 20-hole summer drilling programme resumes.
In Utah, IsoEnergy is evaluating a restart of the Tony M mine. A 2,000-tonne bulk sample is being processed through a beneficiation technology that has shown it can remove 75% of material volume while retaining over 90% of contained uranium in initial testing. These results will feed into an updated economic study, expected before the end of 2026, which management has indicated will inform the ultimate restart decision.
Financially, IsoEnergy reports approximately $130 million in cash, providing flexibility to fund study work and exploration across all three jurisdictions without near-term reliance on external capital. NexGen Energy, an early investor in the company, holds approximately 28% of shares outstanding following dilution from the Toro transaction.
Management has characterised its overall approach as sequencing three potential mines according to their individual stages of readiness: Tony M as the nearest-term production candidate, Wiluna as a three-to-five-year development project, and Hurricane as a longer-dated asset dependent on further exploration and potential collaboration with neighbouring operators. This framing reflects a broader intent to reduce the binary risk associated with single-asset uranium developers by diversifying across geography and development stage.
For investors, the near-term catalysts to monitor include the Tony M economic study due by year-end 2026, further assay results from Hurricane's south trend as the summer programme continues, and progress toward updated resource and economic disclosures for Wiluna over the coming months.
View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergy
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Interview with Colin Joudrie, President and CEO, Selkirk Copper 
Our previous interview: https://www.cruxinvestor.com/posts/selkirk-copper-tsxvscmi-high-grade-yukon-copper-restart-targets-mid-2028-production-10230
Recording date: 1st July 2026
Selkirk Copper Mines Inc. is advancing the restart of a previously producing copper-gold-silver operation, targeting first production by mid-2028. Positioned as a “restart story,” the project benefits from existing infrastructure, including a processing mill, camp facilities, and established site systems, significantly reducing the capital intensity and technical risks typically associated with new mine development. The company is focusing on incremental upgrades rather than rebuilding core infrastructure, while leveraging a substantial historical database to streamline engineering and planning.
Initial drilling results have reinforced confidence in the asset. A 175-hole Phase 1 program intersected economic-grade mineralisation in 87% of holes and identified two new mineral lenses near existing workings. These findings support the company’s broader strategy to develop an integrated mining operation combining open-pit and underground sources, with a roughly equal contribution in the early years and a gradual shift toward underground production over a projected 12-to-15-year mine life.
Selkirk is now progressing a 50,000-metre Phase 2 drill campaign focused on upgrading resources and advancing geotechnical studies. The program is ahead of schedule and will inform a feasibility study expected to begin in late 2026 and conclude by mid-2027. Updated economic and resource estimates are anticipated in July 2026.
Production planning targets approximately 30,000 tonnes of copper-equivalent output annually, supported by by-product gold and silver credits. To fund development, the company is pursuing non-dilutive options such as offtake agreements, project financing, and a potential silver stream, while avoiding the over-leveraging and permitting missteps that affected the previous operator.
With strong drilling results, existing infrastructure, and favorable metal price conditions, Selkirk aims to position the project as a lower-risk path to near-term copper production.
Learn more: https://www.cruxinvestor.com/companies/selkirk-copper
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