Company Interviews

Recording date: 26th May 2026
Olive Resource Capital views the current phase in commodity markets as a healthy, seasonal consolidation following a strong start to the year. While metals and mining equities have largely moved sideways, this reduced volatility is seen as constructive rather than concerning. According to President and CEO Samuel Pelaez and Executive Chair Derek Macpherson, calmer market conditions often create a gradual upward bias, even as broader investor attention shifts toward high-performing sectors like technology.
Olive Resource adjusted its portfolio to reflect rising geopolitical risks, particularly those linked to supply disruptions in the Strait of Hormuz. As a result, exposure to Australia and Asia-Pacific mining equities has been significantly reduced, with capital redirected toward cash or regions offering stronger supply-chain reliability. This shift reflects a broader conviction that deglobalisation is accelerating, increasing the strategic importance of mining assets located in politically aligned and stable jurisdictions.
Deglobalisation trends driven by pandemic-era disruptions, geopolitical conflicts, and export restrictions on critical minerals are reshaping investment priorities. Assets in Western countries, even for commodities once considered uneconomic to produce domestically, are gaining value due to their security of supply.
Within this context, Olive Resource Capital is emphasizing company-specific opportunities over macro-driven bets. Recent portfolio additions, including White Gold Corp, Prospector Metals, Goldsky Resources, Valhalla Metals, and ValOre Metals, were selected for strong management teams and near-term catalysts such as drill results, resource estimates, and project advancements.
Macpherson and Pelaez also highlighted a consistent seasonal strategy in junior mining equities: accumulating positions in the spring as exploration begins, and trimming exposure in the fall when results are released and financing activity increases. Overall, the firm’s approach centers on jurisdictional reliability, operational catalysts, and disciplined timing in a market where broad momentum remains limited.
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Interview with Stephen Soock, VP Investor Relations & Development, Heliostar Metals
Our previous interview: https://www.cruxinvestor.com/posts/heliostar-metals-tsxvhstr-self-funded-growth-fuels-push-to-300000-gold-ounces-per-annum-9450
Recording date: 20th May 2025
Heliostar Metals is advancing a multi-phase strategy to transform itself into a mid-tier gold producer, targeting annual output of 300,000 ounces by the end of the decade. The company’s recent performance highlights both operational momentum and financial strengthening, supported by three producing assets and a growing development pipeline.
In the first quarter of 2026, Heliostar produced 11,743 ounces of gold at all-in sustaining costs of $1,996 per ounce, generating $14 million in net income. Working capital increased significantly from $40 million to $70 million, reflecting strong cash flow even as the company continued investing in exploration and development. While costs benefited from temporary by-product credits, full-year guidance remains around $2,100 per ounce.
San Agustin has returned to production and is expected to deliver 50,000 to 55,000 ounces annually, with potential to extend its current 14-month mine life through ongoing drilling. At La Colorada, the company is transitioning to higher-grade sources while using innovative leaching techniques to extract additional value from existing material.
Heliostar’s flagship Ana Paula project in Mexico is central to its long-term growth. The underground development is advancing toward a feasibility study in mid-2027, with a construction decision to follow. The project targets annual production of 100,000 ounces by late 2028 and benefits from strong local support and existing infrastructure.
The recent acquisition of the Goldstrike project in Utah adds one million ounces of measured and indicated resources, enhancing future production optionality while preserving near-term capital through deferred payments.
Heliostar expects to generate approximately $150 million in internal cash flow over the next 2.5 years, funding much of its development pipeline. Combined with disciplined execution and selective financing, the company is positioning itself for sustained, self-funded growth.
Learn more: https://www.cruxinvestor.com/companies/heliostar-metals
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Interview with Gary Lohman, COO & VP Exploration, and Patrick J. Cruickshank, President & CEO of Thistle Resources
Recording date: 20th May 2026
Thistle Resources Inc., a recently listed explorer on the TSX Venture Exchange, is positioning itself at the crossroads of rising demand for gold and critical minerals through a diversified portfolio in Canada’s Bathurst Mining Camp. The company controls five projects, with a strategic focus on three key assets: the Middle River Gold deposit, a large volcanogenic massive sulfide (VMS) target, and the high-grade Brunswick Antimony project. This multi-commodity approach reduces reliance on a single resource while offering multiple pathways for value creation.
The flagship Middle River Gold project demonstrates strong scale potential. It hosts two distinct zones: a near-surface system extending to 130 meters depth with approximately 7 kilometers of mineralized folding—largely untested—and a deeper zone at 400 meters that exhibits one of the strongest geophysical conductive responses recorded in the region. Early drilling has confirmed consistent gold mineralization, while advanced surveys by two independent geophysical firms have significantly improved targeting confidence. The company is aiming to define a resource of up to 2 million ounces through systematic drilling.
Equally compelling is the Brunswick Antimony project, որտեղ exceptionally high-grade mineralization occurs at surface, including antimony exceeding 10%, along with significant silver and gold values. Located near historic producing mines, the project benefits from existing infrastructure and growing geopolitical interest in securing non-Chinese sources of critical minerals. Antimony prices have surged in recent years, enhancing the project’s economic potential even at modest scale.
Operationally, Thistle benefits from a favorable jurisdiction with rapid permitting, strong infrastructure, and low drilling costs of roughly CAD 100 per meter. Fully funded for two years and equipped with active drill programs through 2026, the company is well positioned to advance its assets. With multiple catalysts ahead and exposure to both precious and critical minerals, Thistle represents a diversified exploration opportunity in a proven mining district.
View Thistle Resources' company profile: https://www.cruxinvestor.com/companies/thistle-resources
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Interview with Allen Sabet, CEO of Mogotes Metals Inc.
Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxvmog-drilling-filo-sur-along-filo-del-sol-trend-results-in-may-june-9532
Recording date: 19th May 2026
Mogotes Metals has reported a significant high-grade copper-gold discovery at its Filo Sur project in Argentina, marking a pivotal step in advancing the largely underexplored property. Drilling at the Albor target intersected 86 meters grading 0.7% copper, 0.55 g/t gold, 2.7 g/t silver, and 169 ppm molybdenum, including a higher-grade core of 43 meters at 1.1% copper and 0.82 g/t gold. These results exceed all previous drilling on the property and confirm the presence of robust mineralisation near surface, a key factor for potential open-pit development.
The project lies directly adjacent to the Filo del Sol deposit, one of the most important copper discoveries in recent decades. Geological features at Albor, including multiple mineralisation phases and hypogene epithermal overprinting, closely resemble those observed at Filo del Sol. Mineral assemblages and alteration patterns suggest proximity to a porphyry center, indicating potential for a much larger system.
Despite this progress, the property remains in an early exploration stage. Mogotes has drilled only 6,800 meters across an 8-kilometer strike length, with approximately half of assay results still pending. Multiple additional targets identified through geophysical and geochemical surveys remain untested, highlighting substantial upside potential.
The company is well funded, with $42 million in cash to support aggressive follow-up drilling. A new campaign is scheduled for November 2026, allowing rapid advancement of priority targets once remaining results are received. Beyond Argentina, Mogotes has also acquired projects in Kazakhstan and Montana to enable year-round exploration and reduce reliance on a single asset.
Overall, the discovery at Albor strengthens the company’s geological thesis and positions Mogotes Metals as an emerging player in a highly prospective copper district at a time of growing global demand for the metal.
View Mogotes Metals' company profile: https://www.cruxinvestor.com/companies/mogotes-metals
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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-tsxvnfg-205m-package-funds-queensway-to-production-9927
Recording date: 5th May 2026
New Found Gold has secured a total of $220 million in financing, combining a $105 million facility and a $115 million equity raise backed by prominent investors such as Eric Sprott. This funding fully covers the development of its flagship Queensway Gold project in Newfoundland, exceeding the $155 million capital expenditure outlined in its preliminary economic assessment. Importantly, the company does not need to draw the optional second tranche of financing, giving it additional financial flexibility as it advances toward production targeted for late 2027.
Queensway stands out for its high-grade ore, averaging 10 to 12 grams per ton in the शुरुआती years, which is significantly above industry norms. The project is expected to produce around 100,000 ounces of gold annually, with all-in sustaining costs estimated at $1,300 per ounce. At current gold prices, this translates into more than $2,300 in free cash flow per ounce, positioning Queensway as a high-margin operation with strong economic resilience.
In parallel, New Found Gold is progressing its Hammerdown mine toward commercial production in the second half of 2026. Ore from Hammerdown is processed at the Pine Cove mill, which is currently operating at 700 tons per day and is being expanded to 1,400 tons per day to support future Queensway output. This use of existing infrastructure reduces both development risk and capital requirements.
Key milestones include groundbreaking for the Pine Cove expansion by mid-2026 and securing an early works permit for Queensway by the third quarter of 2026. With minimal financing restrictions, strong investor backing, and a clear development roadmap, the company has established a well-defined and largely de-risked path to becoming a multi-asset gold producer.
View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold
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