Company Interviews

Interview with Steven Sirbovan, CEO, ICG Silver & Gold
Our previous interview: https://www.cruxinvestor.com/posts/icg-silver-gold-cseicg-newly-listed-district-scale-play-fully-funded-for-drilling-9778
Recording date: 27th July 2026
ICG Silver & Gold Ltd. is a Nevada-focused precious metals explorer advancing the Tuscarora District, a roughly 10,000-acre, 100%-owned land package sitting at the intersection of the Carlin and Independence Trends in Elko County. Since listing on the CSE on 31 March 2026, the company's central task has been converting a large but fragmented historical dataset into a coherent, drill-ready district-scale thesis - and the latest update from CEO Steven Sirbovan suggests meaningful progress on that front.
The headline development is data, not drilling: ICG's historical drilling database has grown from 25,000 to 40,000 metres, pulled from lab archives and physical records dating back to the 1960s. Critically, a third-party mineral resource geologist has assessed that database - combined with the company's current 3,000-metre Phase 1 RC programme - as sufficient to support a maiden inferred resource without any additional core drilling. That's a meaningful capital-efficiency win for a company with a tight, roughly 43-million-share basic capitalisation (54.5 million fully diluted).
The Phase 1 programme itself, which commenced 2 July 2026 with Major Drilling International, budgeted at approximately $1.5 million, is sequencing six priority targets: Silica, Battle Mountain, and King's Vein in the Central Zone (roughly 80% of metres), followed by Grand Prize and East Pediment in the more silver-prospective East Zone, before returning to Modoc. Notably, South Navajo - the target with the deepest historical drilling and the district's best-known intercept (4.57m at 127.08 g/t gold, including 1.52m at 368.31 g/t gold, drilled by Novo Resources in 2016) - is being held back from Phase 1 entirely, with management confident in roughly 80% of the historical data there without further verification.
Sirbovan has framed the programme's real objective as testing continuity rather than chasing standalone high-grade hits: understanding whether a lower-grade halo exists between known veins, and whether targets like Modoc, Silica, and Battle Mountain - previously treated as one system - are structurally connected at depth. QA/QC on both historical and current drilling is being led by VP Exploration Korbon McCall, who has been re-verifying historical assay certificates directly against lab records.
Assay results are expected between August and October 2026, with a first mineral resource estimate targeted for Q1 2027 - management has cited an internal ambition of at least 500,000 gold-equivalent ounces as an initial baseline. Management, insiders, and significant shareholders hold over 25% of the tight capital structure. At an approximate C$18 million market capitalisation, ICG trades at a discount to profiled Nevada peers (C$24-160 million), several of which remain pre-resource themselves - leaving the upcoming assay and resource news flow as the key catalysts that could close that valuation gap, assuming results confirm the continuity thesis management has laid out.

Learn more: https://www.cruxinvestor.com/companies/icg-silver-gold
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Interview with Lewis Lawrick, President & CEO of Magna Terra Minerals
Recording date: 23rd July 2026
Magna Terra Minerals (TSXV:MTT) is a Toronto-headquartered exploration company advancing a diversified portfolio of precious and critical metals projects across two jurisdictions: Atlantic Canada and Santa Cruz Province, Argentina. The investment case centres on a management team with a specific, verifiable prior success in the same geological setting, a capital-efficient funding model built on partner-funded option agreements, and a first-mover copper-cobalt discovery that remains largely unexplored by outside analysts.
President and CEO Lewis Lawrick previously founded Anaconda Mining, which became Signal Gold and grew the Goldboro deposit in Nova Scotia from an inferred 700,000 ounces to more than 3 million ounces before merging with NexGold. Chief geologist David Copeland and senior geologist Tanya Tettelaar who are both part of that earlier success now apply the same systematic, data-driven targeting approach at Magna Terra, and management frames this continuity of team as the primary reason significant shareholder Michael Gentile who holds roughly 17% of the company took his position.
The portfolio's most technically distinctive asset is Humber, a 50,000-hectare, 100%-owned copper-cobalt project in western Newfoundland staked entirely on the company's own regional geochemical analysis, with no underlying royalty. A new discovery, the Birch Zone, now extends over 4.2 kilometres of strike with grab samples up to 1.26% copper, and management is targeting a first-pass drill programme by fall 2026 pending further geophysics. In New Brunswick's historic Bathurst Mining Camp, Rocky Brook has returned high-grade copper and gold values from trenching and surface sampling across a 30-kilometre land position, while the newly staked Prospect Or's Dream project has identified an epithermal gold vein system over a 7.2-kilometre strike length.
Rather than fund every project through dilutive equity raises, Magna Terra has optioned two assets to partners who are independently drilling them. Gold Hunter Resources holds an option on the Great Northern and Viking projects for total consideration of $10.075 million and began a 10,000-metre drill programme there in June 2026; Magna Terra's resulting approximately 19% equity stake in Gold Hunter (roughly 55 million shares) gives it leveraged exposure to that drilling without further capital outlay. In Argentina, Lunex Metals Corp. holds a $2.375 million option on the Luna Roja project and reported encouraging initial drill results in July 2026, including a new mineralised centre north of the historic discovery zone.
Financially, Magna Terra held just over $1 million in cash at the time of the underlying interview, with total working capital near $3.5 million once its marketable securities positions are included. Additional financing will likely be required to advance Humber past target generation. For investors, the near-term catalysts to watch are continued drill results from Gold Hunter and Lunex which are both funded independently of Magna Terra, alongside progress toward a maiden drill programme at Humber, represents the company's most differentiated, wholly-owned exploration target.
View Magna Terra Minerals' company profile: https://www.cruxinvestor.com/companies/magna-terra-minerals
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Interview with Raymond D. Harari, Director & CEO, and Enrique Reichhard, VP Exploration of Argentina Metals
Recording date: 23rd July 2026
Argentina Metals Corp (TSXV:VLLC) is a Canadian-domiciled copper exploration company built around a single macro thesis: Argentina shares the same Andean geological belt that makes Chile the world's largest copper producer, yet contributes almost nothing to global supply, and that gap is starting to close now that Mendoza Province has reopened to mineral exploration. CEO and co-founder Raymond D. Harari, working alongside Chairman Dr. Titus Gebel, co-founder of Frankfurt-listed Deutsche Rohstoff AG, has spent the past year assembling one of the first district-scale, clean-title land positions in the province: 26 projects totalling approximately 146,700 hectares, free of private royalties, NSRs, back-in rights or earn-in obligations beyond what is owed to the Province of Mendoza itself.
The flagship Las Estrellas Project sits within the Malargue District, roughly 1.5 kilometres from a neighbouring advanced target being drilled by Kobrea Exploration Corp's El Perdido project, and shows geological characteristics consistent with both the manto-style Río Damas Formation and the porphyry-style Huincán Formation. A December 2025 field programme returned rock chip samples as high as 9,978 ppm copper, and a January 2026 ground magnetic survey identified anomalies consistent with buried intrusive bodies and structural corridors favourable for Iron-Oxide-Copper-Gold or porphyry mineralisation. Importantly, no resource has yet been defined, and the project remains at an early, reconnaissance stage.
Corporately, the company has moved quickly since raising over C$5 million and listing on the TSX Venture Exchange in mid-June 2026. A Frankfurt Stock Exchange listing followed within weeks, aimed at reaching Europe's deeper mining investor base, and by early July the company had added Chris Paul (CEO, Hercules Metals) and Joaquin Marias (CEO, Argenta Silver) as technical advisors, joining VP Exploration Enrique Reichhard, a 45-year veteran of Codelco, Billiton and Teck across Latin America. The capital structure remains tight: insiders hold roughly 47% of shares outstanding under multi-year escrow, the top ten shareholders control over 70% of the register, and warrants and options represent less than 0.5% of shares outstanding.
The near-term roadmap is one of triage rather than blanket drilling. Of the 26 projects, eight to ten have been ranked as priority targets using public geochemical, magnetic and spectral data combined with the December sampling programme, and these are slated for ground geophysics starting October 2026 field season. The remaining properties will move through permitting for follow-up work the following season. Harari has been candid that the company is still deciding between an aggressive, well-funded single campaign and a more gradual, multi-season approach to preserve its cap table - a decision that will shape both the pace of news flow and dilution risk for shareholders.
View Argentina Metals' company profile: https://www.cruxinvestor.com/companies/argentina-metals-corp
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Interview with Shubham Garg, Executive Chairman & CEO of Prospera Energy
Recording date: 21st July 2026
Prospera Energy Inc. (TSXV:PEI) is a Calgary-headquartered heavy-oil producer executing a well-reactivation strategy across its Cuthbert, Luseland, Hearts Hill, and Brooks properties in Saskatchewan and Alberta. Since a board and management transition in October 2024, led by CEO and Executive Chairman Shubham Garg, the company has shifted away from new drilling toward reactivating wells that were shut in due to prior operators' lack of capital and technical focus rather than poor underlying geology.
The model is capital-light: each reactivation costs approximately $150,000, with typical payback in 6-8 months and a second payback cycle following within 12-14 months, as production continues to climb rather than decline in the manner of a shale well. Management has completed at least 17 reactivations to date against an inventory of more than 140 candidates, of which 42 have now been screened as "Tier One" and is expected to pay back in under nine months.
Financially, the company is mid-close on a $12 million non-brokered private placement at $0.04 per unit with proceeds split between the reactivation programme ($10 million) and working capital ($2 million). The balance sheet currently carries approximately $21 million of senior debt and $7 million of subordinated debt, both largely held by board members and large shareholders, alongside roughly $75.8 million in accumulated tax pools that management expects will shelter cash income tax for several years. The company has stated an intention to retire approximately $30 million in combined debt and royalty obligations within 24 months of the financing's close.
Production stood at approximately 800 boe/d gross up from a first-quarter average of 720 boe/d. Realized netbacks improved sharply through Q1 2026, from $4.78/BOE in January to $27.70/BOE in March, tracking a broader strengthening in Western Canada Select pricing tied to the Strait of Hormuz supply disruption. Management expects Q2 2026, due to be reported around mid-August, to be the company's strongest quarter to date, with a netback approaching $30/BOE.
On reserves, Prospera's 2025 year-end report shows 1P before-tax NPV10 of $130.6 million and 2P of $202.0 million, with proved developed producing value guided to grow from $27 million to approximately $65 million by year-end 2026 as newly reactivated wells are recognized. Management also anticipates a further positive technical revision once more production history accumulates on wells already outperforming initial decline assumptions, expected to show up in the April 2027 reserve report.
Risks include commodity price sensitivity (a stated pause threshold near $55/barrel WTI), execution risk around sand management in reactivated wells, and an unreconciled gap between the board-ownership figure cited by management (52%) and the insider-ownership figure shown in company materials (36%).
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Interview with Bart Jaworski, CEO of Group Eleven Resources Corp.
Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-drilling-irelands-best-zinc-silver-copper-discovery-in-decades-10810
Recording date: 21st July 2026
Group Eleven Resources has reported a significant new zinc-lead discovery at its Stonepark project in Ireland, highlighting fresh exploration potential beyond its existing resource base. The company intersected 2.8 metres grading 8.3% zinc and lead, including a high-grade section of 1 metre at 22%, within a broader 15-metre zone of altered and brecciated rock. Notably, this intercept lies approximately 550 metres from the current resource, marking the most encouraging step-out result since the company acquired the project in 2017.
Stonepark currently hosts an estimated 5 million tonnes grading around 11% zinc and lead, based on a 2018 NI 43-101 resource. The new intercept suggests the possible presence of an additional mineralised zone, which could expand the overall scale of the deposit. Management emphasized that this is the first meaningful hit at such a distance, reinforcing the idea that the system remains open for growth.
The project’s location further strengthens its potential. Stonepark sits just 1 kilometre from Glencore’s much larger Pallas Green deposit, which contains approximately 45 million tonnes of zinc-lead mineralisation. Both deposits are believed to be part of the same geological system, underscoring the broader exploration opportunity in the region.
In addition to zinc-lead exploration, the drill hole also tested a deeper copper-silver target for the first time, with assay results still pending. This adds another layer of potential upside.
Financially, Group Eleven is well-positioned, with C$18 million in cash following a recent financing. This supports a 70,000-metre drill program over two years, including 15,000 metres allocated to Stonepark. While the project remains in the exploration stage, the latest results point to meaningful expansion potential in one of Europe’s most established zinc-producing regions.
View Group Eleven Resources' company profile: https://www.cruxinvestor.com/companies/group-eleven-resources-corp
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