Company Interviews

Interview with Chad Peters, President and CEO, Ridgeline Minerals 
Our previous interview: https://www.cruxinvestor.com/posts/ridgeline-minerals-tsxvrdg-ngm-sale-funds-next-wave-of-nevada-exploration-11410
Recording date: 25th September 2026
Ridgeline Minerals (TSXV:RDG | OTC:RDGMF) is a Nevada-focused precious and base metals explorer. It has spent the past five years running a hybrid prospect generator model. Under that approach, major partners fund high-risk exploration while Ridgeline keeps interests carried through to production. In August 2026, the model produced its largest result so far. Ridgeline closed an all-cash sale of four early-stage gold projects (Swift, Black Ridge, Bell Creek and Atlas) to Nevada Gold Mines for US$23.15 million, or about C$32.7 million.
The sale came from a strategic judgement rather than a discovery. NGM had funded earn-ins at Swift and Black Ridge, and Peters said around US$16 million was spent over roughly four years. Drilling confirmed a large gold system at Swift, but NGM's attention was increasingly focused on Barrick's Fourmile deposit. Peters concluded that Swift could be shelved, so he negotiated a cash exit. The proceeds were non-dilutive and were paid for assets with no defined resource.
Ridgeline now trades close to its cash. Peters put cash at roughly C$30 million and market capitalisation at about C$33 million at the time of the interview. On that basis, investors are assigning little value to the Selena project, a carbonate replacement deposit (CRD) discovery made in 2025 and partnered with South32. The company also covers its overheads. Management fees and interest income total about US$200,000 a month, compared with G&A of roughly US$115,000.
Management's priority is capital allocation. Peters has ruled out simply scaling up the prospect generator model, which he considers slow and costly. He is instead looking for an acquisition or merger with exposure to copper, gold or silver. The preference is for the western US, with Canada and Mexico also considered. The target must have grade, scale and room for Ridgeline's technical team to add value through drilling. Small, incremental resources are excluded. Deal flow has been strong since the sale, helped by Peters' network after eight years as CEO.
Selena is the nearer-term catalyst. A three-to-four-hole programme is testing continuity with 100-metre step-outs, including a directional hole from discovery hole 53 aimed at higher copper and silver grades to the south. South32 plans to release all results together. Peters hopes to show continuity across a large footprint and has cited around 250 metres of strike and 50 metres of thickness as the kind of geometry he aims to demonstrate. Under the earn-in, South32 has spent US$8.5 million of its US$10 million first phase for 60%. It can then elect to spend a further US$10 million for 80%, leaving Ridgeline with a 20% free carry. Peters compares this with South32's Taylor deposit, whose build cost he put at around US$3 billion.
The 100%-owned Big Blue project adds further upside after a 2025 maiden intercept of 0.6 metres grading more than 3,200 g/t silver.
Learn more: https://www.cruxinvestor.com/companies/ridgeline-minerals
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Interview with Janet Lee Sheriff, Director & CEO of Verdera Energy
Our previous interview: https://www.cruxinvestor.com/posts/verdera-energy-tsxvv-high-grade-resource-in-new-mexico-positioned-for-us-uranium-growth-10515
Recording date: 25th September 2026
Verdera Energy Corp. (TSXV:V, OTCQB:VUECF) is a New Mexico-focused uranium developer built around in-situ recovery (ISR), the extraction method behind roughly 60% of global uranium output. The company holds private mineral rights over approximately 400 square miles of the Grants Uranium District, historically one of the world's most productive uranium regions and once a leading source of U.S. supply.
The portfolio spans four core projects. Crownpoint and Hosta Butte hold a current NI 43-101 estimate of 23.42 million pounds Indicated and 5.36 million pounds Inferred. Nose Rock, West Largo and Ambrosia Lake carry historic estimates that have yet to be verified as current resources. Following the sale of Treeline, the combined portfolio stands at roughly 86.6 million pounds of current and historic uranium.
Verdera's most distinctive asset is its data. The company acquired the Uranium Resources Inc. database with its enCore Energy spin-out and separately bought the Kerr-McGee archive. Together these cover about 90% of New Mexico's historic uranium records, including around 250,000 drill hole logs and, according to CEO Janet Lee-Sheriff, historic wellfield plans and designs. Staff in Durango, Colorado, are scanning and consolidating the records.
That archive is now being put to work in two ways. At West Largo, where the historic estimate totals 17.2 million pounds with the bulk grading 0.30% eU₃O₈, the team has recovered the original drill logs and is incorporating them into an NI 43-101 technical report. Management believes this may remove the need for validation drilling. Separately, the archive underpinned the sale of the non-core Treeline project to Americas Uranium, which closed on 24 September 2026. Verdera received US$100,000 in cash and C$200,000 in shares, with C$1.8 million more in shares due over 36 months and a retained 1.5% royalty. Management expects further transactions of this kind.
The company is well funded for its current stage. Lee-Sheriff cited about C$23 million in the bank, while the presentation shows C$24 million in cash and marketable securities at 31 August 2026. The company's own peer comparison puts Verdera at C$0.36 of enterprise value per pound, well below enCore at C$8.02 and Laramide at C$1.54. Part of that discount reflects the historic status of most of Verdera's resource base.
Social licence is the central non-technical challenge. New Mexico's legacy of conventional mining left strong community concerns, and past projects stalled at state level. Lee-Sheriff, who also leads the Clean Energy Association of New Mexico, is pursuing a two-track strategy of state and federal engagement alongside hands-on community work with tribes and residents. The Cibola County commissioners' three-to-two vote in favour of supporting ISR extraction, taken the day before the interview, is an early sign of shifting sentiment.
Key watch-items include the West Largo NI 43-101 report, further monetisation of non-core assets, county and state permitting signals, and the quarterly release of restricted enCore-related shares through February 2027. Verdera's stated long-term goal is production, delivered with partners experienced in ISR operations.
View Verdera Energy's company profile: https://www.cruxinvestor.com/companies/verdera-energy
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Interview with Max Porterfield, CEO, Visionary Copper & Gold Mines
Our previous interview: https://www.cruxinvestor.com/posts/visionary-copper-gold-tsxvvcg-20000m-drill-program-targets-resource-growth-in-newfoundland-10814
Recording date: 25th September 2026
Visionary Copper & Gold Mines Inc. (TSXV:VCG, OTCQB:VCGMF) is advancing Pt. Leamington, a 100%-owned gold-copper-zinc-silver VMS deposit in central Newfoundland. The deposit was discovered by Noranda in the 1970s but saw no exploration between 2004 and Visionary's Phase 1 programme in 2026. Its 2021 NI 43-101 resource contains 5.0 Mt of Indicated resources at 1.42% CuEq and 15.4 Mt of Inferred resources at 1.32% CuEq. The pit-constrained portion hosts roughly 500,000 ounces of gold, 170 Mlb of copper and about 680 Mlb of zinc.
Phase 1 comprised 10 holes totalling 3,556 metres. It extended the massive sulphide system to more than 1 km of strike and discovered Kraken, a copper stringer zone in the deposit footwall. Discovery hole PL-112 returned 75.8 metres at 0.45% copper, including 12.0 metres at 1.09% copper. Follow-up holes PL-115 and PL-118 also returned wide copper intervals. None of this mineralisation is included in the current resource. CEO Max Porterfield argues that the existing 20 Mt resource represents only the massive sulphide lens, and that the feeder system beneath it has never been systematically tested.
The company's next step is a 20,000-metre Phase 2 diamond drilling programme. About 90% of the budget will be spent at Pt. Leamington, with each hole passing through the lens and into Kraken. The programme targets conversion of about half of the 13.7 Mt of pit-constrained Inferred resources to Indicated, extension of the lens, and definition of Kraken for the next resource estimate. Porterfield also expects Kraken to improve the future pit's strip ratio, since material previously classed as waste could become mineralised feed.
Two further initiatives add optionality. First, a hyperspectral review of 48 historical holes identified eight with wide stringer intervals that were never fully sampled, and Visionary plans to resample up to 2,000 metres of core. Second, the company has consolidated about 3,575 hectares covering the down-plunge extension of the deposit and a 3 km segment of trend to the south. That ground contains five untested airborne EM conductors on the host horizon, two with historical massive sulphide boulders nearby. Part of the acquisition remains subject to TSX Venture Exchange acceptance.
The team includes Vice President of Exploration Jason Flight, who worked at FireFly Metals' nearby Ming deposit during its growth, and Peter Jones, former founding CEO of Hudbay Minerals. Newfoundland offers supportive permitting, a local drilling workforce and a deep-water port at Botwood.
The key risks are financing and grade. Phase 2 funding is still being completed, which implies dilution. Kraken's copper grades are moderate, and its value will depend on bulk-tonnage pit economics. The 2021 CuEq figures rely on dated price assumptions, and historical boulder and core observations have not been verified by the company's qualified person. Investors should watch for completion of the Phase 2 financing, assays from resampled historical core, and early Phase 2 holes into Kraken. Together these will indicate whether Pt. Leamington's next resource estimate can show meaningful growth.
Learn more: https://www.cruxinvestor.com/companies/visionary-copper-gold-mines
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Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-bolivar-recovery-and-tsx-uplisting-drive-2026-growth-strategy-10585
Recording date: 24th September 2026
Santacruz Silver Mining Ltd. (TSX:SCZ, NASDAQ:SCZM) is a multi-asset silver and zinc producer with four producing mines in Bolivia and Mexico, an ore feed sourcing business and a development asset. Higher silver prices have transformed its financial profile. The company realised an average of $76.33 per silver ounce sold in the first half of 2026, more than double the prior-year figure. First-half revenue rose 68% to $241.0 million and adjusted EBITDA rose 64% to $89.2 million.
The near-term operating story rests on three assets. At Bolivar, recovery from the May 2025 flood is progressing. Q2 2026 silver output rose 32% on the previous quarter, and management expects full dewatering in Q4 2026. A review of historical records identified two blocks grading 400 to 500 g/t silver. These have been drilled and modelled, and production is planned for early 2027. Management estimates they could add 8% to 10% to Bolivar's output.
At San Lucas, the company has acquired a dedicated mill in the Potosí district. This removes the conflict between third-party ore processing and the company's own mines. Management said the move frees around 500 tonnes per day of capacity on average, equivalent to roughly 15-20% at Porco.
At Zimapan in Mexico, drilling in a previously untested area has found zones grading around 200 g/t silver and 7% zinc. From 2027 this material should raise head grades toward 100 g/t silver and lift throughput from 74,000 to 80,000 tonnes a month. Combined, the three assets are expected to deliver around 10% production growth in 2027.
Soracaya is the main development catalyst. It hosts an Inferred Resource of 4.14 million tonnes at 260 g/t silver. Permits are expected within weeks and first production is targeted for December 2026. Management said the mine could produce close to 2.5 million ounces at full capacity. Because the resource is Inferred only, execution risk is higher than at the producing mines.
The balance sheet is strengthening quickly. Cash and marketable securities were $72.8 million at 30 June 2026, and the CEO said the figure was close to $120 million near the end of the third quarter. All organic growth is being funded from cash flow.
Capital allocation is the key strategic question. Management has ruled out a dividend for now and is seriously reviewing two acquisitions. Its criteria are a producing asset with more than 3 million ounces of silver or gold equivalent output, located in the Americas, preferably underground and narrow-vein. A precious metals acquisition would also reduce the company's reliance on zinc, which contributed 40.3% of first-half revenue.
Bolivar and Porco operate under a joint operation with state miner COMIBOL that runs until 2028, under which Santacruz receives 45% of profits. Bolivia carries political and regulatory risk, and earnings remain highly sensitive to the silver price. Near-term milestones include the Q3 production release, the Soracaya permit decision, the Bolivar dewatering and any announcement on the two potential acquisitions.
View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-mining
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Interview with Dan Barnholden, CEO, Luca Mining
Our previous interview: https://www.cruxinvestor.com/posts/luca-mining-tsxvluca-three-pillar-growth-plan-targets-200k-ounce-gold-equivalent-production-8374
Recording date: 25th September 2026
Luca Mining Corp. (TSXV:LUCA, OTCQX:LUCMF) is a Mexico-focused polymetallic producer with two operating mines, Campo Morado in Guerrero and Tahuehueto in Durango. In September 2026, the company announced two acquisitions designed to reshape its scale and commodity mix. The larger of the two is the proposed purchase of the Cozamin underground copper mine in Zacatecas from Capstone Copper Corp. (TSX:CS).
Luca has signed a definitive agreement to pay up to US$385 million for Cozamin. The upfront component is US$290 million, split between US$275 million in cash and US$15 million in shares. A US$35 million deferred payment falls due 12 months after closing, payable in cash or shares at Luca's option. Capstone can also receive up to US$60 million in copper-price participation payments if average LME copper prices reach set thresholds in 2027, 2028 and 2029. Closing is expected in Q4 2026, subject to approval from Mexico's Federal Antitrust Commission and the TSXV.
CEO Dan Barnholden describes the price as roughly two times cash flow. Capstone recapitalised Cozamin from 2020 using a US$150 million Wheaton stream, investing in new paste backfill and dry-stack tailings infrastructure. The mill has capacity of 4,400 tonnes per day and processes around 3,700 tonnes per day. Barnholden estimates mine-site free cash flow at US$140-150 million a year at current commodity prices. Because the economic effective date is 31 October 2026, cash flow accrues to Luca ahead of closing.
The investment case centres on exploration rather than optimisation. Capstone spent only US$2-3 million a year on exploration at Cozamin in recent years. Luca intends to spend US$7-10 million a year to extend a reserve base that currently runs to around 2030. Barnholden expects the programme to add at least five years of mine life, pointing to Cozamin's two-decade record of replacing depleted reserves.
Funding comes from a US$300 million package that includes term debt from Taurus and Macquarie, a bought deal led by National Bank of Canada Capital Markets, a private placement with Wheaton and Taurus, a new Wheaton silver stream and an equity backstop from Trafigura. Pro forma debt is about US$126 million, and the facility requires hedging of 25% of Cozamin's copper output from 2027 to 2029.
The second acquisition, El Barqueño in Jalisco, comes from Agnico Eagle Mines. Agnico drilled around 225,000 metres there over a decade. Luca has re-engineered the project as an underground mine targeting 50,000-75,000 ounces AuEq a year, funded by Cozamin cash flow. A change in state land-use designation means 12-18 months of legal work before drilling can resume.
At the existing mines, Luca is transitioning Tahuehueto from cut-and-fill to longhole mining and expects new technical reports by year-end. Barnholden says the stock trades at under three times next year's operating cash flow.
Investors should watch deal completion, the year-end technical reports, early Cozamin drilling results under Luca, debt reduction progress and El Barqueño permitting. Together, these will determine whether the market narrows the valuation gap that management describes.
Learn more: https://www.cruxinvestor.com/companies/luca-mining-corp
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