Company Interviews

Interview with Anthony Margarit, President & CEO of K2 Gold
Our previous interview: https://www.cruxinvestor.com/posts/k2-gold-tsxvkto-high-grade-gold-project-nears-drilling-breakthrough-7843
Recording date: 22nd April 2026
K2 Gold (TSXV:KTO) has reached a meaningful inflection point. The company has received a Record of Decision on its Mojave Project in Inyo County, California completing a full Environmental Impact Statement process that typically applies to mine development, not exploration drilling. That distinction matters. K2 Gold navigated this regulatory gauntlet as an exploration-stage company, and in doing so has established a permitting position that competitors will find difficult and time-consuming to replicate.
The Mojave Project's east side gold trend is the primary near-term focus. Multiple parallel stacked oxide structures, dipping at approximately 70 degrees to the west, run across a 500-metre wide corridor along a 5 km trend. Mineralisation begins at surface, all material drilled to date is oxide, and the deepest planned holes average 220 to 250 metres without any previous operator having intersected the sulphide interface. Early shake-test metallurgical work has returned recoveries of 96–98%, a directionally positive early signal for processing simplicity, though systematic work remains ahead.
The Dragonfly target, where K2 Gold's 2020 highlight hole returned 86.9 metres at 4 g/t gold, anchors the east side programme. Eighteen drill pads are fully permitted across this zone, each accommodating four holes and positioned to be 43-101 resource compliant. Management's stated priority for 2026, however, is not resource definition but rather for target testing. The company has more high-priority undrilled ground than it can drill in a single season, which is a function of the project's scale rather than a limitation of capital or access.
The most significant undrilled target is located 1.5 kilometres north of Dragonfly, on the same structural system. Rock samples from this area have returned grades of up to 375 g/t gold with further samples of 142.5 g/t and numerous results above 30 g/t. This area carries no attributed resource value and has never seen a drill hole. The Stega and Flores targets add further depth to the undrilled queue, with channel samples grading 4–8 g/t and 4 g/t respectively over multi-metre intervals.
On the west side of the project, a 5 km copper trend supported by more than 200 many a century old historic workings and the polymetallic Morning Star area, adjacent to the historic Sarah Gorde silver mine, add optionality that has not yet been tested by modern drilling. Both areas sit on patented claims and are drill-accessible under existing permits.
The company's financial position reinforces its operational readiness. A C$25.25 million financing closed in January 2026, attracting K2 Gold's first institutional investor. All warrants have been exercised or expired, leaving a clean capital structure. Up to C$12 million has been allocated to exploration in 2026, and management has stated the company is funded beyond the year. The SI2 Nevada epithermal project provides additional near-term news flow, with assay results from a recently completed seven-hole programme expected imminently.
K2 Gold heads into 2026 with a funded exploration programme, a clean share structure, a fully permitted flagship project, and a drilling queue that spans multiple high-grade, undrilled targets. The geological and financial conditions are in place. The drill results will determine the outcome.
View K2 Gold's company profile: https://www.cruxinvestor.com/companies/k2-gold-corporation
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Interview with Sam Lee, CEO, Northisle Copper & Gold 
Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-district-scale-vision-with-wheaton-institutional-backing-8233
Recording date: 21st April 2026
Northisle Copper & Gold is advancing one of British Columbia's largest undeveloped copper-gold districts at a critical juncture for Western critical minerals development. The company recently raised over $150 million to fast-track its flagship project through pre-feasibility study following designation as a top priority within BC's Critical Minerals Office, marking a fundamental validation of both the project's strategic importance and technical merits.
Despite this institutional endorsement, Northisle trades at just 0.3 times analyst consensus net asset value—within the typical range for preliminary economic assessment-stage projects but below the 0.4-0.7x band associated with pre-feasibility stage assets. This valuation gap presents a systematic re-rating opportunity as the company achieves de-risking milestones throughout 2025 and 2026.
The published economics demonstrate considerable upside sensitivity to current commodity prices. The February 2025 preliminary economic assessment showed $5 billion after-tax NPV using $2,900 gold and $4.60 copper, whereas current analyst consensus stands at $3,400 gold and $4.70 copper. This pricing differential alone suggests substantial NPV expansion beyond the published figures.
Management is executing three parallel initiatives to enhance project economics: incorporating the 1.2-kilometer West Goodspeed discovery (showing 0.7-1% copper equivalent at surface) into Q2 2026 resource estimates; optimizing metallurgical recoveries through potential CIL plant twinning to increase Phase 2 gold recovery from 63% to 80%; and accelerating permitting timelines through government and First Nations partnerships.
Beyond the flagship deposit, Northisle controls 40 kilometers of a 50-kilometer porphyry district with 70 years of inherited exploration data valued at over $40 million. CEO Sam Lee characterizes this as a "free call option" on world-class discovery potential that doesn't factor into current valuations.
The capital structure strategy emphasizes diversified, low-cost financing sources. Wheaton Precious Metals' cornerstone investment positions the company to access precious metals streaming at 0-4% cost of capital, while strategic off-take agreements would unlock sub-2% Exim Bank debt. Management maintains 12-13% ownership and requires 3-5x returns on any equity dilution, ensuring shareholder alignment through development.
Learn more: https://www.cruxinvestor.com/companies/northisle-copper-gold
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Interview with Bruce Lane, Executive Director & CEO of American Uranium
Our previous interview: https://www.cruxinvestor.com/posts/american-uranium-asxamu-strategic-rebrand-partnership-targets-growing-nuclear-demand-7878
Recording date: 20th April 2026
American Uranium is rapidly advancing its flagship Lo Herma project in Wyoming's Powder River Basin to help meet a looming U.S. energy supply shortage. The company recently announced a significant interim resource update, reaching 9.45 million pounds of uranium at an improved average grade of 720 parts per million. Having completed the first half of a 121-hole drilling program, the development team is actively targeting optimal mineralization zones and upgrading resource confidence levels.
With an upcoming scoping study slated for the third quarter of 2026, American Uranium aims to showcase robust project economics. Early internal modeling points to a highly favorable financial outlook, estimating all-in sustaining costs around $40 per pound alongside initial capital expenditures of $60 to $70 million. These figures stand out as long-term uranium contract prices push toward the $100 per pound mark. To further bolster its development options, the company recently secured 1,000 acres of private mineral rights adjacent to existing resource boundaries, unlocking fresh exploration targets and streamlining future mine planning.
The Lo Herma project benefits immensely from its location in a premier mining jurisdiction with a 50-year history of in-situ recovery operations. Surrounded by established infrastructure and successfully permitted facilities, the company enjoys a largely de-risked regulatory environment. A recent $2.64 million capital raise provides the necessary funding to finish drilling, conduct crucial hydrological testing, and install water monitoring wells. By strategically checking off these technical milestones, American Uranium is positioning itself to initiate production by 2029 or 2030. This timeline aligns perfectly with a projected U.S. supply deficit of up to 50 million pounds, driven by an expanding domestic reactor fleet and surging energy demands from new technology sectors.
View American Uranium's company profile: https://www.cruxinvestor.com/companies/american-uranium
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Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.
Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-inc-tsxvecr-continuous-focused-drilling-resource-update-ahead-9429
Recording date: 21st April 2026
Cartier Resources Inc. occupies a rare piece of real estate in the global gold mining landscape. The Quebec-based junior explorer holds the only remaining significant exploration position on a 50-kilometre stretch of the Cadillac Fault in Abitibi — Canada's most prolific gold-producing structure — flanked on all sides by producing mines owned by majors including Agnico Eagle, Eldorado, and IAMGold.
With a market capitalisation of approximately $120 million and $7 million in cash, the company has quietly consolidated 15 kilometres of strike length along the fault, defining 3.2 million ounces of gold across four distinct mineralisation types. That variety of deposit styles is central to CEO Philippe Cloutier's investment thesis: this isn't a single-zone story, but a camp-scale system with multiple potential deposits that together could determine the optimal layout for a future mining operation.
The most immediate challenge facing Cartier is the disconnect between its current public economic assessment and reality. Its 2023 Preliminary Economic Assessment modelled a standalone mill at $1,750 per ounce gold — well below today's prices — producing capital cost figures that look punishing by current standards. An updated scoping study is in progress, expected to incorporate recent shallow high-grade discoveries, metallurgical results, and scenarios involving toll milling through neighbouring producers with excess capacity. No release date has been confirmed.
Agnico Eagle's major shareholding and the recent board appointment of industry veteran Glenn Mullan signal institutional confidence in the asset. The company is 50% through its current drill program, having already met all initial objectives, with new discoveries prompting a revised approach to the remaining work.
Near-term catalysts include updated economics at current gold prices, continued drill results, a planned OTC QB listing to reach U.S. retail investors, and growing M&A interest as senior producers seek permitted, development-ready projects.
View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-inc
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Interview with Mark Major, CEO of Krakatoa Resources
Our previous interview: https://www.cruxinvestor.com/posts/krakatoa-resources-asxkta-high-grade-antimony-project-targets-jorc-by-early-2026-7133
Recording date: 21st April 2026
Krakatoa Resources presents a uniquely undervalued opportunity in the critical minerals sector, advancing the high-grade Zopkhito antimony and gold project in Georgia to address Western supply shortages.
The company is currently valued at roughly $170 per ton of contained antimony, sitting at a steep discount to the $750 to $1,500 peer average. The Zopkhito deposit features an exceptional antimony grade of 11.6%, containing an estimated 26,000 tons of the critical metal alongside a significant upside of over 800,000 ounces of gold. This dual-commodity profile positions Krakatoa as a crucial future supplier for European markets, which currently face strategic antimony shortages and rely heavily on Chinese exports.
To minimize upfront capital risk and expedite cash flow, Krakatoa is executing a three-phased operational rollout. The initial phase focuses on near-term lump ore antimony production, benefiting from the site's active mining license which streamlines the permitting process. Later phases will introduce mechanized processing facilities and target the project's extensive gold mineralization. Additionally, the presence of historical Soviet-era underground tunnels enables cost-effective internal drilling, allowing the company to bypass expensive surface drilling and accelerate resource validation.
Krakatoa expects a series of value-driving catalysts throughout 2026 as it transitions into a development-stage company. The primary objective is delivering a formal JORC-compliant resource estimate by the end of the year, supported by recent drilling that validates over 20,000 historical sample points. The company is also advancing metallurgical studies, preliminary economic assessments, and offtake negotiations with European and global partners. By demonstrating extraction viability through its phased approach, Krakatoa aims to close its valuation gap and secure its role in the global critical minerals supply chain.
View Krakatoa Resources' company profile: https://www.cruxinvestor.com/companies/krakatoa-resources
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