Company Interviews

Interview with Craig Hallworth, President & CEO of Gunnison Copper
Our previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxgcu-new-pea-with-18-24-month-pfs-timeline-9611
Recording date: 8th July 2026
Gunnison Copper is positioning itself as a rising U.S. copper producer under new CEO Craig Hallworth, who recently stepped up from CFO following a leadership transition. The company has rapidly advanced its operations, bringing the Johnson Camp mine in Arizona into production within 18 months and using that momentum to progress its much larger flagship Gunnison project, which could supply up to 10% of current U.S. refined copper demand.
A major priority has been financial restructuring. Gunnison successfully eliminated legacy secured debt in early 2026 and settled convertible debentures at a significant discount, strengthening its balance sheet and improving investor confidence. Institutional ownership has grown substantially, reflecting increased market credibility.
Operationally, Johnson Camp is already producing copper cathode using Rio Tinto’s Nuton leaching technology, with output sold domestically, including to Amazon Web Services. The project has also qualified for U.S. federal tax credits and may benefit from additional state-level incentives.
The flagship Gunnison project presents compelling economics, with an estimated after-tax value of nearly $2 billion and a 22.5% internal rate of return. Despite this, the company trades at a steep discount to peers. Management attributes this gap to its earlier-stage development status and sees significant upside as permitting, drilling, and feasibility work advance.
A key differentiator is Gunnison’s integrated acid plant strategy, designed to mitigate supply chain risks and reduce reliance on imported sulfuric acid. Combined with an already-permitted site and low litigation risk, this supports a streamlined development pathway.
With a large-scale drilling program underway and ongoing metallurgical testing, Gunnison aims to expand its resource base and attract a strategic partner ahead of a targeted construction decision by mid-2028, aligning with growing U.S. demand for domestically sourced critical minerals.
View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copper
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Panel Interview with
Michael Hodgson, CEO of Serabi Gold PLC
Alan Carter, President & CEO of Cabral Gold Inc.
Thiago Diniz, VP Exploration of ValOre Metals
Recording date: 7th July 2026
Brazil is emerging as an increasingly attractive mining jurisdiction, according to executives from Serabi Gold, Cabral Gold, and ValOre Metals, who discussed the country’s regulatory environment, infrastructure, and investment climate. While Brazil’s federal mining framework is widely viewed as stable and predictable, challenges persist at the state level, particularly in newer mining regions such as Pará. There, under-resourced agencies often delay permitting, leading companies to rely on temporary “guia” licenses to maintain project timelines.
Despite these bottlenecks, investor sentiment toward Brazil has improved significantly. What was once considered a “Brazil discount” in mining valuations has, according to industry leaders, shifted to a “Brazil premium.” This change is driven by strong gold prices, increased participation from major global miners such as Vale, BHP, and Anglo American, and growing access to both institutional and retail capital. Brazil’s mining sector also plays a major economic role, contributing billions in revenue and exports.
Infrastructure development has further strengthened the investment case. In the Tapajós region, new highways have reduced costs, connected mine sites, and improved community relations by generating local economic benefits. However, success in Brazil depends heavily on early and sustained engagement with state regulators and local stakeholders, as these relationships often determine permitting outcomes more than federal involvement.
Operationally, companies report a generally capable domestic workforce, though specialized skills and imported equipment can present constraints. Meanwhile, Brazil’s geological potential remains underexplored, with only about 30% of the country mapped in detail.
Looking ahead, Serabi aims to double gold production, Cabral is advancing toward first production in 2026 with active drilling, and ValOre is progressing toward a preliminary economic assessment while pursuing acquisitions. Overall, Brazil is increasingly viewed as a competitive and promising destination for mining investment.
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Interview with Nicholas Holthouse, MD of Mont Royal Resources
Our previous interview: https://www.cruxinvestor.com/posts/mont-royal-resources-asxmrz-ashram-pea-nears-as-capex-slashed-50-and-fluorspar-upside-emerges-10160
Recording date: 8th July 2026
Mont Royal Resources Limited (ASX:MRZ, TSXV:MRZL) has used the past month to substantiate its case as a scale rare earths developer positioned to help address Western critical minerals supply gaps. The centrepiece is an updated Preliminary Economic Assessment for the company's 100%-owned Ashram Rare Earths and Fluorspar Project in Nunavik, Québec, released and followed by the formal NI 43-101 Technical Report required under Canadian disclosure rules.
The updated PEA confirms Ashram as a 30-year, large-scale development. On a post-tax basis, the project delivers an NPV8 of C$2.03 billion, an IRR of 22.0%, and payback of 3.9 years from the start of production; pre-tax figures are stronger, at C$3.44 billion NPV8 and 25.6% IRR. Life-of-mine revenue is forecast at C$24.6 billion, with EBITDA of C$15.5 billion (a 62.7% margin), driven by average annual production of approximately 17,466 tonnes of saleable rare earth oxide, including roughly 4,035 tonnes of NdPr oxide. Initial capital expenditure is estimated at C$1.23 billion, including a 30% contingency, with the Company also anticipating C$342 million in refundable Clean Technology Manufacturing tax credits.
The updated Mineral Resource Estimate totals 204.3Mt (73.2Mt Indicated at 1.89% TREO and 131.1Mt Inferred at 1.91% TREO), with the mine plan drawing on only around 25% of that base over its 30-year life leaving room for future expansion, including the currently excluded BD-Zone. NdPr, the primary magnet metal pairing, represents approximately 21% of the resource's total rare earth oxide content, a distribution that positions Ashram to supply the higher-value end of the rare earth basket into markets forecast to grow at 8-12% annually through 2050.
Beyond the economic study, Mont Royal is managing two other active workstreams. First, the company acknowledged an independent, Nation-led initiative from the Naskapi Nation of Kawawachikamach to evaluate potential regional access corridor options, a process Mont Royal says it respects but does not control, running in parallel to its own engagement with Inuit, Naskapi and Innu communities on Ashram-related infrastructure. Second, the company's 75%-owned Northern Lights Minerals project is undergoing a helicopter-supported gold till-sampling survey across the Chateaufort Property, targeting ground directly along strike from Benz Mining's 1,005,000oz Eastmain gold deposit, with preliminary data expected in August 2026 and a full report in Q3.
For investors, the key considerations are straightforward. On the positive side: a resource base and NdPr distribution that stack up well against global peers, PEA economics that clear the bar for progression to Pre-Feasibility Study, and access to Canadian government funding support, including the anticipated tax credit allocation. On the risk side: the PEA carries a ±50% accuracy range typical of scoping-level studies, no off-take agreements or committed financing are yet in place against the roughly C$1.23 billion initial capital requirement, and the assumed third-party access-road cost model has not yet been formalised into an infrastructure agreement. Permitting is expected to take several years given the project's location within federally and provincially regulated territory under the James Bay and Northern Québec Agreement.
The Company has targeted the second half of 2026 for the start of Pre-Feasibility Study work, alongside continued permitting, environmental baseline studies, and strategic partnership discussions as the next set of milestones to track.
View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources 
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Interview with Nolan Peterson, CEO of Atlas Salt
Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-no-competitors-lowest-cost-producer-a-mining-story-built-for-certainty-10812
Recording date: 8th July 2026
Atlas Salt has advanced its Great Atlantic Salt Project in Newfoundland from pre-development into active construction, marking a key milestone for the company. Since construction began in February, work has shifted to feasibility-study-funded capital expenditures, meaning current activities are part of the permanent mine infrastructure rather than preparatory steps. Backed by recent financing, the company has maintained steady progress through the 2026 construction season.
Early-stage work has focused on site clearing, overburden removal and storage, subgrade preparation, and initial road and drainage infrastructure. These efforts are designed as long-term assets for the project. The next major milestone, excavation of the box cut and development of a 1.5-kilometre underground drift, is still several months away and will be critical in determining the project’s technical performance.
Initial geotechnical observations have been encouraging, with ground conditions appearing drier and more stable than expected. If confirmed, these conditions could reduce both construction time and capital costs, though further testing during drift development will be necessary to validate these early findings.
On the regulatory side, Atlas Salt has secured permits covering over $150 million in early works. In addition, local authorities have shifted to a streamlined permitting approach aligned with provincial approvals, reducing administrative complexity and signaling strong regional support.
The project aims to produce 4 million tonnes of de-icing road salt annually, targeting undersupplied markets in the northeastern United States, eastern Canada, and Atlantic Canada. Execution is supported by an experienced in-house team and engineering partner Hatch, with a phased staffing strategy intended to reduce risk during peak construction.
Overall, Atlas Salt’s transition into active construction, combined with favorable early conditions and improved permitting, positions the project for continued advancement toward full-scale production.
View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-salt
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Interview with Darren Bowden, CEO of Metals Exploration PLC
Our previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-doubling-gold-output-as-build-on-track-on-budget-9180
Recording date: 8th July 2026
Metals Exploration (LSE:MTL) presents a self-funded gold development story entering its most consequential phase, with a newly acquired copper optionality layered on top. The company's flagship growth asset, La India in Nicaragua, is roughly 50% built and remains on schedule for first gold production in December 2026. CEO Darren Bowden confirmed that a previously flagged risk, the power transmission to the construction site, has now been substantially resolved through a revised delivery arrangement with the Nicaraguan government, under which the state handles design and the company handles construction.
Construction progress is tangible: front-end processing infrastructure is complete, the CIL tanks are half-erected, and both mills are currently being installed. Some equipment deliveries such as an elution circuit from Australia and high-voltage cabling have slipped by a few weeks, but management maintains that the December 2026 target is intact, aided by a stockpiling strategy designed to bank four to five months of processing feed ahead of commissioning.
The build is being funded entirely from Runruno's operating cashflow. The Philippines-based mine delivered record FY2025 results - $208.4 million in revenue and $115.3 million in free cashflow - leaving the company debt-free. FY2026 Runruno guidance of 40,000-48,000oz represents a step down from FY2025's 65,287oz, reflecting the mine's advancing age rather than any operational issue, as La India is designed to take over as the group's primary cashflow generator from late 2026.
La India's underlying economics remain strong: a pre-tax NPV6 of $882 million at $2,500/oz gold (rising to $1,378 million at $4,000/oz), targeting 145,000oz of annual production over a mine life of 12-plus years, at an initial capital intensity of $1,138/oz - the lowest among the development-stage peer group Crux tracks for comparison.
Layered on top of this near-term gold catalyst is a newly signed set of agreements over the Batong Buhay copper-gold porphyry project in the Philippines, announced 15 June 2026. The 440-hectare licence hosts two historically drill-tested porphyry systems and a high-sulphidation gold vein system, with a historical (non-JORC) resource at the Dickson porphyry of 86.9 million tonnes at 0.60% copper and 0.25 g/t gold. Crucially, the licence sits with the state-owned Philippine Mining Development Corporation, which satisfies local ownership requirements automatically and gives the project government backing that makes it a very different prospect. Initial exploration is underway, with a drill programme targeted for H2 2026.
For investors, the near-term case rests on execution through La India's remaining construction and commissioning phases - watch particularly for confirmation of the final capital figure, which has moved slightly across recent company materials - alongside early drill results from Batong Buhay and the company's existing Abra and Cacao exploration targets, both expected in H2 2026.
View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plc
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