Company Interviews

Recording date: 21st August 2026
Omai Gold Mines emerged as the central focus of Olive Resource Capital’s latest market review after releasing a preliminary economic assessment that highlighted the project’s potential scale. At a gold price of $3,600 per ounce, Omai’s after-tax net present value was estimated at $4 billion, increasing to $5.5 billion at $4,200 gold. The study outlined average annual production of 350,000 ounces over an 18-year mine life, including several years above 400,000 ounces, and $8.1 billion in cumulative undiscounted cash flow. Although the market initially reacted cautiously, Olive argued that investors are still adjusting to the multibillion-dollar capital requirements of large mine developments in a higher-gold-price environment.
Olive also viewed Prospector Metals’ sharp selloff as a potential opportunity. The company’s shares fell about 40% following early Yukon drill results that did not immediately match the prior year’s standout intercepts. However, only two full holes and part of a third had been reported from a 44-hole program. With the company funded for its drilling campaign and management indicating it had identified a high-grade structural core, Olive added shares at approximately $0.80 to $0.90. The stock subsequently rebounded roughly 25% from its low.
K92 Mining reported more than US$300 million in quarterly cash flow and reached a net-cash position while advancing its Stage 3 expansion. The company also announced a planned CEO succession, with John Lewins becoming non-executive chairman and internal executive David Medilek taking over as CEO. Olive characterized the change as a continuity move rather than a change in strategy.
The broader second-quarter reporting season reinforced copper’s growing importance. Copper accounted for more than half of BHP’s EBITDA while being Rio Tinto’s largest contributing group (alongside aluminum and lithium), both firsts. Supply disruptions, constrained inventories and US stockpiling contributed to tighter copper markets. This renewed attention on miners with copper exposure, including DPM Metals, which generated record revenue and free cash flow. Olive was more cautious on Eldorado Gold, arguing that McIlvenna Bay is principally a zinc asset despite being widely described as a copper project.
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Interview with Phil Hoskins, CEO of Atomic Eagle
Our previous interview: https://www.cruxinvestor.com/posts/atomic-eagle-asxaeu-all-known-questions-answered-april-2026-10323
Recording date: 3rd August 2026
Atomic Eagle Limited (ASX:AEU | OTCQX:AEUXF) has negotiated the return of its Madaouela Uranium Project in Niger, transforming the company from a single-asset Zambian developer into a dual-asset uranium play with a combined resource base spanning two continents. The deal, agreed in principle after seven months of negotiation with Niger's Ministry of Mines, follows the 2024 expropriation of the project from Atomic Eagle's subsidiary GoviEx Uranium and the international arbitration proceedings that followed.
The scale differential between the two projects is significant. Madaouela hosts 116.5 million pounds of U3O8 at 1,282ppm - roughly twice Muntanga's resource size and four times its grade - underpinned by more than $160 million of historical expenditure and 600,000 metres of drilling. At current uranium prices, management estimates the project's net present value at approximately $650 million US, with each $5-per-pound price increase adding a further $100 million.
The commercial terms give Atomic Eagle 60% ownership of a newly formed Nigerien entity, with the government holding 40% - 15% as a standard free-carried interest and up to 25% as a contributory stake that dilutes if unfunded. Near-term cash outlay is limited to $10 million US in staged payments, plus a non-cash offer to carry the government for up to $40 million of its equity contribution. Critically for investors assessing execution risk, operational control - budgets, work programmes, and day-to-day decisions - sits unambiguously with Atomic Eagle, with no unanimous consent requirements from the government side.
The company now has a two-year window to update feasibility studies, reapply for environmental approvals, and convert the historical NI 43-101 resource estimate into a JORC-compliant figure, targeted for the second half of 2026. With $13.8 million in cash as at 30 June 2026 and a further $16 million potentially available through early option exercises by strategic holders, management believes funding is adequate to meet these near-term obligations without an immediate capital raise.
Management was explicit that Madaouela is not intended to divert resources or attention from Muntanga, which continues to grow toward a resource approaching 60 million pounds, supported by its own dedicated exploration and study teams. CEO Phil Hoskins framed the valuation opportunity in relative terms: African uranium developers currently trade around $3 a pound, which applied to Atomic Eagle's 60% attributable Madaouela resource implies roughly $210 million Australian in additional value - a figure he suggested could be exceeded given strategic interest already expressed by parties including the White House and major Chinese uranium companies, though he cautioned this depends on Atomic Eagle first demonstrating the deal's credibility to the market.
Formal signing of the mining convention is imminent. Until then, the agreement remains non-binding, and investors should treat the current terms as indicative rather than final.
View Atomic Eagle's company profile: https://www.cruxinvestor.com/companies/atomic-eagle
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Interview with Alan Carter, President & CEO of Cabral Gold Inc.
Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-85-built-q4-production-district-growth-ahead-11014
Recording date: 14th August 2026
Cabral Gold has reached a pivotal stage in developing its Cuiú Cuiú gold district in Pará State, Brazil, having secured the Operating Licence (LO) needed to begin leaching gold from its first heap leach pad. The licence, granted by the state environmental authority SEMAS/PA, follows the earlier Preliminary Licence and sits alongside a separate approval from Brazilian military authorities covering the purchase and transport of cyanide which both prerequisites for gold recovery under the company's Phase 1 gold-in-oxide operation.
Construction of the wet processing circuit, the last major piece of the build, is over 90% complete. The ADR plant which is built in Australia and shipped to site has finished mechanical assembly, with electrical work more than 90% done and commissioning under way. The simpler dry circuit, covering ore crushing, agglomeration and stacking, is already commissioned and operating. Ore is being mined, stacked and prepared for irrigation, which CEO Alan Carter expects to begin within days.
Management's updated timeline puts first gold production in September 2026, around six weeks earlier than originally planned, with full commissioning wrapped up by late September and a ramp-up toward commercial production - defined internally as 60-70% of design throughput - through the fourth quarter. The company has deliberately avoided issuing formal 2026 production guidance given the number of ramp-up variables involved in a first-time mine build, though guidance is likely for 2027.
Economically, the early mine life looks favourable relative to the broader resource. Infill drilling at the first deposit being mined points to average grades near 1.5 g/t gold over the first 12-18 months, roughly double the 0.7 g/t life-of-mine average, with life-of-mine costs guided at approximately US$1,200 an ounce against a gold price recently around US$4,300 an ounce. Management expects Phase 1 to generate at least US$50 million a year in cash flow once ramped up, which it intends to direct toward repaying a 39-month gold loan (signed in November 2025) and funding an active six-rig exploration programme, rather than raising further equity.
The larger opportunity, as Carter frames it, is Stage 2: unweathered hard-rock gold beneath the oxide caps now being mined, which he says represents roughly three-quarters of the district's current resource. With six known gold deposits, five confirmed to carry oxide caps, and around 50 untested peripheral targets across the district, management plans to update Cuiú Cuiú's global resource estimate by year-end and, depending on the outcome, potentially advance a preliminary economic assessment on the hard-rock opportunity in the first half of 2027.
Near-term risks centre on commissioning execution through the wet circuit and the inherent uncertainty of ramping up a new operation, while the current trial mining licence's 500,000-tonne cap - below the 1-million-tonne throughput contemplated in the Pre-Feasibility Study - remains a near-term constraint pending an expected licence upgrade. The project also recorded its first Lost Time Incident during the update period, a non-critical injury, against a Lost Time Injury Rate of 0.34 per 200,000 hours worked.
View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-gold
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Interview with Alberto Orozco, CEO of Capitan Silver
Our previous interview: https://www.cruxinvestor.com/posts/capitan-silver-tsxvcapt-60000m-drilling-to-prove-scale-at-cruz-de-plata-9531
Recording date: 11th August 2026
Capitan Silver Corp. (TSXV:CAPT) is advancing its Cruz de Plata silver-gold project in Durango, Mexico, through a fully-funded 60,000 metre drill programme in 2026 - a 400% increase over the prior year's campaign and more than double all historic drilling on the property combined. CEO Alberto Orozco told Crux Investor the company is roughly halfway through the programme, with four rigs (one RC, three diamond) now active and the drill rate accelerating as additional rigs have come online through the year.
The project's most advanced target, the Jesus María trend, has been drilled along a continuous strike length of 2.5 km, part of a broader 3.7 km surface-sampled mineralised trend and a cumulative 21 km of vein structures identified across the consolidated property. Historical and recent drill results include intercepts of up to 1 kg/t silver over two to three metres, within broader zones as wide as 40 m grading 100-300 g/t AgEq. Orozco was clear the project is a primary silver system rather than a base-metals story: silver represents 75-95% of AgEq value depending on location, and a west-to-east metal zonation pattern is being used to vector toward the deeper part of the system.
Management's stated priority for 2026 is proving scale rather than rushing a resource. Because the current programme is focused on step-out rather than infill drilling, any near-term resource estimate would be classified as inferred. Orozco indicated an internal benchmark of roughly 100 Moz AgEq for a credible first resource, a figure he said the company does not expect to be far from once the current programme concludes, though further drilling would be needed to build density around any initial estimate.
Financially, Capitan Silver raised C$29 million in late 2025 to fund the expanded programme and reported a market capitalisation of $212.0 million as of August 2026. Over 70% of the share register is tightly held, with no free founder shares and most shares issued at $0.20. Two of the last three financings priced at a premium of more than 30% to market, each led by a new strategic investor, Jupiter Gold & Silver Fund, Michael Gentile and Construplan are the top three shareholders. Management has also contracted to remove all remaining project royalties.
The company positions Cruz de Plata within the intermediate sulphidation epithermal deposit class responsible for several major Mexican silver discoveries and recent billion-dollar M&A transactions, including Las Chispas, Los Gatos and Juanicipio. Peer-comparison data prepared by Stifel Canada shows Capitan trading at a discount to the average resource-stage peer on both market capitalisation and enterprise value. For investors, the key watch items through the remainder of 2026 are continued assay flow from the deeper, western portion of the Jesus María trend and from newly-permitted step-out targets, with a maiden resource estimate representing a later-stage catalyst rather than a near-term one.
Learn more: https://cruxinvestor.com/companies/capitan-silver
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Interview with Keith Henderson, President & CEO of Latin Metals
Our previous interview: https://www.cruxinvestor.com/posts/latin-metals-tsxvlms-the-prospect-generator-model-few-juniors-follow-10250
Recording date: 14th August 20206
Latin Metals Inc. (TSXV:LMS) has added a third active partner-funded project to its portfolio with an ongoing agreement with Minsur, a private Peruvian mining company already in a 75/25 joint venture with Newmont on adjacent ground to cover the Lacsha copper-molybdenum porphyry project in southern Peru.
Under the deal outlined by CEO Keith Henderson, Minsur can earn an initial 75% interest in Lacsha by completing 60,000 metres of drilling over six years and paying Latin Metals approximately $2.5 million in cash, a commitment Henderson estimated at roughly C$40 million in Minsur-funded exploration spending. Once that threshold is met, Minsur holds a time-limited option to acquire the remaining 25% for C$28 million which would leave Latin Metals with a 2% net smelter return royalty. Minsur separately holds a three-year option to buy 1% of that royalty for a further $20 million. Combined, Henderson said, the structure could deliver a little over $42 million in cash coming into the company.
Latin Metals generated Lacsha internally, spending approximately $900,000 (CAD) on staking, mapping, geochemistry and geophysics before bringing in a partner - notably more than the company's typical $200,000-$300,000 generative budget per project, which Henderson attributed to years of incremental exploration work culminating in a stronger-than-usual technical package. Lacsha's location directly south of Minsur's existing Newmont joint venture ground gives the new partner a clear strategic rationale to test the structural and geochemical extension onto Latin Metals' claims.
The Lacsha deal brings Latin Metals' total under-contract partner investment to approximately $120 million, spanning Lacsha, Cerro Bayo and La Flora (Daura Gold), and Zaha (Moxico Resources), all funded externally against a corporate budget Henderson described as flat at $3 million per year. Management is targeting further deals across the remaining pipeline including Organullo, Crosby and an Argentine sediment-hosted copper package during 2026, which it expects could push cumulative under-contract investment toward $150-180 million.
Near-term catalysts sit with the Argentine silver-gold assets rather than Lacsha itself: Daura Gold's Phase II drill programme at Cerro Bayo is scheduled for Q3 2026, alongside the first drill test of the high-grade La Flora vein system, where surface sampling has returned grades as high as 82 g/t gold and 1,239 g/t silver historically. Combined partner-funded drilling across the portfolio is expected to reach approximately 18,000 metres in 2026.
On financing, Henderson said Latin Metals expects roughly C$1.8 million from warrant exercises in September 2026, with warrants priced at 15 cents against a share price near 25 cents, a gap management is relying on to avoid raising additional equity capital through 2026 and 2027. As with all early-stage option structures, the eventual scale of Lacsha's payoff depends on drill results Latin Metals will not itself control, since the company does not intend to operate the project once Minsur's drilling begins.
View Latin Metals' company profile: https://www.cruxinvestor.com/companies/latin-metals
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