Company Interviews

Interview with Mark Smith, Executive Chairman, President & CEO of NioCorp Developments Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/niocorp-nasdaqnb-critical-minerals-project-targets-us-supply-chain-security-7125
Recording date: 26th January 2026
NioCorp Developments (NASDAQ: NB) is accelerating toward project financing for its Elk Creek critical minerals facility in Nebraska, backed by over $300 million in cash and intensifying support from US government agencies. The company raised $370 million in 2025, including a $10 million Department of Defense grant that funded reserve upgrades and engineering work critical to securing Export-Import Bank financing.
Executive Chairman Mark Smith reports unprecedented momentum with the US Export-Import Bank, which designated NioCorp as a "very top priority project" in December 2025. "In the last two weeks, I have received more emails and more phone calls from EXIM than I did in all of 2025," Smith said, describing the pace as "Trump speed." The company expects binding commitments by Q2 2026 for a 65% debt, 35% equity structure totaling $780 million.
Project economics have been dramatically enhanced by surging rare earth prices. Neodymium-praseodymium oxide has doubled from $55/kg in July 2025 to $110-120/kg, while heavy rare earths show even more striking differentials—dysprosium at $1,250/kg outside China versus $250/kg domestically. These pricing improvements will be reflected in the company's mid-March feasibility study update.
NioCorp has commenced detailed engineering for a $45 million underground mine portal project starting February 2026, demonstrating management confidence in near-term financing. The project offers exceptional margins of approximately $450-475 per ton, with $700 in revenue against $225-250 in processing costs across four critical minerals: niobium, scandium, titanium, and magnetic rare earths.
The company has secured definitive offtake agreements for 75% of ferroniobium production and 12 tons annually of scandium, with additional announcements expected through April. NioCorp is also negotiating with the Department of Defense for support similar to recent arrangements with MP Materials and USA Rare Earth, positioning the project as critical to US supply chain independence for materials currently 100% imported.
View NioCorp's company profile: https://www.cruxinvestor.com/companies/niocorp-developments
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Interview with Terry Lynch, CEO of Power Metallic Mines
Our previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-aggressive-drilling-and-land-expansion-fuel-growth-potential-7925
Recording date: 29th January 2026
Power Metallic (TSXV: PNPN) is advancing one of the world's rarest deposit types—an orthomagmatic polymetallic discovery at its NISK project in Quebec. CEO Terry Lynch recently outlined the company's significant 2025 achievements and ambitious 2026 plans, positioning the explorer for a transition toward mine development.
The company's most significant 2025 milestone was a metallurgical study delivering exceptional 95% recovery rates across its metal suite, substantially exceeding the 80% modeled. Specific recoveries include copper at 98.9%, palladium at 93.9%, platinum at 96.8%, gold at 85%, and silver at 88.9%. These results address a primary concern in polymetallic projects and, combined with near-surface mineralisation, position NISK as a low-capital, high-margin opportunity with estimated internal rates of return approaching 100%.
Power Metallic also successfully consolidated its land position, acquiring seven of eight priority targets around the discovery. Orthomagmatic deposits are exceptionally rare—only 20 discovered globally—with 19 of 20 developing into multi-mine districts. The company now controls a land package six times larger than at the discovery stage, providing district-scale development potential.
The company raised $50 million in 2025 and currently holds approximately $33 million cash, fully funding its aggressive 2026 program without near-term financing needs. Plans include 100,000 meters of drilling using five rigs expanding to seven, testing four transformative exploration targets beyond the known Lion zone. The "Elephant" target, emerging from borehole electromagnetic surveys, theoretically measures five times Lion's size and represents the largest anomaly the technical team has encountered.
Beyond Quebec, Power Metallic is diversifying its portfolio through a Chilean Metals spinout (TSXV listing expected within weeks) consolidating copper-gold assets near the Candelaria mine, plus three large-scale Saudi Arabian concessions offering significantly lower exploration costs and unprecedented government incentives including 75% project financing at 1% interest rates.
With commodity prices strengthening across its metal portfolio and multiple near-term catalysts including drill results and a preliminary economic assessment targeted for Q4 2026 or Q1 2027, Power Metallic is positioning for significant rerating as markets recognize the development potential of this rare discovery.
View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallic
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Interview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.
Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxvplsr-exceptional-145-concentrations-drive-resource-expansion-program-7877
Recording date: 29th January 2026
Pulsar Helium is developing the Topaz Project in Minnesota, positioning itself as a potential solution to America's persistent helium supply challenges. Led by President and CEO Thomas Abraham-James, the company has systematically de-risked its primary helium discovery through 2025, setting the stage for a transformative 2026 with multiple value-defining catalysts on the horizon.
The United States represents the world's largest helium market yet has experienced persistent shortages over the past 15 years. Unlike most commodities, helium exists primarily as a byproduct of natural gas production, creating significant supply inflexibility. Major producers outside the United States—Qatar, Algeria, and Russia—present both geopolitical risks and logistical challenges, with helium's molecular properties causing product loss during the four-week shipping transit.
Pulsar specializes in primary helium resources, where helium exists as the principal gas rather than a byproduct. The Topaz Project has delivered five consecutive successful wells, all intersecting helium-bearing gas zones with concentrations of 8-10%—significantly exceeding the 2% economic threshold. These wells flow naturally to surface without hydraulic fracturing, and approximately 85% of the raw gas stream appears marketable.
The October 2025 announcement of helium-3 presence garnered particular market attention. This ultra-rare isotope, valued at $18.5 million per kilogram, is currently being pursued through lunar mining programs funded by the U.S. and Chinese governments. Pulsar's terrestrial alternative offers concentrations comparable to the moon's surface but in gaseous form, making extraction significantly simpler. Helium-3 is critical for quantum computing applications, enabling optimal processing at near-absolute-zero temperatures.
Looking ahead, flow testing scheduled for February through May 2026 will provide critical reservoir data, followed by a resource update and the company's first economic study expected mid-2026. Recent warrant exercises and efficient drilling costs have strengthened Pulsar's financial position, providing sufficient capital through these key milestones. Abraham-James characterized the coming six months as "fast and furious" as the company transitions from exploration to engineering-ready status.
View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-helium
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Interview with Joseph Ovsenek, President & CEO of Tudor Gold
Our previous interview: https://www.cruxinvestor.com/posts/tudor-gold-tsxvtud-developer-eyes-300k-ozyear-production-8936
Recording date: 23rd January 2026
Tudor Gold Corp. has released an updated mineral resource estimate for its Goldstorm deposit at Treaty Creek in British Columbia's Golden Triangle, reporting 24.9 million ounces of gold equivalent in the indicated category with an additional 4 million ounces inferred. The 15% increase in indicated resources positions the project as a potential tier-one asset as the company accelerates development plans targeting production.
President and CEO Joseph Ovsenek emphasized the company's focus on higher-grade mineralization to optimize economics. The resource update includes sensitivity analyses at different net smelter revenue cutoff values. At a $125 per ton NSR cutoff, the deposit contains 5.8 million indicated ounces plus 2.6 million inferred ounces. At the more selective $175 per ton NSR cutoff, resources total 3.4 million indicated ounces and 2.4 million inferred ounces.
The grade profile at higher cutoffs becomes particularly attractive. At the $175 per ton NSR cutoff, indicated grade averages 2.33 grams per ton gold while inferred averages 4.02 grams per ton. Combined, this approaches three grams per ton gold equivalent without copper and silver credits.
The 15% resource increase came primarily from enhanced modeling techniques employing 5-meter blocks at grade boundaries rather than new drilling. Tudor Gold is pursuing concurrent mine planning and metallurgical studies expected to complete this quarter, targeting a Preliminary Economic Assessment by Q3 2026. The development strategy focuses on underground mining using long-hole stoping methods at 8,000-10,000 tons per day supporting annual production around 300,000 ounces.
The company has filed permits for underground ramp development to enable infill drilling and expects approval in 2026. A substantial exploration program budgeting 10,000-15,000 meters will target Perfectstorm, CBS, and Eureka zones with an objective of developing an additional 5 million ounce resource beyond Goldstorm.
With gold prices approaching $5,000 per ounce, Tudor Gold reported receiving unsolicited financing approaches, providing capital optionality to advance development on its preferred timeline.
View Tudor Gold's company profile: https://www.cruxinvestor.com/companies/tudor-gold
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Interview with Keith Boyle, Director & CEO of New Found Gold
Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-2025s-strategic-transformation-to-2026-production-8915
Recording date: 23rd January 2026
New Found Gold Corporation has commenced the execution phase of its flagship Queensway gold project in Newfoundland by awarding the engineering, procurement and construction management contract to WSP Canada. The appointment culminates a competitive selection process involving seven firms and positions the company to achieve first production in late 2027 through an integrated development strategy coordinating engineering, environmental permitting, and project financing.
The development plan centres on expanding the acquired Pine Cove mill to 1,400 tonnes per day capacity by converting the facility from flotation to a gravity-CIL circuit and adding a parallel processing train using equipment relocated from the Nugget Pond facility. This approach leverages existing permitted infrastructure obtained through the Maritime Resources acquisition rather than constructing greenfield facilities, reducing both capital requirements and development timeline risk. Pine Cove currently processes 700 tonnes per day from the Hammerdown mine, which is ramping to steady-state production in the first half of 2026 and will generate cash flow during Queensway development.
CEO Keith Boyle's selection of an EPCM (Engineering, Procurement, Construction Management) contract structure over traditional EPC reflects management's experience in project delivery and prioritisation of execution certainty over aggressive cost minimisation. The EPCM approach allows collaborative execution with WSP while maintaining owner involvement and flexibility for design optimisation as engineering advances. WSP was selected from five proposals based on relevant mill expansion experience and commenced preliminary work before year-end, establishing early integration with New Found Gold's permitting and financing timelines.
The company has structured its path to production around three parallel workstreams coordinated by COO Robert Assabgui. Vice President of Sustainability Jared Saunders is advancing the environmental assessment application through Stantech, targeting submission in Q1 2026. Stantech secured Firefly Metals' environmental approval in 45 days during 2025, providing a relevant precedent for timeline expectations. The environmental assessment process operates independently of WSP's engineering advancement, allowing simultaneous progress without creating schedule dependencies.
Meanwhile, Cutfield Freeman is structuring project financing for Queensway development, with management reporting strong interest from potential financing partners. The financing workstream must align with engineering schedules to ensure capital availability for long-lead equipment purchases and construction mobilisation following permit approvals. These represent the next critical milestones following environmental assessment approval.
The investment case combines multiple elements: de-risked development through acquired infrastructure, experienced management executing proven development models, near-term catalysts providing sequential de-risking opportunities, Newfoundland's permitting certainty, and management's reported financing confidence. The Hammerdown production ramp provides near-term cash flow while Queensway advances through development, creating a portfolio structure with both production and development components.
Investors should monitor environmental assessment approval, financing commitment announcement, and long-lead equipment procurement as key milestones over the next 12-18 months. Each milestone achievement should reduce perceived execution risk and potentially re-rate valuation toward production-stage multiples. The late 2027 production target provides a defined investment horizon for evaluating execution progress, while the current gold price environment above $4,500 per ounce provides economic headroom supporting proper engineering investment without compromising project returns.
New Found Gold's disciplined approach to service provider selection and integrated execution framework positions the company to differentiate itself among junior developers through demonstrated execution capability rather than aggressive timelines with minimal professional support.
View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold
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