Company Interviews

• Gold & Copper Developers Disciplined Approach to Project Advancement

  Interview withHayden Locke, President & CEO of Marimaca Copper Corp.Hugh Agro, President & CEO of Revival Gold Inc.Recording date: 7th May 2025Despite gold trading at record highs above $3,000 per ounce, development-stage gold companies are taking a notably disciplined approach to project advancement. Companies like Revival Gold and Marimaca Copper are adopting phased, low-capital expenditure models that prioritize financial prudence over aggressive expansion.This strategic shift represents a departure from the previous cycle's "build it big, sell it later" mentality that often led to project failures when funding disappeared or buyers never materialized. Instead, these companies are embracing the Australian model of bootstrapping manageable, lower-risk development stages that generate cash flow earlier.Revival Gold's Beartrack-Arnett project exemplifies this approach, beginning with a heap-leach operation that allows for production with minimal capital intensity while maintaining expansion potential. Similarly, Marimaca Copper is right-sizing its Chilean copper oxide project to match realistic financing capabilities rather than pursuing billion-dollar developments.Despite current gold prices, most producers continue modeling reserves at conservative $1,400-$1,500 levels, showing industry-wide reluctance to assume high prices will persist. This discipline has contributed to a limited supply response, potentially supporting continued price strength.In today's challenging financing environment, these companies are securing capital through strategic partnerships with aligned investors rather than relying solely on public equity markets or high-cost financing structures. Revival Gold and Marimaca have partnered with long-term backers like Greenstone and Dundee Corporation, respectively.For investors, the opportunity lies in identifying gold developers with experienced management teams, capital discipline, thoughtful project scaling, and aligned strategic investors. As gold maintains its role as a store of value amid economic uncertainty, development-stage companies with credible paths to production offer exposure to the next generation of gold supply with significant potential for value creation—provided they maintain their disciplined approach to development and financing.Sign up for Crux Investor: https://cruxinvestor.com

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• Endeavour Mining (TSX:EDV) - Free Cash Flow Surges to $411M in Q1

  Interview with Ian Cockerill, CEO of Endeavour Mining PLCOur previous interview: https://www.cruxinvestor.com/posts/endeavour-mining-tsxedv-expanding-margins-and-quality-growth-4531Recording date: 7th May 2025Endeavour Mining, one of West Africa's premier gold producers, is reporting exceptional performance under CEO Ian Cockerill, who took the helm in January 2024. The company generated $411 million in free cash flow in Q1 2025, marking its fifth consecutive quarter of improved results.Cockerill has implemented a streamlined "4E" strategy—Employees, Excellence, Exploration, and Expansion—focusing on operational efficiency and disciplined cost management. Despite industry-wide inflation, Endeavour has maintained stable costs over six quarters through initiatives like centralized procurement.The company offers investors a rare combination of high yield and substantial growth potential. With a dividend yield of approximately 6% and planned production growth of 30-35% by 2030, Endeavour appeals to both income-focused and growth-oriented investors. In 2024, the company returned $277 million to shareholders and has already guaranteed a $225 million dividend for 2025, with additional share buybacks expected.Driving Endeavour's growth strategy is the Assafou project in Côte d'Ivoire, described as "the best discovery in West Africa over the last decade." This tier-one asset holds 4.3 million ounces in reserves with a 15-year mine life and is expected to produce over 350,000 ounces annually at an all-in sustaining cost below $1,000 per ounce.Exploration remains central to the company's approach, having discovered nearly 20 million ounces in the past eight years at under $25 per ounce. Current production stands at approximately 1.2 million ounces annually from five mines across three West African jurisdictions, with plans to reach 1.5 million ounces per year by 2030.While acknowledging perceived risks in West Africa, Cockerill emphasizes Endeavour's long-standing local relationships and operational stability. The company's valuation gap has been narrowing since Q4 2024 as market confidence grows in both its current performance and future prospects.View Endeavour Mining's company profile: https://www.cruxinvestor.com/companies/endeavour-miningSign up for Crux Investor: https://cruxinvestor.com

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• West Red Lake Gold Mines (TSXV:WRLG) - Bulk Sample Results Validate Mine Restart Plan

  Interview with Gwen Preston, VP Communications of West Red Lake Gold Mines Ltd.Our previous interview: https://www.cruxinvestor.com/posts/actual-gold-mine-builders-discussing-the-reality-vs-theory-of-getting-into-economic-production-7040Recording date: 7th May 2025West Red Lake Gold Mines (TSXV: WRLG) is poised to restart production at its flagship Madsen gold mine in Red Lake, Ontario by mid-2025. After a comprehensive two-year turnaround effort, the company has successfully validated its mining plan through a 15,000-tonne bulk sample that closely matched predicted grades and tonnage.Mining operations are already underway with stockpiles being accumulated to ensure a smooth production launch. The company plans to begin at 600 tonnes per day, ramping up to 800 tonnes per day by the end of 2025, with future expansion potential given the mill's 1,100 tonne per day capacity.The bulk sample generated over $8 million USD in revenue while confirming the accuracy of the company's geological model. This success comes after WRLG completed 90,000 meters of definition drilling since 2023, addressing issues that led to the mine's previous operational failure under different ownership.Current elevated gold prices, now significantly higher than the $1,680/oz used in previous planning, have allowed the company to expand stope sizes and reduce cut-off constraints. This improved economics has shifted mining preferences toward more cost-efficient long-hole stoping methods.The project boasts strong metallurgical performance with 95% gold recovery rates and competent host rocks that reduce geotechnical risks. Regular updates, including drill results every six weeks, are planned as the company progresses toward full production.West Red Lake Gold Mines represents an attractive investment opportunity as a near-term producer with a validated resource model, strong gold price tailwinds, low technical risk, scalable infrastructure, visible cash flow, and compelling valuation. The company is strategically positioned to deliver ounces into a favorable gold price environment while competitors face capital constraints and project delays.View West Red Lake Gold Mines' company profile: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-incSign up for Crux Investor: https://cruxinvestor.com

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• Capital Reawakens in Mining as Investors Chase Quality and Scale

  Compass, episode 14Our previous interview: https://www.cruxinvestor.com/posts/gold-stocks-show-strong-growth-as-markets-pause-7048Recording date: 6th May 2025Olive Resource Capital has reported a strong start to 2025, achieving a net portfolio gain of approximately 23–24% through April. The performance is attributed to significant gains in key gold and copper holdings, with standout contributions from Omai Gold Mines and Troilus Gold, both of which have nearly doubled in value. Arizona Sonoran, a copper-focused investment, also added to the momentum with a 30% gain, supported by rising investor interest and developments such as Hudbay’s strategic involvement.The firm maintains over 50% of its portfolio in precious metals, favoring advanced-stage assets with clear paths to production or acquisition. Their investment strategy distinguishes between two categories: fundamental holdings, like Omai and Arizona Sonoran, which are held based on valuation and long-term potential; and liquid positions, consisting of larger-cap gold equities that can be adjusted in response to market conditions.A significant portion of the recent episode of Compass, the firm’s investor show hosted by Executive Chair Derek Mcpherson and CEO Sam Pelaez, focused on sector-wide trends—particularly consolidation and capital flows. The duo discussed Gold Fields’ $2.4 billion acquisition of Gold Road Resources. While the transaction’s ~$600/oz valuation appears above historical averages, they noted that the quality of the Gruyere project and the premium jurisdiction of Western Australia may justify the pricing, especially in a potentially rising gold price environment.Equally notable was the discussion around Southern Cross Consolidated’s C$120M+ equity financing. As a pre-resource exploration company, such a capital raise is rare and considered a strong signal of renewed appetite for high-grade gold systems. Sunday Creek, Southern Cross’s flagship asset in Victoria, has delivered encouraging exploration results and now has the funding runway for aggressive drilling over the next two years. Olive had previously held shares in Mawson Gold, Southern Cross’s predecessor, and exited with a 100% return.Finally, the team highlighted Australia’s increasingly dominant role in mining market activity. With major takeovers, robust fundraising, and strong equity performance across top producers, the pace of development there contrasts with a slower environment in Canada.For investors, the message is clear: the resource sector is experiencing renewed momentum. Strategic positioning in advanced-stage projects, particularly in strong jurisdictions, may offer the most resilient upside as capital re-engages with the sector.Sign up for Crux Investor: https://cruxinvestor.com

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• Silver Demand Rises as Supply Struggles to Keep Pace

  Interview with Lon Shaver, President of Silvercorp Metals and Michael Konnert, President & CEO of Vizsla Silver Corp.Recording date: 7th May 2025The silver market is experiencing its fifth consecutive year of structural deficit, creating a compelling investment case as demand continues to outpace supply. This imbalance stems from the challenges inherent in developing new silver mines—including permitting hurdles, financing difficulties, and extended development timelines—while production costs rise at roughly 8% annually.Unlike many commodities, silver benefits from dual demand drivers. Industrial usage, particularly in solar energy applications, continues to grow alongside global decarbonization efforts. Simultaneously, investment demand is rising, with the World Silver Survey projecting a 7% increase this year as investors seek alternatives amid economic uncertainty and following gold's upward trajectory.Primary silver producers like Silvercorp Metals and developers such as Vizsla Silver are capitalizing on these favorable conditions. Vizsla's Copala Panuco project in Mexico demonstrates exceptional economics with a projected payback period under six months at current prices, while Silvercorp is leveraging its cash flow from Chinese operations to construct a second project in Ecuador, slated for commissioning in late 2026.Both companies emphasize disciplined capital allocation and operational excellence. Despite having robust growth pipelines, they maintain conservative balance sheets while pursuing strategic expansions. This approach has enabled them to secure financing on favorable terms as investor sentiment shifts positively toward the sector.Geopolitical trends are increasingly favorable to mining in key jurisdictions like Mexico, Ecuador, and Canada, where governments recognize the economic benefits of resource development. Vizsla notes that its operations could eventually support up to 1,000 direct and indirect jobs, highlighting mining's contribution to local economies.While ESG considerations are less headline-grabbing than in recent years, they have become standard practice for well-managed companies. Both Silvercorp and Vizsla integrate sustainable operations and community engagement as core business functions, improving their appeal to institutional investors.Despite the favorable macro environment, silver equities have not yet fully priced in the underlying commodity dynamics, suggesting potential upside for investors. As broader capital markets reengage with the commodity sector, silver equities—offering both industrial utility and monetary potential—represent an underappreciated opportunity for investors seeking fundamentally supported long-term growth.Learn more: https://cruxinvestor.com/categories/commodities/silverhttps://cruxinvestor.com/companies/vizsla-silver-corphttps://cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com

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