Company Interviews

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.
Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-tier-one-discovery-potential-alongside-mod-growth-10320
Recording date: 8th June 2026
Marimaca Copper’s Pampa Medina discovery in Chile’s Antofagasta region is emerging as a potentially world-class copper asset, with drilling confirming both exceptional grades and expanding scale. Recent results from key drill holes have defined an ultra high-grade bornite-rich core, including intersections such as 16 metres at 5.7% copper and 62.6 g/t silver. These findings sit within a broader mineralised column that can reach up to 100 metres in thickness at average grades around 1.2% copper, significantly enhancing the project’s economic potential.
Drilling has now confirmed mineralisation across an area exceeding 2 square kilometres, with the system remaining open along a northeast–southwest trend and at depth. Based on early geometric assumptions, the deposit could host between 120 million and 500 million tonnes of ore, depending on true thickness. The presence of mineralisation in multiple geological units, including newly identified zones in basement rocks, further supports the potential for substantial expansion.
These developments are prompting a shift in mining strategy. Rather than a selective underground approach, Marimaca is evaluating bulk mechanised mining methods that could lower costs and allow extraction of a larger portion of the mineralised column. This shift could materially increase recoverable tonnage and improve project economics.
While the Marimaca Oxide Deposit remains the company’s near-term development priority—and is considered valuable enough to justify the current market valuation on its own—Pampa Medina is increasingly seen as a standalone tier-one opportunity. Ongoing drilling, a forthcoming maiden resource estimate, and strong copper market fundamentals position the discovery as a potentially significant asset in a supply-constrained global market, with the scale and location likely to attract interest from major mining companies.
View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copper
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Interview with Dr. Mike Jones, MD of Impact Minerals Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/impact-minerals-asxipt-pitch-perfect-october-2025-8328
Recording date: 8th June 2026
Impact Minerals Limited (ASX:IPT) is undergoing a deliberate and material transformation. What began as a junior mining explorer is becoming, under the direction of Managing Director Dr. Mike Jones, a specialty chemicals and material science company with a credible path to producing high-purity alumina which is  a critical input for battery separators, artificial sapphire, advanced ceramics, and semiconductor components.
The company's commercial strategy rests on two interconnected assets. The first is a 50% stake in Alluminous, which holds a patented solvent extraction process for producing HPA from widely available chemical feedstock. That intellectual property is now protected across the United States, Canada, and Southeast Asia, jurisdictions that management views as the primary commercialisation markets. The second is the Lake Hope clay project in Western Australia, where a Pre-Feasibility Study has been completed and work toward a Definitive Feasibility Study is underway.
What has sharpened investor attention recently is a process engineering breakthrough at the Alluminous pilot plant. By modifying the orientation of impellers in the solvent extraction stage, the team achieved up to ten times the originally designed throughput. Dr. Jones has stated that this discovery could allow the company to reach production capacity comparable to its listed peers for under AU$10 million in capital — against the AU$200 million-plus spent by those peers to reach similar output levels. The scoping study for a 2,000-tonne-per-annum commercial plant is expected to provide independent cost validation shortly, making it one of the most significant near-term catalysts for the stock.
The competitive context is instructive. Alpha HPA carries a market capitalisation of approximately AU$650–700 million. Advanced Energy Minerals trades at approximately AU$250–300 million. Both began as resource companies and have re-rated substantially as they have moved toward production. Impact Minerals currently sits at a significant discount to both, at a stage where the technology has been proven in batch mode, IP is protected, and initial customer engagement — including 3kg sapphire-grade samples dispatched to European buyers — is underway.
The market entry strategy is measured. Rather than chasing premium 5N pricing immediately, management has chosen to enter the higher-volume 3N advanced ceramics segment first, building commercial credibility before moving up what Dr. Jones calls the "pyramid of purity." This approach mirrors the path taken by peers and reduces the risk of prolonged customer qualification timelines.
The company's byproduct streams add further resilience to the investment case. Potash which is almost entirely imported into Western Australia and aluminium chlorohydrate have both attracted early buyer interest and are the subject of a separate scoping study. A joint venture on these streams would allow Impact to advance its HPA programme without proportional increases in capital expenditure.
The principal risks are clear and should be held alongside the opportunity. Back-end engineering challenges remain unresolved, the technology has not yet been demonstrated at scale, and the company is pre-revenue. However, with patent protection secured, a breakthrough in production efficiency, a clear commercialisation roadmap, and peers trading at valuations ten to twenty times higher, the risk-reward profile at current prices warrants serious investor attention.
View Impact Minerals' company profile: https://www.cruxinvestor.com/companies/impact-minerals
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Interview with Frederick H. Earnest, President & CEO of Vista Gold
Our previous interview: https://www.cruxinvestor.com/posts/vista-gold-nysevgz-undervalued-investment-series-with-frederick-h-earnest-9735
Recording date: 4th June 2026
Vista Gold is advancing its Mt Todd gold project in Australia’s Northern Territory through a disciplined three-pillar strategy focused on permitting, people, and engineering, as it moves toward a definitive investment decision. The project, one of the largest undeveloped gold assets in the country, holds 5 million ounces in reserves and 10 million ounces in total resources. Recent efforts have centered on resizing operations from 50,000 to 15,000 tons per day to improve capital efficiency, prompting modifications to existing permits rather than entirely new approvals.
Permitting remains the most time-sensitive component. Key steps include updates to mining and operating permits, engagement with Aboriginal stakeholders, and preparation for federal environmental approval under the EPBC Act. The application is expected in late 2026, with a decision timeline of six to nine months.
At the same time, Vista Gold is strengthening its leadership team, hiring senior executives across technical, approvals, and external relations functions. The company is also recruiting an Australia-based Managing Director to oversee local development and support financing efforts, including a potential listing on the Australian Securities Exchange.
Engineering optimization is a major value driver. Metallurgical testing aims to refine processing efficiency, while a geotechnical study on the Batman Pit could significantly reduce waste movement. If successful, this adjustment may lower mining costs by up to $200 million or unlock additional gold reserves.
Project economics are highly sensitive to gold prices. At $3,300 per ounce, Mt Todd carries a net present value of $2.2 billion and an internal rate of return near 45%. With gold trading above $4,500, the project’s upside is substantially greater. Despite this, Vista Gold’s market valuation remains well below its estimated asset value, positioning the project as a leveraged play on strong gold market conditions.
View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporation
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Interview with Peter Akerley, President & CEO of Erdene Resource Development Corp.
Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-first-gold-flows-as-multi-mine-district-strategy-unfolds-8931
Recording date: 6th June 2026
Erdene Resource Development has entered a new phase as a gold producer with the successful commissioning of its Bayan Khundii mine in southwestern Mongolia. The operation reached commercial production in early 2026 and is already generating strong financial results, including roughly C$100 million in revenue and EBITDA margins մոտ 50%. However, the company’s immediate priority is improving ore grades, which are currently around 2.5 g/t compared to the 3.8 g/t reserve target. Addressing dilution and optimizing processing are expected to significantly lower costs and boost cash flow.
The mine was developed through a 50/50 joint venture with Mongolian Mining Corporation (MMC), whose local expertise and workforce enabled construction to be completed in just 22 months at a cost of $120 million. This partnership remains central to operations, while Erdene retains long-term upside through a royalty structure that increases its economic share after certain production thresholds are reached.
Looking ahead, Erdene is focused on expanding production within the Khundii Minerals District. Near-term opportunities include integrating the high-grade Dark Horse satellite deposit and evaluating a heap leach facility to process lower-grade material, potentially adding up to 35,000 ounces annually. Exploration success to the west of the current pit could also extend mine life and increase output.
Beyond Bayan Khundii, the company holds additional assets that are not fully reflected in its valuation. These include the Altan Nar gold-polymetallic project and the large Zuun Mod molybdenum-copper deposit, with a preliminary economic assessment expected in late 2026. Financially, Erdene is in a solid position with no corporate debt and plans to fully repay project-level debt by 2027, after which it may prioritize expansion, dividends, or share buybacks.
View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-development
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Interview with Rudi Deysel, Managing Director & CEO of West Wits Mining
Our previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-delivers-first-gold-and-sets-course-on-expansion-pathway-9773
Recording date: 5th June 2026
West Wits Mining has reached a pivotal stage in the development of its Qala Shallows gold project in South Africa, marking a transition from early-stage infrastructure work to direct ore extraction. The company has successfully completed a key underground decline and broken into Level 2, enabling access to the primary ore body and setting the foundation for improved production performance.
This milestone allows the operation to shift from extracting lower-grade development ore—previously diluted by surrounding waste rock—to higher-grade stoping ore sourced directly from the reef. As stoping activities expand, gold grades are expected to progressively increase toward a target of approximately 3 grams per tonne, improving recoveries, reducing unit costs, and strengthening overall project economics.
Operational readiness has been supported by new mining equipment and an expanded fleet, enabling simultaneous work across multiple mining faces. This enhances flexibility, reduces downtime, and supports consistent production rates while reinforcing safety and operational discipline.
West Wits is also advancing a scoping study, due by the end of July 2026, to define the optimal pathway for scaling the project to a steady-state production target of 70,000 ounces per year by 2028. The study will evaluate mining methods, processing options, and infrastructure requirements, including the potential use of third-party facilities versus a standalone plant.
Financially, the company is nearing closure of a syndicated debt facility that will fund remaining capital requirements through to projected break-even, estimated within 30 months of the feasibility baseline.
Beyond Qala Shallows, West Wits is progressing exploration at its Bird Reef Central project, aiming to establish a resource from a gold-uranium target. Together, these developments position the company for multi-asset growth within the historically significant Witwatersrand Basin.
View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-mining
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