Company Interviews

Interview with Luke Norman, Executive Chairman of US Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-14b-npv-at-spot-fully-permitted-major-upside-9904
Recording date: 29th June 2026
U.S. Gold Corp (NASDAQ:USAU) presents a case that is relatively uncommon in the junior mining sector: a fully permitted, feasibility study-backed gold-copper project with a share structure that limits near-term dilution risk. The company's CK Gold Project, located roughly 20 miles from Cheyenne, Wyoming, benefits from established infrastructure including road, rail, and power that Executive Chairman Luke Norman argues meaningfully reduces both construction cost and timeline risk relative to more remote developments.
The project's permitting status is central to the investment case. Wyoming's state-level permitting framework includes a defined objection window that closes once permits are issued, reducing the risk of legal challenges arising mid-construction which is a risk that has affected other North American projects situated on federal land or in jurisdictions with less defined objection timelines. Norman has described CK Gold as one of very few hard-rock mining developments to achieve full permitting in Wyoming in close to a century.
On economics, the definitive feasibility study uses a base-case gold price of $3,250 per ounce, below the consensus estimate of roughly $3,800 per ounce cited at the time of the interview, and still produces an after-tax net present value of approximately $630 million, alongside an internal rate of return just under 30%. Copper, which contributes around 30% of the project's economics, was modelled using a price assumption that has since been exceeded by the market, suggesting the study may understate current project value.
Central to management's undervaluation argument is the company's share count. With approximately 16.5 million shares outstanding which is low relative to typical junior developers, the resulting market capitalisation of roughly $260 million appears modest set against the feasibility study's NPV. Norman has attributed part of this gap to the company's Nasdaq listing, suggesting that comparable projects may be priced differently on Canadian exchanges where specialist mining investors are more concentrated.
Beyond the current reserve, management points to several sources of unquantified upside: approximately 80% of drill holes extending past the existing reserve boundary showed continued mineralisation, gold remains recoverable from tailings material, and waste rock carries commercial resale value comparable to that of a neighbouring quarry operator. None of these factors is currently reflected in the feasibility study's economics.
The company's financing strategy also differs from many peers. Rather than raising further equity, management has expressed a preference for debt-heavy project financing, citing the project's relatively short payback period as support for this approach as a structural distinction from junior developers whose valuations are often discounted by anticipated shareholder dilution.
For investors, the opportunity rests on several dependencies: successful and timely project financing, continued permitting stability, and commodity prices holding near or above the levels used in the feasibility study. As with any development-stage mining investment, prospective investors should review the company's public filings and feasibility study documentation directly, and weigh these factors against their own risk tolerance before making investment decisions.
View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corp
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Interview with Kurt Budge, CEO of Leading Edge Materials Corp.
Our previous interview: https://www.cruxinvestor.com/posts/leading-edge-materials-tsxvlem-heavy-rare-earth-asset-sets-production-timeline-8642
Recording date: 30th June 2026
Leading Edge Materials Corp. (TSXV:LEM) has secured a 25-year Exploitation Concession from the Swedish government for its Norra Kärr heavy rare earth elements project, an outcome the company frames as the most consequential regulatory milestone in its history. The decision follows 15 years of technical work and formal endorsements from Sweden's Mining Inspectorate, the Geological Survey of Sweden, and county administrative boards, and it fundamentally changes the nature of the investment case: Norra Kärr moves from a project defined by permitting uncertainty to one defined by financing and offtake execution.
The core of the opportunity lies in the composition of the resource. Norra Kärr holds a high concentration of dysprosium, terbium and yttrium, heavy rare earths essential to permanent magnets used in electric motors, wind turbines and defence equipment, at a time when the European Union has no domestic rare earth production of its own. Independent research from Edison Group has ranked Norra Kärr third globally among comparable deposits on a dysprosium-equivalent basis and assigned the project a risked NPV10 of approximately $900 million. Investors should note this valuation is based on 2026 analysis and predates some of the more recent shifts in ex-China pricing for heavy rare earths, which have widened materially relative to Chinese domestic prices as buyers seek supply independent of Beijing's export licensing controls. Management has an updated prefeasibility study underway that is expected to incorporate current pricing.
CEO Kurt Budge has been explicit about how the lease changes commercial conversations. Where prior discussions with prospective offtake partners and lenders were consistently constrained by the absence of confirmed mining rights, the company can now present Norra Kärr as a de-risked, strategically important asset. This distinction is particularly relevant given that offtake certainty has become an increasingly central requirement for both lenders and equity investors evaluating rare earth projects.
The near-term catalyst path is reasonably well defined. Environmental permit preparation, including baseline data collection, is expected to take six to nine months before an application can be submitted, running in parallel with the prefeasibility study update. Management continues to target production within four years and has identified binding offtake agreements as the next material milestone, both for their direct commercial value and for the signal they send to potential financiers.
The broader context is one of policy support outpacing available risk capital in Europe, in contrast to more assertive state-backed capital deployment in the United States, illustrated by transactions such as Energy Fuels' acquisition of Germany's Vacuumschmelze. This dynamic underscores both the strategic scarcity value of Norra Kärr and the execution risk that remains: no binding offtake has yet been signed, and the prefeasibility study is not yet complete. 
For investors, the lease represents a genuine de-risking event, but the pace at which Leading Edge converts this milestone into confirmed financing and offtake agreements will be the key variable to monitor over the coming months.
View Leading Edge Materials' company profile: https://www.cruxinvestor.com/companies/leading-edge-materials
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Interview with George Salamis, President and CEO, Integra Resources
Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-strategic-investment-year-unlocks-80-90k-oz-production-in-2027-2028-9377
Recording date: 29th June 2026
Integra Resources has released a feasibility study for its Florida Canyon gold mine in Nevada, positioning the operation as the financial cornerstone of the company’s growth strategy. The study outlines a strong economic profile, including an after-tax net present value of $601 million at a 5% discount rate and approximately $800 million in cumulative free cash flow over an eight-year mine life. Notably, the project requires no upfront capital, as the mine is already built, permitted, and operating.
A key highlight is the substantial increase in the mine’s scale, with reserves rising by 78% and resources by 128%. This growth stems from 18 months of geological reinterpretation, infill drilling, improved mine planning, steeper pit slope designs, and increased use of ore crushing to enhance recovery. These changes have reshaped the understanding of the deposit, moving beyond simple grade-based models to incorporate structural and lithological controls.
In the near term, operations will focus on an intensive waste-stripping campaign to access higher-grade ore zones in the Main C pits. While this phase will keep costs elevated, the company expects all-in sustaining costs to decline toward an average of about $2,300 per ounce over the life of the mine once higher-grade material is reached.
Florida Canyon’s cash flow is expected to fund ongoing operations and support Integra’s broader development pipeline, including the DeLamar project, targeted for construction in roughly two years with partial debt financing, and the Nevada North project. This self-funding model reduces reliance on equity financing and potential shareholder dilution.
Additionally, a 42,500-metre drilling program is underway to expand resources further, including exploration of previously underexplored areas and the historical Standard Mine target, marking the first drilling there in 15 years.
Learn more: https://www.cruxinvestor.com/companies/integra-resources
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Interview with Shaun Bunn, Managing Director, Empire Metals
Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-australian-giant-targets-supply-gap-in-restructuring-titanium-market-8489
Recording date: 26th June 2026
Empire Metals is advancing its wholly owned Pitfield titanium project in Western Australia, positioning it as one of the largest and potentially lowest-cost titanium ore systems globally. Discovered around three years ago, Pitfield has rapidly progressed from exploration to development planning, supported by a large, shallow, and high-grade ore body. Recent drilling has further improved average grades—now estimated at roughly seven times typical mineral sands deposits—with an updated Mineral Resource Estimate expected in the third quarter of 2026.
A major milestone came in June 2026 with the release of an integrated process flow sheet outlining how ore will be converted into high-purity titanium dioxide (TiO2) pigment at a single site. The process combines conventional and novel steps, beginning with scrubbing, screening, and flotation to remove up to 90% of waste material before leaching. The remaining concentrate undergoes a low-temperature sulfuric acid leach, achieving high titanium recovery rates of around 98%. The process also enables recovery of alumina from kaolin as a co-product, improving overall project economics while allowing partial recycling of reagents.
Engineering and cost studies are now underway, with key decisions pending on power supply, acid sourcing, and plant design. The company aims to deliver clear capital and operating cost guidance by early 2027. Rather than competing with low-cost Chinese producers, which dominate about 60% of global TiO2 supply, Empire Metals is targeting premium pigment markets in paints and coatings, where customers pay higher prices for quality and supply security.
The broader market backdrop supports this strategy. Global TiO2 demand stands at 8–9 million tonnes annually and continues to grow steadily, while Western producers face rising costs and financial pressure. With strong infrastructure access, a scalable resource, and a focus on high-margin markets, Pitfield is positioned as a potential new entrant in a tightening global titanium supply chain.
Learn more: https://www.cruxinvestor.com/companies/empire-metals
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Interview with Raymond Ashley, President and COO, F3 Uranium 
Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-corp-tsxvfuu-resource-milestone-growth-drilling-ma-discussions-9473
Recording date: 27th June 2026
F3 Uranium is advancing exploration at its Patterson Lake North (PLN) project in Saskatchewan’s Athabasca Basin, combining an established high-grade resource with a discovery that could reshape regional exploration models. The company’s JR Zone, discovered in 2022, hosts an estimated 11.8 million pounds of uranium at 4.41% U3O8, with a particularly rich core of 10.8 million pounds grading 12.23%. This places it among the higher-grade uranium resources globally and confirms PLN as a meaningful asset in a district known for world-class deposits.
More recently, the Tetra Zone discovery has challenged a long-standing assumption in Athabasca exploration—that economic uranium deposits require graphite- and sulfide-bearing conductive structures. Tetra contains high-grade uranium despite lacking these features, demonstrating that mineralization can occur in previously overlooked geological settings. This finding significantly expands the exploration potential of PLN, particularly within the Clearwater domain, an area historically ignored due to the absence of electromagnetic conductors.
Scientific analysis shows that both JR and Tetra share identical uranium ages, mineralogy, and alteration signatures, indicating they formed from the same large-scale hydrothermal system despite being 13 kilometres apart. This suggests the mineralizing system extends across a much broader area than previously recognized.
To adapt, F3 is testing resistivity surveying as an alternative targeting method, supported by geochemical and gravity data. A 4,000-metre drill program beginning in July 2026 will test multiple new targets across the property. Backed by approximately $23 million in funding through 2027, the company is positioned to sustain aggressive exploration.
Strategically, PLN lies about 25 kilometres from planned milling infrastructure at Arrow and Triple R, potentially allowing future deposits to serve as satellite feed. This proximity lowers development thresholds and enhances the project’s attractiveness to potential partners amid growing global demand for nuclear energy.
Learn more: https://www.cruxinvestor.com/companies/f3-uranium-corp
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