Company Interviews

Interview with Nicholas Holthouse, MD of Mont Royal Resources
Our previous interview: https://www.cruxinvestor.com/posts/mont-royal-resources-asxmrz-ashram-pea-nears-as-capex-slashed-50-and-fluorspar-upside-emerges-10160
Recording date: 8th July 2026
Mont Royal Resources Limited (ASX:MRZ, TSXV:MRZL) has used the past month to substantiate its case as a scale rare earths developer positioned to help address Western critical minerals supply gaps. The centrepiece is an updated Preliminary Economic Assessment for the company's 100%-owned Ashram Rare Earths and Fluorspar Project in Nunavik, Québec, released and followed by the formal NI 43-101 Technical Report required under Canadian disclosure rules.
The updated PEA confirms Ashram as a 30-year, large-scale development. On a post-tax basis, the project delivers an NPV8 of C$2.03 billion, an IRR of 22.0%, and payback of 3.9 years from the start of production; pre-tax figures are stronger, at C$3.44 billion NPV8 and 25.6% IRR. Life-of-mine revenue is forecast at C$24.6 billion, with EBITDA of C$15.5 billion (a 62.7% margin), driven by average annual production of approximately 17,466 tonnes of saleable rare earth oxide, including roughly 4,035 tonnes of NdPr oxide. Initial capital expenditure is estimated at C$1.23 billion, including a 30% contingency, with the Company also anticipating C$342 million in refundable Clean Technology Manufacturing tax credits.
The updated Mineral Resource Estimate totals 204.3Mt (73.2Mt Indicated at 1.89% TREO and 131.1Mt Inferred at 1.91% TREO), with the mine plan drawing on only around 25% of that base over its 30-year life leaving room for future expansion, including the currently excluded BD-Zone. NdPr, the primary magnet metal pairing, represents approximately 21% of the resource's total rare earth oxide content, a distribution that positions Ashram to supply the higher-value end of the rare earth basket into markets forecast to grow at 8-12% annually through 2050.
Beyond the economic study, Mont Royal is managing two other active workstreams. First, the company acknowledged an independent, Nation-led initiative from the Naskapi Nation of Kawawachikamach to evaluate potential regional access corridor options, a process Mont Royal says it respects but does not control, running in parallel to its own engagement with Inuit, Naskapi and Innu communities on Ashram-related infrastructure. Second, the company's 75%-owned Northern Lights Minerals project is undergoing a helicopter-supported gold till-sampling survey across the Chateaufort Property, targeting ground directly along strike from Benz Mining's 1,005,000oz Eastmain gold deposit, with preliminary data expected in August 2026 and a full report in Q3.
For investors, the key considerations are straightforward. On the positive side: a resource base and NdPr distribution that stack up well against global peers, PEA economics that clear the bar for progression to Pre-Feasibility Study, and access to Canadian government funding support, including the anticipated tax credit allocation. On the risk side: the PEA carries a ±50% accuracy range typical of scoping-level studies, no off-take agreements or committed financing are yet in place against the roughly C$1.23 billion initial capital requirement, and the assumed third-party access-road cost model has not yet been formalised into an infrastructure agreement. Permitting is expected to take several years given the project's location within federally and provincially regulated territory under the James Bay and Northern Québec Agreement.
The Company has targeted the second half of 2026 for the start of Pre-Feasibility Study work, alongside continued permitting, environmental baseline studies, and strategic partnership discussions as the next set of milestones to track.
View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources 
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Interview with Nolan Peterson, CEO of Atlas Salt
Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-no-competitors-lowest-cost-producer-a-mining-story-built-for-certainty-10812
Recording date: 8th July 2026
Atlas Salt has advanced its Great Atlantic Salt Project in Newfoundland from pre-development into active construction, marking a key milestone for the company. Since construction began in February, work has shifted to feasibility-study-funded capital expenditures, meaning current activities are part of the permanent mine infrastructure rather than preparatory steps. Backed by recent financing, the company has maintained steady progress through the 2026 construction season.
Early-stage work has focused on site clearing, overburden removal and storage, subgrade preparation, and initial road and drainage infrastructure. These efforts are designed as long-term assets for the project. The next major milestone, excavation of the box cut and development of a 1.5-kilometre underground drift, is still several months away and will be critical in determining the project’s technical performance.
Initial geotechnical observations have been encouraging, with ground conditions appearing drier and more stable than expected. If confirmed, these conditions could reduce both construction time and capital costs, though further testing during drift development will be necessary to validate these early findings.
On the regulatory side, Atlas Salt has secured permits covering over $150 million in early works. In addition, local authorities have shifted to a streamlined permitting approach aligned with provincial approvals, reducing administrative complexity and signaling strong regional support.
The project aims to produce 4 million tonnes of de-icing road salt annually, targeting undersupplied markets in the northeastern United States, eastern Canada, and Atlantic Canada. Execution is supported by an experienced in-house team and engineering partner Hatch, with a phased staffing strategy intended to reduce risk during peak construction.
Overall, Atlas Salt’s transition into active construction, combined with favorable early conditions and improved permitting, positions the project for continued advancement toward full-scale production.
View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-salt
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Interview with Darren Bowden, CEO of Metals Exploration PLC
Our previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-doubling-gold-output-as-build-on-track-on-budget-9180
Recording date: 8th July 2026
Metals Exploration (LSE:MTL) presents a self-funded gold development story entering its most consequential phase, with a newly acquired copper optionality layered on top. The company's flagship growth asset, La India in Nicaragua, is roughly 50% built and remains on schedule for first gold production in December 2026. CEO Darren Bowden confirmed that a previously flagged risk, the power transmission to the construction site, has now been substantially resolved through a revised delivery arrangement with the Nicaraguan government, under which the state handles design and the company handles construction.
Construction progress is tangible: front-end processing infrastructure is complete, the CIL tanks are half-erected, and both mills are currently being installed. Some equipment deliveries such as an elution circuit from Australia and high-voltage cabling have slipped by a few weeks, but management maintains that the December 2026 target is intact, aided by a stockpiling strategy designed to bank four to five months of processing feed ahead of commissioning.
The build is being funded entirely from Runruno's operating cashflow. The Philippines-based mine delivered record FY2025 results - $208.4 million in revenue and $115.3 million in free cashflow - leaving the company debt-free. FY2026 Runruno guidance of 40,000-48,000oz represents a step down from FY2025's 65,287oz, reflecting the mine's advancing age rather than any operational issue, as La India is designed to take over as the group's primary cashflow generator from late 2026.
La India's underlying economics remain strong: a pre-tax NPV6 of $882 million at $2,500/oz gold (rising to $1,378 million at $4,000/oz), targeting 145,000oz of annual production over a mine life of 12-plus years, at an initial capital intensity of $1,138/oz - the lowest among the development-stage peer group Crux tracks for comparison.
Layered on top of this near-term gold catalyst is a newly signed set of agreements over the Batong Buhay copper-gold porphyry project in the Philippines, announced 15 June 2026. The 440-hectare licence hosts two historically drill-tested porphyry systems and a high-sulphidation gold vein system, with a historical (non-JORC) resource at the Dickson porphyry of 86.9 million tonnes at 0.60% copper and 0.25 g/t gold. Crucially, the licence sits with the state-owned Philippine Mining Development Corporation, which satisfies local ownership requirements automatically and gives the project government backing that makes it a very different prospect. Initial exploration is underway, with a drill programme targeted for H2 2026.
For investors, the near-term case rests on execution through La India's remaining construction and commissioning phases - watch particularly for confirmation of the final capital figure, which has moved slightly across recent company materials - alongside early drill results from Batong Buhay and the company's existing Abra and Cacao exploration targets, both expected in H2 2026.
View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plc
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Interview with Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/pacific-ridge-exploration-tsxvpex-2026-drilling-campaign-eyes-500-mt-resource-expansion-9972
Recording date: 8th July 2026
Pacific Ridge Exploration Ltd. (TSXV:PEX) closed the final tranche of an C$8.5 million financing and in doing so secured its largest corporate strategic shareholder: Peruvian mining group Minsur S.A., which through its subsidiary Cumbres del Sur now holds approximately 13.8% of the company. For a junior explorer that has spent recent years working to close a persistent valuation gap with peers, this is a meaningful development heading into the 2026 field season.
The financing directly funds Pacific Ridge's 2026 exploration programme: approximately 2,500 metres of drilling each at the flagship Kliyul copper-gold project and the RDP copper-gold project, both located in British Columbia's Toodoggone district. Mobilisation is underway, with drilling expected to begin by late July and a second rig arriving mid-August to accelerate the Kliyul programme.
At Kliyul, Pacific Ridge already holds a maiden resource of 334 million tonnes at 0.33% copper equivalent - roughly 2.42 billion pounds of copper equivalent, or 5.7 million ounces of gold equivalent. Rather than simply expanding this resource, management is directing drilling toward three untested porphyry targets along a 6-kilometre mineralised trend, starting with the M39 target in the property's southeast corner. Only three of the roughly 36 holes drilled at Kliyul to date have tested ground outside the existing main zone, leaving significant untested potential. Management's rationale is straightforward: nearby discoveries at Amarc Resources' Freeport-backed JOY district and Kingfisher Metals' HWY 37 project in the Golden Triangle have both driven multi-fold share price re-ratings, and a fresh discovery is seen as more likely to move Pacific Ridge's valuation than incremental tonnage growth.
At RDP, the 2026 programme is concentrated on testing an interpreted porphyry centre nestled between two known mineralised magnetic lobes, the same zone that Minsur specifically negotiated technical access rights to as part of its investment. CEO Blaine Monaghan has described RDP's grades as among the highest-grade porphyry copper-gold mineralisation seen in the province, distinguishing it from the larger but lower-grade Kliyul resource.
Minsur's investment carries structural significance beyond the capital itself. The company has been granted an investor rights agreement covering participation and top-up rights in future financings, along with a nine-month right of first refusal to acquire the RDP project and an agreement to negotiate a potential strategic transaction in good faith. This creates a defined, time-bound window in which Minsur can act on this season's drilling results - a specific catalyst investors can track rather than an open-ended thesis.
With more than C$9 million now in treasury and a share count that has grown from roughly 63 million to approximately 97 million following the raise, management argues the company's dilution overhang is largely behind it, pointing to roughly 160 million shares traded since September 2025 as evidence that legacy sellers have been substantially absorbed. Separately, Pacific Ridge's Yukon gold properties, Mariposa and Eureka Dome, remain under a non-dilutive option to Labrador Gold Corp, adding optionality without competing for Pacific Ridge's own exploration capital this season.
View Pacific Ridge Exploration's company profile: https://www.cruxinvestor.com/companies/pacific-ridge-exploration
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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-tsx-graduates-to-the-tsx-10811
Recording date: 7th July 2026
New Found Gold Corp (TSX: NFG | NYSE American: NFGC) has confirmed that its flagship Queensway Gold Project will undergo an additional environmental review step, while construction at its Pine Cove mill continues uninterrupted. Newfoundland and Labrador's Minister of Environment, Conservation and Climate Change notified the company on July 3, 2026 that an Environmental Preview Report is required for Queensway Phase 1, a standard requirement for a greenfield project sited near the communities of Appleton and Gander. CEO Keith Boyle has described the request as an expected part of advancing a project of this nature so close to populated areas, and has emphasized a collaborative working relationship with the provincial government throughout the process.
On the regulatory timeline, New Found Gold will receive EPR completion guidelines within 60 days of the Minister's letter. Once the EPR is submitted, a 35-day public review and the Minister's 45-day decision period run concurrently, with the decision period carrying a possible two-week extension that has already been exercised once during this project's review. Taken together with however long the company needs to prepare and submit the EPR itself, a realistic overall timeline to a final decision is six to nine months.
Importantly, Boyle has stated that none of the current engineering, procurement, or construction work has been affected by the review. The company has received the permit amendment needed to convert its 100%-owned Pine Cove mill from a 700 tonne-per-day flotation circuit to a 1,400 tonne-per-day gravity-carbon-in-leach circuit, and construction on that conversion is already underway. New Found Gold continues to target sending first Queensway Phase 1 material to the mill in the fourth quarter of 2027, with Phase 1 commercial production targeted for the second half of 2028.
The company is also using its Hammerdown Gold Project, targeted for commercial production in the second half of 2026, as an operational rehearsal for Queensway, with lessons on drilling, blasting, and mine start-up expected to transfer directly across. An updated NI 43-101 Technical Report covering all three planned phases of Queensway is expected in the second half of 2026, which should give investors a clearer picture of updated resource, design, and cost estimates.
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