Company Interviews

Interview with Peter Ruse, Head of Corporate Development, and Nicholas Holthouse, MD of Mont Royal Resources
Our previous interview: https://www.cruxinvestor.com/posts/mont-royal-resources-asxmrz-ashram-acquisition-drives-november-2025-asx-re-admission-8400
Recording date: 4th May 2026
Mont Royal Resources is on the verge of releasing a highly anticipated Preliminary Economic Assessment (PEA) for its Ashram rare earth project in Quebec, showcasing structural improvements that could redefine the project's financial viability. By strategically redesigning its operations, the company has successfully slashed projected capital costs by more than half, transforming the asset into an eminently financeable operation.
This massive cost saving stems primarily from two pivotal decisions: securing a year-round southern road route instead of relying on ice-bound northern ports, and relocating the complex hydrometallurgical processing plant to the Port of Saguenay. Moving the plant away from the remote mine site to an established industrial port guarantees cheaper construction, better access to skilled labor, and proximity to mature mining services. Think of it like moving a specialized, high-tech manufacturing facility from an isolated island directly to an industrial park—everything from daily logistics to emergency maintenance becomes instantly more efficient and less expensive.
Beyond its rare earth endowment, Mont Royal is unlocking a lucrative secondary revenue stream by actively targeting fluorspar. With impressive high-grade intersections reaching up to 20% and global metspar shortages driving prices to $400–500 per ton, this mineral acts as a standalone financial pillar rather than a mere byproduct. Despite a massive 200-million-ton resource, the operation is purposefully designed as a boutique, high-value asset. It plans to move roughly 70,000 tons annually in standard 20-ton shipping containers, significantly simplifying the supply chain compared to traditional bulk commodity movements.
Crucially, Mont Royal is positioning itself to capture premium pricing outside of China's market dominance. By utilizing a CIF European price deck, the company aims to capitalize on extreme Western supply shortages. This disconnect is highlighted by europium prices, which can exceed $1,000/kg in Western markets compared to a mere $22/kg in China. With proven, uncomplicated metallurgy and firmly secured First Nations support, Mont Royal is advancing a generational critical minerals project ready to feed Western supply chains.
View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources
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Interview with Keith Boyle, CEO of New Found Gold, and Darren Cooke, CEO of FireFly Metals
Recording date: 3rd May 2026
Newfoundland and Labrador is rapidly emerging as a premier mining jurisdiction, attracting significant investment due to its efficient permitting, established infrastructure, and strong labour pool. Industry leaders Keith Boyle of New Found Gold and Darren Cooke of Firefly Metals highlight how these advantages are reshaping project economics and timelines compared to other regions.
A key differentiator is the province’s collaborative regulatory approach. Companies work closely with government agencies before formal submissions, enabling unusually fast approvals illustrated by Firefly’s environmental assessment completed in just 45 days. This proactive process, combined with relatively straightforward Indigenous consultation frameworks, reduces delays that often extend mine development elsewhere.
Infrastructure plays a central role in lowering costs and accelerating timelines. New Found Gold benefits from proximity to transportation and power networks, as well as its acquisition of the Pine Cove Mill, which eliminated the need to build new processing facilities. Firefly Metals similarly leverages approximately $250 million in existing underground development at its Green Bay project, including deep access infrastructure that would otherwise take տարին to replicate. These factors significantly compress capital requirements and construction schedules.
Both companies are advancing distinct but complementary strategies. New Found Gold is targeting production by late 2027 with modest capital expenditure of $155 million, focusing initially on high-grade zones averaging 12 grams per tonne. This approach is expected to generate over $300 million in annual cash flow at current gold prices. Meanwhile, Firefly’s Green Bay project combines its large 80 million tonne resource with strong grades, positioning it as a rare near-term copper development asset. The company is well funded and exploring non-dilutive financing through offtake agreements.
Importantly, Newfoundland’s returning skilled workforce supports these accelerated timelines without the labour shortages seen in other regions. Together, these advantages enable both companies to pursue development timelines closer to six years, significantly faster than the typical decade-long cycle in the global mining industry.
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Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-mining-tsxvscz-record-results-and-2026-growth-outlook-9889
Recording date: 6th May 2026
Santacruz Silver Mining is positioning itself as a significantly undervalued player in the global silver sector, according to CEO Arturo Préstamo Elizondo, who argues the company trades at a steep discount to peers across multiple financial metrics. With an enterprise value of about $1 billion, Santacruz is valued at roughly $45 per silver equivalent ounce—far below the peer average of $180—and at around 6x EV/EBITDA compared to 15–20x for comparable companies. Management attributes this gap to temporary factors, including limited trading history on major exchanges, the lingering impact of a 2025 flooding incident at its Bolivar mine, and perceived geopolitical risks tied to its Bolivian operations.
Despite these concerns, the company delivered strong financial results in 2025, reporting $326.4 million in revenue, $104.6 million in EBITDA, and $79.1 million in operating cash flow. It also strengthened its balance sheet by eliminating debt and ending the year with $66.7 million in cash. Operationally, Santacruz is advancing key recovery and growth initiatives. The Bolivar mine is on track to resume full silver production by Q3 2026 as dewatering progresses, restoring access to high-grade zones. Meanwhile, infrastructure upgrades at the Zimapán mine are expected to improve throughput and reduce costs.
Looking ahead, Santacruz is focused on organic growth, including a new milling facility at San Lucas and development of the Soracaya mine, targeted for late 2026. The company is also enhancing operational efficiency through real-time monitoring systems and may consider share buybacks if its valuation remains depressed. Management believes that upcoming catalysts—such as a planned Toronto Stock Exchange uplisting and potential regulatory reforms in Bolivia—could help close the valuation gap while highlighting the strength of its diversified, multi-mine portfolio.
View Santacruz Silver Mining's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-mining
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Interview with Michael Gentile, Investor
Our previous interview: https://www.cruxinvestor.com/posts/mining-alpha-with-michael-gentile-40t-debt-negative-real-rates-gold-volatility-9758
Recording date: 30th April 2026
The junior mining sector is undergoing a fundamental revaluation, evidenced by two landmark acquisitions that have established new pricing benchmarks for quality gold assets. G Mining Ventures acquired G2 Goldfields at approximately $600 per ounce, while Agnico Eagle purchased Rupert Resources at $500-600 per ounce. Both transactions commanded 70% premiums to prevailing market prices, marking a significant departure from the $50-150 per ounce valuations that have persisted despite gold's rise from $1,500 to $4,500.
These premium valuations reflect a strategic shift toward infrastructure-adjacent assets that offer reduced capital requirements and faster payback periods. In G Mining's case, the target sits directly adjacent to their operation under construction, potentially creating a combined 500,000-ounce annual production profile while eliminating over $1 billion in duplicate infrastructure costs. At current gold prices and $2,000 all-in sustaining costs, acquiring ounces at $600 where minimal additional capital is required still yields $1,900 per ounce in cash margin.
Strategic investor Michael Gentile, co-founder of Bastion Asset Management, has built his investment framework around this infrastructure dynamic. Operating with 30-35 core positions, he allocates initial capital at 1% of portfolio value, targeting 5-20% ownership stakes in post-discovery companies with $30 million market capitalizations. His emphasis on management ownership of 10-30% of shares, proximity to existing infrastructure, and clear pathways to production has produced five to six successful exits over nine years of full-time investing.
The investment process emphasizes patience, with typical timelines of 5-10 years from discovery to acquisition or production. Gentile acknowledges that only 20-30% of investments reach full realization, making diversification across minimum 10-15 positions essential. Position sizing scales with performance, with successful investments receiving up to 5% of book capital across multiple financings while underperformers remain capped at initial allocations.
The improving financing environment, characterized by tighter pricing terms and major miners' strong balance sheets, supports continued M&A activity and potential sector-wide revaluation as quality near-term assets become increasingly scarce.
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Interview with Luis Goyzueta, Chairman & CEO of Titiminas Silver
Recording date: 1st May 2026
Titiminas Silver is advancing the restart of the Madre Sierra mine in central Peru, positioning itself as a fast-moving entrant focused on reviving a past-producing, high-grade polymetallic asset rather than pursuing traditional exploration. The project hosts a 1.2 million ton historical resource grading 4–5 ounces per ton silver, alongside copper, gold, zinc, and lead, for roughly 20 million ounces of silver equivalent. With only three of six identified veins historically developed across a small area of a 2.2-kilometer strike, the company sees substantial upside for resource expansion.
A key advantage lies in the project’s strong infrastructure and permitting position. Madre Sierra is located near a regional airport, paved highway, and power access, while holding an existing 350-ton-per-day mining permit and a community agreement secured through 2032. These factors significantly reduce development risk and enable an accelerated timeline. The company plans to begin drilling shortly, targeting a maiden resource estimate within a year and a final investment decision by late 2027, potentially based on a preliminary economic assessment.
Initial production is expected at 350 tons per day, yielding დაახლოებით 1.2 million ounces of silver annually, with capital costs estimated at $35–45 million. A second phase could expand throughput to 800–1,200 tons per day, increasing output to as much as 3.5 million ounces per year. The polymetallic nature of the deposit provides diversified revenue streams, enhancing project resilience.
Led by CEO Luis Goyzueta, who brings decades of Peruvian mining and private equity experience, Titiminas is also pursuing a broader growth strategy. Leveraging proprietary relationships, the company aims to acquire similar high-grade assets in central Peru, targeting long-term production of 10 million ounces of silver annually. Additional upside comes from a high-grade molybdenum discovery on its northern property, which may offer future strategic value.
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