Company Interviews

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-2026-set-for-more-gains-as-large-treasury-builds-9260
Recording date: 15th April 2026
Santacruz Silver Mining Ltd. (TSXV:SCZ) is a multi-asset, multi-metal producer operating across Mexico and Bolivia, with silver as its primary revenue metal. Having closed 2025 with revenues of $326 million and EBITDA of $104 million, the company's strongest financial results in recent years, the company is now entering what management believes will be a year of accelerating operational recovery and earnings growth.
The most significant near-term catalyst is the recovery of the Bolivar mine in Bolivia which suffered flooding of two key veins and resulting in a cumulative loss of approximately 600,000–660,000 silver equivalent ounces over the affected period. The dewatering programme is progressing on schedule, with Q4 2025 silver production at Bolivar already up 34% quarter-on-quarter. Full capacity restoration representing a quarterly run rate of 1.0–1.2 million silver equivalent ounces from Bolivar mine is targeted for Q4 2026. This recovery alone represents a material production and cash flow uplift for the group, requiring no new capital expenditure or exploration success.
Beyond Bolivar, management has guided for approximately 10% group production growth in 2026, supported by throughput and recovery improvements at Zimapan in Mexico, incremental output from the newly opened Esperanza area at Caballo Blanco, and the initial production contribution from Soracaya in Bolivia, which is expected to begin at approximately 200–250 tonnes per day in Q4 2026 ahead of a full ramp-up in 2027.
On the financial side, Santacruz ended 2025 with approximately $70 million in cash achieved after paying down $40 million in Glencore debt and settling $27 million in deferred taxes during the year. The balance sheet is clean, working capital has improved materially, and the company is generating cash at a growing rate. Management's approach to capital deployment is conservative, prioritising treasury strength while exploring accretive M&A opportunities across the Americas.
Two near-term transparency improvements are worth noting. First, the company is restructuring its AISC reporting to separate San Lucas from consolidated mine-level cost figures, which will give investors a significantly cleaner view of operating economics. Second, Santacruz is pursuing a graduation from the TSXV to the TSX main board, which management has identified as the trigger for launching a formal share buyback programme. Management has been explicit that it views the current share price as undervalued relative to fundamentals.
The silver macro backdrop adds further support with silver demand structurally expanding due to its role in solar photovoltaics, electric vehicles, and grid-scale storage, while supply growth remains constrained by long project development timelines and the predominantly by-product nature of silver mining. Santacruz, as a primary silver producer operating exclusively in the Americas, is well-positioned to benefit from both the commodity trend and the growing Western preference for supply chain diversification.
For investors, the combination of a defined operational recovery timeline, guided production growth, a strengthening balance sheet, and multiple identifiable re-rating catalysts makes Santacruz Silver a company worth following closely as 2026 progresses.
View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-mining
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Interview with Dan Sutton, CEO of Syntholene Energy
Recording date: 14th April 2026
Syntholene Energy is pioneering a cost-competitive sustainable aviation fuel (SAF) by integrating geothermal waste heat into its production process. This strategy aims to drastically reduce the cost of synthetic fuels, targeting price parity with fossil fuels within the next five years.
Syntholene reduces the electricity required for hydrogen production—which typically accounts for 70% of synthetic fuel costs—by utilizing high-temperature geothermal or nuclear waste heat. By co-locating with stranded energy assets, the company projects its first 20,000-ton commercial facility can produce fuel at $1.24 per liter, significantly narrowing the gap with the $0.80 to $0.90 fossil fuel average. The resulting product is a "drop-in" replacement fuel that seamlessly utilizes existing petroleum infrastructure without requiring airlines to upgrade their fleets.
The company is currently constructing a 250-kilowatt demonstration facility at a preserved geothermal power station in Húsavík, Iceland. Scheduled for operation in 2026, the site leverages Iceland's massive, unexportable geothermal resources to validate the lab-scale successes previously achieved at the Idaho National Lab in 2022. Following a brief commissioning period, a major petroleum engineering firm will conduct a third-party techno-economic validation in early 2027 to unlock project financing and strategic partnerships.
Recently listed on public exchanges and backed by multi-billion-dollar family offices, Syntholene is strategically targeting mandated SAF markets across the EU, the UK, and Asia. The company relies on a modular scaling strategy and patented supply chain integrations to protect its cost advantages as it shifts from demonstration to commercial scale. If successful, this thermal integration model could eventually provide low-cost synthetic fuels for marine shipping, long-haul trucking, and the broader liquid fuel market.
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Interview with Darrin Campbell, President & CEO of Namibia Critical Minerals Inc.
Our previous interview: https://www.cruxinvestor.com/posts/namibia-critical-metals-tsxvnmi-japanese-govt-backed-heavy-rare-earth-play-7490
Recording date: 14th April 2026
As Western nations seek independent critical mineral supply chains, Namibia Critical Metals’ Lofdal project has emerged as a globally significant heavy rare earth asset. Located in Namibia, a stable mining jurisdiction, the fully-permitted project is uniquely positioned to reduce global reliance on Chinese market dominance.
Lofdal is one of only two xenotime-type rare earth deposits currently under development worldwide. The shovel-ready site targets the annual production of 120 tons of dysprosium, 25 tons of terbium, and 800 tons of yttrium. Unlike light rare earth projects, this exceptional heavy rare earth concentration creates substantial value density, making its output essential for electric vehicles, renewable energy, and advanced manufacturing. Lofdal currently holds a 25-year mining license, effectively de-risking its operational timeline.
The project's January 2026 Prefeasibility Study outlines a highly profitable financial trajectory. With an estimated capital expenditure of $350 million, the base case yields a pre-tax net present value (NPV) of $390 million. However, the current bifurcated global market—where Western contracted prices far exceed Chinese spot rates—pushes the divergent scenario's after-tax NPV to $750 million. For instance, contracted North American yttrium prices have recently soared to $1,400 per kilogram, compared to roughly $10 to $20 in Chinese spot markets.
Lofdal's strategic importance was cemented in March 2026 when Toyota Tsusho joined the project alongside Japanese government agency JOGMEC. Selected through a public tender, Toyota Tsusho guarantees offtake and provides direct downstream integration into Japan's permanent magnet supply chains. This consortium fully funds the project through its Definitive Feasibility Study, which is expected to conclude in mid-2027. Because of this structure, Namibia Critical Metals benefits from interest-free, non-dilutive funding, allowing the company to securely retain up to a 44% ownership stake while advancing the critical global asset.
View Namibia Critical Metals' company profile: https://www.cruxinvestor.com/companies/namibia-critical-metals-inc
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Interview with Ian E Nielson, Technical Advisor of Golden Cross Resources
 
Recording date: 14th April 2026
Golden Cross Resources has successfully completed its inaugural drilling program at Aurora in Eastern Victoria, intersecting high-grade gold mineralisation up to 27 grams per ton. The results validate the company's structural geological model and confirm the presence of narrow high-grade orogenic gold deposits similar to the world-class Fosterville mine.
The exploration program represents a methodical approach to unlocking what could be a significant gold system. Technical Advisor Ian Nielson emphasized that all four drill holes intersected anticipated mineralised zones, demonstrating the accuracy of the company's geological hypothesis. The focus centers on the Welcome trend corridor, which extends through Aurora, Charlotte's, and Prince of Wales prospects.
A key advantage is Golden Cross's access to historical artisanal workings throughout the area. These underground excavations serve as "free 3D drill holes," providing invaluable three-dimensional geological information that would otherwise require expensive drilling. By mapping these historical sites and integrating surface data, the company is building a comprehensive structural model extending beyond where nineteenth-century miners worked.
The company is employing a multi-disciplinary strategy, integrating geochemistry, geophysics, lidar scanning, and detailed geological mapping to reduce uncertainty before committing significant capital to drilling. This approach leverages newly released Victorian government datasets, providing additional layers of information at no cost to the company.
Rather than pursuing aggressive drilling, Golden Cross will spend the next twelve months collecting geophysical data and refining its structural model. This systematic methodology aims to optimize future drilling efficiency by better understanding fault planes and shoot geometries—the architectural features controlling high-grade gold deposition.
Historical intercepts at nearby Reedy Creek, which returned approximately 11 meters at 10-12 g/t gold, demonstrate the district's potential. With experienced leadership, cost-effective de-risking strategies, and a disciplined exploration approach, Golden Cross offers investors early-stage exposure to potential high-grade gold discovery in an underexplored Victorian goldfield.
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Interview with Victor Cantore, President & CEO of Amex Exploration Inc.
Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-undervalued-investment-series-with-victor-cantore-9724
Recording date: 14th April 2026
Amex Exploration has released a feasibility study for its Perron Gold Mine in Quebec's Abitibi greenstone belt, delivering some of the most compelling economics in the junior mining sector. At a base case gold price of $3,500 per ounce, the project generates a post-tax net present value of $1.1 billion, rising to $1.7 billion at current spot prices near $4,750. The internal rate of return stands at 114%, with a post-tax payback period of just 0.5 years — meaning initial capital is recovered within months of first production.
The project targets 774,000 ounces over five years from a 2.3 million ounce resource, mining at a high diluted grade of 12.1 grams per tonne — an improvement over the 10 g/t estimated in earlier assessments. Annual production is expected to average 147,000 ounces at all-in sustaining costs of $910 per ounce, generating $2.492 billion in pre-tax cash flow over the initial five-year period, or $3.7 billion at spot gold prices.
A key feature of the project is its phased development strategy. Rather than constructing the full operation at once, Amex will begin with a $50 million bulk sample in mid-2027, which is expected to produce at least 23,000 ounces and generate approximately $68 million in pre-production revenue. This self-funding mechanism significantly reduces the need for equity financing. Phase one production is targeted for 2028 — three to four years ahead of a conventional development timeline.
Initial capital expenditure of $193.9 million is kept lean through contract mining and toll milling arrangements, eliminating the need to build processing facilities or tailings infrastructure. This also simplifies permitting, as the early phases require only underground mining approvals. The bulk sample permit was secured within the expected six-month window, and community and First Nations support is well established.
The property spans over 600 square kilometres in the historically prolific Abitibi greenstone belt, yet all current resources sit within just 6 square kilometres — leaving considerable room for future exploration and resource expansion beyond the initial mine plan.
View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-exploration
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