Company Interviews

Interview with Alan Carter, President & CEO of Cabral Gold Inc.
Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-undervalued-investment-series-with-alan-carter-9745
Recording date: 16th June 2026
Cabral Gold is nearing production at its phase one heap leach operation in the Cuiu Cuiu gold district in northern Brazil, with construction more than 70% complete and on track for commissioning in the third quarter of 2026 and commercial output in the fourth quarter. The project is fully funded through a 353 kg gold loan (approximately $45 million) from its largest shareholder, carrying a 39-month term and 10% interest, with repayments beginning at the end of 2026.
The operation is designed to process 3,000 tons of ore per day from near-surface, free-digging oxide material, which avoids the need for drilling, blasting, and complex processing. This contributes to relatively low operating costs and strong projected economics. Despite rising diesel prices and a stronger Brazilian real, the company estimates margins of $3,000 per ounce at current gold prices, with first-year production expected to reach 25,000 ounces.
Infill drilling across approximately 160 holes has largely confirmed the resource model outlined in the 2025 preliminary feasibility study, with some higher-grade results, including an intercept of 25 metres at 7.5 g/t gold from surface. Early mining grades are expected to exceed life-of-mine averages, further supporting near-term profitability.
Beyond initial production, Cabral is advancing a broader district-scale strategy. The company now controls six known deposits, up from three in 2022, and is actively drilling with six rigs to expand its resource base, targeting an updated estimate by the end of 2026. Notably, around 75% of the district’s gold is believed to lie in hard rock beneath the oxide layer, forming the basis for a larger phase two development.
Cabral’s approach emphasizes self-funded growth, using cash flow from phase one to support expansion, reducing reliance on equity dilution while maintaining exposure to significant exploration upside.
Learn more: https://www.cruxinvestor.com/companies/cabral-gold
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Interview with Lon Shaver, President, Silvercorp Metals
Our previous interview: https://www.cruxinvestor.com/posts/silvercorp-metals-nysesvm-377m-cash-el-domo-build-drive-growth-in-silver-dominant-producer-8056
Recording date: 15th June 2026
Silvercorp Metals has reported a strong performance over its most recent two quarters, with sharp increases in net income and free cash flow largely driven by higher prices for silver, gold, and zinc rather than significant production growth. While output rose modestly, the primary driver of improved margins was the favorable pricing environment, which allowed more revenue per ton of ore without major new capital investment. Seasonal weakness typically seen in the March quarter was mitigated by expanded capacity at the company’s flagship Ying Mining District in China.
Despite these results, Silvercorp continues to trade at a valuation discount relative to peers. Management attributes this gap to its historical reliance on a single asset in a single jurisdiction, which has limited investor interest, particularly among those less familiar with operating conditions in China. To address this, the company is actively pursuing diversification across both geography and commodities.
Key growth initiatives include the El Domo project in Ecuador, currently under construction and expected to begin production by mid-2027, and the Condor gold project, which is being advanced as a potentially low-cost underground mine. In addition, Silvercorp has acquired two gold projects in Kyrgyzstan, providing exposure to more than 6 million ounces of gold. These projects are central to a broader strategy to expand revenue from approximately $400 million today to over $2 billion within five to six years.
The company plans to fund this expansion primarily through internal cash flow, supported by an unused $220 million credit facility. It is also seeking a secondary listing on the Hong Kong Stock Exchange to broaden its investor base. Alongside growth, Silvercorp continues to focus on cost control through electrification, off-peak energy use, and increased automation, reinforcing its position as a low-cost producer in a rising metals price environment.
Learn more: https://www.cruxinvestor.com/companies/silvercorp-metals
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Interview with Gavin Ferrar, CEO of Central Asia Metals
Our previous interview: https://www.cruxinvestor.com/posts/central-asia-metals-lsecaml-beats-cash-forecasts-pays-dividends-9808
Recording date: 12th June 2026
Central Asia Metals (CAML) has announced the proposed acquisition of ASX-listed Cygnus Metals in an all-share transaction aimed at strengthening its project pipeline and adding a development-stage asset to its portfolio. The deal, expected to complete in September, will see Cygnus shareholders receive approximately 0.06 CAML shares per share, resulting in ownership of about 30% of the combined entity, with existing CAML shareholders retaining 70%. The structure preserves CAML’s debt-free balance sheet and allows continued funding of operations, exploration, and dividends.
The acquisition centers on the Chibougamau copper-gold project in Quebec, Canada, a brownfield asset comprising five deposits and an existing processing facility. Under Cygnus’s ownership, the project’s measured and indicated resource increased by 78% to 6.4 million tonnes at roughly 3% copper equivalent, with over 8 million tonnes of inferred resources and significant exploration potential across an 18-kilometre strike length. Existing infrastructure, including an idle mill and permitted tailings facilities, is expected to reduce development costs and timelines compared to a greenfield project.
CAML plans to advance the project through an updated preliminary economic assessment followed by a feasibility study, targeting a construction decision within four to five years. The company intends to leverage its operational and tailings management expertise from its Sasa mine, while retaining Cygnus’s local management team and community relationships to support permitting and development.
Strategically, the acquisition fills a long-standing gap between CAML’s exploration assets and producing operations in Kazakhstan and North Macedonia. These existing mines are performing strongly, supporting ongoing dividends of 30–50% of free cash flow. The transaction also reflects a broader industry trend of larger, cash-generative miners acquiring development-stage assets from smaller explorers to unlock value and accelerate project timelines.
Learn more: https://www.cruxinvestor.com/companies/central-asia-metals
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Interview with David Cole, CEO of Elemental Royalty Corp.
Our previous interview: https://www.cruxinvestor.com/posts/tether-to-assume-33-stake-in-transformational-royalty-merger-of-emx-royalty-elemental-altus-8002
Recording date: 11th June 2026
Elemental Royalty Corporation has emerged as a major player in the global mining royalty sector, following the merger of Elemental Altus and EMX Royalty. The combined entity now holds over 300 mineral property interests across 23 countries, positioning itself as a diversified, billion-dollar company with projected annual revenues nearing $100 million. Its commodity exposure is balanced, with approximately 60% derived from gold and silver, 30% from copper, and the remainder from base metals such as zinc, lead, and molybdenum.
The company operates on a royalty model, enabling it to benefit from mining revenues without bearing operational or capital costs. Its portfolio is structured like a pyramid, combining producing assets for immediate cash flow, development-stage projects for medium-term growth, and exploration-stage properties that offer long-term upside. This structure supports steady revenue generation alongside asset value appreciation.
A key factor in Elemental’s growth is its strategic partnership with Tether, which holds a 32% equity stake and has injected $100 million into the company. This backing lowers Elemental’s cost of capital and provides financial flexibility for acquisitions without relying heavily on equity dilution.
Elemental has also significantly improved its market presence, increasing trading liquidity after listing on the NASDAQ and positioning itself for inclusion in major indexes such as the Russell 2000, Russell 3000, and potentially the GDXJ ETF. These developments are expected to attract institutional investment.
Future growth is driven by major projects such as the Timok copper deposit in Serbia and the pending Vizsla silver-gold royalty acquisition in Mexico. With strong exposure to both precious metals and energy-transition commodities, Elemental is well positioned to benefit from global demand trends while maintaining a low-risk, capital-efficient business model.
View Elemental Royalty's company profile: https://www.cruxinvestor.com/companies/elemental-altus-royalties
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Interview with Kyle Floyd, CEO of Vox Royalty Corp.
Our previous interview: https://www.cruxinvestor.com/posts/from-one-asset-to-eight-how-vox-royalty-tsxvoxr-is-building-a-cash-generating-royalty-powerhouse-7187
Recording date: 10th June 2026
Vox Royalty Corp reported a record-setting first quarter in 2026, underscoring a period of accelerating growth driven by both strategic acquisitions and a strong gold price environment. The company generated $16 million in royalty receipts, alongside record operating cash flow and earnings per share exceeding $0.30. Management attributed this performance largely to a $60 million portfolio acquisition completed in September 2025, which added high-quality royalty assets that have since benefited from operational improvements and rising commodity prices.
Building on this momentum, Vox introduced its first long-term financial outlook, projecting annual royalty receipts of approximately $66 million by 2030—nearly double its current guidance range of $32–$37 million. Notably, this forecast is based բացառively on existing assets, excluding potential upside from future acquisitions or the resolution of ongoing litigation related to the Red Hill royalty.
A central element of Vox’s investment case is its perceived valuation gap. The company currently trades at roughly $300 per gold equivalent ounce (GEO), significantly below peers such as Triple Flag and Franco-Nevada, which trade closer to $1,200 and $1,800 per GEO, respectively. Management argues this discount is difficult to justify given Vox’s reported 28% return on invested capital and growing production base.
Financially, the company remains well positioned, with no debt, available credit of up to $75 million, and a disciplined acquisition strategy focused on under-the-radar, pre-production royalties. Near-term catalysts include potential mine life extensions, ongoing drilling activity across its portfolio, and the possible unlocking of the Los Filos stream—acquired for a nominal cost but potentially worth up to $50 million.
Overall, Vox Royalty presents a growth profile anchored in existing assets, with management emphasizing both operational execution and valuation re-rating potential.
View Vox Royalty's company profile: https://www.cruxinvestor.com/companies/vox-royalty
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