Company Interviews

Interview with Paul Lock, Chairman & MD of Flagship Minerals
Our previous interview: https://www.cruxinvestor.com/posts/flagship-minerals-asxflg-fast-tracks-isidora-project-to-21m-oz-gold-milestone-10307
Recording date: 9th July 2026
Flagship Minerals has repositioned itself as a focused gold and copper explorer, combining advancement of its flagship Isidora Gold Project in Chile with the acquisition of the Whipsaw Copper Project in British Columbia. The strategic shift is reinforced by the divestment of its RK Lithium Project for US$4 million, providing non-dilutive funding while simplifying the company’s commodity exposure.
At the core of Flagship’s portfolio is the 2.1 million ounce Isidora project, where recent metallurgical drilling and trenching have been completed. The company is now progressing infill and extension drilling aimed at upgrading and expanding the resource, with an updated estimate targeted for late 2026 or early 2027. Parallel workstreams—including metallurgical testing, environmental studies, and water solution assessments, are feeding into a prefeasibility study expected in early 2027. Management believes Isidora remains significantly undervalued compared to peers, attributing the gap primarily to investor concerns around potential equity dilution rather than asset quality.
The newly acquired Whipsaw Copper Project introduces large-scale copper optionality in a Tier-1 jurisdiction. Located near an operating mine in British Columbia, Whipsaw hosts a substantial exploration target of up to 1.02 billion tonnes at 0.2–0.4% copper equivalent. Importantly, the deal is structured with deferred payments and no minimum exploration spend, allowing Flagship to manage capital efficiently. The company is evaluating whether to advance drilling or spin out the asset into a separate listed vehicle, offering flexibility in how value is realized.
Flagship’s broader strategy reflects a shift among junior miners toward multi-asset, multi-commodity portfolios that reduce reliance on a single project. With near-term catalysts at Isidora and strategic options at Whipsaw, the company aims to deliver growth, diversification, and a clearer pathway toward development without excessive shareholder dilution.
View Flagship Minerals' company profile: https://www.cruxinvestor.com/companies/flagship-minerals
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Interview with Craig Hallworth, President & CEO of Gunnison Copper
Our previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxgcu-new-pea-with-18-24-month-pfs-timeline-9611
Recording date: 8th July 2026
Gunnison Copper is positioning itself as a rising U.S. copper producer under new CEO Craig Hallworth, who recently stepped up from CFO following a leadership transition. The company has rapidly advanced its operations, bringing the Johnson Camp mine in Arizona into production within 18 months and using that momentum to progress its much larger flagship Gunnison project, which could supply up to 10% of current U.S. refined copper demand.
A major priority has been financial restructuring. Gunnison successfully eliminated legacy secured debt in early 2026 and settled convertible debentures at a significant discount, strengthening its balance sheet and improving investor confidence. Institutional ownership has grown substantially, reflecting increased market credibility.
Operationally, Johnson Camp is already producing copper cathode using Rio Tinto’s Nuton leaching technology, with output sold domestically, including to Amazon Web Services. The project has also qualified for U.S. federal tax credits and may benefit from additional state-level incentives.
The flagship Gunnison project presents compelling economics, with an estimated after-tax value of nearly $2 billion and a 22.5% internal rate of return. Despite this, the company trades at a steep discount to peers. Management attributes this gap to its earlier-stage development status and sees significant upside as permitting, drilling, and feasibility work advance.
A key differentiator is Gunnison’s integrated acid plant strategy, designed to mitigate supply chain risks and reduce reliance on imported sulfuric acid. Combined with an already-permitted site and low litigation risk, this supports a streamlined development pathway.
With a large-scale drilling program underway and ongoing metallurgical testing, Gunnison aims to expand its resource base and attract a strategic partner ahead of a targeted construction decision by mid-2028, aligning with growing U.S. demand for domestically sourced critical minerals.
View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copper
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Panel Interview with
Michael Hodgson, CEO of Serabi Gold PLC
Alan Carter, President & CEO of Cabral Gold Inc.
Thiago Diniz, VP Exploration of ValOre Metals
Recording date: 7th July 2026
Brazil is emerging as an increasingly attractive mining jurisdiction, according to executives from Serabi Gold, Cabral Gold, and ValOre Metals, who discussed the country’s regulatory environment, infrastructure, and investment climate. While Brazil’s federal mining framework is widely viewed as stable and predictable, challenges persist at the state level, particularly in newer mining regions such as Pará. There, under-resourced agencies often delay permitting, leading companies to rely on temporary “guia” licenses to maintain project timelines.
Despite these bottlenecks, investor sentiment toward Brazil has improved significantly. What was once considered a “Brazil discount” in mining valuations has, according to industry leaders, shifted to a “Brazil premium.” This change is driven by strong gold prices, increased participation from major global miners such as Vale, BHP, and Anglo American, and growing access to both institutional and retail capital. Brazil’s mining sector also plays a major economic role, contributing billions in revenue and exports.
Infrastructure development has further strengthened the investment case. In the Tapajós region, new highways have reduced costs, connected mine sites, and improved community relations by generating local economic benefits. However, success in Brazil depends heavily on early and sustained engagement with state regulators and local stakeholders, as these relationships often determine permitting outcomes more than federal involvement.
Operationally, companies report a generally capable domestic workforce, though specialized skills and imported equipment can present constraints. Meanwhile, Brazil’s geological potential remains underexplored, with only about 30% of the country mapped in detail.
Looking ahead, Serabi aims to double gold production, Cabral is advancing toward first production in 2026 with active drilling, and ValOre is progressing toward a preliminary economic assessment while pursuing acquisitions. Overall, Brazil is increasingly viewed as a competitive and promising destination for mining investment.
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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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