Company Interviews

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.
Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-pampa-medina-shows-tier-one-potential-with-57-copper-hits-10588
Recording date: 13th July 2026
Marimaca Copper Corp. (TSX:MARI) is a Chile-focused copper developer whose flagship asset, the Marimaca Oxide Deposit (MOD), has reached Definitive Feasibility Study (DFS) completion and holds its key environmental approval (the RCA, received November 2025). Located in the Antofagasta region, the heart of the world's largest copper-producing jurisdiction, the MOD benefits from low-altitude, low-execution-risk positioning within 25 kilometres of the Port of Mejillones. The DFS outlines a 13-year mine life on 179 million tonnes of Proved and Probable reserves at 0.42% CuT, supporting roughly 50,000 tonnes per annum of copper cathode production via conventional heap leach and SX-EW processing. At a three-month average copper price of US$5.05/lb, the project delivers a post-tax NPV (8%) of US$1.1 billion and a 39% IRR with a 2.2-year payback; at the DFS's more conservative long-term price assumption of US$4.30/lb, post-tax NPV is US$709 million at a 31% IRR. Initial capital intensity of approximately US$11,700 per tonne of annual production ranks among the most capital-efficient greenfield copper developments globally.
President and CEO Hayden Locke argued that Marimaca's current share price roughly reflects the standalone value of the MOD alone as the market is attaching little value to the Company's second asset, Pampa Medina. Located approximately 28 kilometres from the MOD, Pampa Medina is a sediment-hosted copper-silver system that Locke compares directly to the Kakula selective mining zone within the world-class Kamoa-Kakula complex in the Democratic Republic of Congo. Six drill rigs are currently active at Pampa Medina, running step-out and infill programmes. The company's most recent results extended the central high-grade bornite-chalcocite zone 300 metres south with hole SPRD-07 (including 6 metres at 6.11% copper and 24.0 g/t silver), while SPRD-08B intersected mineralisation in basement metasediments for the first time, reaching a total depth of 1,052 metres. Locke separately estimates that identified oxide extensions at Pampa Medina could add 20,000-25,000 tonnes a year of additional cathode production without further exploration success, complementing the existing MOD plant.
Execution risk is a key focus for management. The board was recently strengthened with the addition of Chairman Giancarlo Bruno, former CEO of Mantos Copper, and non-executive director Zenon Wozniak, who spent 23 years as First Quantum Minerals' director of projects. Project Director Josh Watson leads an in-country execution team based in Santiago.
Key near-term catalysts include: Sectorial Permit approvals expected in Q4 2026 following an on-schedule April 2026 submission; a project financing announcement, led by advisor Endeavour Financial, also expected by Q4 2026; continued Pampa Medina step-out drilling results; and a maiden Pampa Medina sulphide mineral resource estimate targeted for early 2027. Construction is targeted to begin in 2027, with first copper cathode guided for 2029. Investors should weigh the permitting, financing and execution risks inherent to any pre-production developer against a de-risked flagship asset and a exploration program that management believes offers substantial, currently unpriced upside.
View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copper
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Interview with Philippe Cloutier, President and CEO, Cartier Resources
Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-undervalued-investment-series-with-philippe-cloutier-9970
Recording date: 15th July 2026
Cartier Resources is reshaping its strategy at the Cadillac gold project in Quebec’s Abitibi Greenstone Belt after early 2026 drilling confirmed that mineralization extends well beyond the historic Chimo mine. New discoveries at the Contact Zone, the Portal area, and a դեռ largely untested southern target indicate the presence of multiple mineralized systems across the company’s 15–20 kilometre land package, supporting the idea of a broader “mining camp” rather than a single-deposit project.
The results have prompted a redesign of Cartier’s exploration program. Instead of evenly distributed drilling across numerous targets, the company is prioritizing high-impact areas: infill drilling at Chimo, focused shallow drilling at the high-grade Contact and Portal zones, and a potentially large, multi-year campaign at the southern target. With about one-third of its 100,000-metre program completed, Cartier believes it has already demonstrated significant expansion potential.
An updated Preliminary Economic Assessment (PEA), expected in September 2026, will reflect materially improved fundamentals compared with the 2023 study. The resource base has grown to 3.2 million ounces from 2.3 million, metallurgical recoveries have increased to roughly 97%, and gold prices have more than doubled, now exceeding $4,000 per ounce. The company is also evaluating toll milling at nearby facilities to reduce capital costs and accelerate permitting timelines.
Strategically, Cartier is signaling a preference for partnership or acquisition rather than self-funded development, citing capital intensity and permitting complexity. Agnico Eagle, which already owns 27% of Cartier, remains a key stakeholder, though management is actively engaging a broader pool of potential partners amid rising global interest in Quebec gold assets.
With over $5 million in treasury and expanded investor outreach across North America, Europe, and Asia, Cartier is positioning its updated PEA as a key catalyst in advancing the project toward a strategic transaction.
Learn more: https://www.cruxinvestor.com/companies/cartier-resources-inc
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Interview with Troy Boisjoli, CEO of ATHA Energy.
Our previous interview: https://www.cruxinvestor.com/posts/atha-energy-tsxvsask-63m-funded-explorer-scales-up-2026-drill-program-10101
Recording date: 13th July 2026
ATHA Energy's 2026 exploration program at the Angilak Uranium Project in Nunavut is delivering early evidence that its uranium system extends well beyond the boundaries of its currently defined deposit. With three drill rigs active across two priority areas, the company has reported an 11.5 metre composite uranium mineralization intersection at Lac 50 West, located four kilometres from the known Lac 50 deposit, and a 37 metre composite intersection at RIB North, the widest result recorded at that target to date. Both results support CEO Troy Boisjoli's description of a district-scale opportunity spanning a 21-kilometre corridor at Lac 50 and an 18-kilometre corridor at RIB, rather than a series of isolated deposits.
Management has been clear that 2026 is not a delineation year. Drilling is deliberately spaced between 150 and 500 metres apart, designed to establish continuity of mineralization across the wider system before committing to tighter, resource-defining infill drilling, which the company expects could begin in 2027 if results continue to track as planned. This sequencing is a meaningful signal for investors: near-term news flow is likely to focus on scale and continuity rather than resource ounces, and grade or thickness data should be read in that context.
The program is well funded, following a $63 million raise in the first quarter of 2026 led by Queens Road Capital, giving the company a stated 24-month runway. ATHA also holds a broader Nunavut and Athabasca Basin land package that management has flagged as a source of potential future value.
For investors, the key consideration is that current figures, including the conceptual 60.8 to 98.2 million pound exploration target at Lac 50, are not a defined mineral resource, and the eventual scale of the opportunity depends on whether this year's step-out drilling can be tied into continuous, economically relevant mineralized zones.
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Learn more: https://cruxinvestor.com/companies/atha-energy
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Interview with Alan Carter, President and CEO, Cabral Gold
Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-phase-one-heap-leach-on-schedule-q4-production-targeted-10682
Recording date: 14th July 2026
Cabral Gold is nearing a key milestone as it transitions from an exploration-focused company to a gold producer, with mining and ore stacking now underway at its Cuiú Cuiú gold-in-oxide project in Brazil. The activity forms part of the commissioning process for the Phase 1 heap leach operation, which is approximately 85% complete. Commercial gold production remains on track for the fourth quarter of 2026.
The project is designed to process oxidized surface material using a low-cost heap leach method that avoids drilling, blasting, and complex milling. Ore from the MG deposit is currently being mined, sized, agglomerated, and stacked on leach pads, marking significant progress toward initial gold output. The remaining step before full production is commissioning the wet circuit, which will recover gold from solution.
A key component of this process is the adsorption-desorption-recovery (ADR) plant, recently shipped from Australia and expected to arrive on site in late July 2026. Once installed, it will enable final commissioning stages through the third quarter. While initial gold production may begin earlier, Cabral has emphasized that commercial production will be declared only once steady-state output is achieved.
Financially, the project remains aligned with the 2025 pre-feasibility study, including an estimated all-in sustaining cost of around $1,200 per ounce, offering strong margins even amid softer gold prices. The company is also evaluating a potential expansion of Phase 1, with further details expected soon.
Meanwhile, exploration continues across the district, where Cabral is now modeling six deposits, double the previous estimate. With six drill rigs active and an updated resource estimate expected by year-end 2026, the company is positioning itself for both near-term cash flow and long-term growth.
Learn more: https://www.cruxinvestor.com/companies/cabral-gold
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Recording date: 11th July 2026
Olive Resource Capital delivered an approximate 15% return in the first half of 2026, outperforming many peers in a more moderate market environment compared to the strong gains of 2025. Returns were further supported by three portfolio company acquisitions, two of which closed the period, highlighting the role of opportunistic corporate activity in performance. The firm emphasized that such events are beneficial but not a reliable foundation for long-term strategy.
The commodity landscape in H1 2026 was marked by a clear rotation. Lithium and oil emerged as the strongest performers, with oil remaining resilient despite price volatility and lithium rebounding after years of underinvestment. In contrast, gold, silver, and platinum group metals lagged after leading the previous year, undergoing what management described as a necessary consolidation phase.
Despite weak underlying commodity prices, Olive’s strongest gains came from precious metals equities. This divergence reflects the firm’s focus on company-specific catalysts—such as mergers and acquisitions, resource updates, and technical studies—rather than direct exposure to commodity price movements. Holdings like K92 Mining exemplify this strategy, with growth-driven revaluation potential independent of gold price trends.
Macroeconomic conditions remained broadly supportive, with strong global manufacturing activity and continued monetary stimulus, although reduced liquidity support from China is being monitored. Geopolitical tensions, including those involving Iran, influenced energy markets but were viewed as temporary disruptions with longer-term implications for supply chains and energy demand.
Heading into the second half of 2026, the firm is cautiously deploying elevated cash reserves into energy and uranium, driven by themes such as AI-related power demand, electrification, and favorable seasonal trends. It continues to avoid West African development projects due to rising jurisdictional risks, instead favoring opportunities in North and South America where regulatory conditions are more stable and investment visibility is stronger.
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