Company Interviews

Interview with Shawn Howarth, President & CEO of Excellon Resources
Our previous interview: https://www.cruxinvestor.com/posts/excellon-resources-tsxvexn-mallay-restarts-as-drilling-supports-resource-depth-12149
Recording date: 9th November 2026
Excellon Resources (TSXV:EXN) is restarting the past-producing Mallay silver-lead-zinc mine in central Peru. The company is presenting the asset as a near-term revenue source that can fund district-scale exploration. President and CEO Shawn Howarth said 2026 established the operating base and 2027 is about converting it into cash flow.
Excellon reopened the Mallay underground in early 2026 and published an NI 43-101 MRE in February 2026: 12.01 Moz AgEq Indicated at 420 g/t AgEq and 4.00 Moz AgEq Inferred at 344 g/t AgEq. Three pre-commissioning milling campaigns processed 19,884 t, recovered 52,860 oz Ag in concentrate at recoveries of 84% Ag, 84% Pb and 81% Zn, and generated US$4.4M in revenue from Glencore under the offtake. Howarth said the campaigns effectively de-risked the surface infrastructure. About 9,000 m of a 10,000 m infill and step-out program is complete, and the 400 Ramp has been dewatered.
A new mining contractor has been engaged. Management is targeting a consistent 300 tpd through Q1 and Q2 2027 and 600 tpd, the mill’s rated capacity, by mid-2027. At full rate, Howarth cited roughly 2 Moz AgEq a year based on historical production, stressing it is not guidance. Mining is shifting from historical 1-1.5 m narrow veins to replacement-style zones of 3-4 m (potentially up to 5 m), mined with trackless, mechanized equipment. The 400 Ramp is the access route below the 4090 Level. Howarth said its rehab is on schedule for year-end, targeting completion in Q1 2027. An updated MRE and SRK mine plan, targeted for YE 2026, will gate Clavo 3 and Clavo 6 production.
Cash was US$5M at the October 29 update, alongside an undrawn US$5M Glencore credit facility. Contingency levers include strategic options for Kilgore (Idaho), a possible Silver City (Germany) spin-out, and potential Glencore credit extensions. The Adar base metals stream amendment defers remaining Pb/Zn deliveries to January 2031, pending TSXV approval. The stated objective is a self-funding model in which free cash flow from Mallay pays for deeper development and exploration.
The first DHEM hole (~800 m) hit skarn-style alteration from ~600 m with anomalous copper, 300-400 m below the current epithermal veins; a second hole is underway. Tres Cerros, 6 km west, hosts a 2.5 km intermediate-sulfidation epithermal trend with 7 targets. An initial 5,000 m program focused on 2-3 priority targets is targeted for H1 2027, subject to permits, with DIA submission targeted for YE 2026.
View Excellon Resources' company profile: https://www.cruxinvestor.com/companies/excellon-resources-inc
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Interview with Tara Christie, President & CEO of Banyan Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-franco-nevada-backs-aurmac-gold-project-ahead-of-pea-12106
Recording date: 9th November 2026
Banyan Gold is preparing a maiden Preliminary Economic Assessment (PEA) for its AurMac gold project in Canada’s Yukon with a treasury of about C$100M, enough to fund its programs through 2028. AurMac hosts a pit-constrained resource of 3.64 Moz Indicated at 0.68 g/t Au and 4.98 Moz Inferred at 0.58 g/t Au. The site already has roads, hydro power and cell phone coverage.
The PEA is targeted for the fourth quarter of 2026. President and CEO Tara Christie said the company will not release it over the Christmas holidays, so it could move into early 2027 if the work is not finished. The study uses drilling to the end of 2025.
The most important ground for the next study is the gap between the Airstrip and Powerline deposits, a roughly 500 m wide and 1.5 km long which counts as waste in the current resource model and the PEA as it was undrilled. Christie said it falls within the first 10 years of a potential mine plan and could become a new starter pit. An earlier hole returned 13.03 g/t Au over 14.2 m, including 142.70 g/t over 1.0 m. A hole reported four zones, including 1.34 g/t over 20.2 m and 1.18 g/t over 27.5 m. About 20,000 m of drilling is still needed in the gap, most of it once the ground freezes from January.
Banyan has drilled 90% of its 70,000m 2026 program and plans to restart on January 4. The 2027 plan calls for about 100,000 m at AurMac and 20,000 to 30,000 m at Nitra. Banyan intends to cut off data after about the first 3 months of 2027, with assays around June or July. Christie expects the resulting resource update to exceed 10 Moz. The next study is expected in late 2027 or early 2028 and will more likely be a prefeasibility study than an updated PEA.
Funding came from a C$54.3M financing at C$2.00 per share that closed on September 29, 2026. Franco-Nevada was lead order and bought 10 million shares, adding to the AurMac royalty it acquired in February. The deal carried no warrants. Christie said dilution was less than 5% and the raise saved about a year on the timeline. Shares traded near C$1.60 at the time of the interview, and Christie said she put about C$500,000 into the round.
Christie said the PEA is written for the Yukon government, regulators and communities as well as investors. She expects a mine life of more than 25 years and is keeping options open on scale, processing and grid power, with the Whitehorse power center set to add 160 MW. At Nitra, Banyan made discoveries at Seattle Creek and Roaring Fork, with assays for 18 more holes pending.
View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-inc
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Interview with Peter Bures, Chairman & CEO of Silver Crown Royalties
Our previous interview: https://www.cruxinvestor.com/posts/silver-crown-royalties-slcrf-silver-pure-play-royalty-unlocking-unreported-ounces-12426
Recording date: 6th November 2026
Silver Crown Royalties Inc. (CBOE:SCRI, OTCQX:SLCRF) builds a silver-only royalty portfolio by buying byproduct silver from gold and copper operators, with the stated objective of becoming a dividend-paying company tied to the silver price. Two announcements in quick succession have reshaped its outlook. The company reported third quarter results showing royalty revenue of C$1.61 million, up 541% year on year, and net income of over C$379,000 for its second consecutive profitable quarter. Attributable deliveries were 18,063 ounces (oz), unchanged from the second quarter, while revenue fell 14% quarter on quarter on a lower average silver price. The balance sheet showed C$7.72 million in cash and term deposits, C$15.49 million in working capital and no debt.
Silver Crown announced a definitive agreement, dated October 31, to acquire a royalty on 90% of payable silver from Soma Gold’s El Bagre Gold Mining Complex in Antioquia, Colombia, for US$10 million in cash. The structure pays Silver Crown the greater of 90% of payable silver until 305,500 oz are delivered, after which a 7.5% silver net smelter return (NSR) royalty applies for the life of the operation. US$3 million is due at closing, targeted by November 30, 2026, and US$7 million follows once Soma’s existing gold financier releases its security and Silver Crown registers first-ranking security. If that discharge is not completed by December 31, 2026, Silver Crown can require Soma to buy back the royalty for US$3 million plus interest.
The company is targeting a roughly 29% increase in attributable silver ounce revenue in 2027 and 57% in 2028 from the deal. Chairman and Chief Executive Officer Peter Bures states the  current annualized run rate is about 75,000 oz from PPX Mining’s Igor 4 project in Peru and Pilar Gold’s recently restarted PGDM complex in Brazil.
Further upside comes from three 1% NSR royalties on Titiminas Silver’s Madre Sierra deposit in Peru, where the operator is targeting a 2027 restart and 2.5 million to 3.5 million silver-equivalent oz a year by 2029. Bures said 25,000 to 30,000 oz is plausible at the small-scale stage. The Elk Gold and Scotia mine royalties are excluded from management’s figures.
Valuation is the main debate. Silver Crown trades at about 53 times trailing twelve-month sales and 38 times annualized third quarter sales on a C$243 million market capitalization, against 25 to 35 times for royalty peers under $1 billion. Risks include closing conditions and the security discharge at El Bagre, operator credit, and silver price exposure.
For investors, the near-term tests are the El Bagre first-tranche closing by November 30, 2026, the security registration targeted by December 31, 2026, and the Madre Sierra restart in 2027.
View Silver Crown's company profile: https://www.cruxinvestor.com/companies/silver-crown-royalties
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Interview with Ross McElroy, Director & CEO of F3 Uranium
Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-lines-up-drilling-exploration-catalysts-under-new-leadership-12242
Recording date: 6th November 2026
F3 Uranium Corp. has expanded its fall drilling at the Patterson Lake North (PLN) Project in Saskatchewan’s western Athabasca Basin after a step-out hole about 1 km east of the Tetra Zone discovery returned new radioactivity. One hole intersected 5 discrete intervals of anomalous radioactivity, each 0.5 m to 1.0 m wide, between 352.0 m and 649.5 m downhole in strongly altered basement rock. The peak of 4,400 cps, recorded from 610.5 m to 611.0 m, is the highest handheld reading F3 has logged in an exploration hole on PLN outside the JR and Tetra zones. Assays are pending.
The hole tested up-dip of an earlier step-out that had shown encouraging alteration without radioactivity. CEO Ross McElroy said the follow-up confirmed the same alteration and structural preparation and added radioactivity. He is not expecting high grade, offering a loose estimate of around 0.25% U3O8, and F3’s release cautions that handheld readings do not reliably correlate with assay grades. Two other holes, about 1.3 km southeast and 1.6 km south of Tetra, hit strong alteration but no radioactivity above 300 cps. The approximately 3,350 m winter program around Tetra returned one reportable interval of 0.5 m at 0.06% U3O8.
F3 has added a second rig dedicated to the new area through the December freeze-up, while the first rig tests regional targets. The summer and fall program started at about 4,000 m in roughly half a dozen holes and is now targeting about 5,500 m to 6,000 m, with crews returning by mid-January. McElroy said the direction of the controlling structure can only be found by drilling, and that continued spending depends on hole-by-hole improvement. Results will shape the 2027 program.
Geologically, McElroy expects any mineralization east of Tetra to be a separate occurrence on a shared east-west corridor. Tetra itself turned out to have east-west controls despite north-south conductors, and conductors farther east in the Broach area also run east-west. He pointed to the Carter corridor, which hosts the Lightning occurrence outside F3’s ground, as a possible link.
F3 held about $16.8 million in cash on November 3, 2026, against a market capitalization of about $70 million. Flow-through funds must be spent by the end of 2027, and McElroy is looking at a minimum of about $8 million in 2027 ground spending. Denison Mines’ $15 million convertible debenture carries a 9% quarterly coupon, convertible at $0.56. McElroy expects to keep paying about a third of interest in shares.
The JR Zone holds 11.8 Mlb of Indicated U3O8 at 4.41%, including 10.8 Mlb at 12.23%. McElroy said PLN needs about 2 to 3 times that scale, roughly 30 Mlb or more, and sees JR as potential satellite feed for mills NexGen and Paladin are expected to build in the early 2030s. Watch items include the step-out assays, second-rig results through mid-December, the January restart, and the consolidation.
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Interview with Todd Anthony, Director & CEO of Pacifica Silver
Recording date: 4th November 2026
Pacifica Silver Corp. is an exploration company drilling the 100%-owned Claudia Silver-Gold Project in Durango State, Mexico. The 11,876-hectare property covers most of the historic El Papantón Mining District and holds more than 30 km of known veins. CEO Todd Anthony said only about 10% of those veins had been drill-tested before Pacifica’s work began. Anthony spent 2010 to 2023 at First Majestic Silver, and he said that experience shaped which Mexican states he was willing to work in.
The company took over the project in July 2025 and drilled 7,992 m in 29 holes that year. Its fully funded Phase II program began in mid-January 2026, was expanded to 30,000 m, and had reached over 27,900 m in 118 holes by October 26, with 4 rigs operating. Anthony said roughly 75% to 80% of this year’s holes have tested the Aguilareña Vein, the site of a 94 m historical shaft.
Results released raised mineralized strike across the Aguilareña, Central and Justina veins to more than 3.9 km, an increase of about 1.4 km, or 56%. A step-out about 500 m south on the Central Vein returned 8.72 g/t Au and 49 g/t Ag over an estimated true width of 5.04 m, including 35.83 g/t Au and 159 g/t Ag over 1.03 m. The company reports an emerging shoot of about 750 m of strike and 100 m down-dip, open along strike and at depth. Aguilareña now measures about 2.7 km of strike and 225 m down-dip, although grades on the new southern extension are lower than in the shoot north of the shaft.
Anthony’s investment case starts with near-surface grade and low costs. He put all-in drilling at about $140 per meter, and the project lies about 15 km by paved road from Santiago Papasquiaro, so crews can stay in town. Durango ranks 4th most peaceful of 32 Mexican states in the 2026 Mexico Peace Index, and the company cites drill permits in roughly 45 days. The mining method is undecided, with a small pit and ramp-accessed underground mine under discussion, and metallurgical testing is still to come.
Pacifica is targeting a maiden resource in 2027. Anthony said between 60,000 m and 70,000 m of drilling will feed it, with an internal cut-off under consideration for the end of the first quarter of 2027. Most of the estimate is planned to come from Aguilareña, with contributions from Central and Justina. A first drill test at Lizeth, a 250 m wide zone in the north, is targeted for the same quarter, and a hit could delay the resource so that Lizeth can be included.
Anthony put the market capitalization at about $75 million and cash at about $20 million at the time of the interview, while the October presentation shows C$61 million at October 15 and C$26.9 million in cash at March 31. Staged payments to Silverstone begin at US$7 million if a Measured and Indicated resource is disclosed. Pacifica must also drill at least 50,000 m and publish a technical report disclosing Measured or Indicated resources by December 31, 2029, or the project returns to Silverstone unless the premium is renegotiated. Claudia has no current mineral resource, and the company describes the investment as highly speculative.
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