Company Interviews

Recording date: 11th November 2026
Olive Resource Capital (TSXV:OC) updates investors on cash deployment after the US midterm elections. Executive Chairman Derek Macpherson and President, CEO and CIO Samuel Pelaez said the fund has deployed only about 5% of a cash balance Macpherson called sizable for this time of year. Most of the capital remains reserved for a seasonal entry point.
On the election, Macpherson said Democrats won the House, the Senate and a number of governorships, which he read as a referendum on the cost of living, high prices and elevated diesel costs. Pelaez noted that sitting presidents almost always lose seats at the midterms and that the following six months have tended to be strong for equities. He said most of the outcome appears priced in. Outside crude oil, commodities have been flat, the US dollar remains strong and volatility has been lower than expected. The exception was aggressive selling in AI stocks.
That AI selloff carries two commodity read-throughs. First, money rotating out of a large sector typically moves into gold, and the hosts described the rotation as an early positive sign for gold. Second, the copper demand case tied to AI capex looks less certain. Pelaez argued that data center ambitions presented over the past 12 months were hard to realize because projects still need permits, community support and new power plants.
On policy, Pelaez expects support for onshoring metals production to continue as a bipartisan priority. He expects it to weaken at the fringes, with less direct government funding of projects and less incentive to maintain aggressive tariffs on specific metals. Macpherson said copper is most exposed. Tariff threats drove a large US inventory build, and a short-term soft spot is possible as it runs down. The copper market remains in a slight supply deficit this year, and he sees no change to long-term fundamentals.
The macro view is unchanged. Both parties allow deficit spending. After a hot CPI print, markets are pricing about an 84% to 85% probability of a quarter-point Fed hike, with the policy rate around 3.75% to 4%. Pelaez called the move fully priced in and largely insignificant, with US government bonds yielding about 5%. He focuses on timing instead. The Fed meeting date has historically coincided with the seasonal bottom after third-quarter tax selling and the best entry ahead of the Christmas rally and first quarter, the strongest seasonal period for commodities. A strong US dollar may still produce further washouts first.
On oil, peace talks on Ukraine and Iran have pulled prices lower. Both hosts doubt the talks will produce lasting peace. Macpherson said structural demand will keep oil prices up, with a floor a little below current levels rather than a return to pre-war prices.
Olive does not wait for macro events before acting, because priced-in outcomes can reverse quickly and unpositioned investors can miss a 5% to 10% move. Management is watching undercapitalized juniors that need to raise funds before year end for specific opportunities.
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Interview with Tony Reda, President, Founder and CEO of Tectonic Metals Inc.
Recording date: 11th November 2026
Tectonic Metals (TSXV:TECT) is advancing the Flat Gold Project in southwestern Alaska toward its first Mineral Resource Estimate (MRE). The company is targeting the maiden MRE for the Chicken Mountain target in Q1 2027 and a Preliminary Economic Assessment (PEA) in Q2 2027 where management is targeting a 5 Moz resource. Co-Founder, President and CEO Tony Reda defines a tier-one mine as 500,000 oz of annual production over a 10-year life, in the lowest cost quartile and a safe jurisdiction.
Flat covers 99,840 acres of predominantly Doyon, Limited land. Doyon is one of Alaska’s largest Native regional corporations and has invested more than $10M in Tectonic. Production and impact benefit agreements have been in place since the partnership began in 2018. The district has produced 1.4 Moz of placer gold, the third-highest total of any placer district in Alaska. It sits across a fault from NovaGold’s refractory Donlin deposit, which holds 39 Moz in M&I resources.
Drilling at Chicken Mountain has defined 3.3 km of strike, about 700 m wide and 300 m deep, open in all directions. Drilling there has returned gold in all 206 holes to date. Highlights include 9.94 g/t Au over 36.58 m, including 15.73 g/t over 22.86 m, and 8.84 g/t over 13.72 m at the Adit Zone. More than 90% of the mapped monzonite intrusion has not been drilled, and more than 120 holes are awaiting assays from a 33,000 m 2026 program.
Metallurgy is the core of the development case. Two columns on 3/4-inch crushed material recovered 96% in 71 days and 91% in 69 days, with no separation of oxide from fresh rock. Reda attributes this to a low-sulfur, fracture-controlled system, which cyanide can reach easily. Tectonic reports low cyanide consumption, no agglomeration requirement and no preg-robbing. Reda said crushing and grinding typically make up about 50% of AISC, so a coarse crush supports a low-cost operation at an off-grid site. Another 15 columns, run under chilled conditions, are due before year-end 2026.
Black Creek, 6 km north, is an emerging second gold center. 17 of 18 holes have hit gold from 1,600 m of drilling, including 4.50 g/t over 48.77 m and 5.61 g/t over 41.15 m. The host is hornfels, different from the monzonite at Chicken Mountain. Metallurgical samples were collected in 2026, and step-out drilling is planned for 2027.
The balance sheet supports the plan. Tectonic held $83.2M in cash at June 30, 2026, has no debt, and 55% of its shares are held by institutions, including VanEck, Franklin Templeton and Crescat. Management is weighing an 80/20 or 70/30 split between conversion and expansion drilling, depending on the share price at the next raise.
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Interview with Oliver Turner, Executive Vice President of Corporate Development of Americas Gold and Silver 
Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-doubles-galena-hoisting-as-mexico-drilling-widens-the-upside-12052
Recording date: 11th November 2026
Americas Gold and Silver (TSX:USA) is running a two-asset funding model. Cosalá in Sinaloa, Mexico, generates cash, and the company is spending it on a sequenced rebuild of the Galena Complex in Idaho’s Silver Valley. Executive Vice President of Corporate Development Oliver Turner set out the plan following a record third quarter.
Consolidated silver production reached 800,458 oz in the third quarter of 2026, with Cosalá at 415,879 oz and Galena at 384,579 oz. Year-to-date output is 2.3 Moz against 2026 guidance of 3.2 to 3.6 Moz at AISC of US$30-35/oz. Turner said the fourth quarter must be bigger than the third for the company to reach the low end of guidance, and that it is on track. First-half AISC was US$36.92/oz, above the guidance range. Available liquidity was US$113M at September 30, 2026, including US$63M of cash and US$50M undrawn on the SAF credit facility.
At Cosalá, mining moved in 2026 from the zinc-dominant San Rafael zone into the EC120 orebody, which has a 7-year mine life under the current preliminary economic assessment. Turner said grades are running above 125 g/t Ag against a modeled average of just over 100 g/t, and drilling returned 20.5 m at 654.7 g/t Ag and 1.5% Cu just outside the 2025 Inferred boundary. The company plans to update the EC120 numbers next year.
At Galena, the team used time studies that follow one ton of rock from face to mill. The first round identified hoisting and the mining method as the primary bottlenecks. The No. 3 Shaft skipping rate rose from 40 to 105 tph, hoisting is targeted at 1,350 stpd, and the mine is shifting from underhand cut and fill to long hole stoping toward a 70/30 split. Turner said 23 long hole stopes have been mined to design limits. Secondary fixes followed: four new grizzlies cut tram loading from 5 minutes to 20 seconds per 4-ton car, fiber optics now run through the mine, and Turner cited a 30% improvement in breaking rock at the face.
The next phase targets grade as well as tonnage. Galena’s silver-copper ore carries roughly 2 times the silver grade of its silver-lead ore, and reaching it requires waste development. Turner said the mine had about a month of waste development ahead of mining when the team arrived, against a rule of thumb of about 2 years. The paste fill plant is due for completion in the first quarter of 2027, the company is validating dry stack tailings, and the mill is targeted to rise from about 750 to 1,200 stpd.
Crescent, 9 miles away, will feed the Galena mill once a secondary egress is connected, and the presentation describes potential for about 1.5 Moz/yr. Turner described a first target of 5 Moz/yr at Galena, with engineering for a larger complex running well into 2027.
Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation
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Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO, Santacruz Silver
Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-mining-tsxscz-cash-growth-production-increase-more-acquisitions-under-review-12122
Recording date: 11th November 2026
Santacruz Silver Mining (TSX:SCZ) is a multi-asset silver-zinc producer with four producing mines in Bolivia and Mexico, the San Lucas ore-sourcing business, and the Soracaya development asset. Executive Chairman and CEO Arturo Préstamo Elizondo said the company spent 2026 preparing its operations to run efficiently whatever metal prices do. He is targeting growth of at least 20% in 2027, measured in profitable ounces.
The price backdrop explains the focus. Silver price fell from $84.39/oz in Q1 2026 to $62.73/oz in Q3. Zinc price rose from $3,243/t to $3,830/t over the same period. Santacruz drew 53.2% of H1 2026 revenue from silver and 40.3% from zinc. Préstamo Elizondo said he is bullish on both metals but sees some cost inflation across the industry.
After the May 2025 water inflow, dewatering ran on time and on budget, and Bolivar is back on track in Q4. Q3 silver output was 408,087 oz, up 19% QoQ and 209% YoY. Head grade rose to 186 g/t from 165 g/t. Two high-grade silver blocks are targeted for production in mid-to-late Q1 2027.
Santacruz invested a little more than $15M at its Mexican Zimapan mine over 15 months, after encouraging results at level 960, and is targeting payback within 1.5 years. The program raises head grades, adds roughly 6,000 t of monthly throughput on a 74,000 t base, and improves recoveries. Management is targeting an 8% to 10% production increase. Silver recovery rose from 72% to 76% in Q3, lifting silver output 3% on flat throughput. Mine life is more than 8 years, and a first-time Zimapan resource report is due with updated estimates across all mines.
For inventory policy, geology must replace at least 1.3x the tonnage mining depletes, and each mine aims to hold at least 5 years of mine life ahead. Prepared areas give management flexibility if costs squeeze margins. Exploration capex can flex, but infill drilling is not cut.
San Lucas Q3 throughput fell 19% to 92,921 t because company mines used more mill capacity. The release also cites lower purchased-ore grades. A newly acquired 500 tpd mill dedicated to San Lucas is targeted for commissioning in Q4 2026, with management targeting another 10% growth next year.
Santacruz H1 2026 revenue was $241M (+68%) and adjusted EBITDA $89M (+64%). Realized silver averaged $76.33/oz against AISC of $25.34/oz. Cash and liquid securities were $73M at June 30. Préstamo Elizondo said treasury was around $130M at the end of Q3, with no streams or royalties. The company has identified a few acquisition opportunities and will only pursue conservative, accretive deals, as with Zimapan and the Glencore Bolivian assets.
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Interview with Keith Boyle, Director & CEO of New Found Gold
Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxnfgc-queensway-pea-mre-update-12474
Recording date: 11th November 2026
New Found Gold has completed its first quarter of commercial production at the Hammerdown Gold Mine in Newfoundland and Labrador, producing 4,863 ounces of gold at 2.77 g/t with zero lost-time incidents. The company sold 6,935 ounces at an average realized price of US$4,285 per ounce, generating C$41.6 million in revenue and C$11.2 million in operating cash flow before working capital changes. Income from mine operations reached C$18.6 million, or 45% of revenue.
All-in sustaining costs of US$3,279 per ounce came in US$904 above the Hammerdown PEA. CEO Keith Boyle attributed the gap mainly to three ramp-up items. Stripping in the Rumbullion pit, brought forward from early 2027 to avoid winter conditions, added about US$350 per ounce. An 11% lower head grade added about US$135 per ounce, and infill drilling to upgrade Inferred resources added further cost. Management is targeting a life-of-mine AISC of around US$2,500 per ounce. Three projects support that target: grade control drilling, a crusher and ore sorter due for commissioning in early 2027, and the conversion of the Pine Cove Mill to a gravity-CIL circuit.
At the flagship Queensway Gold Project, the revised PEA outlines an after-tax NPV5% of C$1.728 billion and a 126% IRR at US$3,600 gold, with a Phase 1 head grade of 13.41 g/t. The Phase 1 Environmental Preview Report was registered on November 3, 2026, and Boyle expects a ministerial decision by year-end or early in the first quarter of 2027.
The roughly C$150 million Phase 1 build is backed by C$167.1 million in cash, a further C$35 million of available debt and expected warrant proceeds. Management says the build is fully funded, including under a stress test at US$3,500 gold. Hammerdown cash flow is earmarked for G&A and exploration. The teams and processes built at Hammerdown are being transferred to Queensway ahead of first delivery to Pine Cove, targeted for Q4 2027.
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